0000029905-20-000043 | 10-Q | XBRL Viewer

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 13, 2020
Cover [Abstract]
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Transition Report	false
Entity File Number	1-4018
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 Shell Company	false
Entity Common Stock, Shares Outstanding		144,103,299
Entity Registrant Name	DOVER Corp
Entity Central Index Key	0000029905
Current Fiscal Year End Date	--12-31
Entity Small Business	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Type	10-Q
Amendment Flag	false
Document Information [Line Items]
Document Type	10-Q
Common Stock
Cover [Abstract]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250 Notes Due 2026 [Member]
Cover [Abstract]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
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 [Member]
Cover [Abstract]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Revenue	$ 1,748,256	$ 1,825,345	$ 4,903,370	$ 5,360,808
Cost of goods and services	1,089,527	1,151,857	3,080,800	3,391,185
Gross profit	658,729	673,488	1,822,570	1,969,623
Selling, General and Administrative Expense	381,831	390,775	1,135,512	1,195,875
Loss on assets held for sale	0	0	0	46,946
Operating earnings	276,898	282,713	687,058	726,802
Interest Expense	27,724	31,410	83,703	94,972
Interest Income	(960)	(1,263)	(2,871)	(3,098)
Gain on sale of businesses	557	0	(5,213)	0
Other income, net	(1,420)	(5,364)	(9,887)	(11,059)
Provision for income taxes	50,697	51,924	119,981	136,191
Net earnings	$ 200,300	$ 206,006	$ 501,345	$ 509,796
Net earnings per share:
Net earnings (in dollars per basic share)	$ 1.39	$ 1.42	$ 3.48	$ 3.51
Net earnings (in dollars per diluted share)	$ 1.38	$ 1.40	$ 3.45	$ 3.47
Weighted average shares outstanding:
Weighted average shares outstanding - basic	144,032,000	145,372,000	144,082,000	145,276,000
Weighted average shares outstanding - diluted	145,289,000	147,051,000	145,313,000	147,053,000
Earnings before provision for income taxes	$ 250,997	$ 257,930	$ 621,326	$ 645,987

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net earnings	$ 200,300	$ 206,006	$ 501,345	$ 509,796
Foreign currency translation adjustments [Abstract]
Foreign currency translation (losses) gains	29,271	(50,865)	(19,714)	(41,143)
Reclassification of foreign currency translation losses to earnings	0	0	0	25,339
Total foreign currency translation adjustment	29,271	(50,865)	(19,714)	(15,804)
Pension and other postretirement benefit plans [Abstract]
Amortization of actuarial losses included in net periodic pension cost	1,881	127	5,385	379
Amortization of prior service cost included in net periodic pension cost	250	539	794	1,623
Total pension and other postretirement benefit plans	2,131	666	6,179	2,002
Changes in fair value of cash flow hedges [Abstract]
Unrealized net gains (losses) arising during period	(278)	545	(3,472)	(223)
Net losses (gains) reclassified into earnings	(210)	577	318	(69)
Total cash flow hedges	(488)	1,122	(3,154)	(292)
Other comprehensive (loss) earnings	30,914	(49,077)	(16,689)	(14,094)
Comprehensive earnings	$ 231,214	$ 156,929	$ 484,656	$ 495,702

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 427,501	$ 397,253
Receivables, net of allowances	1,203,429	1,217,190
Inventories	838,539	806,141
Prepaid and other current assets	135,515	127,846
Total current assets	2,604,984	2,548,430
Property, plant and equipment, net	879,620	842,318
Goodwill	3,966,890	3,783,347
Intangible assets, net	1,065,815	1,055,014
Other assets and deferred charges	468,662	440,368
Total assets	8,985,971	8,669,477
Current liabilities:
Notes payable and current maturities of long-term debt	90,500	84,700
Accounts payable	899,814	983,293
Accrued compensation and employee benefits	224,016	226,658
Accrued insurance	106,221	98,432
Other accrued expenses	434,621	339,060
Federal and other income taxes	11,199	17,748
Total current liabilities	1,766,371	1,749,891
Long-term debt	3,047,216	2,985,716
Deferred Income Taxes	304,688	322,036
Noncurrent income tax payable	47,964	52,000
Other liabilities	573,311	527,174
Stockholders' Equity:
Total stockholders' equity	3,246,421	3,032,660
Total liabilities and stockholders' equity	$ 8,985,971	$ 8,669,477

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Allowance for doubtful accounts receivable	$ 40,393	$ 29,381

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) - USD ($)	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Retained Earnings	Accumulated Other Comprehensive (Loss) Earnings
Balance at Dec. 31, 2018	$ 2,768,666,000	$ 257,822,000	$ 886,016,000	$ (5,947,562,000)	$ 7,815,486,000	$ (243,096,000)
As reported	509,796,000	0	0	0	509,796,000	0
Dividends paid	(211,072,000)	0	0	0	(211,072,000)	0
Common stock issued for the exercise of share-based awards	(29,011,000)	604,000	(29,615,000)	0	0	0
Share-based compensation expense	24,493,000	0	24,493,000	0	0	0
Common stock acquired, including accelerated share repurchase program	(23,280,000)	0	0	(23,280,000)	0	0
Other comprehensive loss, net of tax	(14,094,000)	0	0	0	0	(14,094,000)
Other, net	(7,855,000)	0	(7,905,000)	0	50,000	0
Balance at Sep. 30, 2019	$ 3,017,643,000	258,426,000	872,989,000	(5,970,842,000)	8,114,260,000	(257,190,000)
Dividends paid per common share (in dollars per share)	$ 1.45
Balance at Jun. 30, 2019	$ 2,955,271,000	258,315,000	873,034,000	(5,947,562,000)	7,979,597,000	(208,113,000)
As reported	206,006,000	0	0	0	206,006,000	0
Dividends paid	(71,342,000)	0	0	0	(71,342,000)	0
Common stock issued for the exercise of share-based awards	(7,802,000)	111,000	(7,913,000)	0	0	0
Share-based compensation expense	7,876,000	0	7,876,000	0	0	0
Common stock acquired, including accelerated share repurchase program	(23,280,000)	0	0		0	0
Other comprehensive loss, net of tax	(49,077,000)	0	0	0	0	(49,077,000)
Other, net	(9,000)	0	(8,000)	0	(1,000)	0
Balance at Sep. 30, 2019	$ 3,017,643,000	258,426,000	872,989,000	(5,970,842,000)	8,114,260,000	(257,190,000)
Dividends paid per common share (in dollars per share)	$ 0.49
Balance at Dec. 31, 2019	$ 3,032,660,000	258,552,000	869,719,000	(6,090,842,000)	8,211,257,000	(216,026,000)
As reported	501,345,000	0	0	0	501,345,000	0
Dividends paid	(213,028,000)	0	0	0	(213,028,000)	0
Common stock issued for the exercise of share-based awards	(21,450,000)	341,000	(21,791,000)	0	0	0
Share-based compensation expense	15,591,000	0	15,591,000	0	0	0
Common stock acquired, including accelerated share repurchase program	(52,916,000)	0	0	(52,916,000)	0	0
Other comprehensive loss, net of tax	(16,689,000)	0	0	0	0	(16,689,000)
Other, net	3,020,000	0	3,020,000	0	0	0
Balance at Sep. 30, 2020	$ 3,246,421,000	258,893,000	866,539,000	(6,143,758,000)	8,497,462,000	(232,715,000)
Dividends paid per common share (in dollars per share)	$ 1.475
Balance at Jun. 30, 2020	$ 3,089,527,000	258,768,000	869,526,000	(6,143,758,000)	8,368,620,000	(263,629,000)
As reported	200,300,000	0	0	0	200,300,000	0
Dividends paid	(71,458,000)	0	0	0	(71,458,000)	0
Common stock issued for the exercise of share-based awards	(10,233,000)	125,000	(10,358,000)	0	0	0
Share-based compensation expense	7,371,000	0	7,371,000	0	0	0
Other comprehensive loss, net of tax	30,914,000	0	0	0	0	30,914,000
Balance at Sep. 30, 2020	$ 3,246,421,000	258,893,000	866,539,000	(6,143,758,000)	8,497,462,000	(232,715,000)
Dividends paid per common share (in dollars per share)	$ 0.495
Retained Earnings (Accumulated Deficit) \| Accounting Standards Update 2016-13	$ (2,100,000)	$ 0	$ 0	$ 0	$ (2,112,000)	$ 0

CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends paid per common share (in dollars per share)	$ 0.495	$ 0.49	$ 1.475	$ 1.45

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities
Net earnings	$ 501,345	$ 509,796
Loss on assets held for sale	0	46,946
Adjustments to reconcile net earnings to cash from operating activities:
Depreciation and amortization	205,844	202,294
Share-based compensation expense	15,591	24,493
Gain on sale of businesses	(5,213)	0
Other, net	(7,731)	(6,107)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable, net	31,631	(67,603)
Inventories	(19,360)	(74,412)
Prepaid expenses and other assets	(24,198)	(29,336)
Accounts payable	(92,071)	(3,875)
Accrued compensation and employee benefits	(13,136)	(5,908)
Accrued expenses and other liabilities	118,779	(3,833)
Accrued and deferred taxes, net	(24,562)	(8,357)
Net cash provided by operating activities	686,919	584,098
Investing Activities
Additions to property, plant and equipment	(123,564)	(137,276)
Acquisitions, net of cash acquired	(258,674)	(215,687)
Proceeds from sale of property, plant, and equipment	5,090	2,838
Proceeds from sale of businesses	15,400	24,218
Other	(1,250)	(10,150)
Net cash (used in) provided by investing activities	(362,998)	(336,057)
Financing Activities
Repurchase of common stock, including prepayment under an accelerated share repurchase program	(52,916)	(23,280)
Change in commercial paper and notes payable	5,811	(37,650)
Dividends paid to stockholders	(213,028)	(211,072)
Payments to settle employee tax obligations on exercise of share-based awards	(21,450)	(29,011)
Other	(1,753)	(1,417)
Net cash used in by financing activities	(283,336)	(302,430)
Effect of Exchange Rate on Cash and Cash Equivalents	(10,337)	(1,300)
Net (decrease) increase in cash and cash equivalents	30,248	(55,689)
Cash and cash equivalents at beginning of period	397,253	396,221
Cash and cash equivalents at end of period	$ 427,501	$ 340,532

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2020
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, 2019, included in the Company's Annual Report on Form 10-K filed with the SEC on February 14, 2020. The year end Condensed Consolidated Balance Sheet was derived from audited financial statements. Certain amounts in the prior periods have been reclassified to conform to the current year presentation. 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

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

2. Revenue

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

Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and generally relates to the sale of services or engineered to order equipment that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin.

Revenue from contracts with customers is disaggregated by segments and geographic location, as it best depicts the nature and amount of the Company’s revenue. See Note 17 — Segment Information for revenue by segment and geographic locations.

At September 30, 2020, we estimated that $269 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 66% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2021, with the remaining balance to be recognized in 2022 and thereafter.

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


	September 30, 2020		December 31, 2019		January 1, 2019

Contract assets	$	20,070	$	14,894	$	9,330
Contract liabilities - current	113,179		44,001		36,461
Contract liabilities - non-current	13,660		9,121		9,382

The revenue recognized during the nine months ended September 30, 2020 and 2019 that was included in contract liabilities at the beginning of the period amounted to $31,561 and $25,977, respectively.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Acquisitions

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Acquisitions

3. Acquisitions

2020 Acquisitions

During the nine months ended September 30, 2020, the Company acquired five businesses in separate transactions for total consideration of $258,674, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Imaging & Identification, Engineered Products, and Pumps & Process Solutions segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill in the amount of $33,183 is deductible for income tax purposes and goodwill in the amount of $124,691 is non-deductible for income tax purposes for these acquisitions.

On August 20, 2020, the Company acquired 100% of the voting stock of Solaris Laser S.A. ("Solaris"), a global manufacturer of product identification and traceability solutions for $18,605, net of cash acquired. The Solaris acquisition enhances the Imaging & Identification segment's growing laser technology product line and further strengthens its position as a leading provider of marking and coding equipment and solutions. In connection with this acquisition, the Company recorded goodwill of $11,693 and intangible assets of $3,280, primarily related to unpatented technology.

On April 30, 2020, the Company acquired 100% of the voting stock of Em-tec GmbH ("Em-tec"), a leading designer and manufacturer of flow measurement devices that serve a wide array of medical and biopharmaceutical applications for $30,396, net of cash acquired. The Em-tec acquisition further expands the Company's reach into biopharma and other hygienic applications and enhances its portfolio of flow control technologies within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $19,572 and intangible assets of $8,344, primarily related to customer intangibles.

On February 18, 2020, the Company acquired 100% of the voting stock of So. Cal. Soft-Pak, Incorporated ("Soft-Pak") Software Solutions, a leading specialized provider of integrated back office, route management and customer relationship management software solutions to the waste and recycling fleet industry for $45,500, net of cash acquired. The Soft-Pak acquisition strengthens the digital offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $33,183 and intangible assets of $12,800, primarily related to customer intangibles.

On January 24, 2020, the Company acquired 100% of the voting stock of Sys-Tech Solutions, Inc. ("Systech"), a leading provider of product traceability, regulatory compliance and brand-protection software and solutions to pharmaceutical and consumer products manufacturers, for $161,830, net of cash acquired. The Systech acquisition strengthens the portfolio of solutions offered by the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill of $91,493 and intangible assets of $76,100, primarily related to customer intangibles.

One other immaterial acquisition was completed during the nine months ended September 30, 2020, within the Pumps & Process Solutions segment.

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


	Total
Current assets, net of cash acquired	$	30,287
Property, plant and equipment	6,642
Goodwill	157,874
Intangible assets	100,524

Current liabilities	(20,249)
Other liabilities	(16,404)
Net assets acquired	$	258,674

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	33,183	na
Goodwill - non deductible	124,691		na
Customer intangibles	79,795		10	-	12
Unpatented technology	14,098		6	-	9
Trademarks	6,631		15

	$	258,398

2019 Acquisitions

During the nine months ended September 30, 2019, the Company acquired three businesses in separate transactions for total consideration of $216,398, net of cash acquired and including contingent consideration. These businesses were acquired to complement and expand upon existing operations within the Fueling Solutions and Pumps & Process Solutions segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is deductible for U.S. income tax purposes for these acquisitions.

On May 7, 2019, the Company acquired the assets of the All-Flo Pump Company, Limited business ("All-Flo"), a growing manufacturer of specialty pumps for $39,954. The All-Flo acquisition strengthens Dover's position in the growing market for air-operated double-diaphragm pumps within the Pumps & Process Solutions segment. The Company recorded goodwill of $20,567 and intangible assets of $14,980. The intangible assets are being amortized over 13 to 15 years.

On January 25, 2019, the Company acquired the assets of Belanger, Inc. ("Belanger"), a leading full-line car wash equipment manufacturer for $175,350, net of cash acquired. The Belanger acquisition strengthens Dover's position in the vehicle wash business within the Fueling Solutions segment. In connection with this acquisition, the Company recorded goodwill of $98,084 and intangible assets of $77,000, primarily related to customer intangibles. The intangible assets are being amortized over 9 to 15 years.

One other immaterial acquisition was completed during the nine months ended September 30, 2019, which included contingent consideration, within the Pumps & Process Solutions segment.

Pro Forma Information

The following unaudited pro forma information illustrates the impact of 2020 and 2019 acquisitions on the Company’s revenue and earnings from operations for the three and nine months ended September 30, 2020 and 2019, respectively.

The unaudited pro forma information assumes that the 2020 and 2019 acquisitions had taken place at the beginning of the prior year, 2019 and 2018, respectively. Unaudited pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of intangible and tangible assets relating to the year of acquisition.

The unaudited pro forma effects for the three and nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue:
As reported	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808
Pro forma	1,752,155		1,845,416		4,924,687		5,428,757
Net earnings:
As reported	$	200,300	$	206,006	$	501,345	$	509,796
Pro forma	203,133		206,333		512,190		511,425

Disposed and Discontinued Operations	9 Months Ended
Disposed and Discontinued Operations	Sep. 30, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operations	4. Disposed Operations Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons. 2020 On March 6, 2020, the Company completed the sale of the Chino, California branch of The AMS Group ("AMS Chino"), a wholly owned subsidiary of the Company. The Company recognized total consideration of $15,400, which included a working capital adjustment. This sale resulted in a pre-tax gain on sale of $5,213 included within the Condensed Consolidated Statements of Earnings and within the Refrigeration & Food Equipment Segment for the nine months ended September 30, 2020. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. 2019 On March 29, 2019, the Company entered into a definitive agreement to sell Finder Pompe S.r.l ("Finder"), a wholly owned subsidiary, to Gruppo Aturia S.p.A (“Aturia”). As of March 31, 2019, Finder met the criteria to be classified as held for sale. The Company classified Finder's assets and liabilities separately on the consolidated balance sheet as of March 31, 2019. Based on the total consideration from the sale, net of selling costs, the Company recorded a loss on the assets held for sale of $46,946 in the Condensed Consolidated Statements of Earnings during the three months ended March 31, 2019. The loss was comprised of an impairment on assets held for sale of $21,607 and $25,339 of foreign currency translation losses reclassified out of accumulated other comprehensive losses. On April 2, 2019, Dover completed the sale of Finder to Aturia, which generated total cash proceeds of $24,218. The Finder business was included in the results of the Pumps & Process Solutions segment. The sale does not represent a strategic shift that will have a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Inventories

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Inventory Disclosure

5. Inventories


	September 30, 2020		December 31, 2019
Raw materials	$	488,907	$	467,912
Work in progress	168,143		162,670
Finished goods	298,925		280,051
Subtotal	955,975		910,633
Less reserves	(117,436)		(104,492)
Total	$	838,539	$	806,141

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure

6. Property, Plant and Equipment, net


	September 30, 2020		December 31, 2019
Land	$	59,511	$	56,583
Buildings and improvements	549,617		527,192
Machinery, equipment and other	1,731,771		1,648,354
Property, plant and equipment, gross	2,340,899		2,232,129
Accumulated depreciation	(1,461,279)		(1,389,811)
Property, plant and equipment, net	$	879,620	$	842,318

Depreciation expense totaled $34,096 and $32,145 for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, depreciation expense was $102,016 and $97,364, respectively.

Credit Losses

9 Months Ended

Sep. 30, 2020

Credit Loss [Abstract]

Allowance for Credit Losses

7. Credit Losses

Effective January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments prospectively. This ASU replaces the incurred loss impairment model with an expected credit loss impairment model for financial instruments, including trade receivables. The amendment requires entities to consider forward-looking information to estimate expected credit losses, resulting in earlier recognition of losses for receivables that are current or not yet due, which were not considered under the previous accounting guidance. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020.

The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade accounts receivables. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s monitoring activities include timely account reconciliation, dispute resolution, payment confirmation, consideration of customers' financial condition and macroeconomic conditions. Balances are written off when determined to be uncollectible. The Company considered the current and expected future economic and market conditions surrounding the novel coronavirus ("COVID-19") pandemic and determined that the estimate of credit losses was not significantly impacted.

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

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


	2020
Beginning Balance, January 1,	$	29,381
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	2,706
Provision for expected credit losses	10,248
Amounts written off charged against the allowance	(2,113)
Other, including dispositions and foreign currency translation	171
Ending balance, September 30	$	40,393

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

8. Goodwill and Other Intangible Assets

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


	Engineered Products		Fueling Solutions		Imaging & Identification		Pumps & Process Solutions		Refrigeration & Food Equipment		Total
Balance at December 31, 2019	$	636,571	$	873,381	$	977,069	$	750,627	$	545,699	$	3,783,347
Acquisitions	33,183		—		103,186		21,505		—		157,874

Disposition of business	—		—		—		—		(2,597)		(2,597)
Foreign currency translation	5,675		(19)		16,112		5,697		801		28,266
Balance at September 30, 2020	$	675,429	$	873,362	$	1,096,367	$	777,829	$	543,903	$	3,966,890

During the nine months ended September 30, 2020, the Company recorded additions of $157,874 to goodwill as a result of the acquisitions within the Engineered Products, Imaging & Identification, and Pumps & Process Solutions segments discussed in Note 3 — Acquisitions. During the nine months ended September 30, 2020, the Company disposed of $2,597 of the Refrigeration & Food Equipment segment goodwill as a result of the sale of a business as discussed in Note 4 — Disposed Operations.

Dover performs its annual goodwill impairment testing in the fourth quarter of each year. During the 2019 impairment testing, all fifteen reporting units had fair values substantially in excess of their carrying values. In addition to the annual impairment test, the Company is required to regularly assess whether a triggering event has occurred which would require interim

impairment testing. The Company considered the current and expected future economic and market conditions surrounding the COVID-19 pandemic and its impact on each of the reporting units. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2019 impairment test. The Company determined that a triggering event has not occurred which would require an interim impairment test to be performed. Refer to "Segment Results of Operations" for further details on the COVID-19 impact to the Company's operations.

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


	September 30, 2020										December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,509,305	$	796,653	$	712,652	$	1,410,636	$	714,566	$	696,070
Trademarks	226,762		98,541		128,221		218,064		85,791		132,273
Patents	161,314		138,584		22,730		159,376		133,677		25,699
Unpatented technologies	170,859		108,633		62,226		154,505		99,276		55,229
Distributor relationships	84,045		49,200		34,845		82,779		44,202		38,577
Drawings & manuals	28,054		24,585		3,469		27,500		22,403		5,097
Other	23,558		18,609		4,949		22,355		16,939		5,416
Total	2,203,897		1,234,805		969,092		2,075,215		1,116,854		958,361
Unamortized intangible assets:
Trademarks	96,723		—		96,723		96,653		—		96,653
Total intangible assets, net	$	2,300,620	$	1,234,805	$	1,065,815	$	2,171,868	$	1,116,854	$	1,055,014

Amortization expense was $35,393 and $34,642, respectively, including acquisition-related intangible amortization of $34,797 and $34,157 for the three months ended September 30, 2020 and 2019, respectively. For the nine months ended September 30, 2020 and 2019, amortization expense was $103,828 and $104,930, respectively, including acquisition-related intangible amortization of $102,443 and $103,531, respectively.

Restructuring Activities

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Restructuring and Related Activities Disclosure

9. Restructuring Activities

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Engineered Products	$	2,342	$	556	$	6,860	$	1,757
Fueling Solutions	1,572		825		3,958		3,339
Imaging & Identification	99		296		(167)		1,973
Pumps & Process Solutions	1,719		907		10,271		1,789
Refrigeration & Food Equipment	534		495		3,307		2,134
Corporate	474		257		2,136		1,018
Total	$	6,740	$	3,336	$	26,365	$	12,010

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	2,710	$	2,073	$	11,809	$	4,435
Selling, general and administrative expenses	4,030		1,263		14,556		7,575
Total	$	6,740	$	3,336	$	26,365	$	12,010

The restructuring expenses of $6,740 and $26,365 incurred during the three and nine months ended September 30, 2020, respectively, were a result of restructuring programs initiated primarily in 2020. Restructuring expense was comprised primarily of new actions executed in response to lower demand driven by COVID-19 as well as continuing broad-based selling, general and administrative expense reduction initiatives and broad-based operational efficiency initiatives focusing on footprint

consolidation, and operational optimization and IT centralization. Additional programs, beyond the scope of the announced programs, may be implemented during 2020 with related restructuring charges.

The $6,740 of restructuring charges incurred during the third quarter of 2020 primarily included the following items:

•The Engineered Products segment recorded $2,342 of restructuring charges principally related to headcount reductions.

•The Fueling Solutions segment recorded $1,572 of restructuring charges primarily due to headcount reductions.

•The Imaging & Identification segment recorded a restructuring charges of $99 principally related to facility restructuring costs.

•The Pumps & Process Solutions segment recorded $1,719 of restructuring expense primarily due to headcount reductions.

•The Refrigeration & Food Equipment segment recorded $534 of restructuring expense primarily due to headcount reductions and facility restructuring costs.

•Corporate recorded $474 of restructuring charges primarily related to exit costs associated with IT centralization initiatives.

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


	Severance		Exit			Total
Balance at December 31, 2019	$	13,751	$	2,639		$	16,390
Restructuring charges	18,832		7,533			26,365
Payments	(24,837)		(3,895)			(28,732)


Other, including foreign currency translation	466		(3,982)		⁽¹⁾	(3,516)
Balance at September 30, 2020	$	8,212	$	2,295		$	10,507

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

Borrowings

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consisted of the following:


	September 30, 2020		December 31, 2019
Short-term

Commercial paper	$	90,500	$	84,700
Notes payable	$	90,500	$	84,700


			Carrying amount ⁽¹⁾
	Principal		September 30, 2020		December 31, 2019
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,548	$	396,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	690,939		658,089
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	575,313		548,008
6.65% 30-year debentures due June 1, 2028	$	200,000	199,230		199,155
2.950% 10-year notes due November 4, 2029	$	300,000	296,555		296,270
5.375% 30-year debentures due October 15, 2035	$	300,000	296,247		296,060
6.60% 30-year notes due March 15, 2038	$	250,000	248,024		247,939
5.375% 30-year notes due March 1, 2041	$	350,000	344,360		344,153



Total long-term debt			$	3,047,216	$	2,985,716

⁽¹⁾ Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were

$17.8 million and $18.9 million as of September 30, 2020 and December 31, 2019, respectively. Total deferred debt issuance costs were $14.8 million and $16.2 million as of September 30, 2020 and December 31, 2019, respectively.

As of September 30, 2020, the Company maintained a $1.0 billion five-year unsecured revolving credit facility (the "Credit Agreement") with a syndicate of banks which expires on October 4, 2024. The Company uses the Credit Agreement principally as liquidity back-up for its commercial paper program. On March 16, 2020, the Company borrowed $500 million under the Credit Agreement, which was subsequently repaid in full during the second quarter with proceeds from resumed commercial paper borrowings. Proceeds from the Credit Agreement borrowing were used to repay all of the Company's outstanding commercial paper and for general corporate purposes.

On May 6, 2020, the Company entered into a $450.0 million 364-day revolving credit facility (the "Short-term Credit Agreement") with a syndicate of banks which expires on May 5, 2021. The Short-term Credit Agreement is intended to be used primarily for working capital and general corporate purposes. The Company may elect to have loans under the Short-term Credit Agreement which bear interest at a base rate plus a specified applicable margin. The Short-term Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of EBITDA to consolidated net interest expense of not less than 3.0 to 1. The Company has not undertaken any borrowings under this facility.

The Company was in compliance with all covenants in the Credit Agreement, the Short-term Credit Agreement, and other long-term debt covenants at September 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 11.0 to 1.

As of September 30, 2020, the Company had approximately $157.6 million outstanding in letters of credit, surety bonds, and performance and other guarantees which expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations.

Financial Instruments

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Instruments and Hedging Activities Disclosure

11. 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 to occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At September 30, 2020 and December 31, 2019, the Company had contracts with total notional amounts of $167,123 and $179,580, respectively, to exchange currencies, principally Euro, Pound Sterling, Swedish Krona, Chinese Yuan, Canadian Dollar, 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 $85,613 and $79,707 as of September 30, 2020 and December 31, 2019, 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 September 30, 2020 and December 31, 2019 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	September 30, 2020		December 31, 2019		Balance Sheet Caption
Foreign currency forward	$	1,155	$	2,892	Prepaid and other current assets
Foreign currency forward	(1,830)		(476)		Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive (loss) earnings as a separate component of the Condensed Consolidated Statements of Stockholders' Equity and is reclassified into revenues and cost of goods and services in the Condensed Consolidated Statements of Earnings during the period in which the hedged transaction is recognized. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

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

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of 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 of the Condensed Consolidated Statements of Comprehensive Earnings to offset changes in the value of the net investment in euro-denominated operations.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
(Loss) gain on euro-denominated debt	$	(45,379)	$	37,783	$	(58,659)	$	36,630
Tax benefit (expense)	9,872		(7,934)		12,761		(7,692)
Net (loss) gain on net investment hedges, net of tax	$	(35,507)	$	29,849	$	(45,898)	$	28,938

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.

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 September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
	Level 2		Level 2
Assets:
Foreign currency cash flow hedges	$	1,155	$	2,892
Liabilities:
Foreign currency cash flow hedges	1,830		476

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

The estimated fair value of long-term debt, net at September 30, 2020 and December 31, 2019, was $3,546,940 and $3,322,033, 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 notes payable are reasonable estimates of their fair values as of September 30, 2020 and December 31, 2019 due to the short-term nature of these instruments.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended September 30, 2020 and 2019 were 20.2% and 20.1%, respectively. The increase in the effective tax rate for the three months ended September 30, 2020 relative to the prior comparable period was primarily driven by discrete items. The effective tax rates for the nine months ended September 30, 2020 and 2019 were 19.3% and 21.1%, respectively. The decrease in the effective tax rate for the nine months ended September 30, 2020 relative to the prior year comparable period was primarily driven by the exclusion of capital losses on the sale of Finder under local law in the prior year, partially offset by the impact of other discrete tax items. 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 zero to $9.8 million.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Equity Incentive Program

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

13. Equity Incentive Program

The Company typically grants equity awards annually at its regularly scheduled first quarter meeting of the Compensation Committee of the Board of Directors. During the nine months ended September 30, 2020, the Company issued stock-settled appreciation rights ("SARs") covering 390,780 shares, performance share awards of 49,056 and restricted stock units ("RSUs") of 83,512.

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 SARs 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
	2020		2019
Risk-free interest rate	1.44	%	2.51	%
Dividend yield	1.65	%	2.13	%
Expected life (years)	5.5		5.6
Volatility	22.76	%	22.35	%

Grant price	$119.86		$91.20
Fair value per share at date of grant	$22.54		$17.55

The performance share awards granted in 2020 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is approximately three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model), and are generally recognized ratably

over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the performance shares granted in 2020 were as follows:


	Performance Shares
	2020
Risk-free interest rate	1.40	%
Dividend yield	1.65	%
Expected life (years)	2.9
Volatility	23.30	%

Grant price	$119.86
Fair value per share at date of grant	$165.71

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

The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the nine months ended September 30, 2020:


			Performance Shares
			2019
Fair value per share at date of grant			$91.20
Average attainment rate reflected in expense			168.96%

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.

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 September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Pre-tax stock-based compensation expense	$	7,371	$	7,876	$	15,591	$	24,493
Tax benefit	(854)		(489)		(1,822)		(2,035)
Total stock-based compensation expense, net of tax	$	6,517	$	7,387	$	13,769	$	22,458

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

14. Commitments and Contingent Liabilities

Litigation

Certain of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes that provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be very small 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, certain 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 September 30, 2020 and December 31, 2019, the Company had estimated liabilities totaling $31,308 and $30,608, respectively, for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable.

The Company and certain 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 the availability and extent of insurance coverage. The Company has estimated liabilities for legal matters that are probable and estimable, and at September 30, 2020 and December 31, 2019, these estimated liabilities were not significant. 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 September 30, 2020 and 2019, were as follows:


	2020		2019
Beginning Balance, December 31 of the Prior Year	$	49,116	$	50,073
Provision for warranties	42,647		46,123
Settlements made	(44,396)		(46,406)
Other adjustments, including acquisitions and currency translation	129		(1,609)
Ending balance, September 30	$	47,496	$	48,181

Employee Benefit Plans

9 Months Ended

Sep. 30, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Employee Benefit Plans

15. Employee Benefit Plans

Retirement Plans

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

The tables below set forth the components of the Company’s net periodic (income) expense relating to retirement benefit plans. The service cost component is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans, and the non-operating components of pension costs are included within other income, net in the Condensed Consolidated Statements of Earnings.

Qualified Defined Benefits


	Three Months Ended September 30,														Nine Months Ended September 30,
	U.S. Plan						Non-U.S. Plans						U.S. Plan				Non-U.S. Plans
	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	1,706	$	1,754	$	1,366	$	1,429	$	5,118	$	5,262	$	3,954	$	4,265
Interest cost	4,068		4,756		839		1,193		12,204		14,269		2,460		3,641
Expected return on plan assets	(7,869)		(8,534)		(1,719)		(1,538)		(23,607)		(25,602)		(5,033)		(4,664)
Amortization:
Prior service cost (credit)	57		76		(126)		(102)		170		227		(365)		(298)
Recognized actuarial loss	1,884		—		777		763		5,652		—		2,253		2,288



Net periodic (income) expense	$	(154)	$	(1,948)	$	1,137	$	1,745	$	(463)	$	(5,844)	$	3,269	$	5,232

Non-Qualified Supplemental Benefits


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	318	$	486	$	954	$	1,457
Interest cost	441		668		1,324		2,003
Amortization:
Prior service cost	424		703		1,271		2,109
Recognized actuarial gain	(464)		(570)		(1,393)		(1,710)

Net periodic expense	$	719	$	1,287	$	2,156	$	3,859

Post-Retirement Benefit Plans

The Company also maintains post-retirement benefit plans, although these plans are closed to new entrants. The post-retirement benefit plans are supported by the general assets of the Company. The following table sets forth the components of the Company’s net periodic expense relating to its post-retirement benefit plans:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	5	$	5	$	15	$	15
Interest cost	60		78		181		234
Amortization:
Prior service cost	3		3		10		10
Recognized actuarial gain	(3)		(17)		(11)		(52)

Net periodic expense	$	65	$	69	$	195	$	207

The total amount amortized out of accumulated other comprehensive earnings into net periodic pension and post-retirement expense totaled $2,552 and $856 for the three months ended September 30, 2020 and 2019, respectively, and $7,587 and $2,574 for the nine months ended September 30, 2020 and 2019, respectively.

Defined Contribution Retirement Plans

The Company also offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The related expense is recognized within selling, general and administrative expenses and cost of goods and services, depending on the functional area of the underlying employees included in the plans. The Company’s expense relating to defined contribution plans was $12,530, and $12,188 for the three months ended September 30, 2020 and 2019, respectively, and $39,071 and $38,340 for the nine months ended September 30, 2020 and 2019.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Other Comprehensive Earnings

9 Months Ended

Sep. 30, 2020

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

Other Comprehensive Earnings

16. Other Comprehensive Earnings

The amounts recognized in other comprehensive (loss) earnings were as follows:


	Three Months Ended										Three Months Ended
	September 30, 2020										September 30, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	19,399	$	9,872	$	29,271	$	(42,931)	$	(7,934)	$	(50,865)
Pension and other post-retirement benefit plans	2,552		(421)		2,131		856		(190)		666
Changes in fair value of cash flow hedges	(627)		139		(488)		1,419		(297)		1,122

Total other comprehensive earnings (loss)	$	21,324	$	9,590	$	30,914	$	(40,656)	$	(8,421)	$	(49,077)


	Nine Months Ended										Nine Months Ended
	September 30, 2020										September 30, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	(32,475)	$	12,761	$	(19,714)	$	(8,112)	$	(7,692)	$	(15,804)
Pension and other post-retirement benefit plans	7,587		(1,408)		6,179		2,574		(572)		2,002
Changes in fair value of cash flow hedges	(4,050)		896		(3,154)		(368)		76		(292)

Total other comprehensive (loss) earnings	$	(28,938)	$	12,249	$	(16,689)	$	(5,906)	$	(8,188)	$	(14,094)

Total comprehensive earnings were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Net earnings	$	200,300	$	206,006	$	501,345	$	509,796
Other comprehensive earnings (loss)	30,914		(49,077)		(16,689)		(14,094)
Comprehensive earnings	$	231,214	$	156,929	$	484,656	$	495,702

Amounts reclassified from accumulated other comprehensive loss to earnings during the three and nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for assets held for sale	$	—	$	—	$	—	$	25,339
Tax benefit	—		—		—		—
Net of tax	$	—	$	—	$	—	$	25,339
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	2,194	$	176	$	6,501	$	526
Amortization of prior service costs	358		680		1,086		2,048

Total before tax	2,552		856		7,587		2,574
Tax benefit	(421)		(190)		(1,408)		(572)
Net of tax	$	2,131	$	666	$	6,179	$	2,002
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(266)	$	730	$	402	$	(85)
Tax provision (benefit)	56		(153)		(84)		16
Net of tax	$	(210)	$	577	$	318	$	(69)

The reclassification of foreign currency translation losses to earnings during the nine months ended September 30, 2019 relates to the sale of Finder. See Note 4 — Disposed Operations for further details.

The Company recognizes the amortization of net actuarial gains and losses and prior service costs in other income, net within the Condensed Consolidated Statements of Earnings.

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

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

17. Segment Information

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

•Engineered Products segment is a provider of a wide range of products, software and services that have broad customer applications across a number of markets, including aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing.

•Fueling Solutions segment is focused on providing components, equipment and software and service solutions enabling safe transport of fuels and other hazardous fluids along the supply chain, as well as the safe and efficient operation of retail fueling and vehicle wash establishments.

•Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services.

•Pumps & Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, and highly engineered components for rotating and reciprocating machines.

•Refrigeration & Food Equipment segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets.

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue:
Engineered Products	$	386,562	$	426,689	$	1,137,102	$	1,275,468
Fueling Solutions	380,511		411,769		1,066,988		1,175,405
Imaging & Identification	265,690		275,109		750,432		810,051
Pumps & Process Solutions	347,875		341,337		976,506		1,010,480
Refrigeration & Food Equipment	368,395		370,335		973,835		1,090,452
Intra-segment eliminations	(777)		106		(1,493)		(1,048)
Total consolidated revenue	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808
Net earnings:
Segment earnings (EBIT): ⁽¹⁾
Engineered Products	$	64,890	$	74,367	$	181,686	$	218,615
Fueling Solutions	66,601		68,069		167,313		157,936
Imaging & Identification	51,928		61,655		141,456		172,251
Pumps & Process Solutions ⁽²⁾	89,786		77,433		223,567		168,702
Refrigeration & Food Equipment⁽³⁾	40,159		35,211		75,147		104,393
Total segment earnings (EBIT)	313,364		316,735		789,169		821,897
Corporate expense / other ⁽⁴⁾	35,603		28,658		87,011		84,036
Interest expense	27,724		31,410		83,703		94,972
Interest income	(960)		(1,263)		(2,871)		(3,098)
Earnings before provision for income taxes	250,997		257,930		621,326		645,987
Provision for income taxes	50,697		51,924		119,981		136,191
Net earnings	$	200,300	$	206,006	$	501,345	$	509,796

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

⁽²⁾ The nine months ended September 30, 2019 includes a $46,946 loss on assets held for sale for Finder.

⁽³⁾ The three and nine months ended September 30, 2020 include a $557 expense and a $5,213 net gain on the sale of AMS Chino, respectively. The nine months ended September 30, 2020 also include a $3,640 write-off of assets.

⁽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 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 customer:


	Three Months Ended September 30,						Nine Months Ended September 30,
Revenue by geography	2020		2019		2020		2019
United States	$	952,548	$	1,002,349	$	2,762,187	$	2,883,147
Europe	383,867		376,601		1,065,109		1,184,520
Asia	207,474		229,210		525,758		623,838
Other Americas	138,060		150,257		380,104		466,591
Other	66,307		66,928		170,212		202,712
Total	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Share Repurchases	9 Months Ended
Share Repurchases	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Share repurchases	18. Share Repurchases In February 2018, the Company's Board of Directors approved a standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares of its common stock through December 31, 2020. This share repurchase authorization replaced the January 2015 share repurchase authorization. In the first quarter of 2020, the Company repurchased 548,659 shares of common stock at a total cost of $52,916, or $96.45 per share. The Company suspended share repurchases in the second quarter due to business uncertainty related to COVID-19. This temporary suspension in share repurchases was lifted during the beginning of the third quarter. There were no repurchases during the three months ended September 30, 2020. During the three and nine months ended September 30, 2019, the Company repurchased 261,807 shares of common stock at a total cost of $23,280, or $88.92. As of September 30, 2020, 7,811,385 shares remain authorized for repurchase under the February 2018 share repurchase authorization.

Earnings per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Earnings Per Share

19. 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 September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019


Net earnings	$	200,300	$	206,006	$	501,345	$	509,796
Basic earnings per common share:


Net earnings	$	1.39	$	1.42	$	3.48	$	3.51

Weighted average shares outstanding	144,032,000		145,372,000		144,082,000		145,276,000
Diluted earnings per common share:


Net earnings	$	1.38	$	1.40	$	3.45	$	3.47

Weighted average shares outstanding	145,289,000		147,051,000		145,313,000		147,053,000

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020	2019	2020	2019
Weighted average shares outstanding - Basic	144,032,000	145,372,000	144,082,000	145,276,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,257,000	1,679,000	1,231,000	1,777,000
Weighted average shares outstanding - Diluted	145,289,000	147,051,000	145,313,000	147,053,000

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 36,000 and 28,000 for the three months ended September 30, 2020 and 2019, respectively, and 95,000 and 9,000 for the nine months ended September 30, 2020 and 2019, respectively.

Recent Accounting Standards	9 Months Ended
Recent Accounting Standards	Sep. 30, 2020
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Standards	20. Recent Accounting Pronouncements Recently Adopted Accounting Standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This resulted in the earlier recognition of allowances for losses. In addition, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 which provides clarity on certain aspects of the amendments in ASU 2016-13. The Company adopted this guidance prospectively on January 1, 2020. Upon adoption, the Company recorded a noncash cumulative effect adjustment to retained earnings of $2.1 million, net of $0.6 million of income taxes, on the opening consolidated balance sheet as of January 1, 2020. See Note 7 — Credit Losses for further details.

Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability [Table Text Block]

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


	September 30, 2020		December 31, 2019		January 1, 2019

Contract assets	$	20,070	$	14,894	$	9,330
Contract liabilities - current	113,179		44,001		36,461
Contract liabilities - non-current	13,660		9,121		9,382

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

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


	Total
Current assets, net of cash acquired	$	30,287
Property, plant and equipment	6,642
Goodwill	157,874
Intangible assets	100,524

Current liabilities	(20,249)
Other liabilities	(16,404)
Net assets acquired	$	258,674

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

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


	Amount allocated		Useful life (in years)
Goodwill - tax deductible	$	33,183	na
Goodwill - non deductible	124,691		na
Customer intangibles	79,795		10	-	12
Unpatented technology	14,098		6	-	9
Trademarks	6,631		15

	$	258,398

Pro forma results of operations

The unaudited pro forma effects for the three and nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue:
As reported	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808
Pro forma	1,752,155		1,845,416		4,924,687		5,428,757
Net earnings:
As reported	$	200,300	$	206,006	$	501,345	$	509,796
Pro forma	203,133		206,333		512,190		511,425

Inventories (Tables)

9 Months Ended

Sep. 30, 2020

Inventory, Net [Abstract]

Components of Inventory


	September 30, 2020		December 31, 2019
Raw materials	$	488,907	$	467,912
Work in progress	168,143		162,670
Finished goods	298,925		280,051
Subtotal	955,975		910,633
Less reserves	(117,436)		(104,492)
Total	$	838,539	$	806,141

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net


	September 30, 2020		December 31, 2019
Land	$	59,511	$	56,583
Buildings and improvements	549,617		527,192
Machinery, equipment and other	1,731,771		1,648,354
Property, plant and equipment, gross	2,340,899		2,232,129
Accumulated depreciation	(1,461,279)		(1,389,811)
Property, plant and equipment, net	$	879,620	$	842,318

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2020

Credit Loss [Abstract]

Accounts Receivable, Allowance for Credit Loss


	2020
Beginning Balance, January 1,	$	29,381
Adoption of ASU 2016-13, cumulative-effect adjustment to retained earnings	2,706
Provision for expected credit losses	10,248
Amounts written off charged against the allowance	(2,113)
Other, including dispositions and foreign currency translation	171
Ending balance, September 30	$	40,393

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill [Line Items]

Goodwill

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


	Engineered Products		Fueling Solutions		Imaging & Identification		Pumps & Process Solutions		Refrigeration & Food Equipment		Total
Balance at December 31, 2019	$	636,571	$	873,381	$	977,069	$	750,627	$	545,699	$	3,783,347
Acquisitions	33,183		—		103,186		21,505		—		157,874

Disposition of business	—		—		—		—		(2,597)		(2,597)
Foreign currency translation	5,675		(19)		16,112		5,697		801		28,266
Balance at September 30, 2020	$	675,429	$	873,362	$	1,096,367	$	777,829	$	543,903	$	3,966,890

Schedule of Intangible Assets

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


	September 30, 2020										December 31, 2019
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,509,305	$	796,653	$	712,652	$	1,410,636	$	714,566	$	696,070
Trademarks	226,762		98,541		128,221		218,064		85,791		132,273
Patents	161,314		138,584		22,730		159,376		133,677		25,699
Unpatented technologies	170,859		108,633		62,226		154,505		99,276		55,229
Distributor relationships	84,045		49,200		34,845		82,779		44,202		38,577
Drawings & manuals	28,054		24,585		3,469		27,500		22,403		5,097
Other	23,558		18,609		4,949		22,355		16,939		5,416
Total	2,203,897		1,234,805		969,092		2,075,215		1,116,854		958,361
Unamortized intangible assets:
Trademarks	96,723		—		96,723		96,653		—		96,653
Total intangible assets, net	$	2,300,620	$	1,234,805	$	1,065,815	$	2,171,868	$	1,116,854	$	1,055,014

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2020

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Engineered Products	$	2,342	$	556	$	6,860	$	1,757
Fueling Solutions	1,572		825		3,958		3,339
Imaging & Identification	99		296		(167)		1,973
Pumps & Process Solutions	1,719		907		10,271		1,789
Refrigeration & Food Equipment	534		495		3,307		2,134
Corporate	474		257		2,136		1,018
Total	$	6,740	$	3,336	$	26,365	$	12,010

These amounts are classified in the Condensed Consolidated Statements of Earnings as follows:
Cost of goods and services	$	2,710	$	2,073	$	11,809	$	4,435
Selling, general and administrative expenses	4,030		1,263		14,556		7,575
Total	$	6,740	$	3,336	$	26,365	$	12,010

Schedule of Restructuring Reserve by Type of Cost

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


	Severance		Exit			Total
Balance at December 31, 2019	$	13,751	$	2,639		$	16,390
Restructuring charges	18,832		7,533			26,365
Payments	(24,837)		(3,895)			(28,732)


Other, including foreign currency translation	466		(3,982)		⁽¹⁾	(3,516)
Balance at September 30, 2020	$	8,212	$	2,295		$	10,507

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

Borrowings (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consisted of the following:


	September 30, 2020		December 31, 2019
Short-term

Commercial paper	$	90,500	$	84,700
Notes payable	$	90,500	$	84,700

Schedule of Long-term Debt Instruments


			Carrying amount ⁽¹⁾
	Principal		September 30, 2020		December 31, 2019
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	396,548	$	396,042
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	690,939		658,089
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	575,313		548,008
6.65% 30-year debentures due June 1, 2028	$	200,000	199,230		199,155
2.950% 10-year notes due November 4, 2029	$	300,000	296,555		296,270
5.375% 30-year debentures due October 15, 2035	$	300,000	296,247		296,060
6.60% 30-year notes due March 15, 2038	$	250,000	248,024		247,939
5.375% 30-year notes due March 1, 2041	$	350,000	344,360		344,153



Total long-term debt			$	3,047,216	$	2,985,716

⁽¹⁾ Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
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-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2020 and December 31, 2019 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	September 30, 2020		December 31, 2019		Balance Sheet Caption
Foreign currency forward	$	1,155	$	2,892	Prepaid and other current assets
Foreign currency forward	(1,830)		(476)		Other accrued expenses

Schedule of net investment hedges in accumulated other comprehensive income (loss)

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
(Loss) gain on euro-denominated debt	$	(45,379)	$	37,783	$	(58,659)	$	36,630
Tax benefit (expense)	9,872		(7,934)		12,761		(7,692)
Net (loss) gain on net investment hedges, net of tax	$	(35,507)	$	29,849	$	(45,898)	$	28,938

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 September 30, 2020 and December 31, 2019:


	September 30, 2020		December 31, 2019
	Level 2		Level 2
Assets:
Foreign currency cash flow hedges	$	1,155	$	2,892
Liabilities:
Foreign currency cash flow hedges	1,830		476

Equity Incentive Program (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock-based incentive plans compensation expense


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Pre-tax stock-based compensation expense	$	7,371	$	7,876	$	15,591	$	24,493
Tax benefit	(854)		(489)		(1,822)		(2,035)
Total stock-based compensation expense, net of tax	$	6,517	$	7,387	$	13,769	$	22,458

Stock Appreciation Rights (SARs) [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

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


	SARs
	2020		2019
Risk-free interest rate	1.44	%	2.51	%
Dividend yield	1.65	%	2.13	%
Expected life (years)	5.5		5.6
Volatility	22.76	%	22.35	%

Grant price	$119.86		$91.20
Fair value per share at date of grant	$22.54		$17.55

Performance Shares [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

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


	Performance Shares
	2020
Risk-free interest rate	1.40	%
Dividend yield	1.65	%
Expected life (years)	2.9
Volatility	23.30	%

Grant price	$119.86
Fair value per share at date of grant	$165.71

Valuation assumptions

The fair value and average attainment used in determining stock-based compensation cost for the performance shares issued in 2019 is as follows for the nine months ended September 30, 2020:


			Performance Shares
			2019
Fair value per share at date of grant			$91.20
Average attainment rate reflected in expense			168.96%

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Product Warranty Liability


	2020		2019
Beginning Balance, December 31 of the Prior Year	$	49,116	$	50,073
Provision for warranties	42,647		46,123
Settlements made	(44,396)		(46,406)
Other adjustments, including acquisitions and currency translation	129		(1,609)
Ending balance, September 30	$	47,496	$	48,181

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 30, 2020

Defined benefit pension plans

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Qualified Defined Benefits


	Three Months Ended September 30,														Nine Months Ended September 30,
	U.S. Plan						Non-U.S. Plans						U.S. Plan				Non-U.S. Plans
	2020		2019		2020		2019		2020		2019		2020		2019
Service cost	$	1,706	$	1,754	$	1,366	$	1,429	$	5,118	$	5,262	$	3,954	$	4,265
Interest cost	4,068		4,756		839		1,193		12,204		14,269		2,460		3,641
Expected return on plan assets	(7,869)		(8,534)		(1,719)		(1,538)		(23,607)		(25,602)		(5,033)		(4,664)
Amortization:
Prior service cost (credit)	57		76		(126)		(102)		170		227		(365)		(298)
Recognized actuarial loss	1,884		—		777		763		5,652		—		2,253		2,288



Net periodic (income) expense	$	(154)	$	(1,948)	$	1,137	$	1,745	$	(463)	$	(5,844)	$	3,269	$	5,232

Supplemental Employee Retirement Plans, Defined Benefit [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Non-Qualified Supplemental Benefits


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	318	$	486	$	954	$	1,457
Interest cost	441		668		1,324		2,003
Amortization:
Prior service cost	424		703		1,271		2,109
Recognized actuarial gain	(464)		(570)		(1,393)		(1,710)

Net periodic expense	$	719	$	1,287	$	2,156	$	3,859

Post-Retirement Benefits [Member]

Defined Benefit Plan Disclosure [Line Items]

Schedule of Defined Benefit Plans Disclosures

Post-Retirement Benefit Plans


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Service cost	$	5	$	5	$	15	$	15
Interest cost	60		78		181		234
Amortization:
Prior service cost	3		3		10		10
Recognized actuarial gain	(3)		(17)		(11)		(52)

Net periodic expense	$	65	$	69	$	195	$	207

Other Comprehensive Earnings (Tables)

9 Months Ended

Sep. 30, 2020

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

Components of other comprehensive income

The amounts recognized in other comprehensive (loss) earnings were as follows:


	Three Months Ended										Three Months Ended
	September 30, 2020										September 30, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	19,399	$	9,872	$	29,271	$	(42,931)	$	(7,934)	$	(50,865)
Pension and other post-retirement benefit plans	2,552		(421)		2,131		856		(190)		666
Changes in fair value of cash flow hedges	(627)		139		(488)		1,419		(297)		1,122

Total other comprehensive earnings (loss)	$	21,324	$	9,590	$	30,914	$	(40,656)	$	(8,421)	$	(49,077)


	Nine Months Ended										Nine Months Ended
	September 30, 2020										September 30, 2019
	Pre-tax		Tax		Net of tax		Pre-tax		Tax		Net of tax
Foreign currency translation adjustments	$	(32,475)	$	12,761	$	(19,714)	$	(8,112)	$	(7,692)	$	(15,804)
Pension and other post-retirement benefit plans	7,587		(1,408)		6,179		2,574		(572)		2,002
Changes in fair value of cash flow hedges	(4,050)		896		(3,154)		(368)		76		(292)

Total other comprehensive (loss) earnings	$	(28,938)	$	12,249	$	(16,689)	$	(5,906)	$	(8,188)	$	(14,094)

Schedule of comprehensive income (loss)

Total comprehensive earnings were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Net earnings	$	200,300	$	206,006	$	501,345	$	509,796
Other comprehensive earnings (loss)	30,914		(49,077)		(16,689)		(14,094)
Comprehensive earnings	$	231,214	$	156,929	$	484,656	$	495,702

Schedule of amounts reclassified from accumulated other comprehensive income (loss) to earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three and nine months ended September 30, 2020 and 2019 were as follows:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for assets held for sale	$	—	$	—	$	—	$	25,339
Tax benefit	—		—		—		—
Net of tax	$	—	$	—	$	—	$	25,339
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	2,194	$	176	$	6,501	$	526
Amortization of prior service costs	358		680		1,086		2,048

Total before tax	2,552		856		7,587		2,574
Tax benefit	(421)		(190)		(1,408)		(572)
Net of tax	$	2,131	$	666	$	6,179	$	2,002
Cash flow hedges:
Net (gains) losses reclassified into earnings	$	(266)	$	730	$	402	$	(85)
Tax provision (benefit)	56		(153)		(84)		16
Net of tax	$	(210)	$	577	$	318	$	(69)

Segment Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Revenue and earnings from continuing operations by market segment

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019
Revenue:
Engineered Products	$	386,562	$	426,689	$	1,137,102	$	1,275,468
Fueling Solutions	380,511		411,769		1,066,988		1,175,405
Imaging & Identification	265,690		275,109		750,432		810,051
Pumps & Process Solutions	347,875		341,337		976,506		1,010,480
Refrigeration & Food Equipment	368,395		370,335		973,835		1,090,452
Intra-segment eliminations	(777)		106		(1,493)		(1,048)
Total consolidated revenue	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808
Net earnings:
Segment earnings (EBIT): ⁽¹⁾
Engineered Products	$	64,890	$	74,367	$	181,686	$	218,615
Fueling Solutions	66,601		68,069		167,313		157,936
Imaging & Identification	51,928		61,655		141,456		172,251
Pumps & Process Solutions ⁽²⁾	89,786		77,433		223,567		168,702
Refrigeration & Food Equipment⁽³⁾	40,159		35,211		75,147		104,393
Total segment earnings (EBIT)	313,364		316,735		789,169		821,897
Corporate expense / other ⁽⁴⁾	35,603		28,658		87,011		84,036
Interest expense	27,724		31,410		83,703		94,972
Interest income	(960)		(1,263)		(2,871)		(3,098)
Earnings before provision for income taxes	250,997		257,930		621,326		645,987
Provision for income taxes	50,697		51,924		119,981		136,191
Net earnings	$	200,300	$	206,006	$	501,345	$	509,796

⁽²⁾ The nine months ended September 30, 2019 includes a $46,946 loss on assets held for sale for Finder.

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

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


	Three Months Ended September 30,						Nine Months Ended September 30,
Revenue by geography	2020		2019		2020		2019
United States	$	952,548	$	1,002,349	$	2,762,187	$	2,883,147
Europe	383,867		376,601		1,065,109		1,184,520
Asia	207,474		229,210		525,758		623,838
Other Americas	138,060		150,257		380,104		466,591
Other	66,307		66,928		170,212		202,712
Total	$	1,748,256	$	1,825,345	$	4,903,370	$	5,360,808

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

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

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


	Three Months Ended September 30,						Nine Months Ended September 30,
	2020		2019		2020		2019


Net earnings	$	200,300	$	206,006	$	501,345	$	509,796
Basic earnings per common share:


Net earnings	$	1.39	$	1.42	$	3.48	$	3.51

Weighted average shares outstanding	144,032,000		145,372,000		144,082,000		145,276,000
Diluted earnings per common share:


Net earnings	$	1.38	$	1.40	$	3.45	$	3.47

Weighted average shares outstanding	145,289,000		147,051,000		145,313,000		147,053,000

Reconciliation of share amounts used in computing earnings per share

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


	Three Months Ended September 30,			Nine Months Ended September 30,
	2020	2019	2020	2019
Weighted average shares outstanding - Basic	144,032,000	145,372,000	144,082,000	145,276,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	1,257,000	1,679,000	1,231,000	1,777,000
Weighted average shares outstanding - Diluted	145,289,000	147,051,000	145,313,000	147,053,000

Performance Obligations (Details)	9 Months Ended
Performance Obligations (Details)	Sep. 30, 2020
Revenue from Contract with Customer Performance Obligations [Abstract]
Revenue Recognized Point-in-time, Percent	95.00%
Revenue Recognized Over-time, Percent	5.00%
Unsatisfied Performance Obligations Expected to Recognize as Revenue, Percent	66.00%

Remaining Performance Obligation (Details) $ in Millions	Sep. 30, 2020 USD ($)
Revenue from Contract with Customer [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 269.0

Contract Balances (Details) - USD ($) $ in Thousands	9 Months Ended
Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Jan. 01, 2019
Change in Contract with Customer, Asset and Liability [Abstract]
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ (31,561)	$ (25,977)
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]
Contract assets balance	20,070		$ 14,894	$ 9,330
Contract liabilities - current	113,179		44,001	36,461
Contract liabilities - non-current	$ 13,660		$ 9,121	$ 9,382

Acquisitions (Details) - USD ($)	3 Months Ended		9 Months Ended
Acquisitions (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Current Assets	$ 30,287,000		$ 30,287,000
Property, Plant, and Equipment	6,642,000		6,642,000
Goodwill Acquired			157,874,000
Goodwill - tax deductible	33,183,000		33,183,000
Intangibles	100,524,000		100,524,000
Current Liabilities	20,249,000		20,249,000
Payments to Acquire Businesses, Net of Cash Acquired			258,674,000	$ 216,398
Goodwill and intangible assets	258,398,000		258,398,000
Other assets and deferred charges	16,404,000		16,404,000
Goodwill Acquired During Period, Non-deductible for Income Tax			124,691,000
Revenue [Abstract]
As reported	1,748,256,000	$ 1,825,345,000	4,903,370,000	5,360,808,000
Pro forma	1,752,155,000	1,845,416,000	4,924,687,000	5,428,757,000
Net earnings [Abstract]
As reported	200,300,000	206,006,000	501,345,000	509,796,000
Pro forma	203,133,000	206,333,000	512,190,000	511,425,000
Trademarks [Member]
Business Acquisition [Line Items]
Intangibles	6,631,000		$ 6,631,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			15 years
Customer-Related Intangible Assets
Business Acquisition [Line Items]
Intangibles	79,795,000		$ 79,795,000
Unpatented Technologies [Member]
Business Acquisition [Line Items]
Intangibles	14,098,000		14,098,000
All-Flo [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible		20,567,000		20,567,000
Intangibles		14,980,000		14,980,000
Payments to Acquire Businesses, Net of Cash Acquired				39,954,000
Belanger [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible		98,084,000		98,084,000
Intangibles		$ 77,000,000		77,000,000
Payments to Acquire Businesses, Net of Cash Acquired				$ 175,350,000
Systech [Member]
Business Acquisition [Line Items]
Goodwill Acquired			91,493,000
Intangibles	76,100,000		76,100,000
Payments to Acquire Businesses, Net of Cash Acquired			161,830,000
Soft-Pak [Member]
Business Acquisition [Line Items]
Goodwill - tax deductible	33,183,000		33,183,000
Intangibles	12,800,000		12,800,000
Payments to Acquire Businesses, Net of Cash Acquired			45,500,000
Em-tec [Member]
Business Acquisition [Line Items]
Goodwill Acquired			19,572,000
Intangibles	8,344,000		8,344,000
Payments to Acquire Businesses, Net of Cash Acquired			30,396,000
Solaris [Member]
Business Acquisition [Line Items]
Goodwill Acquired			11,693,000
Intangibles	$ 3,280,000		3,280,000
Payments to Acquire Businesses, Net of Cash Acquired			$ 18,605,000
Minimum [Member] \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			10 years
Minimum [Member] \| Unpatented Technologies [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			6 years
Minimum [Member] \| All-Flo [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				13 years
Minimum [Member] \| Belanger [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				9 years
Maximum [Member] \| Customer-Related Intangible Assets
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			12 years
Maximum [Member] \| Unpatented Technologies [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			9 years
Maximum [Member] \| All-Flo [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				15 years
Maximum [Member] \| Belanger [Member]
Business Acquisition [Line Items]
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				15 years

Disposed Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Disposed Operations (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disposal Group, Including Discontinued Operation, Balance Sheet Disclosures [Abstract]
Gain on sale of businesses	$ 557	$ 0	$ (5,213)	$ 0
Proceeds from sale of businesses	$ 15,400		$ 15,400	24,218
Impairment of Long-Lived Assets to be Disposed of				21,607
Foreign Currency Translation Gains (Losses)				25,339
Proceeds from Divestiture of Businesses, Net of Cash Divested				$ 24,218

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventory, Net [Abstract]
Raw materials	$ 488,907	$ 467,912
Work in progress	168,143	162,670
Finished goods	298,925	280,051
Subtotal	955,975	910,633
Less reserves	(117,436)	(104,492)
Total	$ 838,539	$ 806,141

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Cost	$ 2,340,899		$ 2,340,899		$ 2,232,129
Accumulated depreciation	(1,461,279)		(1,461,279)		(1,389,811)
Total	879,620		879,620		842,318
Depreciation expense	34,096	$ 32,145	102,016	$ 97,364
Land [Member]
Property, Plant and Equipment [Line Items]
Cost	59,511		59,511		56,583
Buildings and improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	549,617		549,617		527,192
Machinery, equipment and other [Member]
Property, Plant and Equipment [Line Items]
Cost	$ 1,731,771		$ 1,731,771		$ 1,648,354

Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Credit Loss [Abstract]
Allowance for doubtful accounts receivable	$ 40,393	$ 29,381
Cumulative Effect on Retained Earnings, before Tax	2,706
Provision for Other Credit Losses	10,248
Accounts Receivable, Credit Loss Expense (Reversal)	(2,113)
Accounts Receivable, Other, Including Dispositions and Foreign Currency	$ 171

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Goodwill [Roll Forward]
Goodwill Balance	$ 3,966,890	$ 3,783,347
Goodwill Acquired	157,874
Goodwill, Written off Related to Sale of Business Unit	(2,597)
Foreign Currency Translation	28,266
Balance	3,966,890
Engineered Products Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	675,429	636,571
Goodwill Acquired	33,183
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	5,675
Balance	675,429
Fueling Solutions Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	873,362	873,381
Goodwill Acquired	0
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	(19)
Balance	873,362
Imaging & Identification Segment
Goodwill [Roll Forward]
Goodwill Balance	1,096,367	977,069
Goodwill Acquired	103,186
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	16,112
Balance	1,096,367
Pumps & Process Solutions Segment
Goodwill [Roll Forward]
Goodwill Balance	777,829	750,627
Goodwill Acquired	21,505
Goodwill, Written off Related to Sale of Business Unit	0
Foreign Currency Translation	5,697
Balance	777,829
Refrigeration and Food Equipment Segment [Member]
Goodwill [Roll Forward]
Goodwill Balance	543,903	$ 545,699
Goodwill Acquired	0
Goodwill, Written off Related to Sale of Business Unit	(2,597)
Foreign Currency Translation	801
Balance	$ 543,903

Goodwill and Other Intangible Assets - Intangible Assets and Amortization Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	$ 2,203,897		$ 2,203,897		$ 2,075,215
Accumulated amortization	1,234,805		1,234,805		1,116,854
Finite-Lived Intangible Assets, Net	969,092		969,092		958,361
Intangible Assets, Gross (Excluding Goodwill)	2,300,620		2,300,620		2,171,868
Intangible assets, net	1,065,815		1,065,815		1,055,014
Amortization expense	35,393	$ 34,642	103,828	$ 104,930
Acquisition-related amortization expense	34,797	$ 34,157	102,443	$ 103,531
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	0		0		0
Customer Intangibles [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	1,509,305		1,509,305		1,410,636
Accumulated amortization	796,653		796,653		714,566
Finite-Lived Intangible Assets, Net	712,652		712,652		696,070
Trademarks [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	226,762		226,762		218,064
Accumulated amortization	98,541		98,541		85,791
Finite-Lived Intangible Assets, Net	128,221		128,221		132,273
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	161,314		161,314		159,376
Accumulated amortization	138,584		138,584		133,677
Finite-Lived Intangible Assets, Net	22,730		22,730		25,699
Unpatented Technologies [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	170,859		170,859		154,505
Accumulated amortization	108,633		108,633		99,276
Finite-Lived Intangible Assets, Net	62,226		62,226		55,229
Distributor Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	84,045		84,045		82,779
Accumulated amortization	49,200		49,200		44,202
Finite-Lived Intangible Assets, Net	34,845		34,845		38,577
Drawings and Manuals [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	28,054		28,054		27,500
Accumulated amortization	24,585		24,585		22,403
Finite-Lived Intangible Assets, Net	3,469		3,469		5,097
Other Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Gross carrying amount	23,558		23,558		22,355
Accumulated amortization	18,609		18,609		16,939
Finite-Lived Intangible Assets, Net	$ 4,949		$ 4,949		$ 5,416

Goodwill and Other Intangible Assets - Indefinite-lived Intangibles (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Trademarks [Member]
Unamortized Intangible Assets [Abstract]
Gross carrying amount	$ 96,723	$ 96,653

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 6,740	$ 3,336	$ 26,365	$ 12,010
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			16,390
Provision			26,365
Payments			(28,732)
Other, including foreign currency translation			(3,516)
Severance and other restructuring reserve, ending balance	10,507		10,507
Engineered Products Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,342	556	6,860	1,757
Fueling Solutions Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,572	825	3,958	3,339
Imaging & Identification Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	99	296	(167)	1,973
Pumps & Process Solutions Segment
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,719	907	10,271	1,789
Refrigeration and Food Equipment Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	534	495	3,307	2,134
Corporate, Non-Segment [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	474	257	2,136	1,018
Employee Severance [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			13,751
Provision			18,832
Payments			(24,837)
Other, including foreign currency translation			466
Severance and other restructuring reserve, ending balance	8,212		8,212
Facility Closing [Member]
Restructuring Reserve [Roll Forward]
Severance and other restructuring reserve, beginning balance			2,639
Provision			7,533
Payments			(3,895)
Other, including foreign currency translation			(3,982)
Severance and other restructuring reserve, ending balance	2,295		2,295
Cost of Sales [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	2,710	2,073	11,809	4,435
Selling, General and Administrative Expenses [Member]
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,030	$ 1,263	$ 14,556	$ 7,575

Borrowings (Details) € in Thousands, $ in Thousands	9 Months Ended
Borrowings (Details) € in Thousands, $ in Thousands	Sep. 30, 2020 USD ($)	Sep. 30, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Short-term borrowings [Abstract]
Commercial Paper	$ 90,500		$ 84,700
Notes payable and current maturities of long-term debt	90,500		84,700
Long-term borrowings [Abstract]
Net long-term debt	3,047,216		2,985,716
Unamortized debt discounts	17,800		18,900
Deferred debt issuance costs	14,800		16,200
Line of Credit Facility [Abstract]
Unsecured revolving credit facility, maximum borrowing capacity	$ 1,000,000
Line of Credit Facility, Covenant Compliance	The Company was in compliance with all covenants in the Credit Agreement, the Short-term Credit Agreement, and other long-term debt covenants at September 30, 2020 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 11.0 to 1.
Letters of Credit Outstanding, Amount	$ 157,600
Current poriton of long-term debt and short-term borrowings	500,000
Line of Credit Facility, Current Borrowing Capacity	450,000
Note due 2025 [Member]
Long-term borrowings [Abstract]
Long-term debt	396,548		396,042
Debt Instrument, Face Amount	$ 400,000
Debt Instrument, Interest Rate, Stated Percentage	3.15%	3.15%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 15, 2025
Note due 2026 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 690,939		658,089
Debt Instrument, Face Amount \| €		€ 600,000
Debt Instrument, Interest Rate, Stated Percentage	1.25%	1.25%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 09, 2026
Note due 2027 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 575,313		548,008
Debt Instrument, Face Amount \| €		€ 500,000
Debt Instrument, Interest Rate, Stated Percentage	0.75%	0.75%
Line of Credit Facility [Abstract]
Debt Instrument, Term	8 years
Debt Instrument, Maturity Date	Nov. 04, 2027
Debentures due 2028 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 199,230		199,155
Debt Instrument, Face Amount	$ 200,000
Debt Instrument, Interest Rate, Stated Percentage	6.65%	6.65%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Jun. 01, 2028
Note due 2029
Long-term borrowings [Abstract]
Long-term debt	$ 296,555		296,270
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	2.95%	2.95%
Line of Credit Facility [Abstract]
Debt Instrument, Term	10 years
Debt Instrument, Maturity Date	Nov. 04, 2029
Debenture due 2035 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 296,247		296,060
Debt Instrument, Face Amount	$ 300,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Oct. 15, 2035
Note due 2038 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 248,024		247,939
Debt Instrument, Face Amount	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	6.60%	6.60%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 15, 2038
Note due 2041 [Member]
Long-term borrowings [Abstract]
Long-term debt	$ 344,360		$ 344,153
Debt Instrument, Face Amount	$ 350,000
Debt Instrument, Interest Rate, Stated Percentage	5.375%	5.375%
Line of Credit Facility [Abstract]
Debt Instrument, Term	30 years
Debt Instrument, Maturity Date	Mar. 01, 2041

Financial Instruments (Details) € in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 EUR (€)	Dec. 31, 2019 USD ($)
Derivatives, Fair Value [Line Items]
Gain (loss) on euro-denominated debt	$ (45,379)	$ 37,783	$ (58,659)	$ 36,630
Tax (expense) benefit	9,872	(7,934)	12,761	(7,692)
Net gain (loss) on net investment hedge, net of tax	(35,507)	$ 29,849	(45,898)	$ 28,938
Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	167,123		167,123			$ 179,580
Not Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	85,613		85,613			79,707
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Prepaid Expenses and Other Current Assets [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Asset	1,155		1,155			2,892
Foreign Exchange Forward [Member] \| Designated as Hedging Instrument [Member] \| Other Accrued Expenses [Member]
Derivatives, Fair Value [Line Items]
Fair Value - Liability	$ 1,830		$ 1,830			$ 476
Note due 2026 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €					€ 600,000
Note due 2026 [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €					600,000
Note due 2027 [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €					500,000
Note due 2027 [Member] \| Designated as Hedging Instrument [Member]
Derivatives, Fair Value [Line Items]
Debt Instrument, Face Amount \| €					€ 500,000

Financial Instruments - Balance Sheet Location (Details) - Fair Value, Measurements, Recurring [Member] - Fair Value, Inputs, Level 2 [Member] - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets [Abstract]
Foreign currency cash flow hedges - asset	$ 1,155	$ 2,892
Liabilities [Abstract]
Foreign currency cash flow hedges - liability	$ 1,830	$ 476

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 3,047,216	$ 2,985,716
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Debt, Fair Value	3,546,940	3,322,033
Fair Value, Measurements, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency cash flow hedges - asset	1,155	2,892
Foreign currency cash flow hedges - liability	$ (1,830)	$ (476)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Effective tax rate (in hundredths)	20.20%	20.10%	19.30%	21.10%
Minimum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 0		$ 0
Maximum [Member]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change, lower bound	$ 9,800		$ 9,800

Equity Incentive Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Stock-based compensation expense [Abstract]
Pre-tax stock-based compensation expense	$ 7,371	$ 7,876	$ 15,591	$ 24,493
Tax benefit	(854)	(489)	(1,822)	(2,035)
Total stock-based compensation expense, net of tax	$ 6,517	$ 7,387	$ 13,769	$ 22,458
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			390,780
Risk-free interest rate (in hundredths)			1.44%	2.51%
Dividend yield (in hundredths)			1.65%	2.13%
Expected life (in years)			5 years 6 months	5 years 7 months 6 days
Volatility (in hundredths)			22.76%	22.35%
Grant price (in dollars per share)			$ 119.86	$ 91.20
Fair value at date of grant (in dollars per share)			$ 22.54	17.55
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			83,512
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)			49,056
Risk-free interest rate (in hundredths)			1.40%
Dividend yield (in hundredths)			1.65%
Expected life (in years)			2 years 10 months 24 days
Volatility (in hundredths)			23.30%
Grant price (in dollars per share)			$ 119.86
Fair value at date of grant (in dollars per share)			$ 165.71	$ 91.20
Performance share attainment				168.96%

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Accrual for environmental loss contingencies	$ 31,308		$ 30,608
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning balance	49,116	$ 50,073
Provision for warranties	42,647	46,123
Settlements made	(44,396)	(46,406)
Other adjustments, including acquisitions and currency translation	129	(1,609)
Ending balance	$ 47,496	$ 48,181

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	9 Months Ended
Employee Benefit Plans (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net periodic benefit cost [Abstract]
Total amount amortized out of accumulated other comprehensive income	$ 2,552	$ 856		$ 7,587	$ 2,574
Defined contribution plan expense	12,530	12,188	$ 38,340	39,071
Post-Retirement Benefits [Member]
Net periodic benefit cost [Abstract]
Service cost	5	5		15	15
Interest cost	60	78		181	234
Prior service cost (credit)	3	3		10	10
Recognized actuarial loss	(3)	(17)		(11)	(52)
Net periodic (income)/expense	65	69		195	207
Qualified Plan [Member] \| Defined benefit pension plans \| United States
Net periodic benefit cost [Abstract]
Service cost	1,706	1,754		5,118	5,262
Interest cost	4,068	4,756		12,204	14,269
Expected return on plan assets	(7,869)	(8,534)		(23,607)	(25,602)
Prior service cost (credit)	57	76		170	227
Recognized actuarial loss	1,884	0		5,652	0
Net periodic (income)/expense	(154)	(1,948)		(463)	(5,844)
Qualified Plan [Member] \| Defined benefit pension plans \| Foreign Pension Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	1,366	1,429		3,954	4,265
Interest cost	839	1,193		2,460	3,641
Expected return on plan assets	(1,719)	(1,538)		(5,033)	(4,664)
Prior service cost (credit)	(126)	(102)		(365)	(298)
Recognized actuarial loss	777	763		2,253	2,288
Net periodic (income)/expense	1,137	1,745		3,269	5,232
Nonqualified Plan [Member] \| Supplemental Employee Retirement Plans, Defined Benefit [Member]
Net periodic benefit cost [Abstract]
Service cost	318	486		954	1,457
Interest cost	441	668		1,324	2,003
Prior service cost (credit)	424	703		1,271	2,109
Recognized actuarial loss	(464)	(570)		(1,393)	(1,710)
Net periodic (income)/expense	$ 719	$ 1,287		$ 2,156	$ 3,859

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Foreign currency translation adjustments [Abstract]
Foreign currency translation adjustments, before tax	$ 19,399	$ (42,931)	$ (32,475)	$ (8,112)
Foreign currency translation adjustments, tax	9,872	(7,934)	12,761	(7,692)
Total foreign currency translation adjustment	29,271	(50,865)	(19,714)	(15,804)
Pension and other postretirement benefit plans [Abstract]
Pension and other postretirement benefit plans, before tax	2,552	856	7,587	2,574
Pension and other postretirement benefit plans, tax	(421)	(190)	(1,408)	(572)
Total pension and other postretirement benefit plans	2,131	666	6,179	2,002
Changes in fair value of cash flow hedges [Abstract]
Changes in fair value of cash flow hedges, before tax	(627)	1,419	(4,050)	(368)
Changes in fair value of cash flow hedges, tax	139	(297)	896	76
Total cash flow hedges	(488)	1,122	(3,154)	(292)
Total other comprehensive earnings [Abstract]
Other comprehensive earnings (loss), before Tax	21,324	(40,656)	(28,938)	(5,906)
Other comprehensive earnings (loss), tax	9,590	(8,421)	12,249	(8,188)
Other comprehensive (loss) earnings	30,914	(49,077)	(16,689)	(14,094)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net earnings	200,300	206,006	501,345	509,796
Other comprehensive earnings (loss)	30,914	(49,077)	(16,689)	(14,094)
Comprehensive earnings	231,214	156,929	484,656	495,702
Other Comprehensive Income Loss Reclassification Adjustment from AOCI Foreign Currency Translation Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, before Tax	0	0	0	(25,339)
Tax benefit	0	0	0	0
Net of tax	0	0	0	25,339
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Pension And Other Postretirement Benefit Plans Net Of Tax Abstract [Abstract]
Amortization of actuarial losses	2,194	176	6,501	526
Amortization of prior service costs	358	680	1,086	2,048
Total before tax	2,552	856	7,587	2,574
Tax (benefit) provision	(421)	(190)	(1,408)	(572)
Net of tax	2,131	666	6,179	2,002
Other Comprehensive Income Loss Reclassification Adjustment From AOCI Derivatives Net of Tax [Abstract]
Net (gains) losses reclassified into earnings	(266)	730	402	(85)
Tax expense (benefit)	56	(153)	(84)	16
Net of tax	$ (210)	$ 577	$ 318	$ (69)

Segment Information (Details)	3 Months Ended		9 Months Ended
Segment Information (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segments	Sep. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segments			5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 1,748,256,000	$ 1,825,345,000	$ 4,903,370,000	$ 5,360,808,000
Interest Expense	27,724,000	31,410,000	83,703,000	94,972,000
Interest Income	(960,000)	(1,263,000)	(2,871,000)	(3,098,000)
Earnings before provision for income taxes	250,997,000	257,930,000	621,326,000	645,987,000
Provision for income taxes	50,697,000	51,924,000	119,981,000	136,191,000
Net earnings	200,300,000	206,006,000	501,345,000	509,796,000
Loss on assets held for sale	0	0	0	46,946,000
Gain on sale of businesses	557,000	0	(5,213,000)	0
Asset Impairment Charges			3,640
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	952,548,000	1,002,349,000	2,762,187,000	2,883,147,000
Europe [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	383,867,000	376,601,000	1,065,109,000	1,184,520,000
Asia [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	207,474,000	229,210,000	525,758,000	623,838,000
Other Americas [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	138,060,000	150,257,000	380,104,000	466,591,000
Other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	66,307,000	66,928,000	170,212,000	202,712,000
Engineered Products Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	386,562,000	426,689,000	1,137,102,000	1,275,468,000
Earnings before provision for income taxes	64,890,000	74,367,000	181,686,000	218,615,000
Fueling Solutions Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	380,511,000	411,769,000	1,066,988,000	1,175,405,000
Earnings before provision for income taxes	66,601,000	68,069,000	167,313,000	157,936,000
Imaging & Identification Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	265,690,000	275,109,000	750,432,000	810,051,000
Earnings before provision for income taxes	51,928,000	61,655,000	141,456,000	172,251,000
Pumps & Process Solutions Segment
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	347,875,000	341,337,000	976,506,000	1,010,480,000
Earnings before provision for income taxes	89,786,000	77,433,000	223,567,000	168,702,000
Refrigeration and Food Equipment Segment [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	368,395,000	370,335,000	973,835,000	1,090,452,000
Earnings before provision for income taxes	40,159,000	35,211,000	75,147,000	104,393,000
Intersegment Eliminations [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(777,000)	106,000	(1,493,000)	(1,048,000)
Total segments [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	313,364,000	316,735,000	789,169,000	821,897,000
Corporate expense / other [Member]
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 35,603,000	$ 28,658,000	$ 87,011,000	$ 84,036,000

Share Repurchases (Details) - USD ($)	9 Months Ended
Share Repurchases (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Share Repurchases [Line Items]
Purchase of common stock	$ 52,916,000	$ 23,280,000
February 2018 Authorization [Member]
Share Repurchases [Line Items]
Number of shares authorized to be repurchased		20,000,000
Share repurchases	548,659	261,807
Purchase of common stock	$ 52,916,000	$ 23,280
Treasury Stock Acquired, Average Cost Per Share	$ 96.45	$ 88.92
Remaining number of shares authorized to be repurchased	7,811,385

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net earnings	$ 200,300	$ 206,006	$ 501,345	$ 509,796
Basic earnings (loss) per common share:
Net earnings (in dollars per basic share)	$ 1.39	$ 1.42	$ 3.48	$ 3.51
Weighted average shares outstanding - basic (in shares)	144,032,000	145,372,000	144,082,000	145,276,000
Diluted earnings (loss) per common share:
Net earnings (in dollars per diluted share)	$ 1.38	$ 1.40	$ 3.45	$ 3.47
Weighted average shares outstanding - diluted (in shares)	145,289,000	147,051,000	145,313,000	147,053,000
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	144,032,000	145,372,000	144,082,000	145,276,000
Dilutive effect of assumed exercise of SAR's and vesting of performance shares (in shares)	1,257,000	1,679,000	1,231,000	1,777,000
Weighted average shares outstanding - diluted (in shares)	145,289,000	147,051,000	145,313,000	147,053,000
Antidilutive securities excluded from computation of earnings per share	36,000	28,000	95,000	9,000

Recent Accounting Standards (Details) - Accounting Standards Update 2016-13	9 Months Ended
	Sep. 30, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained Earnings (Accumulated Deficit)	$ (2,100,000)
Retained Earnings Effect, Tax	600,000
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained Earnings (Accumulated Deficit)	$ (2,112,000)