0000029905-23-000008 | 10-K | XBRL Viewer

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Cover - USD ($)	12 Months Ended
Cover - USD ($)	Dec. 31, 2022	Jan. 31, 2023	Jun. 30, 2022
Document Information [Line Items]
Document Type	10-K
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	1-4018
Entity Registrant Name	Dover Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0257888
Entity Address, Address Line One	3005 Highland Parkway
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(630)
Local Phone Number	541-1540
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 17,347,519,018
Entity Common Stock, Shares Outstanding		139,713,200
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Document Annual Report	true
Document Transition Report	false
Amendment Flag	false
Entity Central Index Key	0000029905
Documents Incorporated by Reference	Certain Portions of the Proxy Statement for Annual Meeting of Shareholders to be held on May 5, 2023 (the "2023 Proxy Statement").
Common Stock, par value $1
Document Information [Line Items]
Title of 12(b) Security	Common Stock, par value $1
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Chicago, Illinois

CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 8,508,088	$ 7,907,081	$ 6,683,760
Cost of goods and services	5,444,532	4,937,295	4,209,741
Gross profit	3,063,556	2,969,786	2,474,019
Selling, general and administrative expenses	1,684,226	1,688,278	1,541,032
Operating earnings	1,379,330	1,281,508	932,987
Interest expense	116,456	106,319	111,937
Interest income	(4,430)	(4,441)	(3,571)
Gain on dispositions	0	(206,338)	(5,213)
Other income, net	(20,201)	(14,858)	(11,900)
Earnings before provision for income taxes	1,287,505	1,400,826	841,734
Provision for income taxes	222,129	277,008	158,283
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
Net earnings per share:
Net earnings per share, Basic (in dollars per share)	$ 7.47	$ 7.81	$ 4.74
Net earnings per share, Diluted (in dollars per share)	$ 7.42	$ 7.74	$ 4.70
Weighted average shares outstanding:
Weighted average shares outstanding - basic	142,681,000	143,923,000	144,050,000
Weighted average shares outstanding - diluted	143,595,000	145,273,000	145,393,000

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
Foreign currency translation adjustments:
Foreign currency translation (losses) gains	(119,010)	(39,819)	55,450
Reclassification of foreign currency translation losses to earnings	5,915	0	0
Total foreign currency translation adjustments (net of $(17,824), $(20,976) and $26,957 tax (provision) benefit, respectively)	(113,095)	(39,819)	55,450
Pension and other postretirement benefit plans:
Actuarial (losses) gains	(2,658)	26,960	705
Prior service credit (cost)	1,370	(1,433)	828
Amortization of actuarial losses included in net periodic pension cost	1,903	9,451	6,695
Amortization of prior service costs included in net periodic pension cost	888	1,023	1,153
Settlement and curtailment impact	3,688	1,167	18
Total pension and other postretirement benefit plans (net of $(2,230), $(9,868) and $(3,197) tax provision, respectively)	5,191	37,168	9,399
Changes in fair value of cash flow hedges:
Unrealized net (losses) gains	(535)	6,724	(1,445)
Net gains reclassified into earnings	(3,732)	(4,871)	(632)
Total cash flow hedges (net of $1,217, $(532) and $607 tax benefit (provision), respectively)	(4,267)	1,853	(2,077)
Other comprehensive (loss) earnings, net of tax	(112,171)	(798)	62,772
Comprehensive earnings	$ 953,205	$ 1,123,020	$ 746,223

CONSOLIDATED STATEMENT OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (17,824)	$ (20,976)	$ 26,957
Pension and other postretirement benefit plans tax provision	(2,230)	(9,868)	(3,197)
Cash flow hedges tax benefit (provision)	$ 1,217	$ (532)	$ 607

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 380,868	$ 385,504
Receivables, net	1,516,871	1,347,514
Inventories, net	1,366,608	1,191,095
Prepaid and other current assets	159,118	137,596
Total current assets	3,423,465	3,061,709
Property, plant and equipment, net	1,004,825	957,310
Goodwill	4,669,494	4,558,822
Intangible assets, net	1,333,735	1,359,522
Other assets and deferred charges	465,000	466,264
Total assets	10,896,519	10,403,627
Current liabilities:
Short-term borrowings	735,772	105,702
Accounts payable	1,068,144	1,073,568
Accrued compensation and employee benefits	269,785	302,978
Deferred revenue	256,933	227,549
Accrued insurance	92,876	101,448
Other accrued expenses	318,337	347,097
Federal and other income taxes	31,427	91,999
Total current liabilities	2,773,274	2,250,341
Long-term debt	2,942,513	3,018,714
Deferred income taxes	375,150	364,117
Noncurrent income tax payable	44,313	48,385
Other liabilities	474,903	532,542
Stockholders' equity:
Preferred stock - $100 par value; 100,000 shares authorized; none issued	0	0
Common stock - $1 par value; 500,000,000 shares authorized; 259,643,756 and 259,457,233 shares issued at December 31, 2022 and 2021	259,644	259,457
Additional paid-in capital	867,560	857,636
Retained earnings	10,223,070	9,445,245
Accumulated other comprehensive loss	(266,223)	(154,052)
Treasury stock, at cost: 119,945,271 and 115,411,548 shares at December 31, 2022 and 2021	(6,797,685)	(6,218,758)
Total stockholders' equity	4,286,366	4,189,528
Total liabilities and stockholders' equity	$ 10,896,519	$ 10,403,627

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value per share	$ 100	$ 100
Preferred stock, shares authorized	100,000	100,000
Preferred stock, shares issued	0	0
Common stock, par value per share (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	259,643,756	259,457,233
Treasury stock, shares	119,945,271	115,411,548

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (Parentheticals) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Accounting Standards Update [Extensible Enumeration]				Accounting Standards Update 2016-13
Dividends paid per common share (in dollars per share)	$ 2.01	$ 1.99	$ 1.97

- Definition

Indicates amendment to accounting standards.

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Activities:
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	307,538	290,123	279,051
Stock-based compensation	30,821	31,111	25,026
Gain on dispositions	0	(206,338)	(5,213)
Provision for losses on accounts receivable (net of recoveries)	5,552	5,053	11,171
Deferred income taxes	(28,138)	(48,322)	(25,643)
Employee benefit plan expense	3,096	11,897	7,205
Other, net	(18,218)	(7,368)	(6,593)
Cash effect of changes in assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	(209,021)	(201,540)	122,407
Inventories	(199,033)	(297,623)	10,519
Prepaid expenses and other assets	(3,494)	(14,303)	(17,915)
Accounts payable	15,422	229,334	(95,636)
Accrued compensation and employee benefits	(34,803)	65,482	12,277
Accrued expenses and other liabilities	(54,067)	60,734	129,916
Accrued taxes	(62,417)	88,190	(5,412)
Contributions to employee benefit plans	(12,890)	(14,383)	(19,801)
Net cash provided by operating activities	805,724	1,115,865	1,104,810
Investing Activities:
Additions to property, plant and equipment	(220,962)	(171,465)	(165,692)
Acquisitions (net of cash and cash equivalents acquired)	(312,855)	(1,112,075)	(335,786)
Proceeds from sale of property, plant and equipment	6,061	7,070	7,207
Proceeds from dispositions	0	274,982	15,400
Other	(13,168)	8,735	(2,508)
Net cash used in investing activities	(540,924)	(992,753)	(481,379)
Financing Activities:
Change in commercial paper and other short-term borrowings, net	629,891	105,000	(84,700)
Dividends to stockholders	(287,551)	(286,896)	(284,312)
Repurchase of common stock, including accelerated share repurchase program	(585,000)	(21,637)	(106,279)
Payments to settle employee tax obligations on exercise of share-based awards	(14,637)	(41,924)	(28,476)
Other	(2,968)	(4,423)	(2,523)
Net cash used in financing activities	(260,265)	(249,880)	(506,290)
Effect of exchange rate changes on cash and cash equivalents	(9,171)	(803)	(1,319)
Net (decrease) increase in cash and cash equivalents	(4,636)	(127,571)	115,822
Cash and cash equivalents at beginning of year	385,504	513,075	397,253
Cash and cash equivalents at end of year	380,868	385,504	513,075
Supplemental information - cash paid during the year for:
Income taxes	354,468	233,631	199,657
Interest	$ 112,469	$ 102,139	$ 108,119

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock, par value $1	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Earnings (Loss)	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU No. 2016-13- CECL		$ (2,112)				$ (2,112)
Balance at beginning of year at Dec. 31, 2019	$ 3,032,660		$ 258,552	$ 869,719	$ 8,211,257		$ (216,026)	$ (6,090,842)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	683,451				683,451
Dividends paid	(284,312)				(284,312)
Common stock issued for the exercise of share-based awards	(28,476)		430	(28,906)
Stock-based compensation expense	25,026			25,026
Common stock acquired	(106,279)							(106,279)
Other comprehensive (loss) earnings, net of tax	62,772						62,772
Other	3,043			3,043	0
Balance at end of year at Dec. 31, 2020	3,385,773		258,982	868,882	8,608,284		(153,254)	(6,197,121)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	1,123,818				1,123,818
Dividends paid	(286,896)				(286,896)
Common stock issued for the exercise of share-based awards	(41,924)		475	(42,399)
Stock-based compensation expense	31,111			31,111
Common stock acquired	(21,637)							(21,637)
Other comprehensive (loss) earnings, net of tax	(798)						(798)
Other	81			42	39
Balance at end of year at Dec. 31, 2021	4,189,528		259,457	857,636	9,445,245		(154,052)	(6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU No. 2016-13- CECL	4,189,528						(154,052)
Net earnings	1,065,376				1,065,376
Dividends paid	(287,551)				(287,551)
Common stock issued for the exercise of share-based awards	(14,637)		187	(14,824)
Stock-based compensation expense	30,821			30,821
Common stock acquired	(585,000)			(6,073)				(578,927)
Other comprehensive (loss) earnings, net of tax	(112,171)						(112,171)
Balance at end of year at Dec. 31, 2022	4,286,366		$ 259,644	$ 867,560	$ 10,223,070		(266,223)	$ (6,797,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Adoption of ASU No. 2016-13- CECL	$ 4,286,366						$ (266,223)

Description of Business and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Dover Corporation ("Dover" or "Company") is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. The Company's businesses are based primarily in the United States and Europe with manufacturing and other operations throughout the world. The Company operates through five business segments that are structured around similar business models, go-to market strategies and manufacturing practices: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. For additional information on the Company's segments, see Note 19 — Segment Information. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets including finite-lived intangibles, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from these estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of changes in these estimates and assumptions are reflected in the Consolidated Financial Statements in the period that they are determined. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximates fair value. Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at face amounts less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision. See Note 8 — Credit Losses for additional information. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. An immaterial portion of domestic inventories is stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than net realizable value. Property, Plant and Equipment Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years. Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings. Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2022, 2021, or 2020. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company's own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2022, 2021, or 2020. Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years. Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows. Leases The Company determines if an arrangement is a lease at inception of a contract. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Operating lease right-of-use ("ROU") assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term. Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts. Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the consolidated statements of comprehensive earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity's functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the consolidated statements of earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments. Revenue Recognition The majority of the Company's revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services. Stock-Based Compensation The principal awards issued under the Company's stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units ("RSUs") and performance share awards ("PSAs"). The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the consolidated statements of earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service. See Note 15 — Equity and Cash Incentive Program for additional information related to the Company's stock-based compensation. Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement. Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $163,300 in 2022, $157,826 in 2021 and $142,101 in 2020. These costs as a percent of revenue were 1.9% in 2022, 2.0% in 2021 and 2.1% in 2020. Research and development costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. Advertising Costs Advertising costs are expensed when incurred and amounted to $25,905 in 2022, $23,685 in 2021 and $21,375 in 2020. Advertising costs are reported within selling, general and administrative expenses in the consolidated statements of earnings. Risk, Retention, Insurance The Company's insurance programs contain various deductibles that, based on the Company's experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains insurance policies with deductibles for claims and liabilities related primarily to workers' compensation, health and welfare claims, general liability, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated. Recent Accounting Pronouncements Recently Issued Accounting Standards The following accounting standards updates ("ASU"), issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company's Consolidated Financial Statements: In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The guidance will become effective January 1, 2023 and early adoption is permitted. Management is currently evaluating the impact of adopting this ASU on the Company's Consolidated Financial Statements. Recently Adopted Accounting Standards In October 2021, the FASB issued ASU No. 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under current guidance, the acquirer generally recognizes such contract assets and contract liabilities at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company early adopted the guidance as of January 1, 2022, which did not have a material impact on the Company's Consolidated Financial Statements. In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU No. 2021-01, Reference Rate Reform, Scope, respectively. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 as an update to ASU No. 2020-04. These updates provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, including expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in these updates are elective and are effective upon issuance for all entities. The Company adopted the guidance, which did not have a material impact on the Company's Consolidated Financial Statements.

Revenue

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

Revenue from contracts with customers

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

Disaggregation of Revenue

Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company's revenue.

See Note 19 — Segment Information for revenue by segment and geographic location.

Performance Obligations

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

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

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

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

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

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

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

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

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

Transaction Price Allocated to the Remaining Performance Obligations

At December 31, 2022, we estimated that $296,698 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 63.1% of our unsatisfied (or partially unsatisfied) performance obligations as revenue in 2023, with the remaining balance to be recognized in 2024 and thereafter.

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

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

Contract Balances

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


	December 31, 2022		December 31, 2021		December 31, 2020

Contract assets	$	11,074	$	11,440	$	15,020
Contract liabilities - current	256,933		227,549		184,845
Contract liabilities - non-current	19,879		21,513		13,921

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

The revenue recognized during 2022 and 2021 that was included in the contract liabilities at the beginning of the respective periods amounted to $196,891 and $163,546, respectively.

Contract Costs

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

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Acquisitions

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

2022

During the year ended December 31, 2022, the Company acquired three businesses in separate transactions for total consideration of $312,855, net of cash acquired and inclusive of measurement period adjustments. Of these transactions, one includes additional consideration contingent on achieving certain financial performance targets. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for U.S. income tax purposes for these acquisitions.

Malema

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

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


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

Other acquisitions

On December 14, 2022, the Company acquired 100% of the equity interests in Witte Pumps & Technology GmbH ("Witte"), a manufacturer of precision gear pumps, for $81,293, net of cash acquired. The Witte acquisition expands the Company's reach into gear pump manufacturing and associated spare parts and services for the chemical, plastics and polymer processing, food and beverage, and pharmaceutical industries within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $45,528 and intangible assets of $34,791, primarily related to customer intangibles.

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

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


	Total
Current assets, net of cash acquired	$	23,369
Property, plant and equipment	4,325
Goodwill	47,431
Intangible assets	40,416
Other assets and deferred charges	20
Current liabilities	(13,614)
Non-current liabilities	(12,554)
Net assets acquired	$	89,393

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


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	200,513	na
Customer intangibles	90,657		10	-	15
Patents	16,000		10
Unpatented technology	10,355		8
Trademarks	7,404		15

	$	324,929

2021

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

RegO

On December 28, 2021, the Company acquired 100% of the voting stock of ECI Holding Company, LLC ("RegO"), a provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic gases, for $626,618, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below. The RegO acquisition strengthens the Company's offering for the hydrogen ("H2"), liquefied natural gas ("LNG"), and liquefied petroleum gas ("LPG") applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $170,800 deductible for income tax purposes and $110,363 non-deductible for income tax purposes and intangible assets of $173,000 for customer intangibles, $40,000 for patents and $21,000 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also includes trade receivables of $33,900. The gross amount is $34,606, of which $706 is expected to be uncollectible. During the year ended December 31, 2022, the Company recorded

measurement period adjustments primarily related to deferred taxes and changes in net working capital. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in an increase in goodwill of $4,187.

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


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

Acme Cryogenics

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

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


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

Other acquisitions

On October 15, 2021, the Company acquired 100% of the voting stock of LIQAL B.V. ("LIQAL"), a turnkey supplier of LNG, hydrogen refueling equipment and solutions, and micro liquefaction solutions, for $27,701, net of cash acquired and including contingent consideration. The LIQAL acquisition strengthens the Company's offering of LNG and hydrogen

products and solutions, as well as significant innovation capabilities and proprietary technologies, within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $23,473 and intangible assets of $8,235, primarily related to customer intangibles.

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

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

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

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

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

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

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


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

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


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

	$	1,023,865

2020

During the year ended December 31, 2020, the Company acquired six businesses in separate transactions for total consideration of $335,786, net of cash acquired. On December 30, 2020, the Company acquired 100% of the voting stock of Innovative Control Systems, Inc. ("ICS"), within the Clean Energy & Fueling segment, for $77,030, net of cash acquired. On August 20, 2020, the Company acquired 100% of the voting stock of Solaris Laser S.A. ("Solaris"), within the Imaging & Identification segment, for $18,680, net of cash acquired. On April 30, 2020, the Company acquired 100% of the voting stock of Em-tec GmbH ("Em-tec"), within the Pumps & Process Solutions segment, for $30,396, net of cash acquired. On February 18, 2020, the Company acquired 100% of the voting stock of So. Cal. Soft-Pak, Incorporated ("Soft-Pak"), within the Engineered Products segment, for $45,500, net of cash acquired. On January 24, 2020, the Company acquired 100% of the voting stock of Sys-Tech Solutions, Inc. ("Systech"), within the Imaging & Identification segment, for $161,830, net of cash acquired. One other immaterial acquisition was completed during the year ended December 31, 2020, within the Pumps & Process Solutions segment.

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


	Total
Current assets, net of cash acquired	$	44,159
Property, plant and equipment	8,424
Goodwill	205,805
Intangible assets	134,049
Other assets and deferred charges	12,986
Current liabilities	(34,803)
Non-current liabilities	(34,834)
Net assets acquired	$	335,786

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	172,622		na
Customer intangibles	103,310		10	-	14

Unpatented technology	21,125		5	-	9
Trademarks	9,614		15

	$	339,854

Pro forma Information (Unaudited)

The following unaudited pro forma results of operations reflect the 2021 acquisitions of RegO and Acme Cryogenics as if they had occurred on January 1, 2020. The pro forma information is not necessarily indicative of the results that actually would have occurred, nor does it indicate future operating results of the combined companies. The pro forma earnings are adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the fair value measurement of tangible and intangible assets; nonrecurring acquisition-related costs, net of tax, of $5,855; and inventory step-up charges, net of tax, of $15,082. These unaudited pro forma adjustments are based upon purchase price allocations. The actual revenues and earnings for RegO and Acme Cryogenics from the date of acquisition on December 28, 2021 and December 16, 2021, respectively, to December 31, 2021 were not material.


	Years Ended December 31,
	2021		2020
Revenue:
As reported	$	7,907,081	$	6,683,760
Pro forma (unaudited)	8,163,185		6,920,929
Earnings:
As reported	$	1,123,818	$	683,451
Pro forma (unaudited)	1,145,106		669,458

The pro forma results for the remaining seven acquisitions in 2021, as well as the acquisitions in 2022 and 2020 are not presented as they are not considered material.

Dispositions	12 Months Ended
Dispositions	Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	4. Dispositions Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons. 2022 There was one immaterial disposition in 2022. 2021 On December 1, 2021, the Company completed the sale of Unified Brands ("UB"), a wholly owned subsidiary of the Company within the Climate & Sustainability Technologies segment. The Company recognized total consideration of $229,024. This sale resulted in a pre-tax gain on disposition of $181,615 included within the consolidated statements of earnings for the year ended December 31, 2021. The sale did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation. On November 16, 2021, the Company disposed of Race Winning Brands ("RWB"), an equity method investment within the Engineered Products segment for a total consideration of $45,958, resulting in a recognized gain of $24,723 included within the consolidated statements of earnings for the year ended December 31, 2021. 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 disposition of $5,213 included within the consolidated statements of earnings for the year ended December 31, 2020. The sale did not represent a strategic shift that had a major effect on operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Inventories, net

12 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

Inventories, net

5. Inventories, net

The components of inventories, net were as follows:


	December 31, 2022		December 31, 2021
Raw materials	$	812,066	$	671,195
Work in progress	230,865		271,659
Finished goods	458,881		377,800
Subtotal	1,501,812		1,320,654
Less reserves	(135,204)		(129,559)
Total	$	1,366,608	$	1,191,095

At December 31, 2022 and 2021, approximately 4% of the Company's total inventories were accounted for using the LIFO method.

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net

The components of property, plant and equipment, net were as follows:


	December 31, 2022		December 31, 2021
Land	$	62,495	$	63,656
Buildings and improvements	620,500		582,314
Machinery, equipment and other	1,895,502		1,816,473
Property, plant and equipment, gross	2,578,497		2,462,443
Total accumulated depreciation	(1,573,672)		(1,505,133)
Property, plant and equipment, net	$	1,004,825	$	957,310

Total depreciation expense was $148,910, $147,309 and $140,008 for the years ended December 31, 2022, 2021 and 2020, respectively.

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

7. Leases

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

The components of lease costs were as follows:


	Years Ended December 31,
	2022		2021		2020
Operating Lease Costs:
Fixed	$	53,428	$	54,397	$	52,875
Variable	7,512		6,281		5,973
Short-term	22,097		17,847		18,436
Total(1)	$	83,037	$	78,525	$	77,284

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2022		2021		2020

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	54,268	$	55,921	$	53,903
Operating cash flows for finance leases	335		357		434
Financing cash flows for finance leases	2,917		3,073		2,523
Total	$	57,520	$	59,351	$	56,860
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	57,190	$	47,666	$	21,381
Financing leases	3,149		2,016		3,708
Total	$	60,339	$	49,682	$	25,089

Supplemental balance sheet information related to leases were as follows:


	December 31, 2022		December 31, 2021

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	197,058	$	169,022

Lease liabilities:
Other accrued expenses	$	42,649	$	43,086
Other liabilities	165,741		134,448
Total operating lease liabilities	$	208,390	$	177,534

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,846	$	8,588

Lease liabilities:
Other accrued expenses	$	2,554	$	2,475
Other liabilities	6,189		6,767
Total finance lease liabilities	$	8,743	$	9,242

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $8,017 and $7,675 for the years ended December 31, 2022 and December 31, 2021, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2022 were as follows:


	Operating		Finance
2023	$	47,843	$	2,860
2024	40,524		2,432
2025	32,759		1,963
2026	23,009		1,480
2027	19,447		816
Thereafter	81,937		1
Total lease payments	245,519		9,552
Less interest	(37,129)		(809)
Present value of lease liabilities	$	208,390	$	8,743

Average lease terms and discount rates were as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7.8		5.8		5.9
Finance leases	3.6		4.2		4.8
Weighted-average discount rate
Operating leases	3.5	%	2.7	%	2.9	%
Finance leases	3.4	%	3.4	%	3.6	%

Leases

7. Leases

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

The components of lease costs were as follows:


	Years Ended December 31,
	2022		2021		2020
Operating Lease Costs:
Fixed	$	53,428	$	54,397	$	52,875
Variable	7,512		6,281		5,973
Short-term	22,097		17,847		18,436
Total(1)	$	83,037	$	78,525	$	77,284

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2022		2021		2020

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	54,268	$	55,921	$	53,903
Operating cash flows for finance leases	335		357		434
Financing cash flows for finance leases	2,917		3,073		2,523
Total	$	57,520	$	59,351	$	56,860
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	57,190	$	47,666	$	21,381
Financing leases	3,149		2,016		3,708
Total	$	60,339	$	49,682	$	25,089

Supplemental balance sheet information related to leases were as follows:


	December 31, 2022		December 31, 2021

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	197,058	$	169,022

Lease liabilities:
Other accrued expenses	$	42,649	$	43,086
Other liabilities	165,741		134,448
Total operating lease liabilities	$	208,390	$	177,534

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,846	$	8,588

Lease liabilities:
Other accrued expenses	$	2,554	$	2,475
Other liabilities	6,189		6,767
Total finance lease liabilities	$	8,743	$	9,242

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $8,017 and $7,675 for the years ended December 31, 2022 and December 31, 2021, respectively.

The aggregate future lease payments for operating and finance leases as of December 31, 2022 were as follows:


	Operating		Finance
2023	$	47,843	$	2,860
2024	40,524		2,432
2025	32,759		1,963
2026	23,009		1,480
2027	19,447		816
Thereafter	81,937		1
Total lease payments	245,519		9,552
Less interest	(37,129)		(809)
Present value of lease liabilities	$	208,390	$	8,743

Average lease terms and discount rates were as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7.8		5.8		5.9
Finance leases	3.6		4.2		4.8
Weighted-average discount rate
Operating leases	3.5	%	2.7	%	2.9	%
Finance leases	3.4	%	3.4	%	3.6	%

Credit Losses

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Credit Losses

8. Credit Losses

Effective January 1, 2020, the Company adopted ASU No. 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. 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. Due to the short-term nature of such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of the customers. Balances are written off when determined to be uncollectible.

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

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


	2022		2021		2020
Beginning Balance, January 1,	$	40,126	$	40,474	$	29,381
Adoption of ASU No. 2016-13, cumulative-effect adjustment to retained earnings	—		—		2,706
Provision for expected credit losses, net of recoveries	5,552		5,053		11,171
Amounts written off charged against the allowance	(4,462)		(5,307)		(3,863)
Other, including dispositions and foreign currency translation	(1,817)		(94)		1,079
Ending balance, December 31	$	39,399	$	40,126	$	40,474

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References + Details

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

9. Goodwill and Other Intangible Assets

Goodwill

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Goodwill	$	693,576	$	940,973	$	1,117,589	$	846,250	$	544,715	$	4,143,103
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2021	682,985		940,973		1,117,589		786,280		544,715		4,072,542

Acquisitions	50,180		496,461		20,458		15,018		—		582,117
Measurement period adjustments	—		2,640		(1,926)		—		—		714
Disposition of business	—		—		—		—		(34,662)		(34,662)
Foreign currency translation	(9,882)		(12,383)		(29,919)		(8,459)		(1,246)		(61,889)
Balance at December 31, 2021	723,283		1,427,691		1,106,202		792,839		508,807		4,558,822

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

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

(1) Accumulated impairment loss as of December 31, 2022 is not subject to foreign currency translation.

During 2022 and 2021, the Company recognized additions of $200,513 and $582,117, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. There were no dispositions of goodwill during 2022. During 2021, the Company disposed of $34,662 of goodwill as a result of dispositions of businesses as discussed in Note 4 — Dispositions. The Company reallocated goodwill upon disposal based upon the fair value of the disposed business relative to the remaining entities in its reporting unit.

Annual impairment testing

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

The Company performed its annual goodwill impairment test during the fourth quarter of 2022 using a discounted cash flow analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its reporting units were in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the 2022 reporting unit valuations was 9.5%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2022 impairment test.

While the Company believes the assumptions used in the 2022 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.

Intangible Assets

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


	December 31, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,881,402	$	996,947	$	884,455	$	1,829,492	$	909,776	$	919,716
Trademarks	265,466		132,791		132,675		263,367		116,633		146,734
Patents	219,199		146,337		72,862		205,910		140,327		65,583
Unpatented technologies	257,428		137,750		119,678		221,239		123,464		97,775
Distributor relationships	79,622		57,299		22,323		84,204		55,260		28,944
Drawings and manuals	26,062		26,062		—		27,792		27,303		489
Other	20,818		15,620		5,198		22,347		18,775		3,572
Total	2,749,997		1,512,806		1,237,191		2,654,351		1,391,538		1,262,813
Unamortized intangible assets:
Trademarks	96,544		—		96,544		96,709		—		96,709
Total intangible assets, net	$	2,846,541	$	1,512,806	$	1,333,735	$	2,751,060	$	1,391,538	$	1,359,522

The Company recorded $124,416 of acquired intangible assets in 2022. See Note 3 — Acquisitions for further information.

During the year ended December 31, 2022, the Company acquired certain intellectual property assets related to electric refuse collection vehicles for approximately $29,750, including contingent consideration of up to $20,000. These assets were classified as unpatented technologies and included in the Engineered Products segment.

Amortization expense was $158,628, $142,814 and $139,043 for the years ended December 31, 2022, 2021 and 2020, respectively, primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2022 for the next five years is as follows:


	Estimated Amortization
2023	$	154,124
2024	149,866
2025	145,857
2026	138,090
2027	135,785

Other Accrued Expenses and Other Liabilities

12 Months Ended

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Other Accrued Expenses and Other Liabilities

10. Other Accrued Expenses and Other Liabilities

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


	December 31, 2022		December 31, 2021

Accrued rebates and volume discounts	$	47,660	$	52,909
Warranty	43,351		43,449
Operating lease liabilities	42,649		43,086
Taxes other than income (1)	33,782		49,992
Accrued interest	20,591		20,426
Accrued commissions (non-employee)	15,808		16,273
Restructuring and exit costs	14,510		13,797



Other (none of which are individually significant)	99,986		107,165
Total other accrued expenses	$	318,337	$	347,097

(1) Taxes other than income includes a $15.3 million deferral of employment taxes related to the U.S. CARES Act as of December 31, 2021.

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


	December 31, 2022		December 31, 2021
Operating lease liabilities	$	165,741	$	134,448
Defined benefit and other post-retirement benefit plans	92,630		138,992

Deferred compensation	82,479		88,681
Unrecognized tax benefits	34,361		79,757
Legal and environmental	30,139		31,304
Deferred revenue	19,879		21,513
Warranty	5,098		5,119

Other	44,576		32,728
Total other liabilities	$	474,903	$	532,542

Warranty

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


	Years Ended December 31,
	2022		2021		2020
Beginning Balance, December 31 of the Prior Year	$	48,568	$	51,088	$	49,116
Provision for warranties	60,758		67,212		60,902
Settlements made	(59,612)		(65,498)		(60,853)
Other adjustments, including acquisitions and currency translation	(1,265)		(4,234)		1,923
Ending Balance, December 31	$	48,449	$	48,568	$	51,088

Restructuring Activities

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring Activities

11. Restructuring Activities

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2022		2021		2020
Engineered Products	$	3,194	$	9,507	$	10,307
Clean Energy & Fueling	9,571		3,609		6,681
Imaging & Identification	4,702		4,589		5,946
Pumps & Process Solutions	4,685		1,911		13,374
Climate & Sustainability Technologies	6,007		5,068		4,015
Corporate	2,321		2,021		4,145
Total	$	30,480	$	26,705	$	44,468
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	6,855	$	12,895	$	18,895
Selling, general and administrative expenses	23,625		13,810		25,573

Total	$	30,480	$	26,705	$	44,468

Total restructuring charges of $30,480 incurred during the year ended December 31, 2022, were primarily a result of restructuring programs initiated in 2021 and 2022 in response to demand conditions and broad-based operational efficiency initiatives focusing on footprint consolidation. Additional programs, beyond the scope of the announced programs may be implemented during 2023 with related restructuring charges.

The $30,480 of restructuring charges incurred during 2022 primarily included the following items:

•The Engineered Products segment recorded $3,194 of restructuring charges related primarily to headcount reductions.

•The Clean Energy & Fueling segment recorded $9,571 of restructuring charges primarily due to headcount reductions and exit costs undertaken in light of market conditions. The segment will continue to make proactive adjustments to its cost structure through restructuring and other programs to align with current demand trends.

•The Imaging & Identification segment recorded $4,702 of restructuring charges related primarily to headcount reductions and exit costs.

•The Pumps & Process Solutions segment recorded $4,685 of restructuring charges related primarily to headcount reductions.

•The Climate & Sustainability Technologies segment recorded $6,007 of restructuring charges related primarily to the substantial liquidation of businesses in certain Latin America countries and includes non-cash foreign currency translation losses.

•Corporate recorded $2,321 of restructuring charges primarily related to exit costs and simplification of organizational structure.

Restructuring expenses incurred in 2021 and 2020 also included headcount reductions, targeted facility consolidations at certain businesses, asset charges related to a product line exit, and actions taken to optimize the Company's cost structure.

The following table details the Company's severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2020	$	13,751	$	2,639		$	16,390
Restructuring charges	25,716		18,752			44,468
Payments	(29,768)		(6,035)			(35,803)
Other, including foreign currency translation	848		(10,990)		(1)	(10,142)
Balance at December 31, 2020	10,547		4,366			14,913
Restructuring charges	11,561		15,144			26,705
Payments	(10,951)		(6,171)			(17,122)
Other, including foreign currency translation	(427)		(10,272)		(1)	(10,699)
Balance at December 31, 2021	10,730		3,067			13,797
Restructuring charges	15,388		15,092		(2)	30,480
Payments	(13,975)		(8,159)			(22,134)
Other, including foreign currency translation	(136)		(7,497)		(2)	(7,633)
Balance at December 31, 2022	$	12,007	$	2,503		$	14,510

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

(2) Other activity in exit reserves includes non-cash foreign currency translation losses recorded as restructuring charges due to the substantial liquidation of businesses in certain Latin America countries.

The restructuring accrual balances at December 31, 2022 primarily reflect restructuring plans initiated during the year.

Borrowings

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Borrowings

12. Borrowings

Borrowings consist of the following:


	December 31, 2022		December 31, 2021
Short-term:
Commercial paper	$	734,936	$	105,000
Other	836		702

Short-term borrowings	$	735,772	$	105,702

During the year ended December 31, 2022, commercial paper borrowings increased $629,936. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 2.29% and 0.38% as of December 31, 2022 and December 31, 2021, respectively.


			Carrying amount (1)
	Principal		December 31, 2022		December 31, 2021
Long-term:
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,063	$	397,389
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	631,522		674,217
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	525,654		561,293
6.65% 30-year debentures due June 1, 2028	$	200,000	199,456		199,356
2.950% 10-year notes due November 4, 2029	$	300,000	297,408		297,029
5.375% 30-year debentures due October 15, 2035	$	300,000	296,808		296,559
6.60% 30-year notes due March 15, 2038	$	250,000	248,279		248,166
5.375% 30-year notes due March 1, 2041	$	350,000	344,982		344,705
Other			341		—
Total long-term debt			$	2,942,513	$	3,018,714

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $12.7 million and $15.1 million as of December 31, 2022 and 2021, respectively. Total deferred debt issuance costs were $10.7 million and $12.5 million as of December 31, 2022 and 2021, respectively.

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

As of December 31, 2022, the Company maintained a $1 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 Dover's commercial paper program and for general corporate purposes. At the Company's election, loans under the Credit Agreement will bear interest at a base rate plus an applicable margin. The Credit Agreement requires the Company to pay a facility fee and imposes various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of December 31, 2022, there were no outstanding borrowings under the Credit Agreement.

The Company was in compliance with all covenants in the Credit Agreement and other long-term debt covenants at December 31, 2022 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 15.3 to 1.

As of December 31, 2022, the future maturities of long-term debt were as follows:


	Future Maturities

2024	$	118
2025	400,103
2026	635,915
2027	529,829
2028 and thereafter	1,400,000
Total	$	2,965,965

Letters of Credit and other Guarantees

As of December 31, 2022, the Company had approximately $180.3 million outstanding in letters of credit, surety bonds, and performance and other guarantees with financial institutions, which primarily expire on various dates through 2029. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, the Company would only be liable for the amount of these guarantees in the event of default in the performance of its obligations, the probability of which is believed to be remote.

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
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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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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Financial Instruments

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

13. Financial Instruments

Derivatives

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases, which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At December 31, 2022 and 2021, the Company had contracts with U.S. dollar equivalent notional amounts of $184,565 and $180,929, respectively, to exchange foreign currencies, principally the euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts at December 31, 2022 and 2021 with a total notional amount of $102,509 and $108,736, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure to operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the consolidated statements of earnings.

The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2022 and 2021 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	December 31, 2022		December 31, 2021		Balance Sheet Caption
Foreign currency forward	$	944	$	2,825	Prepaid and other current assets
Foreign currency forward	(2,760)		(433)		Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive earnings (loss), net of tax as a separate component of the consolidated statements of stockholders' equity and is reclassified into revenues and cost of goods and services in the 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 its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings (loss) of the consolidated statements of comprehensive earnings to offset changes in the value of the net investment in euro-denominated operations. Changes in the value of the euro-denominated debt resulting from exchange rate differences are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged.

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


	2022		2021		2020
Gain (loss) on euro-denominated debt	$	80,301	$	94,003	$	(119,298)


Tax (expense) benefit	(17,824)		(20,976)		26,957
Net gain (loss) on net investment hedges, net of tax	$	62,477	$	73,027	$	(92,341)

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 were as follows:


	December 31, 2022		December 31, 2021
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	944		$	2,825
Liabilities:
Foreign currency cash flow hedges	2,760			433

The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy.

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

The estimated fair value of long-term debt at December 31, 2022 and 2021 was $2,786,862 and $3,440,501, 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 equivalents, trade receivables, accounts payable and short-term borrowings are reasonable estimates of their fair values as of December 31, 2022 and 2021 due to the short-term nature of these instruments.

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

14. Income Taxes

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


	Years Ended December 31,
	2022		2021		2020
Domestic	$	731,796	$	835,773	$	464,145
Foreign	555,709		565,053		377,589
Total	$	1,287,505	$	1,400,826	$	841,734

Income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 is comprised of the following:


	Years Ended December 31,
	2022		2021		2020
Current:
U.S. federal	$	106,768	$	150,990	$	79,305
State and local	1,450		28,106		13,312
Foreign	140,696		154,147		97,106
Total current	248,914		333,243		189,723
Deferred:
U.S. federal	(4,760)		(14,143)		2,777
State and local	303		3,165		(10,526)
Foreign	(22,328)		(45,257)		(23,691)
Total deferred	(26,785)		(56,235)		(31,440)
Total expense	$	222,129	$	277,008	$	158,283

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


	Years Ended December 31,
	2022		2021		2020
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.6		1.8		1.7
Foreign operations tax effect	0.1		(0.2)		(0.8)



Foreign-derived intangible income	(1.3)		(0.8)		(1.1)
Share awards	(0.2)		(0.8)		(1.2)

Dispositions	—		0.3		—
Audit resolutions	(3.2)		(1.4)		(0.9)
Other	(0.7)		(0.1)		0.1
Effective tax rate	17.3	%	19.8	%	18.8	%

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


	December 31, 2022		December 31, 2021
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	46,008	$	61,388
Accrued expenses	20,608		30,143
Net operating loss and other carryforwards	317,186		334,483
Inventories	30,569		28,698
Allowance for credit losses	9,224		9,988
Accrued insurance	3,978		4,708

Long-term liabilities, warranty and environmental costs	2,851		3,043
Lease obligations	47,887		41,653
Capitalized research and development	26,548		—
Total gross deferred tax assets	504,859		514,104
Valuation allowance	(271,203)		(306,066)
Total deferred tax assets, net of valuation allowances	$	233,656	$	208,038
Deferred Tax Liabilities:
Intangible assets	$	(417,809)	$	(392,208)
Property, plant and equipment	(82,658)		(77,918)
Lease right-of-use assets	(45,202)		(40,181)
Other liabilities	(27,447)		(28,786)
Total gross deferred tax liabilities	(573,116)		(539,093)
Net deferred tax liability	$	(339,460)	$	(331,055)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	35,690	$	33,062

Deferred income taxes	(375,150)		(364,117)
	$	(339,460)	$	(331,055)

As of December 31, 2022, the Company has $263,260 of deferred tax assets recorded related to non-U.S. tax loss carryforwards primarily resulting from non-operating activities. The non-U.S. losses as of December 31, 2022 are available to be carried forward, with $59,366 of these losses expiring during the years 2023 through 2042, and the remaining $203,894 carried forward indefinitely.

As of December 31, 2022, the Company has $53,617 of deferred tax assets recorded related to U.S. federal and state tax loss and tax credit carryforwards. The U.S. federal and state tax losses and credits as of December 31, 2022 are available to be carried forward, with $46,186 expiring during the years 2023 through 2042, and the remaining $7,431 carried forward indefinitely.

The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these carryforwards for which it is more likely than not that some portion or all will not be realized.

Unrecognized Tax Benefits

The Company files U.S federal, state, local and non-U.S. tax returns. The Company is routinely audited by the tax authorities in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits. This decrease may result in an income tax benefit. Due to the potential for resolution of U.S federal, state and non-U.S. examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may change within the next twelve months by a range of zero to $5,113. All significant U.S. federal, state, local and non-U.S. matters have been concluded through 2018. The Company believes adequate provision has been made for all income tax uncertainties.

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


	Total
Unrecognized tax benefits at January 1, 2020	$	83,214
Additions based on tax positions related to the current year	3,134
Additions for tax positions of prior years	5,490
Reductions for tax positions of prior years	(3,599)
Cash settlements	(6,214)
Lapse of statutes	(9,687)
Unrecognized tax benefits at December 31, 2020 (1)	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	64,652
Additions based on tax positions related to the current year	3,315
Additions for tax positions of prior years	3,421
Reductions for tax positions of prior years	(39,439)
Cash settlements	(411)
Lapse of statutes	(3,352)
Unrecognized tax benefits at December 31, 2022 (1)	$	28,186

(1) If recognized, the net amount of potential tax benefits as of December 31, 2022 that would impact the Company's effective tax rate is $23,496. During the years ended December 31, 2022, 2021 and 2020, the Company recorded income of $8,931, $2,654 and $78, respectively, as a component of provision for income taxes related to the accrued interest and penalties on net reductions to unrecognized tax benefits. The Company had accrued interest and penalties of $6,175 at December 31, 2022 and $15,107 at December 31, 2021, which are not included in the above table.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Equity and Cash Incentive Program

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity and Cash Incentive Program

15. Equity and Cash Incentive Program

The Company's share-based awards are typically granted annually at its regularly scheduled first quarter Compensation Committee meeting. For the years presented herein, employee awards were made pursuant to the terms of the Company's 2021 Omnibus Incentive Plan (the "2021 Plan") and 2012 Equity and Cash Incentive Plan (the "2012 Plan").

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

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

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


	Years Ended December 31,
	2022		2021		2020
Pre-tax stock-based compensation expense	$	30,821	$	31,111	$	25,026
Tax benefit	(2,993)		(2,859)		(2,731)
Total stock-based compensation expense, net of tax	$	27,828	$	28,252	$	22,295

SARs

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

In 2022, 2021 and 2020, the Company issued SARs covering 335,285, 413,173 and 390,780 shares, respectively. The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:


	2022		2021		2020
Risk-free interest rate	1.86	%	0.59	%	1.44	%
Dividend yield	1.25	%	1.62	%	1.65	%
Expected life (years)	5.4		5.5		5.5
Volatility	29.46	%	30.49	%	22.76	%
Grant price	$160.21		$122.73		$119.86
Fair value per share at date of grant	$42.07		$29.08		$22.54

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

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2022 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2022	2,377,384	$	89.49
Granted	335,285	160.21


Forfeited / expired	(76,856)	135.59
Exercised	(191,271)	76.15
Outstanding at December 31, 2022	2,444,542	98.70		6.0

Exercisable at December 31, 2022	1,443,544	$	74.87	4.5

The following table summarizes information about outstanding SARs at December 31, 2022:


	SARs Outstanding						SARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value		Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value
$48.28 - $82.09	1,009,878	$	67.86	3.8	$	68,217	1,009,878	$	67.86	3.8	$	68,217
$84.94 - $119.86	771,613	$	103.70	6.6	24,469		433,666	$	91.20	6.1	19,172
$122.73 - $160.21	663,051	$	139.87	8.6	4,515		—	$	—	0	—

	2,444,542				$	97,201	1,443,544				$	87,389

Unrecognized compensation expense related to SARs not yet exercisable was $9,855 at December 31, 2022. This cost is expected to be recognized over a weighted average period of 1.8 years.

Other information regarding the exercise of SARs is listed below:


	2022		2021		2020
Fair value of SARs that became exercisable	$	8,939	$	10,199	$	8,585
Aggregate intrinsic value of SARs exercised	$	11,992	$	62,895	$	55,031

PSAs

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

In 2022, 2021 and 2020, the Company issued performance shares covering 40,087, 50,371 and 49,056 shares, respectively.

The PSAs granted in 2022, 2021 and 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. 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 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Risk-free interest rate	1.68	%	0.19	%	1.40	%
Dividend yield	1.25	%	1.62	%	1.65	%
Expected life (years)	2.9		2.9		2.9
Volatility	31.10	%	31.90	%	23.30	%

Grant price	$160.21		$122.73		$119.86
Fair value per share at date of grant	$196.40		$148.29		$165.71

A summary of activity for PSAs for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	96,129	$	156.88
Granted	40,087	196.40


Forfeited	(4,690)	167.93
Vested	(45,719)	165.71
Unvested at December 31, 2022	85,807	$	170.03

Unrecognized compensation expense related to unvested performance shares as of December 31, 2022 was $7,702, which will be recognized over a weighted average period of 1.7 years.

RSUs

The Company also has restricted stock authorized for grant. Common stock of the Company may be granted at no cost to certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a three-year period, and restrictions lapse proportionately over the three-year period. The Company granted 79,556, 87,177 and 83,512 of RSUs in 2022, 2021 and 2020, respectively. The fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $160.21, $122.73, and $119.86 in 2022, 2021 and 2020, respectively.

A summary of activity for RSUs for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	202,682	$	107.03
Granted	79,556	160.21


Forfeited	(14,920)	136.85
Vested	(119,642)	101.41
Unvested at December 31, 2022	147,676	$	135.98

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2022 was $9,762, which will be recognized over a weighted average period of 1.4 years.

Directors' Shares

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


	Years ended December 31,
	2022	2021	2020
Aggregate shares granted	10,730	7,917	9,854
Deferred stock units	(7,247)	(5,322)	(6,278)

Net shares issued	3,483	2,595	3,576

Commitments and Contingent Liabilities	12 Months Ended
Commitments and Contingent Liabilities	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	16. Commitments and Contingent Liabilities Guarantees The Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities. Litigation A few of the Company's subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company's liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, a few of the Company's subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. See Note 10 — Other Accrued Expenses and Other Liabilities for additional details. The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company's products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at December 31, 2022 and 2021, these liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Employee Benefit Plans

17. Employee Benefit Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as employees in certain other countries. The Company’s expense relating to defined contribution plans was $57,543, $59,719 and $52,629 for the years ended December 31, 2022, 2021 and 2020, respectively.

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

In July 2013, the Company announced that, after December 31, 2013, the U.S. qualified and non-qualified defined benefit plans would be closed to new employees. All pension-eligible employees as of December 31, 2013 will continue to earn a pension benefit through December 31, 2023 as long as they remain employed by the Company participating in the impacted plans. The Company also announced that effective January 1, 2024, the plans would be frozen to any future benefit accruals.

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

Obligations and Funded Status

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December 31, 2022 and 2021:


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2022		2021		2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	478,346	$	524,181	$	314,715	$	340,829	$	42,905	$	51,194
Service cost	5,703		7,134		4,675		5,749		1,426		1,561
Interest cost	13,745		13,605		5,220		3,590		1,215		1,232
Plan participants' contributions	—		—		2,186		2,009		—		—
Benefits paid	(17,680)		(18,221)		(9,756)		(7,519)		(3,831)		(5,331)
Actuarial gains(1)	(126,985)		(19,393)		(72,977)		(20,766)		(9,596)		(4,568)

Amendments	—		—		(2,291)		1,828		384		—
Settlements and curtailments	(33,228)		(28,960)		(8,849)		(3,517)		—		(1,183)
Currency translation and other	—		—		(17,606)		(7,488)		—		—

Benefit obligation at end of year	319,901		478,346		215,317		314,715		32,503		42,905
Change in plan assets:
Fair value of plan assets at beginning of year	573,100		606,896		219,677		212,748		—		—
Actual return on plan assets	(125,011)		13,385		(48,147)		10,664		—		—
Company contributions	—		—		9,059		8,121		3,831		6,262
Plan participants' contributions	—		—		2,186		2,009		—		—
Benefits paid	(17,680)		(18,221)		(9,756)		(7,519)		(3,831)		(5,331)

Settlements and curtailments	(36,356)		(28,960)		(8,640)		(2,287)		—		(931)
Currency translation and other	—		—		(11,519)		(4,059)		—		—

Fair value of plan assets at end of year	394,053		573,100		152,860		219,677		—		—
Funded (Unfunded) status	$	74,152	$	94,754	$	(62,457)	$	(95,038)	$	(32,503)	$	(42,905)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	74,152	$	94,754	$	1,863	$	1,575	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,774)		(1,729)		(7,243)		(4,776)
Other liabilities (deferred compensation)	—		—		(62,546)		(94,884)		(25,260)		(38,129)

Total assets (liabilities)	74,152		94,754		(62,457)		(95,038)		(32,503)		(42,905)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	55,227		33,545		31,607		50,878		(28,304)		(20,724)
Prior service cost (credit)	—		110		(3,006)		(1,303)		1,874		2,980

Tax (benefit) expense	(11,474)		(6,686)		(6,434)		(11,836)		5,768		3,840
Total accumulated other comprehensive loss (earnings), net of tax	43,753		26,969		22,167		37,739		(20,662)		(13,904)
Net amount recognized at December 31,	$	117,905	$	121,723	$	(40,290)	$	(57,299)	$	(53,165)	$	(56,809)

Accumulated benefit obligations	$	318,275	$	471,871	$	210,259	$	302,929	$	31,523	$	41,110

(1) The actuarial gains were primarily due to discount rate fluctuations.

The Company's net unfunded status at December 31, 2022 and 2021 includes net liabilities of $62,457 and $95,038, respectively, relating to the Company's significant international qualified plans, some in locations where it is not economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate to defined pension plans operated by the Company's businesses in Germany, France, the United Kingdom, and Italy.

The accumulated benefit obligation for all defined benefit pension plans was $560,057 and $815,910 at December 31, 2022 and 2021, respectively.

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:


	2022		2021

Accumulated benefit obligation	$	124,082	$	193,710
Fair value of plan assets	64,112		106,519

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:


	2022		2021
Projected benefit obligation	$	200,671	$	292,701

Fair value of plan assets	136,351		196,088

The Company has adjusted the prior year amounts for projected benefit obligations in excess of plan assets in the table above.

Net Periodic Benefit Cost

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

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Service cost	$	5,703	$	7,134	$	6,824	$	4,675	$	5,749	$	5,345	$	1,426	$	1,561	$	1,272
Interest cost	13,745		13,605		16,272		5,220		3,590		3,697		1,215		1,232		1,765
Expected return on plan assets	(29,104)		(28,980)		(31,475)		(7,191)		(7,188)		(6,837)		—		—		—
Amortization of:
Prior service cost (credit)	110		212		227		(526)		(453)		(493)		1,490		1,531		1,695
Recognized actuarial loss (gain)	2,300		10,012		7,536		1,747		3,938		3,047		(2,016)		(1,672)		(1,857)

Settlement and curtailment loss (gain)	6,276		2,031		—		(393)		194		25		—		(743)		—

Net periodic (benefit) expense	$	(970)	$	4,014	$	(616)	$	3,532	$	5,830	$	4,784	$	2,115	$	1,909	$	2,875

Assumptions

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


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2022		2021		2022		2021		2022		2021
Discount rate	5.55	%	2.95	%	3.57	%	1.18	%	5.50	%	2.90	%
Average wage increase	4.00	%	4.00	%	1.70	%	1.53	%	4.50	%	4.50	%

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


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Discount rate	2.95	%	2.65	%	3.40	%	1.18	%	0.79	%	1.18	%	2.90	%	2.45	%	3.20	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.53	%	1.51	%	1.80	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	5.60	%	6.30	%	3.47	%	3.40	%	3.69	%	na		na		na

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

Plan Assets

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

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

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

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


	2022		2021		Current Target
Return-seeking investments	27	%	29	%	30	%
Liability hedging investments	73	%	69	%	70	%
Other	—	%	2	%	—	%
Total	100	%	100	%	100	%

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

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


	U.S. Qualified Defined Benefits Plan
	12/31/2022				12/31/2021
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	201,203	$	201,203	$	—	$	316,367	$	316,367
Government securities	—		56,978		56,978		—		73,115		73,115
Interest-bearing cash and short-term investments	2,900		—		2,900		3,227		—		3,227
Total investments at fair value	2,900		258,181		261,081		3,227		389,482		392,709
Investments measured at net asset value*
Collective funds	—		—		106,273		—		—		167,551


Short-term investment funds	—		—		26,699		—		—		12,840

Total investments	$	2,900	$	258,181	$	394,053	$	3,227	$	389,482	$	573,100


	Non-U.S. Plans
	12/31/2022								12/31/2021
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	46,618	$	—	$	—	$	46,618	$	58,054	$	—	$	—	$	58,054
Fixed income investments	—		25,168		—		25,168		—		27,034		—		27,034
Mutual funds	20,031		—		—		20,031		30,675		—		—		30,675


Cash and cash equivalents	909		—		—		909		3,634		—		—		3,634
Other	—		996		16,294		17,290		—		2,877		20,252		23,129
Total investments at fair value	67,558		26,164		16,294		110,016		92,363		29,911		20,252		142,526
Investments measured at net asset value*
Collective funds	—		—		—		39,675		—		—		—		72,235
Other	—		—		—		3,169		—		—		—		4,916
Total investments	$	67,558	$	26,164	$	16,294	$	152,860	$	92,363	$	29,911	$	20,252	$	219,677

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

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

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

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

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

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

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2021 and 2022, due to the following:


	Level 3
Balance at December 31, 2020	$	21,276
Actual return on plan assets:

Relating to assets still held at December 31, 2021	48


Relating to assets sold during the period	—
Purchases	1,664
Sales and settlements	(2,158)
Foreign currency translation	(578)
Balance at December 31, 2021	20,252
Actual return on plan assets:
Relating to assets still held at December 31, 2022	(382)
Relating to assets sold during the period	—
Purchases	1,852
Sales and settlements	(4,808)
Foreign currency translation	(620)
Balance at December 31, 2022	$	16,294

Future Estimates

Benefit Payments

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


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2023	$	25,946	$	10,677	$	7,440
2024	27,511		10,969		5,231
2025	26,121		10,800		2,312
2026	25,567		11,859		4,599
2027	25,307		14,156		1,800
2028 - 2032	122,304		68,857		14,348

Contributions

In 2023, the Company expects to make payments of approximately $7.1 million to its non-US plans and $7.4 million to its non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2023.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-Section 55
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Accumulated Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Accumulated Other Comprehensive Earnings (Loss)

18. Accumulated Other Comprehensive Earnings (Loss)

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


	December 31, 2022		December 31, 2021
Cumulative foreign currency translation adjustments	$	(220,224)	$	(107,130)
Pension and other postretirement benefit plans	(45,258)		(50,448)
Changes in fair value of cash flow hedges and other	(741)		3,526
	$	(266,223)	$	(154,052)

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2022, 2021 and 2020 were as follows:


	Years Ended December 31,
	2022		2021		2020
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	5,915	$	—	$	—
Tax benefit	—		—		—
Net of tax	$	5,915	$	—	$	—
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	2,965	$	12,278	$	8,583
Amortization of prior service costs and transition obligation	1,074		1,304		1,442
Settlement and curtailment	4,282		1,482		25
Total before tax	8,321		15,064		10,050
Tax benefit	(1,842)		(3,423)		(2,184)
Net of tax	$	6,479	$	11,641	$	7,866
Cash flow hedges:
Net gains reclassified into earnings	$	(4,797)	$	(6,271)	$	(817)
Tax expense	1,065		1,400		185
Net of tax	$	(3,732)	$	(4,871)	$	(632)

The Company recognizes the amortization of net actuarial losses, prior service costs and transition obligation as well as settlements and curtailments, in other income, net in the consolidated statements of earnings.

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

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

19. Segment Information

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

The five reportable segments are as follows:

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.

•Clean Energy & Fueling segment provides components, equipment, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments, as well as facilities where cryogenic gases are produced, stored or consumed.

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

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, highly engineered precision components for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, equipment and systems, heating and cooling and beverage can-making equipment markets.

The Company's Chief Operating Decision Maker ("CODM") uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs, loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.

During the year ended December 31, 2022, the segment measure of profit and loss used by the CODM was changed to segment earnings from segment earnings (EBIT), defined as earnings before corporate expenses/other, interest expense, interest income and provision for income taxes. This change in segment measure allows the CODM to better assess operating results over time and is consistent with how the CODM evaluates our businesses. Accordingly, we have updated our segment earnings for the years ended 2021 and 2020 to conform to the new presentation.

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


	Years Ended December 31,
	2022			2021			2020
Revenue:
Engineered Products	$	2,043,632		$	1,780,827		$	1,531,277
Clean Energy & Fueling	1,878,507			1,648,153			1,476,282
Imaging & Identification	1,123,815			1,163,367			1,038,178
Pumps & Process Solutions	1,728,235			1,708,634			1,324,003
Climate & Sustainability Technologies	1,737,724			1,608,175			1,316,090
Intersegment eliminations	(3,825)			(2,075)			(2,070)
Total consolidated revenue	$	8,508,088		$	7,907,081		$	6,683,760
Net earnings:
Segment earnings:
Engineered Products	$	346,519		$	277,852		$	265,143
Clean Energy & Fueling	352,993			327,186			290,233
Imaging & Identification	268,084			266,932			224,033
Pumps & Process Solutions	533,018			575,593			348,733
Climate & Sustainability Technologies	254,484			185,517			126,093
Total segment earnings	1,755,098			1,633,080			1,254,235
Purchase accounting expenses (1)	181,103			141,980			138,515
Restructuring and other costs (2)	38,990			38,436			51,472
Loss (gain) on dispositions (3)	194			(206,338)			(5,213)
Corporate expense / other (4)	135,280			156,298			119,361
Interest expense	116,456			106,319			111,937
Interest income	(4,430)			(4,441)			(3,571)

Earnings before provision for income taxes	1,287,505			1,400,826			841,734
Provision for income taxes	222,129			277,008			158,283
Net earnings	$	1,065,376		$	1,123,818		$	683,451
Segment margins:
Engineered Products	17.0		%	15.6		%	17.3		%
Clean Energy & Fueling	18.8		%	19.9		%	19.7		%
Imaging & Identification	23.9		%	22.9		%	21.6		%
Pumps & Process Solutions	30.8		%	33.7		%	26.3		%
Climate & Sustainability Technologies	14.6		%	11.5		%	9.6		%
Total segments	20.6		%	20.7		%	18.8		%
Net earnings	12.5		%	14.2		%	10.2		%
Depreciation and amortization:
Other depreciation and amortization (5):
Engineered Products	$	27,745		$	27,036		$	25,242
Clean Energy & Fueling	28,815			25,842			26,053
Imaging & Identification	14,185			14,189			13,795
Pumps & Process Solutions	40,839			39,272			38,667
Climate & Sustainability Technologies	26,204			26,987			24,582
Total other depreciation and amortization	137,788			133,326			128,339
Corporate depreciation and amortization	8,137			7,250			6,535
Depreciation and amortization included in purchase accounting expenses and restructuring and other	161,613			149,547			144,177
Consolidated total	$	307,538		$	290,123		$	279,051

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

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


	Years Ended December 31,
	2022		2021		2020
Restructuring	$	30,480	$	26,705	$	44,468
Other costs, net	8,510		11,731		7,004
Restructuring and other costs	$	38,990	$	38,436	$	51,472

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

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

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

Selected financial information by segment (continued):


Capital expenditures:	2022		2021		2020
Engineered Products	$	39,765	$	48,453	$	23,515
Clean Energy & Fueling	33,489		25,167		26,903
Imaging & Identification	14,695		10,671		10,690
Pumps & Process Solutions	82,817		44,578		52,804
Climate & Sustainability Technologies	41,426		34,335		42,923
Corporate	8,770		8,261		8,857
Consolidated total	$	220,962	$	171,465	$	165,692


Total assets at December 31:	2022		2021
Engineered Products	$	1,771,689	$	1,678,317
Clean Energy & Fueling	3,068,260		3,201,504
Imaging & Identification	1,821,649		1,871,039
Pumps & Process Solutions (6)	2,161,210		1,709,852
Climate & Sustainability Technologies	1,525,449		1,358,118
Corporate (7)	548,262		584,797


Total assets	$	10,896,519	$	10,403,627

(6) Increase primarily driven by 2022 acquisitions. See Note 3 — Acquisitions for additional information.

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


	Revenue						Long-Lived Assets (8)
	Years Ended December 31,						At December 31,
	2022		2021		2020		2022		2021
United States	$	4,847,321	$	4,305,957	$	3,677,285	$	629,140	$	584,948
Europe	1,792,020		1,797,138		1,482,520		291,921		283,952
Asia	939,093		901,141		745,150		57,253		62,210
Other Americas	667,673		612,751		535,091		21,763		20,627
Other	261,981		290,094		243,714		4,748		5,573
Consolidated total	$	8,508,088	$	7,907,081	$	6,683,760	$	1,004,825	$	957,310

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

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

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

- Definition

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

+ References

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+ Details

Earnings per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings per Share

20. Earnings per Share

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


	Years Ended December 31,
	2022		2021		2020


Net earnings	$	1,065,376	$	1,123,818	$	683,451

Basic earnings per common share:


Net earnings	$	7.47	$	7.81	$	4.74

Weighted average basic shares outstanding	142,681,000		143,923,000		144,050,000
Diluted earnings per common share:


Net earnings	$	7.42	$	7.74	$	4.70

Weighted average diluted shares outstanding	143,595,000		145,273,000		145,393,000

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


	Years Ended December 31,
	2022	2021	2020
Weighted average shares outstanding - basic	142,681,000	143,923,000	144,050,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	914,000	1,350,000	1,343,000
Weighted average shares outstanding - diluted	143,595,000	145,273,000	145,393,000

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. For the years ended December 31, 2022, 2021 and 2020, the weighted average number of anti-dilutive potential common shares excluded from the calculation above totaled 21,173, 1,072 and 30,378, respectively.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Dec. 31, 2022
Equity [Abstract]
Stockholders' Equity	21. Stockholders' Equity Share Repurchases In November 2020, the Company's Board of Directors approved a new standing share repurchase authorization, whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. This share repurchase authorization replaced the February 2018 share repurchase authorization. The Company's prior February 2018 share repurchase authorization, whereby the Company was authorized to repurchase up to 20 million shares of its common stock, expired on December 31, 2020. Upon expiration, there were 7,380,879 shares remaining. On August 31, 2022, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement") with Bank of America N.A. ("Bank of America") to repurchase its shares in an accelerated share repurchase program (the "ASR Program"). The ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the ASR Program under the November 2020 share repurchase authorization. The Company funded the ASR Program with net proceeds from commercial paper. Under the terms of the ASR Agreement, the Company paid Bank of America $500,000 on September 1, 2022 and on that date received initial deliveries of 3,201,025 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Agreement. In December 2022, Bank of America delivered 691,270 additional shares which completed the ASR Program. During 2022, the Company received a total of 3,892,295 shares upon completion of the ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was $128.46 over the term of the ASR Program. During the years ended December 31, 2022, 2021, and 2020, exclusive of the ASR Program, the Company repurchased 641,428, 182,951, and 979,165 shares of common stock at a total cost of $85,000, $21,637, and $106,279 or $132.52, $118.27, and $108.54 per share, respectively. As of December 31, 2022, 15,283,326 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2022

Schedule II Valuation and Qualifying Accounts [Abstract]

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS

Years Ended December 31, 2022, 2021 and 2020

(In thousands)











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

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

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

Year Ended December 31, 2020	$	244,153	49,130	(5,604)	$	287,679

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

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

Year Ended December 31, 2021	$	7,149	7,220	(1,214)	$	13,155

Year Ended December 31, 2020	$	11,428	357	(4,636)	$	7,149

Description of Business and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Principles of Consolidation	Principles of ConsolidationThe consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are included from the dates of acquisitions.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to, allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves, pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived assets including finite-lived intangibles, future cash flows associated with impairment testing for goodwill, indefinite-lived intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results may ultimately differ from these estimates, although management does not believe such differences would materially affect the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the effects of changes in these estimates and assumptions are reflected in the Consolidated Financial Statements in the period that they are determined.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash equivalents approximates fair value.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Accounts receivable are recorded at face amounts less an allowance for credit losses. The allowance is an estimate based on historical collection experience, current and future economic and market conditions and a review of the current status of each customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of accounts receivable that may not be collected in the future and records the appropriate provision.
Inventories	Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out (FIFO) basis, or net realizable value. An immaterial portion of domestic inventories is stated at cost, determined on the last-in, first-out (LIFO) basis, which is less than net realizable value.
Property, Plant and Equipment	Property, Plant and EquipmentProperty, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased software, finance lease assets and significant improvements to existing plant and equipment or, in the case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to 31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3 to 10 years.
Derivative Financial Instruments	Derivative Financial Instruments The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net earnings when the hedged items impact earnings.
Goodwill and Other Intangible Assets	Goodwill and Other Intangible Assets Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the Company identified reporting units for which cash flows are determinable and to which goodwill was allocated. The Company performs its goodwill impairment test annually in the fourth quarter at the reporting unit level. A quantitative test is used to determine existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill impairment test and results. No impairment of goodwill was required for the years ended December 31, 2022, 2021, or 2020. The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment. The fair value of the intangible asset is compared to its carrying value. This method uses the Company's own market assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an impairment loss.
Other Intangible Assets	Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years.
Long-Lived Assets	Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future cash flows.
Leases	Leases The Company determines if an arrangement is a lease at inception of a contract. The Company has operating and finance leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle fleets and certain office and manufacturing equipment. Operating lease right-of-use ("ROU") assets are included in other assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Leases with an initial term of 12 months or less are not recorded in the balance sheet. The Company accounts for each separate lease component of a contract and its associated non-lease components as a single lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage, are not included in the ROU assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense. ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease depreciation expense are recognized on a straight-line basis over the lease term.
Restructuring Accruals	Restructuring Accruals The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by management or when termination benefits are communicated. Exit costs may include contractual terminations and asset impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be different from the original estimated amounts.
Foreign Currency	Foreign Currency Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange rates. Foreign currency translation gains and losses are included in the consolidated statements of comprehensive earnings as a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies other than an entity's functional currency are re-measured into the functional currency using end of period exchange rates, where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the consolidated statements of earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments.
Revenue Recognition	Revenue Recognition The majority of the Company's revenue is generated through the manufacture and sale of a broad range of specialized products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon shipment. Service revenue represents less than 5% of total revenue and is recognized as the services are performed. In limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue and the related shipping costs in cost of goods and services.
Share-Based Compensation	Stock-Based CompensationThe principal awards issued under the Company's stock-based compensation plans include non-qualified stock appreciation rights ("SARs"), restricted stock units ("RSUs") and performance share awards ("PSAs"). The cost for such awards is measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures, based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative expenses in the consolidated statements of earnings. Expense for awards granted to retirement-eligible employees is recorded over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required to provide service.
Income Taxes	Income Taxes The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences. Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to enacted statutory tax rates and changes to future taxable income estimates. Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate settlement.
Research and Development Costs	Research and Development Costs Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $163,300 in 2022, $157,826 in 2021 and $142,101 in 2020. These costs as a percent of revenue were 1.9% in 2022, 2.0% in 2021 and 2.1% in 2020. Research and development costs are reported within selling, general and administrative expenses in the consolidated statements of earnings.
Advertising cost	Advertising Costs Advertising costs are expensed when incurred and amounted to $25,905 in 2022, $23,685 in 2021 and $21,375 in 2020. Advertising costs are reported within selling, general and administrative expenses in the consolidated statements of earnings.
Risk, Retention, Insurance	Risk, Retention, Insurance The Company's insurance programs contain various deductibles that, based on the Company's experience, are typical and customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a material risk to the Company. The Company generally maintains insurance policies with deductibles for claims and liabilities related primarily to workers' compensation, health and welfare claims, general liability, product and automobile liability, cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim exposures that are probable of occurrence and can be reasonably estimated.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards The following accounting standards updates ("ASU"), issued by the Financial Accounting Standards Board ("FASB"), will, or are expected to, result in a change in practice and/or have a financial impact to the Company's Consolidated Financial Statements: In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The guidance will become effective January 1, 2023 and early adoption is permitted. Management is currently evaluating the impact of adopting this ASU on the Company's Consolidated Financial Statements. Recently Adopted Accounting Standards In October 2021, the FASB issued ASU No. 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. Under current guidance, the acquirer generally recognizes such contract assets and contract liabilities at fair value on the acquisition date. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The amendments in this update should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the amendments is permitted, including adoption in an interim period. The Company early adopted the guidance as of January 1, 2022, which did not have a material impact on the Company's Consolidated Financial Statements. In March 2020 and January 2021, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU No. 2021-01, Reference Rate Reform, Scope, respectively. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 as an update to ASU No. 2020-04. These updates provide optional guidance for a limited time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform, including expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in these updates are elective and are effective upon issuance for all entities. The Company adopted the guidance, which did not have a material impact on the Company's Consolidated Financial Statements.

Revenue (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Contract Assets and Contract Liabilities From Contracts With Customers

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


	December 31, 2022		December 31, 2021		December 31, 2020

Contract assets	$	11,074	$	11,440	$	15,020
Contract liabilities - current	256,933		227,549		184,845
Contract liabilities - non-current	19,879		21,513		13,921

Acquisitions (Tables)

12 Months Ended

Dec. 31, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Purchase Price Allocation


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


	Total
Current assets, net of cash acquired	$	23,369
Property, plant and equipment	4,325
Goodwill	47,431
Intangible assets	40,416
Other assets and deferred charges	20
Current liabilities	(13,614)
Non-current liabilities	(12,554)
Net assets acquired	$	89,393


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

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


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


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

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


	Total
Current assets, net of cash acquired	$	44,159
Property, plant and equipment	8,424
Goodwill	205,805
Intangible assets	134,049
Other assets and deferred charges	12,986
Current liabilities	(34,803)
Non-current liabilities	(34,834)
Net assets acquired	$	335,786

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

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


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	200,513	na
Customer intangibles	90,657		10	-	15
Patents	16,000		10
Unpatented technology	10,355		8
Trademarks	7,404		15

	$	324,929

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


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

	$	1,023,865

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	172,622		na
Customer intangibles	103,310		10	-	14

Unpatented technology	21,125		5	-	9
Trademarks	9,614		15

	$	339,854

Schedule of Pro forma results of operations


	Years Ended December 31,
	2021		2020
Revenue:
As reported	$	7,907,081	$	6,683,760
Pro forma (unaudited)	8,163,185		6,920,929
Earnings:
As reported	$	1,123,818	$	683,451
Pro forma (unaudited)	1,145,106		669,458

Inventories, net (Tables)

12 Months Ended

Dec. 31, 2022

Inventory, Net [Abstract]

Components of Inventory

The components of inventories, net were as follows:


	December 31, 2022		December 31, 2021
Raw materials	$	812,066	$	671,195
Work in progress	230,865		271,659
Finished goods	458,881		377,800
Subtotal	1,501,812		1,320,654
Less reserves	(135,204)		(129,559)
Total	$	1,366,608	$	1,191,095

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Components of property, plant and equipment, net

The components of property, plant and equipment, net were as follows:


	December 31, 2022		December 31, 2021
Land	$	62,495	$	63,656
Buildings and improvements	620,500		582,314
Machinery, equipment and other	1,895,502		1,816,473
Property, plant and equipment, gross	2,578,497		2,462,443
Total accumulated depreciation	(1,573,672)		(1,505,133)
Property, plant and equipment, net	$	1,004,825	$	957,310

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

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

The components of lease costs were as follows:


	Years Ended December 31,
	2022		2021		2020
Operating Lease Costs:
Fixed	$	53,428	$	54,397	$	52,875
Variable	7,512		6,281		5,973
Short-term	22,097		17,847		18,436
Total(1)	$	83,037	$	78,525	$	77,284

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

Supplemental cash flow information related to leases was as follows:


	Years Ended December 31,
	2022		2021		2020

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	54,268	$	55,921	$	53,903
Operating cash flows for finance leases	335		357		434
Financing cash flows for finance leases	2,917		3,073		2,523
Total	$	57,520	$	59,351	$	56,860
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	57,190	$	47,666	$	21,381
Financing leases	3,149		2,016		3,708
Total	$	60,339	$	49,682	$	25,089

Supplemental balance sheet information related to leases were as follows:


	December 31, 2022		December 31, 2021

Operating Leases
Right-of-use assets:
Other assets and deferred charges	$	197,058	$	169,022

Lease liabilities:
Other accrued expenses	$	42,649	$	43,086
Other liabilities	165,741		134,448
Total operating lease liabilities	$	208,390	$	177,534

Finance Leases
Right-of-use assets:


Property, plant and equipment, net (1)	$	7,846	$	8,588

Lease liabilities:
Other accrued expenses	$	2,554	$	2,475
Other liabilities	6,189		6,767
Total finance lease liabilities	$	8,743	$	9,242

(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $8,017 and $7,675 for the years ended December 31, 2022 and December 31, 2021, respectively.

Average lease terms and discount rates were as follows:


	December 31, 2022		December 31, 2021		December 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7.8		5.8		5.9
Finance leases	3.6		4.2		4.8
Weighted-average discount rate
Operating leases	3.5	%	2.7	%	2.9	%
Finance leases	3.4	%	3.4	%	3.6	%

Maturity of Operating Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2022 were as follows:


	Operating		Finance
2023	$	47,843	$	2,860
2024	40,524		2,432
2025	32,759		1,963
2026	23,009		1,480
2027	19,447		816
Thereafter	81,937		1
Total lease payments	245,519		9,552
Less interest	(37,129)		(809)
Present value of lease liabilities	$	208,390	$	8,743

Maturity of Finance Lease Liability

The aggregate future lease payments for operating and finance leases as of December 31, 2022 were as follows:


	Operating		Finance
2023	$	47,843	$	2,860
2024	40,524		2,432
2025	32,759		1,963
2026	23,009		1,480
2027	19,447		816
Thereafter	81,937		1
Total lease payments	245,519		9,552
Less interest	(37,129)		(809)
Present value of lease liabilities	$	208,390	$	8,743

Credit Losses (Tables)

12 Months Ended

Dec. 31, 2022

Credit Loss [Abstract]

Roll-forward of the allowance for credit losses


	2022		2021		2020
Beginning Balance, January 1,	$	40,126	$	40,474	$	29,381
Adoption of ASU No. 2016-13, cumulative-effect adjustment to retained earnings	—		—		2,706
Provision for expected credit losses, net of recoveries	5,552		5,053		11,171
Amounts written off charged against the allowance	(4,462)		(5,307)		(3,863)
Other, including dispositions and foreign currency translation	(1,817)		(94)		1,079
Ending balance, December 31	$	39,399	$	40,126	$	40,474

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Rollforward by Segment

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


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Goodwill	$	693,576	$	940,973	$	1,117,589	$	846,250	$	544,715	$	4,143,103
Accumulated impairment loss (1)	(10,591)		—		—		(59,970)		—		(70,561)
Balance at January 1, 2021	682,985		940,973		1,117,589		786,280		544,715		4,072,542

Acquisitions	50,180		496,461		20,458		15,018		—		582,117
Measurement period adjustments	—		2,640		(1,926)		—		—		714
Disposition of business	—		—		—		—		(34,662)		(34,662)
Foreign currency translation	(9,882)		(12,383)		(29,919)		(8,459)		(1,246)		(61,889)
Balance at December 31, 2021	723,283		1,427,691		1,106,202		792,839		508,807		4,558,822

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

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

(1) Accumulated impairment loss as of December 31, 2022 is not subject to foreign currency translation.

Schedule of Intangible Assets

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


	December 31, 2022						December 31, 2021
	Gross Amount		Accumulated Amortization		Net Carrying Amount		Gross Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,881,402	$	996,947	$	884,455	$	1,829,492	$	909,776	$	919,716
Trademarks	265,466		132,791		132,675		263,367		116,633		146,734
Patents	219,199		146,337		72,862		205,910		140,327		65,583
Unpatented technologies	257,428		137,750		119,678		221,239		123,464		97,775
Distributor relationships	79,622		57,299		22,323		84,204		55,260		28,944
Drawings and manuals	26,062		26,062		—		27,792		27,303		489
Other	20,818		15,620		5,198		22,347		18,775		3,572
Total	2,749,997		1,512,806		1,237,191		2,654,351		1,391,538		1,262,813
Unamortized intangible assets:
Trademarks	96,544		—		96,544		96,709		—		96,709
Total intangible assets, net	$	2,846,541	$	1,512,806	$	1,333,735	$	2,751,060	$	1,391,538	$	1,359,522

Future Amortization Expense

Estimated future amortization expense related to intangible assets held at December 31, 2022 for the next five years is as follows:


	Estimated Amortization
2023	$	154,124
2024	149,866
2025	145,857
2026	138,090
2027	135,785

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Other Accrued Expenses and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2022

Accrued Liabilities and Other Liabilities [Abstract]

Major components of other accrued expenses

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


	December 31, 2022		December 31, 2021

Accrued rebates and volume discounts	$	47,660	$	52,909
Warranty	43,351		43,449
Operating lease liabilities	42,649		43,086
Taxes other than income (1)	33,782		49,992
Accrued interest	20,591		20,426
Accrued commissions (non-employee)	15,808		16,273
Restructuring and exit costs	14,510		13,797



Other (none of which are individually significant)	99,986		107,165
Total other accrued expenses	$	318,337	$	347,097

(1) Taxes other than income includes a $15.3 million deferral of employment taxes related to the U.S. CARES Act as of December 31, 2021.

Major components of other liabilities

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


	December 31, 2022		December 31, 2021
Operating lease liabilities	$	165,741	$	134,448
Defined benefit and other post-retirement benefit plans	92,630		138,992

Deferred compensation	82,479		88,681
Unrecognized tax benefits	34,361		79,757
Legal and environmental	30,139		31,304
Deferred revenue	19,879		21,513
Warranty	5,098		5,119

Other	44,576		32,728
Total other liabilities	$	474,903	$	532,542

Carrying amount of product warranties

Warranty


	Years Ended December 31,
	2022		2021		2020
Beginning Balance, December 31 of the Prior Year	$	48,568	$	51,088	$	49,116
Provision for warranties	60,758		67,212		60,902
Settlements made	(59,612)		(65,498)		(60,853)
Other adjustments, including acquisitions and currency translation	(1,265)		(4,234)		1,923
Ending Balance, December 31	$	48,449	$	48,568	$	51,088

Restructuring Activities (Tables)

12 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Summary of Restructuring Programs

The Company initiated various restructuring programs and incurred severance and other restructuring costs by segment as follows:


	Years Ended December 31,
	2022		2021		2020
Engineered Products	$	3,194	$	9,507	$	10,307
Clean Energy & Fueling	9,571		3,609		6,681
Imaging & Identification	4,702		4,589		5,946
Pumps & Process Solutions	4,685		1,911		13,374
Climate & Sustainability Technologies	6,007		5,068		4,015
Corporate	2,321		2,021		4,145
Total	$	30,480	$	26,705	$	44,468
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services	$	6,855	$	12,895	$	18,895
Selling, general and administrative expenses	23,625		13,810		25,573

Total	$	30,480	$	26,705	$	44,468

Severance and Other Restructuring Accrual Activities

The following table details the Company's severance and other restructuring accrual activities:


	Severance		Exit			Total
Balance at January 1, 2020	$	13,751	$	2,639		$	16,390
Restructuring charges	25,716		18,752			44,468
Payments	(29,768)		(6,035)			(35,803)
Other, including foreign currency translation	848		(10,990)		(1)	(10,142)
Balance at December 31, 2020	10,547		4,366			14,913
Restructuring charges	11,561		15,144			26,705
Payments	(10,951)		(6,171)			(17,122)
Other, including foreign currency translation	(427)		(10,272)		(1)	(10,699)
Balance at December 31, 2021	10,730		3,067			13,797
Restructuring charges	15,388		15,092		(2)	30,480
Payments	(13,975)		(8,159)			(22,134)
Other, including foreign currency translation	(136)		(7,497)		(2)	(7,633)
Balance at December 31, 2022	$	12,007	$	2,503		$	14,510

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

Borrowings (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of short-term debt

Borrowings consist of the following:


	December 31, 2022		December 31, 2021
Short-term:
Commercial paper	$	734,936	$	105,000
Other	836		702

Short-term borrowings	$	735,772	$	105,702

Borrowings


			Carrying amount (1)
	Principal		December 31, 2022		December 31, 2021
Long-term:
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,063	$	397,389
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	631,522		674,217
0.750% 8-year notes due November 4, 2027 (euro denominated)	€	500,000	525,654		561,293
6.65% 30-year debentures due June 1, 2028	$	200,000	199,456		199,356
2.950% 10-year notes due November 4, 2029	$	300,000	297,408		297,029
5.375% 30-year debentures due October 15, 2035	$	300,000	296,808		296,559
6.60% 30-year notes due March 15, 2038	$	250,000	248,279		248,166
5.375% 30-year notes due March 1, 2041	$	350,000	344,982		344,705
Other			341		—
Total long-term debt			$	2,942,513	$	3,018,714

Scheduled maturities

As of December 31, 2022, the future maturities of long-term debt were as follows:


	Future Maturities

2024	$	118
2025	400,103
2026	635,915
2027	529,829
2028 and thereafter	1,400,000
Total	$	2,965,965

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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 December 31, 2022 and 2021 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	December 31, 2022		December 31, 2021		Balance Sheet Caption
Foreign currency forward	$	944	$	2,825	Prepaid and other current assets
Foreign currency forward	(2,760)		(433)		Other accrued expenses

Amounts recognized in other comprehensive earnings

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


	2022		2021		2020
Gain (loss) on euro-denominated debt	$	80,301	$	94,003	$	(119,298)


Tax (expense) benefit	(17,824)		(20,976)		26,957
Net gain (loss) on net investment hedges, net of tax	$	62,477	$	73,027	$	(92,341)

Assets and liabilities measured at fair value on a recurring basis

The Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 were as follows:


	December 31, 2022		December 31, 2021
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	944		$	2,825
Liabilities:
Foreign currency cash flow hedges	2,760			433

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule Of Earnings Before Provision For Income Taxes And Discontinued Operations

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


	Years Ended December 31,
	2022		2021		2020
Domestic	$	731,796	$	835,773	$	464,145
Foreign	555,709		565,053		377,589
Total	$	1,287,505	$	1,400,826	$	841,734

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 is comprised of the following:


	Years Ended December 31,
	2022		2021		2020
Current:
U.S. federal	$	106,768	$	150,990	$	79,305
State and local	1,450		28,106		13,312
Foreign	140,696		154,147		97,106
Total current	248,914		333,243		189,723
Deferred:
U.S. federal	(4,760)		(14,143)		2,777
State and local	303		3,165		(10,526)
Foreign	(22,328)		(45,257)		(23,691)
Total deferred	(26,785)		(56,235)		(31,440)
Total expense	$	222,129	$	277,008	$	158,283

Schedule of Effective Income Tax Rate Reconciliation

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


	Years Ended December 31,
	2022		2021		2020
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal income tax benefit	1.6		1.8		1.7
Foreign operations tax effect	0.1		(0.2)		(0.8)



Foreign-derived intangible income	(1.3)		(0.8)		(1.1)
Share awards	(0.2)		(0.8)		(1.2)

Dispositions	—		0.3		—
Audit resolutions	(3.2)		(1.4)		(0.9)
Other	(0.7)		(0.1)		0.1
Effective tax rate	17.3	%	19.8	%	18.8	%

Schedule of Deferred Tax Assets and Liabilities

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


	December 31, 2022		December 31, 2021
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$	46,008	$	61,388
Accrued expenses	20,608		30,143
Net operating loss and other carryforwards	317,186		334,483
Inventories	30,569		28,698
Allowance for credit losses	9,224		9,988
Accrued insurance	3,978		4,708

Long-term liabilities, warranty and environmental costs	2,851		3,043
Lease obligations	47,887		41,653
Capitalized research and development	26,548		—
Total gross deferred tax assets	504,859		514,104
Valuation allowance	(271,203)		(306,066)
Total deferred tax assets, net of valuation allowances	$	233,656	$	208,038
Deferred Tax Liabilities:
Intangible assets	$	(417,809)	$	(392,208)
Property, plant and equipment	(82,658)		(77,918)
Lease right-of-use assets	(45,202)		(40,181)
Other liabilities	(27,447)		(28,786)
Total gross deferred tax liabilities	(573,116)		(539,093)
Net deferred tax liability	$	(339,460)	$	(331,055)

Classified as follows in the Consolidated Balance Sheets:

Other assets and deferred charges	$	35,690	$	33,062

Deferred income taxes	(375,150)		(364,117)
	$	(339,460)	$	(331,055)

Schedule Of Unrecognized Tax Benefits

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


	Total
Unrecognized tax benefits at January 1, 2020	$	83,214
Additions based on tax positions related to the current year	3,134
Additions for tax positions of prior years	5,490
Reductions for tax positions of prior years	(3,599)
Cash settlements	(6,214)
Lapse of statutes	(9,687)
Unrecognized tax benefits at December 31, 2020 (1)	72,338
Additions based on tax positions related to the current year	5,859
Additions for tax positions of prior years	3,784
Reductions for tax positions of prior years	(13,008)
Cash settlements	(1,490)
Lapse of statutes	(2,831)
Unrecognized tax benefits at December 31, 2021 (1)	64,652
Additions based on tax positions related to the current year	3,315
Additions for tax positions of prior years	3,421
Reductions for tax positions of prior years	(39,439)
Cash settlements	(411)
Lapse of statutes	(3,352)
Unrecognized tax benefits at December 31, 2022 (1)	$	28,186

Equity and Cash Incentive Program (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock-based incentive plans compensation expense


	Years Ended December 31,
	2022		2021		2020
Pre-tax stock-based compensation expense	$	30,821	$	31,111	$	25,026
Tax benefit	(2,993)		(2,859)		(2,731)
Total stock-based compensation expense, net of tax	$	27,828	$	28,252	$	22,295

Fair Value Assumptions

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


	2022		2021		2020
Risk-free interest rate	1.86	%	0.59	%	1.44	%
Dividend yield	1.25	%	1.62	%	1.65	%
Expected life (years)	5.4		5.5		5.5
Volatility	29.46	%	30.49	%	22.76	%
Grant price	$160.21		$122.73		$119.86
Fair value per share at date of grant	$42.07		$29.08		$22.54

The assumptions used in determining the fair value of the performance shares granted in 2022, 2021 and 2020 were as follows:


	2022		2021		2020
Risk-free interest rate	1.68	%	0.19	%	1.40	%
Dividend yield	1.25	%	1.62	%	1.65	%
Expected life (years)	2.9		2.9		2.9
Volatility	31.10	%	31.90	%	23.30	%

Grant price	$160.21		$122.73		$119.86
Fair value per share at date of grant	$196.40		$148.29		$165.71

Summary of activity relating to SARs and stock options

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31, 2022 is as follows:


	SARs
	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 2022	2,377,384	$	89.49
Granted	335,285	160.21


Forfeited / expired	(76,856)	135.59
Exercised	(191,271)	76.15
Outstanding at December 31, 2022	2,444,542	98.70		6.0

Exercisable at December 31, 2022	1,443,544	$	74.87	4.5

Awards outstanding, vested and exercisable

The following table summarizes information about outstanding SARs at December 31, 2022:


	SARs Outstanding						SARs Exercisable
Range of Exercise Prices	Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value		Number of Shares	Weighted Average Exercise Price		Weighted Average Remaining Life in Years	Aggregate Intrinsic Value
$48.28 - $82.09	1,009,878	$	67.86	3.8	$	68,217	1,009,878	$	67.86	3.8	$	68,217
$84.94 - $119.86	771,613	$	103.70	6.6	24,469		433,666	$	91.20	6.1	19,172
$122.73 - $160.21	663,051	$	139.87	8.6	4,515		—	$	—	0	—

	2,444,542				$	97,201	1,443,544				$	87,389

Other information for SARs and stock options

Other information regarding the exercise of SARs is listed below:


	2022		2021		2020
Fair value of SARs that became exercisable	$	8,939	$	10,199	$	8,585
Aggregate intrinsic value of SARs exercised	$	11,992	$	62,895	$	55,031

Summary of activity for performance share awards

A summary of activity for PSAs for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	96,129	$	156.88
Granted	40,087	196.40


Forfeited	(4,690)	167.93
Vested	(45,719)	165.71
Unvested at December 31, 2022	85,807	$	170.03

Summary of activity for restricted stock units

A summary of activity for RSUs for the year ended December 31, 2022 is as follows:


	Number of Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	202,682	$	107.03
Granted	79,556	160.21


Forfeited	(14,920)	136.85
Vested	(119,642)	101.41
Unvested at December 31, 2022	147,676	$	135.98

Shares granted to directors

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


	Years ended December 31,
	2022	2021	2020
Aggregate shares granted	10,730	7,917	9,854
Deferred stock units	(7,247)	(5,322)	(6,278)

Net shares issued	3,483	2,595	3,576

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2022

Retirement Benefits [Abstract]

Defined Benefit Plans Disclosures


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2022		2021		2022		2021		2022		2021
Change in benefit obligation:
Benefit obligation at beginning of year	$	478,346	$	524,181	$	314,715	$	340,829	$	42,905	$	51,194
Service cost	5,703		7,134		4,675		5,749		1,426		1,561
Interest cost	13,745		13,605		5,220		3,590		1,215		1,232
Plan participants' contributions	—		—		2,186		2,009		—		—
Benefits paid	(17,680)		(18,221)		(9,756)		(7,519)		(3,831)		(5,331)
Actuarial gains(1)	(126,985)		(19,393)		(72,977)		(20,766)		(9,596)		(4,568)

Amendments	—		—		(2,291)		1,828		384		—
Settlements and curtailments	(33,228)		(28,960)		(8,849)		(3,517)		—		(1,183)
Currency translation and other	—		—		(17,606)		(7,488)		—		—

Benefit obligation at end of year	319,901		478,346		215,317		314,715		32,503		42,905
Change in plan assets:
Fair value of plan assets at beginning of year	573,100		606,896		219,677		212,748		—		—
Actual return on plan assets	(125,011)		13,385		(48,147)		10,664		—		—
Company contributions	—		—		9,059		8,121		3,831		6,262
Plan participants' contributions	—		—		2,186		2,009		—		—
Benefits paid	(17,680)		(18,221)		(9,756)		(7,519)		(3,831)		(5,331)

Settlements and curtailments	(36,356)		(28,960)		(8,640)		(2,287)		—		(931)
Currency translation and other	—		—		(11,519)		(4,059)		—		—

Fair value of plan assets at end of year	394,053		573,100		152,860		219,677		—		—
Funded (Unfunded) status	$	74,152	$	94,754	$	(62,457)	$	(95,038)	$	(32,503)	$	(42,905)
Amounts recognized in the consolidated balance sheets consist of:
Assets and Liabilities:
Other assets and deferred charges	$	74,152	$	94,754	$	1,863	$	1,575	$	—	$	—
Accrued compensation and employee benefits	—		—		(1,774)		(1,729)		(7,243)		(4,776)
Other liabilities (deferred compensation)	—		—		(62,546)		(94,884)		(25,260)		(38,129)

Total assets (liabilities)	74,152		94,754		(62,457)		(95,038)		(32,503)		(42,905)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	55,227		33,545		31,607		50,878		(28,304)		(20,724)
Prior service cost (credit)	—		110		(3,006)		(1,303)		1,874		2,980

Tax (benefit) expense	(11,474)		(6,686)		(6,434)		(11,836)		5,768		3,840
Total accumulated other comprehensive loss (earnings), net of tax	43,753		26,969		22,167		37,739		(20,662)		(13,904)
Net amount recognized at December 31,	$	117,905	$	121,723	$	(40,290)	$	(57,299)	$	(53,165)	$	(56,809)

Accumulated benefit obligations	$	318,275	$	471,871	$	210,259	$	302,929	$	31,523	$	41,110

(1) The actuarial gains were primarily due to discount rate fluctuations.

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

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:


	2022		2021

Accumulated benefit obligation	$	124,082	$	193,710
Fair value of plan assets	64,112		106,519

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31, 2022 and 2021:


	2022		2021
Projected benefit obligation	$	200,671	$	292,701

Fair value of plan assets	136,351		196,088

Schedule of Net Periodic Benefit Costs

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans


	Qualified Defined Benefits												Non-Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Service cost	$	5,703	$	7,134	$	6,824	$	4,675	$	5,749	$	5,345	$	1,426	$	1,561	$	1,272
Interest cost	13,745		13,605		16,272		5,220		3,590		3,697		1,215		1,232		1,765
Expected return on plan assets	(29,104)		(28,980)		(31,475)		(7,191)		(7,188)		(6,837)		—		—		—
Amortization of:
Prior service cost (credit)	110		212		227		(526)		(453)		(493)		1,490		1,531		1,695
Recognized actuarial loss (gain)	2,300		10,012		7,536		1,747		3,938		3,047		(2,016)		(1,672)		(1,857)

Settlement and curtailment loss (gain)	6,276		2,031		—		(393)		194		25		—		(743)		—

Net periodic (benefit) expense	$	(970)	$	4,014	$	(616)	$	3,532	$	5,830	$	4,784	$	2,115	$	1,909	$	2,875

Weighted-Average Assumptions Used in Benefit Obligations

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


	Qualified Defined Benefits								Non-Qualified Supplemental Benefits
	U.S. Plan				Non-U.S. Plans
	2022		2021		2022		2021		2022		2021
Discount rate	5.55	%	2.95	%	3.57	%	1.18	%	5.50	%	2.90	%
Average wage increase	4.00	%	4.00	%	1.70	%	1.53	%	4.50	%	4.50	%

Weighted-Average Assumptions Used Calculating Net Periodic Cost

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


	Qualified Defined Benefits												Non- Qualified Supplemental Benefits
	U.S. Plan						Non-U.S. Plans
	2022		2021		2020		2022		2021		2020		2022		2021		2020
Discount rate	2.95	%	2.65	%	3.40	%	1.18	%	0.79	%	1.18	%	2.90	%	2.45	%	3.20	%
Average wage increase	4.00	%	4.00	%	4.00	%	1.53	%	1.51	%	1.80	%	4.50	%	4.50	%	4.50	%
Expected return on plan assets	5.60	%	5.60	%	6.30	%	3.47	%	3.40	%	3.69	%	na		na		na

Weighted-Average Asset Allocation Actual and Target

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


	2022		2021		Current Target
Return-seeking investments	27	%	29	%	30	%
Liability hedging investments	73	%	69	%	70	%
Other	—	%	2	%	—	%
Total	100	%	100	%	100	%

Plan Assets by Asset Category

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


	U.S. Qualified Defined Benefits Plan
	12/31/2022				12/31/2021
	Level 1		Level 2		Total Fair Value		Level 1		Level 2		Total Fair Value



Corporate bonds	$	—	$	201,203	$	201,203	$	—	$	316,367	$	316,367
Government securities	—		56,978		56,978		—		73,115		73,115
Interest-bearing cash and short-term investments	2,900		—		2,900		3,227		—		3,227
Total investments at fair value	2,900		258,181		261,081		3,227		389,482		392,709
Investments measured at net asset value*
Collective funds	—		—		106,273		—		—		167,551


Short-term investment funds	—		—		26,699		—		—		12,840

Total investments	$	2,900	$	258,181	$	394,053	$	3,227	$	389,482	$	573,100


	Non-U.S. Plans
	12/31/2022								12/31/2021
	Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value
Common stocks	$	46,618	$	—	$	—	$	46,618	$	58,054	$	—	$	—	$	58,054
Fixed income investments	—		25,168		—		25,168		—		27,034		—		27,034
Mutual funds	20,031		—		—		20,031		30,675		—		—		30,675


Cash and cash equivalents	909		—		—		909		3,634		—		—		3,634
Other	—		996		16,294		17,290		—		2,877		20,252		23,129
Total investments at fair value	67,558		26,164		16,294		110,016		92,363		29,911		20,252		142,526
Investments measured at net asset value*
Collective funds	—		—		—		39,675		—		—		—		72,235
Other	—		—		—		3,169		—		—		—		4,916
Total investments	$	67,558	$	26,164	$	16,294	$	152,860	$	92,363	$	29,911	$	20,252	$	219,677

Measurement of Plan Assets use Significant Unobservable Inputs

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2021 and 2022, due to the following:


	Level 3
Balance at December 31, 2020	$	21,276
Actual return on plan assets:

Relating to assets still held at December 31, 2021	48


Relating to assets sold during the period	—
Purchases	1,664
Sales and settlements	(2,158)
Foreign currency translation	(578)
Balance at December 31, 2021	20,252
Actual return on plan assets:
Relating to assets still held at December 31, 2022	(382)
Relating to assets sold during the period	—
Purchases	1,852
Sales and settlements	(4,808)
Foreign currency translation	(620)
Balance at December 31, 2022	$	16,294

Expected Future Benefit Payments

Benefit Payments

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


	Qualified Defined Benefits				Non-Qualified Supplemental Benefits
	U.S. Plan		Non-U.S. Plans
2023	$	25,946	$	10,677	$	7,440
2024	27,511		10,969		5,231
2025	26,121		10,800		2,312
2026	25,567		11,859		4,599
2027	25,307		14,156		1,800
2028 - 2032	122,304		68,857		14,348

Accumulated Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

Equity [Abstract]

Components of Accumulated Other Comprehensive Income (Loss)

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


	December 31, 2022		December 31, 2021
Cumulative foreign currency translation adjustments	$	(220,224)	$	(107,130)
Pension and other postretirement benefit plans	(45,258)		(50,448)
Changes in fair value of cash flow hedges and other	(741)		3,526
	$	(266,223)	$	(154,052)

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

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended December 31, 2022, 2021 and 2020 were as follows:


	Years Ended December 31,
	2022		2021		2020
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	5,915	$	—	$	—
Tax benefit	—		—		—
Net of tax	$	5,915	$	—	$	—
Pension and other postretirement benefit plans:
Amortization of actuarial losses	$	2,965	$	12,278	$	8,583
Amortization of prior service costs and transition obligation	1,074		1,304		1,442
Settlement and curtailment	4,282		1,482		25
Total before tax	8,321		15,064		10,050
Tax benefit	(1,842)		(3,423)		(2,184)
Net of tax	$	6,479	$	11,641	$	7,866
Cash flow hedges:
Net gains reclassified into earnings	$	(4,797)	$	(6,271)	$	(817)
Tax expense	1,065		1,400		185
Net of tax	$	(3,732)	$	(4,871)	$	(632)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Financial Information

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


	Years Ended December 31,
	2022			2021			2020
Revenue:
Engineered Products	$	2,043,632		$	1,780,827		$	1,531,277
Clean Energy & Fueling	1,878,507			1,648,153			1,476,282
Imaging & Identification	1,123,815			1,163,367			1,038,178
Pumps & Process Solutions	1,728,235			1,708,634			1,324,003
Climate & Sustainability Technologies	1,737,724			1,608,175			1,316,090
Intersegment eliminations	(3,825)			(2,075)			(2,070)
Total consolidated revenue	$	8,508,088		$	7,907,081		$	6,683,760
Net earnings:
Segment earnings:
Engineered Products	$	346,519		$	277,852		$	265,143
Clean Energy & Fueling	352,993			327,186			290,233
Imaging & Identification	268,084			266,932			224,033
Pumps & Process Solutions	533,018			575,593			348,733
Climate & Sustainability Technologies	254,484			185,517			126,093
Total segment earnings	1,755,098			1,633,080			1,254,235
Purchase accounting expenses (1)	181,103			141,980			138,515
Restructuring and other costs (2)	38,990			38,436			51,472
Loss (gain) on dispositions (3)	194			(206,338)			(5,213)
Corporate expense / other (4)	135,280			156,298			119,361
Interest expense	116,456			106,319			111,937
Interest income	(4,430)			(4,441)			(3,571)

Earnings before provision for income taxes	1,287,505			1,400,826			841,734
Provision for income taxes	222,129			277,008			158,283
Net earnings	$	1,065,376		$	1,123,818		$	683,451
Segment margins:
Engineered Products	17.0		%	15.6		%	17.3		%
Clean Energy & Fueling	18.8		%	19.9		%	19.7		%
Imaging & Identification	23.9		%	22.9		%	21.6		%
Pumps & Process Solutions	30.8		%	33.7		%	26.3		%
Climate & Sustainability Technologies	14.6		%	11.5		%	9.6		%
Total segments	20.6		%	20.7		%	18.8		%
Net earnings	12.5		%	14.2		%	10.2		%
Depreciation and amortization:
Other depreciation and amortization (5):
Engineered Products	$	27,745		$	27,036		$	25,242
Clean Energy & Fueling	28,815			25,842			26,053
Imaging & Identification	14,185			14,189			13,795
Pumps & Process Solutions	40,839			39,272			38,667
Climate & Sustainability Technologies	26,204			26,987			24,582
Total other depreciation and amortization	137,788			133,326			128,339
Corporate depreciation and amortization	8,137			7,250			6,535
Depreciation and amortization included in purchase accounting expenses and restructuring and other	161,613			149,547			144,177
Consolidated total	$	307,538		$	290,123		$	279,051

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


	Years Ended December 31,
	2022		2021		2020
Restructuring	$	30,480	$	26,705	$	44,468
Other costs, net	8,510		11,731		7,004
Restructuring and other costs	$	38,990	$	38,436	$	51,472

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

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

Reconciliation of Assets from Segment to Consolidated

Selected financial information by segment (continued):


Capital expenditures:	2022		2021		2020
Engineered Products	$	39,765	$	48,453	$	23,515
Clean Energy & Fueling	33,489		25,167		26,903
Imaging & Identification	14,695		10,671		10,690
Pumps & Process Solutions	82,817		44,578		52,804
Climate & Sustainability Technologies	41,426		34,335		42,923
Corporate	8,770		8,261		8,857
Consolidated total	$	220,962	$	171,465	$	165,692


Total assets at December 31:	2022		2021
Engineered Products	$	1,771,689	$	1,678,317
Clean Energy & Fueling	3,068,260		3,201,504
Imaging & Identification	1,821,649		1,871,039
Pumps & Process Solutions (6)	2,161,210		1,709,852
Climate & Sustainability Technologies	1,525,449		1,358,118
Corporate (7)	548,262		584,797


Total assets	$	10,896,519	$	10,403,627

(6) Increase primarily driven by 2022 acquisitions. See Note 3 — Acquisitions for additional information.

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

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


	Revenue						Long-Lived Assets (8)
	Years Ended December 31,						At December 31,
	2022		2021		2020		2022		2021
United States	$	4,847,321	$	4,305,957	$	3,677,285	$	629,140	$	584,948
Europe	1,792,020		1,797,138		1,482,520		291,921		283,952
Asia	939,093		901,141		745,150		57,253		62,210
Other Americas	667,673		612,751		535,091		21,763		20,627
Other	261,981		290,094		243,714		4,748		5,573
Consolidated total	$	8,508,088	$	7,907,081	$	6,683,760	$	1,004,825	$	957,310

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

Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Years Ended December 31,
	2022		2021		2020


Net earnings	$	1,065,376	$	1,123,818	$	683,451

Basic earnings per common share:


Net earnings	$	7.47	$	7.81	$	4.74

Weighted average basic shares outstanding	142,681,000		143,923,000		144,050,000
Diluted earnings per common share:


Net earnings	$	7.42	$	7.74	$	4.70

Weighted average diluted shares outstanding	143,595,000		145,273,000		145,393,000

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:


	Years Ended December 31,
	2022	2021	2020
Weighted average shares outstanding - basic	142,681,000	143,923,000	144,050,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	914,000	1,350,000	1,343,000
Weighted average shares outstanding - diluted	143,595,000	145,273,000	145,393,000

Description of Business and Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Goodwill [Line Items]
Number of reportable segments \| segment	5
Impairment loss on goodwill	$ 0	$ 0	$ 0
Impairment loss on indefinite-lived intangible assets	$ 0	0	0
Service requisite period	3 years
Research and development expense	$ 163,300,000	$ 157,826,000	$ 142,101,000
Research and development expense as a percent of revenue (in percent)	0.019	0.02	0.021
Advertising expense	$ 25,905,000	$ 23,685,000	$ 21,375,000
Product Concentration Risk \| Revenue Benchmark \| Service Revenue
Goodwill [Line Items]
Concentration risk (in percent)	5.00%
Minimum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	5 years
Minimum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Minimum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	3 years
Maximum \| Buildings and improvements
Goodwill [Line Items]
Property, plant and equipment useful life	31 years 6 months
Maximum \| Machinery and Equipment
Goodwill [Line Items]
Property, plant and equipment useful life	15 years
Maximum \| Furniture and Fixtures
Goodwill [Line Items]
Property, plant and equipment useful life	7 years
Maximum \| Vehicles
Goodwill [Line Items]
Property, plant and equipment useful life	7 years
Maximum \| Software
Goodwill [Line Items]
Property, plant and equipment useful life	10 years
Other intangibles \| Minimum
Goodwill [Line Items]
Other intangible assets, useful life	5 years
Other intangibles \| Maximum
Goodwill [Line Items]
Other intangible assets, useful life	20 years

Revenue - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Future performance obligation	$ 296,698
Revenue recognized during the period	$ 196,891	$ 163,546
Recognized at a point in time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	95.00%
Recognized over time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	5.00%
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
General range of payment terms	30 days
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
General range of payment terms	90 days
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation (in percent)	63.10%
Expected timing of performance obligation satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Expected timing of performance obligation satisfaction

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 11,074	$ 11,440	$ 15,020
Contract liabilities - current	256,933	227,549	184,845
Contract liabilities - non-current	$ 19,879	$ 21,513	$ 13,921

Acquisitions - Narrative (Details)																	12 Months Ended
Acquisitions - Narrative (Details)	Dec. 14, 2022 USD ($)	Jul. 01, 2022 USD ($)	May 02, 2022 USD ($)	Dec. 28, 2021 USD ($)	Dec. 16, 2021 USD ($)	Oct. 15, 2021 USD ($)	Sep. 15, 2021 USD ($)	Jul. 23, 2021 USD ($)	Jun. 24, 2021 USD ($)	Jun. 23, 2021 USD ($)	Apr. 19, 2021 USD ($)	Dec. 30, 2020 USD ($)	Aug. 20, 2020 USD ($)	Apr. 30, 2020 USD ($)	Feb. 18, 2020 USD ($)	Jan. 24, 2020 USD ($)	Dec. 31, 2022 USD ($) business acquisition	Dec. 31, 2021 USD ($) business	Dec. 31, 2020 USD ($) business acquisition
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) \| business																	3	9
Total consideration, net of cash acquired																	$ 312,855,000	$ 1,112,075,000	$ 335,786,000
Cash acquired																		18,475,000
Contingent consideration																		13,002,000
Number of business acquisitions with contingent consideration \| acquisition																	1
Acquisitions																	$ 200,513,000	582,117,000
Intangible assets																	124,416,000
Goodwill recorded in acquisition																	4,669,494,000	4,558,822,000	$ 4,072,542,000
Consideration transferred																		1,125,786,000
Measurement period adjustments																	1,570,000	714,000
Number of immaterial aquisitions \| acquisition																			1
Acquisition-related Costs
Business Acquisition [Line Items]
Revenue																	5,855,000
Fair Value Adjustment to Inventory
Business Acquisition [Line Items]
Revenue																	15,082,000
Pumps & Process Solutions
Business Acquisition [Line Items]
Acquisitions																	200,513,000	15,018,000
Goodwill recorded in acquisition																	979,535,000	792,839,000	$ 786,280,000
Measurement period adjustments																	$ 968,000	$ 0
Malema Engineering Corporation
Business Acquisition [Line Items]
Total consideration, net of cash acquired		$ 223,462,000
Percentage acquired (in percent)		99.70%															0.30%
Contingent consideration, earnout financial performance target, each period		12 months
Contingent consideration, earnout financial performance target, maturity period		2 years
Contingent consideration payout maximum		$ 50,000,000
Fair value of contingent liability		0
Acquisitions		153,082,000
Intangible assets		84,000,000
Goodwill recorded in acquisition		153,082,000
Measurement period adjustments		1,381,000
Malema Engineering Corporation \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		64,000,000
Malema Engineering Corporation \| Patents
Business Acquisition [Line Items]
Intangible assets		16,000,000
Malema Engineering Corporation \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 4,000,000
Witte Pumps & Technology GmbH
Business Acquisition [Line Items]
Total consideration, net of cash acquired	$ 81,293,000
Percentage acquired (in percent)	100.00%
Intangible assets	$ 34,791,000
Goodwill recorded in acquisition	$ 45,528,000
AMN DPI
Business Acquisition [Line Items]
Total consideration, net of cash acquired			$ 8,100,000
Percentage acquired (in percent)			100.00%
Intangible assets			$ 5,625,000
Goodwill recorded in acquisition			$ 1,903,000
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) \| business																	2	7	6
Total consideration, net of cash acquired																			$ 335,786,000
Goodwill - tax deductible																			33,183,000
Goodwill - non deductible																			172,622,000
Intangible assets																	$ 40,416,000	$ 78,179,000	134,049,000
Goodwill recorded in acquisition																	47,431,000	$ 135,932,000	205,805,000
Series of individually immaterial acquistions \| Pumps & Process Solutions
Business Acquisition [Line Items]
Number of business acquisitions (in businesses) \| business																		1
Series of individually immaterial acquistions \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets																			103,310,000
Series of individually immaterial acquistions \| Trademarks
Business Acquisition [Line Items]
Intangible assets																			9,614,000
Series of individually immaterial acquistions \| Unpatented technology
Business Acquisition [Line Items]
Intangible assets																			$ 21,125,000
RegO
Business Acquisition [Line Items]
Total consideration, net of cash acquired				$ 626,618,000
Cash acquired				10,382,000
Goodwill - tax deductible				170,800,000
Goodwill - non deductible				$ 110,363,000
Percentage acquired (in percent)				100.00%
Intangible assets				$ 234,000,000
Accounts receivable				33,900,000
Goodwill recorded in acquisition				281,163,000
Fair value of trade receivables acquired				34,606,000
Allowance for uncollectable accounts				(706,000)
Measurement period adjustments																	$ 4,187,000
RegO \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets				173,000,000
RegO \| Patents
Business Acquisition [Line Items]
Intangible assets				40,000,000
RegO \| Trademarks
Business Acquisition [Line Items]
Intangible assets				$ 21,000,000
Acme Cryogenics
Business Acquisition [Line Items]
Total consideration, net of cash acquired					$ 292,306,000
Goodwill - non deductible					$ 167,291,000
Percentage acquired (in percent)					100.00%
Intangible assets					$ 127,300,000
Accounts receivable					14,644,000
Goodwill recorded in acquisition					167,291,000
Allowance for uncollectable accounts					(268,000)
Measurement period adjustments					(1,918,000)
Gross trade receivables acquired					14,912,000
Acme Cryogenics \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets					99,000,000
Acme Cryogenics \| Trademarks
Business Acquisition [Line Items]
Intangible assets					6,500,000
Acme Cryogenics \| Unpatented technology
Business Acquisition [Line Items]
Intangible assets					$ 21,800,000
LIQAL
Business Acquisition [Line Items]
Total consideration, net of cash acquired						$ 27,701,000
Percentage acquired (in percent)						100.00%
Acquisitions						$ 23,473,000
Intangible assets						$ 8,235,000
Espy
Business Acquisition [Line Items]
Total consideration, net of cash acquired							$ 60,457,000
Percentage acquired (in percent)							100.00%
Acquisitions							$ 29,317,000
Intangible assets							$ 21,100,000
CDS Visual
Business Acquisition [Line Items]
Total consideration, net of cash acquired								$ 29,147,000
Percentage acquired (in percent)								100.00%
Acquisitions								$ 20,863,000
Intangible assets								$ 9,930,000
Blue Bite
Business Acquisition [Line Items]
Total consideration, net of cash acquired									$ 30,143,000
Percentage acquired (in percent)									100.00%
Acquisitions									$ 20,458,000
Intangible assets									$ 13,250,000
Quantex
Business Acquisition [Line Items]
Total consideration, net of cash acquired										$ 23,747,000
Percentage acquired (in percent)										100.00%
Acquisitions										$ 14,327,000
Intangible assets										$ 11,034,000
AvaLAN
Business Acquisition [Line Items]
Total consideration, net of cash acquired											$ 34,144,000
Percentage acquired (in percent)											100.00%
Acquisitions											$ 26,803,000
Intangible assets											$ 14,630,000
ICS
Business Acquisition [Line Items]
Total consideration, net of cash acquired												$ 77,030,000
Percentage acquired (in percent)												100.00%
Solaris
Business Acquisition [Line Items]
Total consideration, net of cash acquired													$ 18,680,000
Percentage acquired (in percent)													100.00%
Em-tec
Business Acquisition [Line Items]
Total consideration, net of cash acquired														$ 30,396,000
Percentage acquired (in percent)														100.00%
Soft-Pak
Business Acquisition [Line Items]
Total consideration, net of cash acquired															$ 45,500,000
Percentage acquired (in percent)															100.00%
Systech
Business Acquisition [Line Items]
Total consideration, net of cash acquired																$ 161,830,000
Percentage acquired (in percent)																100.00%

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Jul. 01, 2022	Dec. 31, 2021	Dec. 28, 2021	Dec. 16, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 4,669,494		$ 4,558,822			$ 4,072,542
Intangible assets	124,416
Malema Engineering Corporation
Business Acquisition [Line Items]
Current assets, net of cash acquired		$ 8,985
Property, plant and equipment		2,733
Goodwill		153,082
Intangible assets		84,000
Other assets and deferred charges		1,159
Current liabilities		(4,487)
Non-current liabilities		(22,010)
Net assets acquired		$ 223,462
RegO
Business Acquisition [Line Items]
Accounts receivable				$ 33,900
Inventories				71,529
Other current assets				2,958
Property, plant and equipment				50,027
Goodwill				281,163
Intangible assets				234,000
Other assets and deferred charges				884
Current liabilities				(20,150)
Non-current liabilities				(27,693)
Net assets acquired				$ 626,618
Acme Cryogenics
Business Acquisition [Line Items]
Accounts receivable					$ 14,644
Current assets, net of cash acquired					25,932
Property, plant and equipment					8,640
Goodwill					167,291
Intangible assets					127,300
Other assets and deferred charges					5,057
Current liabilities					(7,286)
Non-current liabilities					(34,628)
Net assets acquired					$ 292,306
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Current assets, net of cash acquired	23,369		12,751			44,159
Property, plant and equipment	4,325		8,272			8,424
Goodwill	47,431		135,932			205,805
Intangible assets	40,416		78,179			134,049
Other assets and deferred charges	20		4,485			12,986
Current liabilities	(13,614)		(15,368)			(34,803)
Non-current liabilities	(12,554)		(17,389)			(34,834)
Net assets acquired	$ 89,393		$ 206,862			$ 335,786

Acquisitions - Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Intangible assets	$ 124,416
2022 Acquisitions
Business Acquisition [Line Items]
Goodwill - non deductible	200,513
Goodwill and intangible assets	324,929
2021 Acquisitions
Business Acquisition [Line Items]
Goodwill - tax deductible		$ 200,117
Goodwill - non deductible		384,269
Goodwill and intangible assets		1,023,865
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Goodwill - tax deductible			$ 33,183
Goodwill - non deductible			172,622
Intangible assets	40,416	78,179	134,049
Goodwill and intangible assets			339,854
Customer intangibles \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 90,657
Customer intangibles \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets		$ 310,819
Customer intangibles \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets			$ 103,310
Customer intangibles \| Minimum \| 2022 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)	10 years
Customer intangibles \| Minimum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		12 years
Customer intangibles \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			10 years
Customer intangibles \| Maximum \| 2022 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)	15 years
Customer intangibles \| Maximum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		15 years
Customer intangibles \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			14 years
Patents \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 16,000
Useful life (in years)	10 years
Patents \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets		$ 49,056
Patents \| Minimum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		7 years
Patents \| Maximum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		12 years
Unpatented technology \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 10,355
Useful life (in years)	8 years
Unpatented technology \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets		$ 44,180
Unpatented technology \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets			$ 21,125
Unpatented technology \| Minimum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		7 years
Unpatented technology \| Minimum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			5 years
Unpatented technology \| Maximum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		12 years
Unpatented technology \| Maximum \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Useful life (in years)			9 years
Trademarks \| 2022 Acquisitions
Business Acquisition [Line Items]
Intangible assets	$ 7,404
Useful life (in years)	15 years
Trademarks \| 2021 Acquisitions
Business Acquisition [Line Items]
Intangible assets		$ 35,424
Trademarks \| Series of individually immaterial acquistions
Business Acquisition [Line Items]
Intangible assets			$ 9,614
Useful life (in years)			15 years
Trademarks \| Minimum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		15 years
Trademarks \| Maximum \| 2021 Acquisitions
Business Acquisition [Line Items]
Useful life (in years)		16 years

Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	12 Months Ended
Acquisitions - Pro Forma (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings:
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
RegO and Acme
Revenue:
As reported		7,907,081	6,683,760
Pro forma (unaudited)		8,163,185	6,920,929
Earnings:
Net earnings		1,123,818	683,451
Pro forma (unaudited)		$ 1,145,106	$ 669,458

- Definition

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

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- Definition

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

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+ Details

Dispositions (Details) $ in Thousands				12 Months Ended
Dispositions (Details) $ in Thousands	Dec. 01, 2021 USD ($)	Nov. 16, 2021 USD ($)	Mar. 06, 2020 USD ($)	Dec. 31, 2022 USD ($) disposition	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of immaterial disposition \| disposition				1
Proceeds from dispositions			$ 15,400
Loss (gain) on dispositions				$ 194	$ (206,338)	$ (5,213)
Gain on disposition of assets				$ 0	206,338	$ 5,213
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of equity method investment					24,723
Unified Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from dispositions	$ 229,024
Unified Brands \| Climate & Sustainability Technologies
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss (gain) on dispositions					$ 181,615
Race Winning Brands
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of equity method investment		$ 45,958

Inventories, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory, Net [Abstract]
Raw materials	$ 812,066	$ 671,195
Work in progress	230,865	271,659
Finished goods	458,881	377,800
Subtotal	1,501,812	1,320,654
Less reserves	(135,204)	(129,559)
Total	$ 1,366,608	$ 1,191,095
Percentage of LIFO inventory	4.00%	4.00%

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,578,497	$ 2,462,443
Total accumulated depreciation	(1,573,672)	(1,505,133)
Property, plant and equipment, net	1,004,825	957,310
Depreciation	148,910	147,309	$ 140,008
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	62,495	63,656
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	620,500	582,314
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,895,502	$ 1,816,473

Leases - Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Lease Costs:
Fixed	$ 53,428	$ 54,397	$ 52,875
Variable	7,512	6,281	5,973
Short-term	22,097	17,847	18,436
Total	$ 83,037	$ 78,525	$ 77,284

Leases - Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Cash Flow (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 54,268	$ 55,921	$ 53,903
Operating cash flows for finance leases	335	357	434
Financing cash flows for finance leases	2,917	3,073	2,523
Total	57,520	59,351	56,860
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	57,190	47,666	21,381
Financing leases	3,149	2,016	3,708
Total	$ 60,339	$ 49,682	$ 25,089

Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Right-of-use assets:
Other assets and deferred charges	$ 197,058	$ 169,022
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Lease liabilities:
Other accrued expenses	$ 42,649	$ 43,086
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 165,741	$ 134,448
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total operating lease liabilities	$ 208,390	$ 177,534
Right-of-use assets:
Property and equipment, net	$ 7,846	$ 8,588
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Lease liabilities:
Other accrued expenses	$ 2,554	$ 2,475
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other accrued expenses	Other accrued expenses
Other liabilities	$ 6,189	$ 6,767
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities	Other liabilities
Total finance lease liabilities	$ 8,743	$ 9,242
Accumulated depreciation	$ 8,017	$ 7,675

Leases - Maturity Table (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Operating
2023	$ 47,843
2024	40,524
2025	32,759
2026	23,009
2027	19,447
Thereafter	81,937
Present value of lease liabilities	245,519
Less interest	(37,129)
Total operating lease liabilities	208,390	$ 177,534
Finance
2023	2,860
2024	2,432
2025	1,963
2026	1,480
2027	816
Thereafter	1
Total lease payments	9,552
Less interest	(809)
Present value of lease liabilities	$ 8,743	$ 9,242

Leases - Assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease term (years)
Operating leases	7 years 9 months 18 days	5 years 9 months 18 days	5 years 10 months 24 days
Finance leases	3 years 7 months 6 days	4 years 2 months 12 days	4 years 9 months 18 days
Weighted-average discount rate
Operating leases	3.50%	2.70%	2.90%
Finance leases	3.40%	3.40%	3.60%

Credit Losses (Details) - USD ($) $ in Thousands	12 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance, January 1,	$ 40,126	$ 40,474	$ 29,381
Adoption of ASU No. 2016-13, cumulative-effect adjustment to retained earnings	0	0	2,706
Provision for expected credit losses, net of recoveries	5,552	5,053	11,171
Amounts written off charged against the allowance	(4,462)	(5,307)	(3,863)
Other, including dispositions and foreign currency translation	(1,817)	(94)	1,079
Ending balance, December 31	$ 39,399	$ 40,126	$ 40,474

Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adoption of ASU No. 2016-13- CECL		$ 4,286,366	$ 4,189,528
Cumulative Effect, Period of Adoption, Adjustment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adoption of ASU No. 2016-13- CECL					$ (2,112)
Cumulative Effect, Period of Adoption, Adjustment \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adoption of ASU No. 2016-13- CECL					$ (2,112)
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2016-13 \| Retained Earnings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Adoption of ASU No. 2016-13- CECL				$ (2,100)
Retained earnings effect, tax	$ 600

- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill			$ 4,143,103
Accumulated impairment loss			(70,561)
Beginning balance	$ 4,558,822	$ 4,072,542
Acquisitions	200,513	582,117
Disposition of business	0	(34,662)
Measurement period adjustments	1,570	714
Foreign currency translation	(91,411)	(61,889)
Ending balance	4,669,494	4,558,822
Engineered Products
Goodwill [Roll Forward]
Goodwill			693,576
Accumulated impairment loss			(10,591)
Beginning balance	723,283	682,985
Acquisitions	0	50,180
Disposition of business		0
Measurement period adjustments	(286)	0
Foreign currency translation	(10,455)	(9,882)
Ending balance	712,542	723,283
Clean Energy & Fueling
Goodwill [Roll Forward]
Goodwill			940,973
Accumulated impairment loss			0
Beginning balance	1,427,691	940,973
Acquisitions	0	496,461
Disposition of business		0
Measurement period adjustments	2,432	2,640
Foreign currency translation	(38,705)	(12,383)
Ending balance	1,391,418	1,427,691
Imaging & Identification
Goodwill [Roll Forward]
Goodwill			1,117,589
Accumulated impairment loss			0
Beginning balance	1,106,202	1,117,589
Acquisitions	0	20,458
Disposition of business		0
Measurement period adjustments	(1,544)	(1,926)
Foreign currency translation	(26,399)	(29,919)
Ending balance	1,078,259	1,106,202
Pumps & Process Solutions
Goodwill [Roll Forward]
Goodwill			846,250
Accumulated impairment loss			(59,970)
Beginning balance	792,839	786,280
Acquisitions	200,513	15,018
Disposition of business		0
Measurement period adjustments	968	0
Foreign currency translation	(14,785)	(8,459)
Ending balance	979,535	792,839
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Goodwill			544,715
Accumulated impairment loss			$ 0
Beginning balance	508,807	544,715
Acquisitions	0	0
Disposition of business		(34,662)
Measurement period adjustments	0	0
Foreign currency translation	(1,067)	(1,246)
Ending balance	$ 507,740	$ 508,807

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Acquisitions	$ 200,513	$ 582,117
Disposition of business	$ 0	(34,662)
Fair value discount rate, percent	9.50%
Intangible assets	$ 124,416
Amortization expense	158,628	$ 142,814	$ 139,043
Electric Refuse Collection Vehicles
Goodwill [Line Items]
Purchase price	29,750
Contingent consideration	$ 20,000

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 2,749,997	$ 2,654,351
Accumulated Amortization	1,512,806	1,391,538
Net Carrying Amount	1,237,191	1,262,813
Unamortized intangible assets:	96,544	96,709
Total, Gross Carrying Amount	2,846,541	2,751,060
Total, Net Carrying Amount	1,333,735	1,359,522
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	1,881,402	1,829,492
Accumulated Amortization	996,947	909,776
Net Carrying Amount	884,455	919,716
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Amount	265,466	263,367
Accumulated Amortization	132,791	116,633
Net Carrying Amount	132,675	146,734
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Amount	219,199	205,910
Accumulated Amortization	146,337	140,327
Net Carrying Amount	72,862	65,583
Unpatented technology
Finite-Lived Intangible Assets [Line Items]
Gross Amount	257,428	221,239
Accumulated Amortization	137,750	123,464
Net Carrying Amount	119,678	97,775
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	79,622	84,204
Accumulated Amortization	57,299	55,260
Net Carrying Amount	22,323	28,944
Drawings and manuals
Finite-Lived Intangible Assets [Line Items]
Gross Amount	26,062	27,792
Accumulated Amortization	26,062	27,303
Net Carrying Amount	0	489
Other intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Amount	20,818	22,347
Accumulated Amortization	15,620	18,775
Net Carrying Amount	5,198	3,572
Trademarks
Finite-Lived Intangible Assets [Line Items]
Accumulated Amortization	0	0
Unamortized intangible assets:	$ 96,544	$ 96,709

Goodwill and Other Intangible Assets - Future Amortization (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 154,124
2024	149,866
2025	145,857
2026	138,090
2027	$ 135,785

Other Accrued Expenses and Other Liabilities - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accrued Liabilities and Other Liabilities [Abstract]
Accrued rebates and volume discounts	$ 47,660	$ 52,909
Warranty	43,351	43,449
Operating lease liabilities	42,649	43,086
Taxes other than income	33,782	49,992
Accrued interest	20,591	20,426
Accrued commissions (non-employee)	15,808	16,273
Restructuring and exit costs	14,510	13,797
Other (none of which are individually significant)	99,986	107,165
Total other accrued expenses	$ 318,337	347,097
Deferral of employment taxes related to U.S. CARES Act		$ 15,300

Other Accrued Expenses and Other Liabilities - Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Operating lease liabilities	$ 165,741	$ 134,448
Defined benefit and other post-retirement benefit plans	92,630	138,992
Deferred compensation	82,479	88,681
Unrecognized tax benefits	34,361	79,757
Legal and environmental	30,139	31,304
Deferred revenue	19,879	21,513	$ 13,921
Warranty	5,098	5,119
Other	44,576	32,728
Other liabilities	$ 474,903	$ 532,542

Other Accrued Expenses and Other Liabilities - Warranty Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 48,568	$ 51,088	$ 49,116
Provision for warranties	60,758	67,212	60,902
Settlements made	(59,612)	(65,498)	(60,853)
Other adjustments, including acquisitions and currency translation	(1,265)	(4,234)	1,923
Ending Balance	$ 48,449	$ 48,568	$ 51,088

Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 30,480	$ 26,705	$ 44,468
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring	6,855	12,895	18,895
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring	23,625	13,810	25,573
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring	2,321	2,021	4,145
Engineered Products \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	3,194	9,507	10,307
Clean Energy & Fueling \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	9,571	3,609	6,681
Imaging & Identification \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	4,702	4,589	5,946
Pumps & Process Solutions \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	4,685	1,911	13,374
Climate & Sustainability Technologies \| Total segments
Restructuring Cost and Reserve [Line Items]
Restructuring	$ 6,007	$ 5,068	$ 4,015

Restructuring Activities (Details) - USD ($) $ in Thousands	12 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 13,797	$ 14,913	$ 16,390
Payments	(22,134)	(17,122)	(35,803)
Restructuring	30,480	26,705	44,468
Other, including foreign currency translation	(7,633)	(10,699)	(10,142)
Ending balance	14,510	13,797	14,913
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	10,730	10,547	13,751
Payments	(13,975)	(10,951)	(29,768)
Restructuring	15,388	11,561	25,716
Other, including foreign currency translation	(136)	(427)	848
Ending balance	12,007	10,730	10,547
Exit
Restructuring Reserve [Roll Forward]
Beginning balance	3,067	4,366	2,639
Payments	(8,159)	(6,171)	(6,035)
Restructuring	15,092	15,144	18,752
Other, including foreign currency translation	(7,497)	(10,272)	(10,990)
Ending balance	$ 2,503	$ 3,067	$ 4,366

Borrowings - Short Term (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Short-term Debt	$ 836	$ 702
Commercial paper	734,936	105,000
Short-term borrowings	$ 735,772	$ 105,702

Borrowings - Narrative (Details) - USD ($)	12 Months Ended
Borrowings - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Letters of credit outstanding	$ 180,300,000
Interest coverage ratio	1530.00%
Commercial Paper
Line of Credit Facility [Line Items]
Increase in borrowings	$ 629,936,000
Weighted average interest rate	2.29%	0.38%
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Term	5 years
Interest coverage ratio required	300.00%
Outstanding borrowings	$ 0

Borrowings - Summary (Details) € in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Total long-term debt	$ 2,942,513		$ 3,018,714
Unamortized discount	12,700		15,100
Deferred debt issuance cost	10,700		12,500
3.15% 10-year notes due November 15, 2025
Debt Instrument [Line Items]
Principal	400,000
Total long-term debt	$ 398,063		397,389
Debt instrument, stated interest rate	3.15%	3.15%
Term	10 years
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Debt Instrument [Line Items]
Principal \| €		€ 600,000
Total long-term debt	$ 631,522		674,217
Debt instrument, stated interest rate	1.25%	1.25%
Term	10 years
0.750% 8-year notes due November 4, 2027 (euro denominated)
Debt Instrument [Line Items]
Principal \| €		€ 500,000
Total long-term debt	$ 525,654		561,293
Debt instrument, stated interest rate	0.75%	0.75%
Term	8 years
6.65% 30-year debentures due June 1, 2028
Debt Instrument [Line Items]
Principal	$ 200,000
Total long-term debt	$ 199,456		199,356
Debt instrument, stated interest rate	6.65%	6.65%
Term	30 years
2.950% 10-year notes due November 4, 2029
Debt Instrument [Line Items]
Principal			300,000
Total long-term debt	$ 297,408		297,029
Debt instrument, stated interest rate	2.95%	2.95%
Term	10 years
5.375% 30-year debentures due October 15, 2035
Debt Instrument [Line Items]
Principal	$ 300,000
Total long-term debt	$ 296,808		296,559
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years
6.60% 30-year notes due March 15, 2038
Debt Instrument [Line Items]
Principal	$ 250,000
Total long-term debt	$ 248,279		248,166
Debt instrument, stated interest rate	6.60%	6.60%
Term	30 years
5.375% 30-year notes due March 1, 2041
Debt Instrument [Line Items]
Principal	$ 350,000
Total long-term debt	$ 344,982		344,705
Debt instrument, stated interest rate	5.375%	5.375%
Term	30 years
Other
Debt Instrument [Line Items]
Total long-term debt	$ 341		$ 0

Borrowings - Maturity (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2024	$ 118
2025	400,103
2026	635,915
2027	529,829
2028 and thereafter	1,400,000
Total	$ 2,965,965

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2022 EUR (€)	Dec. 31, 2021 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,786,862		$ 3,440,501
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	184,565		180,929
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional amount	$ 102,509		$ 108,736
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000
0.750% 8-year notes due November 4, 2027 (euro denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 944	$ 2,825
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (2,760)	$ (433)

Financial Instruments - Gain/Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on euro-denominated debt	$ 80,301	$ 94,003	$ (119,298)
Tax (expense) benefit	(17,824)	(20,976)	26,957
Net gain (loss) on net investment hedges, net of tax	$ 62,477	$ 73,027	$ (92,341)

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Assets:
Foreign currency cash flow hedges	$ 944	$ 2,825
Liabilities:
Foreign currency cash flow hedges	$ 2,760	$ 433

Income Taxes - Earnings (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Earnings (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings before provision for income taxes and discontinued operations [Abstract]
Domestic	$ 731,796	$ 835,773	$ 464,145
Foreign	555,709	565,053	377,589
Earnings before provision for income taxes	$ 1,287,505	$ 1,400,826	$ 841,734

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
U.S. federal	$ 106,768	$ 150,990	$ 79,305
State and local	1,450	28,106	13,312
Foreign	140,696	154,147	97,106
Total current	248,914	333,243	189,723
Deferred:
U.S. federal	(4,760)	(14,143)	2,777
State and local	303	3,165	(10,526)
Foreign	(22,328)	(45,257)	(23,691)
Total deferred	(26,785)	(56,235)	(31,440)
Total expense	$ 222,129	$ 277,008	$ 158,283

Income Taxes - Rate Reconciliation (Details)	12 Months Ended
Income Taxes - Rate Reconciliation (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]
U.S. federal income tax rate	21.00%	21.00%	21.00%
State and local taxes, net of federal income tax benefit	1.60%	1.80%	1.70%
Foreign operations tax effect	0.10%	(0.20%)	(0.80%)
Foreign-derived intangible income	(1.30%)	(0.80%)	(1.10%)
Share awards	(0.20%)	(0.80%)	(1.20%)
Dispositions	0.00%	0.30%	0.00%
Audit resolutions	(3.20%)	(1.40%)	(0.90%)
Other	(0.70%)	(0.10%)	0.10%
Effective tax rate	17.30%	19.80%	18.80%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits	$ 46,008	$ 61,388
Accrued expenses	20,608	30,143
Net operating loss and other carryforwards	317,186	334,483
Inventories	30,569	28,698
Allowance for credit losses	9,224	9,988
Accrued insurance	3,978	4,708
Long-term liabilities, warranty and environmental costs	2,851	3,043
Lease obligations	47,887	41,653
Capitalized research and development	26,548	0
Total gross deferred tax assets	504,859	514,104
Valuation allowance	(271,203)	(306,066)
Total deferred tax assets, net of valuation allowances	233,656	208,038
Deferred Tax Liabilities:
Intangible assets	(417,809)	(392,208)
Property, plant and equipment	(82,658)	(77,918)
Lease right-of-use assets	(45,202)	(40,181)
Other liabilities	(27,447)	(28,786)
Total gross deferred tax liabilities	(573,116)	(539,093)
Net deferred tax liability	(339,460)	(331,055)
Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges	35,690	33,062
Deferred income taxes	$ (375,150)	$ (364,117)

Income Taxes - Narrative (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Loss Carryforwards [Line Items]
Non-U.S. operating loss carryforwards	$ 263,260
Deferred tax assets related to U.S. federal and state tax loss and tax credit carryforward	53,617
Minimum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	0
Maximum
Operating Loss Carryforwards [Line Items]
Possible change in unrecognized tax benefits balance	5,113
Foreign Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	59,366
Operating loss carryforward not subject to expiration	203,894
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards subject to expiration	46,186
Operating loss carryforward not subject to expiration	$ 7,431

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 64,652	$ 72,338	$ 83,214
Additions based on tax positions related to the current year	3,315	5,859	3,134
Additions for tax positions of prior years	3,421	3,784	5,490
Reductions for tax positions of prior years	(39,439)	(13,008)	(3,599)
Cash settlements	(411)	(1,490)	(6,214)
Lapse of statutes	(3,352)	(2,831)	(9,687)
Ending balance	28,186	64,652	72,338
Unrecognized potential tax benefits that would impact effective tax rate	23,496
Potential interest and penalty expense (income)	8,931	2,654	$ 78
Accrued interest and penalties	$ 6,175	$ 15,107

Equity and Cash Incentive Program - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	May 03, 2012	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 07, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					13,188,197
Plan expiration period	10 years
Service requisite period		3 years
Award term		10 years
2021 Plan - Rollover from 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					4,888,197
2021 Plan - New Issuance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant					8,300,000
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		335,285	413,173	390,780
Unrecognized compensation expense		$ 9,855
Unrecognized compensation expense period of recognition		1 year 9 months 18 days
Fair value per share at date of grant (in dollars per share)		$ 42.07	$ 29.08	$ 22.54
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Service requisite period		3 years
Granted (in shares)		40,087	50,371	49,056
Vesting period		3 years
Unrecognized compensation expense		$ 7,702
Unrecognized compensation expense period of recognition		1 year 8 months 12 days
Fair value per share at date of grant (in dollars per share)		$ 196.40	$ 148.29	$ 165.71
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)		79,556	87,177	83,512
Vesting period		3 years
Unrecognized compensation expense		$ 9,762
Unrecognized compensation expense period of recognition		1 year 4 months 24 days
Fair value per share at date of grant (in dollars per share)		$ 160.21	$ 122.73	$ 119.86

Equity and Cash Incentive Program - Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 30,821	$ 31,111	$ 25,026
Tax benefit	(2,993)	(2,859)	(2,731)
Total stock-based compensation expense, net of tax	$ 27,828	$ 28,252	$ 22,295

Equity and Cash Incentive Program - Fair Value Assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.86%	0.59%	1.44%
Dividend yield	1.25%	1.62%	1.65%
Expected life (years)	5 years 4 months 24 days	5 years 6 months	5 years 6 months
Volatility	29.46%	30.49%	22.76%
Grant price (in dollars per share)	$ 160.21	$ 122.73	$ 119.86
Fair value per share at date of grant (in dollars per share)	$ 42.07	$ 29.08	$ 22.54
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.68%	0.19%	1.40%
Dividend yield	1.25%	1.62%	1.65%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	31.10%	31.90%	23.30%
Grant price (in dollars per share)	$ 160.21	$ 122.73	$ 119.86
Fair value per share at date of grant (in dollars per share)	$ 196.40	$ 148.29	$ 165.71

Equity and Cash Incentive Program - SARs Activity (Details) - Stock Appreciation Rights (SARs) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Outstanding, beginning balance (in shares)	2,377,384
Granted (in shares)	335,285	413,173	390,780
Forfeited/expired (in shares)	(76,856)
Exercised (in shares)	(191,271)
Outstanding, ending balance (in shares)	2,444,542	2,377,384
Exercisable (in shares)	1,443,544
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 89.49
Granted (in dollars per share)	160.21	$ 122.73	$ 119.86
Forfeited/Expired (in dollars per share)	135.59
Exercised (in dollars per share)	76.15
Ending balance (in dollars per share)	98.70	$ 89.49
Weighted Average Exercise Price, Exercisable (in dollars per share)	$ 74.87
Weighted Average Remaining Contractual Term (Years)
Outstanding	6 years
Exercisable	4 years 6 months

Equity and Cash Incentive Program - Outstanding and Exercisable Awards (Details) - Stock Appreciation Rights (SARs) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) $ / shares shares
Exercise Price Range [Line Items]
Outstanding, Number of Shares \| shares	2,444,542
Outstanding, Aggregate Intrinsic Value \| $	$ 97,201
Exercisable, Number of Shares \| shares	1,443,544
Exercisable, Aggregate Intrinsic Value \| $	$ 87,389
Exercise Price Range 1
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 48.28
Range of Exercise, upper range limit (in dollars per share)	$ 82.09
Outstanding, Number of Shares \| shares	1,009,878
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 67.86
Outstanding, Weighted Average Remaining Life in Years	3 years 9 months 18 days
Outstanding, Aggregate Intrinsic Value \| $	$ 68,217
Exercisable, Number of Shares \| shares	1,009,878
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 67.86
Exercisable , Weighted Average Remaining Life in Years	3 years 9 months 18 days
Exercisable, Aggregate Intrinsic Value \| $	$ 68,217
Exercise Price Range 2
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 84.94
Range of Exercise, upper range limit (in dollars per share)	$ 119.86
Outstanding, Number of Shares \| shares	771,613
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 103.70
Outstanding, Weighted Average Remaining Life in Years	6 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value \| $	$ 24,469
Exercisable, Number of Shares \| shares	433,666
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 91.20
Exercisable , Weighted Average Remaining Life in Years	6 years 1 month 6 days
Exercisable, Aggregate Intrinsic Value \| $	$ 19,172
Exercise Price Range 3
Exercise Price Range [Line Items]
Range of Exercise, lower range limit (in dollars per share)	$ 122.73
Range of Exercise, upper range limit (in dollars per share)	$ 160.21
Outstanding, Number of Shares \| shares	663,051
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 139.87
Outstanding, Weighted Average Remaining Life in Years	8 years 7 months 6 days
Outstanding, Aggregate Intrinsic Value \| $	$ 4,515
Exercisable, Number of Shares \| shares	0
Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 0
Exercisable , Weighted Average Remaining Life in Years	0 years
Exercisable, Aggregate Intrinsic Value \| $	$ 0

Equity and Cash Incentive Program - Other Information (Details) - Stock Appreciation Rights (SARs) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of SARs that became exercisable	$ 8,939	$ 10,199	$ 8,585
Aggregate intrinsic value of SARs exercised	$ 11,992	$ 62,895	$ 55,031

Equity and Cash Incentive Program - Performance Shares and RSU Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Performance Shares
Number of Shares
Unvested, beginning balance (in shares)	96,129
Granted (in shares)	40,087	50,371	49,056
Forfeited (in shares)	(4,690)
Vested (in shares)	(45,719)
Unvested, ending balance (in shares)	85,807	96,129
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 156.88
Granted (in dollars per share)	196.40	$ 148.29	$ 165.71
Forfeited (in dollars per share)	167.93
Vested (in dollars per share)	165.71
Unvested, ending balance (in dollars per share)	$ 170.03	$ 156.88
Restricted Stock Units (RSUs)
Number of Shares
Unvested, beginning balance (in shares)	202,682
Granted (in shares)	79,556	87,177	83,512
Forfeited (in shares)	(14,920)
Vested (in shares)	(119,642)
Unvested, ending balance (in shares)	147,676	202,682
Weighted Average Grant-Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 107.03
Granted (in dollars per share)	160.21	$ 122.73	$ 119.86
Forfeited (in dollars per share)	136.85
Vested (in dollars per share)	101.41
Unvested, ending balance (in dollars per share)	$ 135.98	$ 107.03

Equity and Cash Incentive Program - Shares Issued to Non-Employee Directors (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-Based Payment Arrangement [Abstract]
Aggregate shares granted	10,730	7,917	9,854
Deferred stock units	(7,247)	(5,322)	(6,278)
Net shares issued	3,483	2,595	3,576

Employee Benefit Plans - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Defined contribution plan expense	$ 57,543	$ 59,719	$ 52,629
Accumulated benefit obligations	560,057	815,910
United States \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	0
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	74,152	94,754
Accumulated benefit obligations	318,275	471,871
United States \| Non-Qualified Supplemental Benefits
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	7,400
Foreign Plan
Defined Benefit Plan Disclosure [Line Items]
Estimated future employer contributions in next fiscal year	7,100
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Defined Benefit Plan Disclosure [Line Items]
Total assets (liabilities)	(62,457)	(95,038)
Accumulated benefit obligations	$ 210,259	$ 302,929

Employee Benefit Plans - Obligations and Funded Status (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in plan assets:
Benefits paid		$ (18,221)
Amounts recognized in the consolidated balance sheets consist of:
Other liabilities (deferred compensation)	$ (92,630)	(138,992)
Accumulated Other Comprehensive Loss (Earnings):
Accumulated benefit obligations	560,057	815,910
Qualified Defined Benefits \| Qualified Defined Benefits \| United States
Change in benefit obligation:
Benefit obligation at beginning of year	478,346	524,181
Service cost	5,703	7,134	$ 6,824
Interest cost	13,745	13,605	16,272
Plan participants' contributions	0	0
Benefits paid	(17,680)	(18,221)
Actuarial gains	(126,985)	(19,393)
Amendments	0	0
Settlements and curtailments	(33,228)	(28,960)
Currency translation and other	0	0
Benefit obligation at end of year	319,901	478,346	524,181
Change in plan assets:
Fair value of plan assets at beginning of year	573,100	606,896
Actual return on plan assets	(125,011)	13,385
Company contributions	0	0
Plan participants' contributions	0	0
Benefits paid	(17,680)
Settlements and curtailments	(36,356)	(28,960)
Currency translation and other	0	0
Fair value of plan assets at end of year	394,053	573,100	606,896
Funded (Unfunded) status	74,152	94,754
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	74,152	94,754
Accrued compensation and employee benefits	0	0
Other liabilities (deferred compensation)	0	0
Total assets (liabilities)	74,152	94,754
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	55,227	33,545
Prior service cost (credit)	0	110
Tax (benefit) expense	(11,474)	(6,686)
Total accumulated other comprehensive loss (earnings), net of tax	43,753	26,969
Net amount recognized at December 31,	117,905	121,723
Accumulated benefit obligations	318,275	471,871
Qualified Defined Benefits \| Qualified Defined Benefits \| Foreign Plan
Change in benefit obligation:
Benefit obligation at beginning of year	314,715	340,829
Service cost	4,675	5,749	5,345
Interest cost	5,220	3,590	3,697
Plan participants' contributions	2,186	2,009
Benefits paid	(9,756)	(7,519)
Actuarial gains	(72,977)	(20,766)
Amendments	(2,291)	1,828
Settlements and curtailments	(8,849)	(3,517)
Currency translation and other	(17,606)	(7,488)
Benefit obligation at end of year	215,317	314,715	340,829
Change in plan assets:
Fair value of plan assets at beginning of year	219,677	212,748
Actual return on plan assets	(48,147)	10,664
Company contributions	9,059	8,121
Plan participants' contributions	2,186	2,009
Benefits paid	(9,756)	(7,519)
Settlements and curtailments	(8,640)	(2,287)
Currency translation and other	(11,519)	(4,059)
Fair value of plan assets at end of year	152,860	219,677	212,748
Funded (Unfunded) status	(62,457)	(95,038)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	1,863	1,575
Accrued compensation and employee benefits	(1,774)	(1,729)
Other liabilities (deferred compensation)	(62,546)	(94,884)
Total assets (liabilities)	(62,457)	(95,038)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	31,607	50,878
Prior service cost (credit)	(3,006)	(1,303)
Tax (benefit) expense	(6,434)	(11,836)
Total accumulated other comprehensive loss (earnings), net of tax	22,167	37,739
Net amount recognized at December 31,	(40,290)	(57,299)
Accumulated benefit obligations	210,259	302,929
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Change in benefit obligation:
Benefit obligation at beginning of year	42,905	51,194
Service cost	1,426	1,561	1,272
Interest cost	1,215	1,232	1,765
Plan participants' contributions	0	0
Benefits paid	(3,831)	(5,331)
Actuarial gains	(9,596)	(4,568)
Amendments	384	0
Settlements and curtailments	0	(1,183)
Currency translation and other	0	0
Benefit obligation at end of year	32,503	42,905	51,194
Change in plan assets:
Fair value of plan assets at beginning of year	0	0
Actual return on plan assets	0	0
Company contributions	3,831	6,262
Plan participants' contributions	0	0
Benefits paid	(3,831)	(5,331)
Settlements and curtailments	0	(931)
Currency translation and other	0	0
Fair value of plan assets at end of year	0	0	$ 0
Funded (Unfunded) status	(32,503)	(42,905)
Amounts recognized in the consolidated balance sheets consist of:
Other assets and deferred charges	0	0
Accrued compensation and employee benefits	(7,243)	(4,776)
Other liabilities (deferred compensation)	(25,260)	(38,129)
Total assets (liabilities)	(32,503)	(42,905)
Accumulated Other Comprehensive Loss (Earnings):
Net actuarial losses (gains)	(28,304)	(20,724)
Prior service cost (credit)	1,874	2,980
Tax (benefit) expense	5,768	3,840
Total accumulated other comprehensive loss (earnings), net of tax	(20,662)	(13,904)
Net amount recognized at December 31,	(53,165)	(56,809)
Accumulated benefit obligations	$ 31,523	$ 41,110

Employee Benefit Plans - Accumulated Benefit Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]
Accumulated benefit obligation	$ 124,082	$ 193,710
Fair value of plan assets	64,112	106,519
Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract]
Projected benefit obligation	200,671	292,701
Fair value of plan assets	$ 136,351	$ 196,088

Employee Benefit Plans - Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net periodic benefit cost [Abstract]
Settlement and curtailment impact	$ (3,688)	$ (1,167)	$ (18)
Employee benefit plan expense	3,096	11,897	7,205
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Net periodic benefit cost [Abstract]
Service cost	1,426	1,561	1,272
Interest cost	1,215	1,232	1,765
Expected return on plan assets	0	0	0
Prior service cost (credit)	1,490	1,531	1,695
Recognized actuarial loss (gain)	(2,016)	(1,672)	(1,857)
Settlement and curtailment impact	0	(743)	0
Employee benefit plan expense	2,115	1,909	2,875
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	5,703	7,134	6,824
Interest cost	13,745	13,605	16,272
Expected return on plan assets	(29,104)	(28,980)	(31,475)
Prior service cost (credit)	110	212	227
Recognized actuarial loss (gain)	2,300	10,012	7,536
Settlement and curtailment impact	6,276	2,031	0
Employee benefit plan expense	(970)	4,014	(616)
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Net periodic benefit cost [Abstract]
Service cost	4,675	5,749	5,345
Interest cost	5,220	3,590	3,697
Expected return on plan assets	(7,191)	(7,188)	(6,837)
Prior service cost (credit)	(526)	(453)	(493)
Recognized actuarial loss (gain)	1,747	3,938	3,047
Settlement and curtailment impact	(393)	194	25
Employee benefit plan expense	$ 3,532	$ 5,830	$ 4,784

Employee Benefit Plans - Assumptions (Details)	12 Months Ended
Employee Benefit Plans - Assumptions (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.50%	2.90%
Average wage increase	4.50%	4.50%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.90%	2.45%	3.20%
Average wage increase	4.50%	4.50%	4.50%
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	5.55%	2.95%
Average wage increase	4.00%	4.00%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	2.95%	2.65%	3.40%
Average wage increase	4.00%	4.00%	4.00%
Expected return on plan assets	5.60%	5.60%	6.30%
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]
Discount rate	3.57%	1.18%
Average wage increase	1.70%	1.53%
Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]
Discount rate	1.18%	0.79%	1.18%
Average wage increase	1.53%	1.51%	1.80%
Expected return on plan assets	3.47%	3.40%	3.69%

Employee Benefit Plans - Actual and Target Allocations of Plan Assets (Details)	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	100.00%	100.00%
Target plan asset allocations	100.00%
Return-seeking investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	27.00%	29.00%
Target plan asset allocations	30.00%
Liability hedging investments
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	73.00%	69.00%
Target plan asset allocations	70.00%
Other
Defined Benefit Plan, Plan Assets, Allocations [Abstract]
Actual plan asset allocations	0.00%	2.00%
Target plan asset allocations	0.00%

Employee Benefit Plans - Plan Asset Rollforward (Details) - Level 3 - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
Fair value of plan assets at beginning of year	$ 20,252	$ 21,276
Relating to assets still held at December 31, 2021	(382)	48
Relating to assets sold during the period	0	0
Purchases	1,852	1,664
Sales and settlements	(4,808)	(2,158)
Foreign currency translation	(620)	(578)
Fair value of plan assets at end of year	$ 16,294	$ 20,252

- Definition

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

+ References + Details

Employee Benefit Plans - Benefit Payments and Contributions (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Non-Qualified Supplemental Benefits \| Non-Qualified Supplemental Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2023	$ 7,440
2024	5,231
2025	2,312
2026	4,599
2027	1,800
2028 - 2032	14,348
United States \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2023	25,946
2024	27,511
2025	26,121
2026	25,567
2027	25,307
2028 - 2032	122,304
Foreign Plan \| Qualified Defined Benefits \| Qualified Defined Benefits
Expected Future Benefit Payments by Fiscal Year [Abstract]
2023	10,677
2024	10,969
2025	10,800
2026	11,859
2027	14,156
2028 - 2032	$ 68,857

Accumulated Other Comprehensive Earnings (Loss) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Adoption of ASU No. 2016-13- CECL	$ 4,286,366	$ 4,189,528
Cumulative foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Adoption of ASU No. 2016-13- CECL	(220,224)	(107,130)
Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Adoption of ASU No. 2016-13- CECL	(45,258)	(50,448)
Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Adoption of ASU No. 2016-13- CECL	(741)	3,526
Accumulated Other Comprehensive Earnings (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Adoption of ASU No. 2016-13- CECL	$ (266,223)	$ (154,052)

- Definition

+ References

+ Details

Accumulated Other Comprehensive Earnings (Loss) - Reclassifications (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	$ 1,684,226	$ 1,688,278	$ 1,541,032
Tax benefit	222,129	277,008	158,283
Net of tax	(1,065,376)	(1,123,818)	(683,451)
Other income, net	(20,201)	(14,858)	(11,900)
Earnings before provision for income taxes	(1,287,505)	(1,400,826)	(841,734)
Reclassification out of Accumulated Other Comprehensive Income \| Cumulative foreign currency translation adjustments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	5,915	0	0
Tax benefit	0	0	0
Net of tax	5,915	0	0
Reclassification out of Accumulated Other Comprehensive Income \| Pension and other postretirement benefit plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	(1,842)	(3,423)	(2,184)
Net of tax	6,479	11,641	7,866
Earnings before provision for income taxes	8,321	15,064	10,050
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of actuarial losses
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	2,965	12,278	8,583
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service costs and transition obligation
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	1,074	1,304	1,442
Reclassification out of Accumulated Other Comprehensive Income \| Settlement and curtailment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	4,282	1,482	25
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax benefit	1,065	1,400	185
Net of tax	(3,732)	(4,871)	(632)
Earnings before provision for income taxes	$ (4,797)	$ (6,271)	$ (817)

Segment Information- Reporting Information by Segment (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 8,508,088	$ 7,907,081	$ 6,683,760
Earnings before provision for income taxes	1,287,505	1,400,826	841,734
Purchase accounting expenses	181,103	141,980	138,515
Restructuring and other costs	38,990	38,436	51,472
Loss (gain) on dispositions	194	(206,338)	(5,213)
Interest expense	116,456	106,319	111,937
Interest income	4,430	4,441	3,571
Provision for income taxes	222,129	277,008	158,283
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
Segment margins:
Net earnings (in percent)	12.50%	14.20%	10.20%
Depreciation and amortization	$ 307,538	$ 290,123	$ 279,051
Restructuring	30,480	26,705	44,468
Other costs, net	8,510	11,731	7,004
Restructuring and other costs	38,990	38,436	51,472
Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	$ 1,755,098	$ 1,633,080	$ 1,254,235
Segment margins:
Total Segments (in percent)	20.60%	20.70%	18.80%
Other depreciation and amortization	$ 137,788	$ 133,326	$ 128,339
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(3,825)	(2,075)	(2,070)
Corporate
Reconciliation from Segment Totals to Consolidated [Abstract]
Other Nonoperating Expense	135,280	156,298	119,361
Segment margins:
Other depreciation and amortization	8,137	7,250	6,535
Depreciation and amortization included in purchase accounting expenses and restructuring and other	161,613	149,547	144,177
Restructuring	2,321	2,021	4,145
Engineered Products \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	2,043,632	1,780,827	1,531,277
Earnings before provision for income taxes	$ 346,519	$ 277,852	$ 265,143
Segment margins:
Total Segments (in percent)	17.00%	15.60%	17.30%
Other depreciation and amortization	$ 27,745	$ 27,036	$ 25,242
Restructuring	3,194	9,507	10,307
Clean Energy & Fueling \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,878,507	1,648,153	1,476,282
Earnings before provision for income taxes	$ 352,993	$ 327,186	$ 290,233
Segment margins:
Total Segments (in percent)	18.80%	19.90%	19.70%
Other depreciation and amortization	$ 28,815	$ 25,842	$ 26,053
Restructuring	9,571	3,609	6,681
Imaging & Identification \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,123,815	1,163,367	1,038,178
Earnings before provision for income taxes	$ 268,084	$ 266,932	$ 224,033
Segment margins:
Total Segments (in percent)	23.90%	22.90%	21.60%
Other depreciation and amortization	$ 14,185	$ 14,189	$ 13,795
Restructuring	4,702	4,589	5,946
Pumps & Process Solutions \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,728,235	1,708,634	1,324,003
Earnings before provision for income taxes	$ 533,018	$ 575,593	$ 348,733
Segment margins:
Total Segments (in percent)	30.80%	33.70%	26.30%
Other depreciation and amortization	$ 40,839	$ 39,272	$ 38,667
Restructuring	4,685	1,911	13,374
Climate & Sustainability Technologies \| Total segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,737,724	1,608,175	1,316,090
Earnings before provision for income taxes	$ 254,484	$ 185,517	$ 126,093
Segment margins:
Total Segments (in percent)	14.60%	11.50%	9.60%
Other depreciation and amortization	$ 26,204	$ 26,987	$ 24,582
Restructuring	$ 6,007	$ 5,068	$ 4,015

Segment Information - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capital expenditures:
Capital expenditures:	$ 220,962	$ 171,465	$ 165,692
Total assets	10,896,519	10,403,627
Corporate
Capital expenditures:
Capital expenditures:	8,770	8,261	8,857
Total assets	548,262	584,797
Engineered Products \| Total segments
Capital expenditures:
Capital expenditures:	39,765	48,453	23,515
Total assets	1,771,689	1,678,317
Clean Energy & Fueling \| Total segments
Capital expenditures:
Capital expenditures:	33,489	25,167	26,903
Total assets	3,068,260	3,201,504
Imaging & Identification \| Total segments
Capital expenditures:
Capital expenditures:	14,695	10,671	10,690
Total assets	1,821,649	1,871,039
Pumps & Process Solutions \| Total segments
Capital expenditures:
Capital expenditures:	82,817	44,578	52,804
Total assets	2,161,210	1,709,852
Climate & Sustainability Technologies \| Total segments
Capital expenditures:
Capital expenditures:	41,426	34,335	$ 42,923
Total assets	$ 1,525,449	$ 1,358,118

Segment Information - Revenue and Long-Lived Assets by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 8,508,088	$ 7,907,081	$ 6,683,760
Long-lived assets	1,004,825	957,310
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	4,847,321	4,305,957	3,677,285
Long-lived assets	629,140	584,948
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	1,792,020	1,797,138	1,482,520
Long-lived assets	291,921	283,952
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	939,093	901,141	745,150
Long-lived assets	57,253	62,210
Other Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	667,673	612,751	535,091
Long-lived assets	21,763	20,627
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	261,981	290,094	$ 243,714
Long-lived assets	$ 4,748	$ 5,573

- Definition

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

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+ Details

Earnings per Share - Reconciliation of the information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net earnings	$ 1,065,376	$ 1,123,818	$ 683,451
Basic earnings per common share:
Net earnings (in dollars per basic share)	$ 7.47	$ 7.81	$ 4.74
Weighted average basic shares outstanding (in shares)	142,681,000	143,923,000	144,050,000
Diluted earnings per common share:
Net earnings (in dollars per diluted share)	$ 7.42	$ 7.74	$ 4.70
Weighted average diluted shares outstanding (in shares)	143,595,000	145,273,000	145,393,000

- Definition

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

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- Definition

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

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+ Details

- Definition

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

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+ Details

Earnings per Share - Reconciliation (Details) - shares	12 Months Ended
Earnings per Share - Reconciliation (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted average shares outstanding - basic	142,681,000	143,923,000	144,050,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	914,000	1,350,000	1,343,000
Weighted average shares outstanding - diluted	143,595,000	145,273,000	145,393,000

Earnings per Share - Narrative (Details) - shares	12 Months Ended
Earnings per Share - Narrative (Details) - shares	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Weighted average number of anti-dilutive potential common shares excluded from reconciliation calculations (in shares)	21,173	1,072	30,378

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Sep. 01, 2022	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2022	Nov. 30, 2020	Feb. 28, 2018
Schedule of share repurchases [Line Items]
Payments for repurchase of common stock (in dollars)			$ 585,000	$ 21,637	$ 106,279
February 2018 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased								20,000,000
Remaining number of shares authorized to be repurchased								7,380,879
November 2020 Authorization
Schedule of share repurchases [Line Items]
Number of shares authorized to be repurchased							20,000,000
Remaining number of shares authorized to be repurchased		15,283,326	15,283,326
Shares repurchased			641,428	182,951	979,165
Average price per share for repurchased shares (in dollars per share)			$ 132.52	$ 118.27	$ 108.54
Payments for repurchase of common stock (in dollars)			$ 85,000	$ 21,637	$ 106,279
August 2022 ASR Agreement
Schedule of share repurchases [Line Items]
Payment for ASR agreement	$ 500,000					$ 500,000
Shares repurchased	3,201,025	691,270	3,892,295
Average price per share for repurchased shares (in dollars per share)			$ 128.46

SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Tax Valuation Allowance
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	$ 306,066	$ 287,679	$ 244,153
Additions	4,960	38,514	49,130
Reductions	(39,823)	(20,127)	(5,604)
Balance at End of Year	271,203	306,066	287,679
LIFO Reserve
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Year	13,155	7,149	11,428
Charged to Cost and Expense	2,329	7,220	357
Reductions	(1,333)	(1,214)	(4,636)
Balance at End of Year	$ 14,151	$ 13,155	$ 7,149