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Segment Information | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Segment Information | 17. Segment Information The Company categorizes its operating companies into five reportable segments as follows: •Engineered Products segment is a provider of a wide range of products, software and services that have broad customer applications across a number of markets, including aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing. •Fueling Solutions segment is focused on providing components, equipment and software and service solutions enabling safe transport of fuels and other hazardous fluids along the supply chain, as well as the safe and efficient operation of retail fueling and vehicle wash establishments. •Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services. •Pumps & Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, and highly engineered components for rotating and reciprocating machines. •Refrigeration & Food Equipment segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment markets. Segment financial information and a reconciliation of segment results to consolidated results was as follows:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue: |  |  |  |  |  |  |
Engineered Products | $ | 386,562 |  |  | $ | 426,689 |  |  | $ | 1,137,102 |  |  | $ | 1,275,468 |
Fueling Solutions | 380,511 |  |  | 411,769 |  |  | 1,066,988 |  |  | 1,175,405 |
Imaging & Identification | 265,690 |  |  | 275,109 |  |  | 750,432 |  |  | 810,051 |
Pumps & Process Solutions | 347,875 |  |  | 341,337 |  |  | 976,506 |  |  | 1,010,480 |
Refrigeration & Food Equipment | 368,395 |  |  | 370,335 |  |  | 973,835 |  |  | 1,090,452 |
Intra-segment eliminations | (777) |  |  | 106 |  |  | (1,493) |  |  | (1,048) |
Total consolidated revenue | $ | 1,748,256 |  |  | $ | 1,825,345 |  |  | $ | 4,903,370 |  |  | $ | 5,360,808 |
Net earnings: |  |  |  |  |  |  |
Segment earnings (EBIT): (1) |  |  |  |  |  |  |
Engineered Products | $ | 64,890 |  |  | $ | 74,367 |  |  | $ | 181,686 |  |  | $ | 218,615 |
Fueling Solutions | 66,601 |  |  | 68,069 |  |  | 167,313 |  |  | 157,936 |
Imaging & Identification | 51,928 |  |  | 61,655 |  |  | 141,456 |  |  | 172,251 |
Pumps & Process Solutions (2) | 89,786 |  |  | 77,433 |  |  | 223,567 |  |  | 168,702 |
Refrigeration & Food Equipment(3) | 40,159 |  |  | 35,211 |  |  | 75,147 |  |  | 104,393 |
Total segment earnings (EBIT) | 313,364 |  |  | 316,735 |  |  | 789,169 |  |  | 821,897 |
Corporate expense / other (4) | 35,603 |  |  | 28,658 |  |  | 87,011 |  |  | 84,036 |
Interest expense | 27,724 |  |  | 31,410 |  |  | 83,703 |  |  | 94,972 |
Interest income | (960) |  |  | (1,263) |  |  | (2,871) |  |  | (3,098) |
Earnings before provision for income taxes | 250,997 |  |  | 257,930 |  |  | 621,326 |  |  | 645,987 |
Provision for income taxes | 50,697 |  |  | 51,924 |  |  | 119,981 |  |  | 136,191 |
Net earnings | $ | 200,300 |  |  | $ | 206,006 |  |  | $ | 501,345 |  |  | $ | 509,796 |
(1) Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of a business and other income, net. (2) The nine months ended September 30, 2019 includes a $46,946 loss on assets held for sale for Finder. (3) The three and nine months ended September 30, 2020 include a $557 expense and a $5,213 net gain on the sale of AMS Chino, respectively. The nine months ended September 30, 2020 also include a $3,640 write-off of assets. (4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. The following table presents revenue disaggregated by geography based on the location of the Company's customer:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Revenue by geography | 2020 |  | 2019 |  | 2020 |  | 2019
United States | $ | 952,548 |  |  | $ | 1,002,349 |  |  | $ | 2,762,187 |  |  | $ | 2,883,147 |
Europe | 383,867 |  |  | 376,601 |  |  | 1,065,109 |  |  | 1,184,520 |
Asia | 207,474 |  |  | 229,210 |  |  | 525,758 |  |  | 623,838 |
Other Americas | 138,060 |  |  | 150,257 |  |  | 380,104 |  |  | 466,591 |
Other | 66,307 |  |  | 66,928 |  |  | 170,212 |  |  | 202,712 |
Total | $ | 1,748,256 |  |  | $ | 1,825,345 |  |  | $ | 4,903,370 |  |  | $ | 5,360,808 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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