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Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2020
Segment Reporting [Abstract] |
Revenue and earnings from continuing operations by market segment | Segment financial information and a reconciliation of segment results to consolidated results was as follows:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Revenue: |  |  |  |  |  |  |
Engineered Products | $ | 386,562 |  |  | $ | 426,689 |  |  | $ | 1,137,102 |  |  | $ | 1,275,468 |
Fueling Solutions | 380,511 |  |  | 411,769 |  |  | 1,066,988 |  |  | 1,175,405 |
Imaging & Identification | 265,690 |  |  | 275,109 |  |  | 750,432 |  |  | 810,051 |
Pumps & Process Solutions | 347,875 |  |  | 341,337 |  |  | 976,506 |  |  | 1,010,480 |
Refrigeration & Food Equipment | 368,395 |  |  | 370,335 |  |  | 973,835 |  |  | 1,090,452 |
Intra-segment eliminations | (777) |  |  | 106 |  |  | (1,493) |  |  | (1,048) |
Total consolidated revenue | $ | 1,748,256 |  |  | $ | 1,825,345 |  |  | $ | 4,903,370 |  |  | $ | 5,360,808 |
Net earnings: |  |  |  |  |  |  |
Segment earnings (EBIT): (1) |  |  |  |  |  |  |
Engineered Products | $ | 64,890 |  |  | $ | 74,367 |  |  | $ | 181,686 |  |  | $ | 218,615 |
Fueling Solutions | 66,601 |  |  | 68,069 |  |  | 167,313 |  |  | 157,936 |
Imaging & Identification | 51,928 |  |  | 61,655 |  |  | 141,456 |  |  | 172,251 |
Pumps & Process Solutions (2) | 89,786 |  |  | 77,433 |  |  | 223,567 |  |  | 168,702 |
Refrigeration & Food Equipment(3) | 40,159 |  |  | 35,211 |  |  | 75,147 |  |  | 104,393 |
Total segment earnings (EBIT) | 313,364 |  |  | 316,735 |  |  | 789,169 |  |  | 821,897 |
Corporate expense / other (4) | 35,603 |  |  | 28,658 |  |  | 87,011 |  |  | 84,036 |
Interest expense | 27,724 |  |  | 31,410 |  |  | 83,703 |  |  | 94,972 |
Interest income | (960) |  |  | (1,263) |  |  | (2,871) |  |  | (3,098) |
Earnings before provision for income taxes | 250,997 |  |  | 257,930 |  |  | 621,326 |  |  | 645,987 |
Provision for income taxes | 50,697 |  |  | 51,924 |  |  | 119,981 |  |  | 136,191 |
Net earnings | $ | 200,300 |  |  | $ | 206,006 |  |  | $ | 501,345 |  |  | $ | 509,796 |
(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.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | The following table presents revenue disaggregated by geography based on the location of the Company's customer:
| Three Months Ended September 30, |  |  |  | Nine Months Ended September 30, |  |
Revenue by geography | 2020 |  | 2019 |  | 2020 |  | 2019
United States | $ | 952,548 |  |  | $ | 1,002,349 |  |  | $ | 2,762,187 |  |  | $ | 2,883,147 |
Europe | 383,867 |  |  | 376,601 |  |  | 1,065,109 |  |  | 1,184,520 |
Asia | 207,474 |  |  | 229,210 |  |  | 525,758 |  |  | 623,838 |
Other Americas | 138,060 |  |  | 150,257 |  |  | 380,104 |  |  | 466,591 |
Other | 66,307 |  |  | 66,928 |  |  | 170,212 |  |  | 202,712 |
Total | $ | 1,748,256 |  |  | $ | 1,825,345 |  |  | $ | 4,903,370 |  |  | $ | 5,360,808 |

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- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total revenues from reportable segments to the entity's consolidated revenues. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599 + Details
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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227 + Details
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