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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Schedule of Segment Financial Information and a Reconciliation of Segment | Segment financial information and a reconciliation of segment results to consolidated results follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenue: |  |  |  |  |
Engineered Products | $ | 2,004,587 |  |  | $ | 2,043,632 |  |  | $ | 1,780,827 |
Clean Energy & Fueling | 1,788,277 |  |  | 1,878,507 |  |  | 1,648,153 |
Imaging & Identification | 1,116,732 |  |  | 1,123,815 |  |  | 1,163,367 |
Pumps & Process Solutions | 1,755,691 |  |  | 1,728,235 |  |  | 1,708,634 |
Climate & Sustainability Technologies | 1,778,582 |  |  | 1,737,724 |  |  | 1,608,175 |
Intersegment eliminations | (5,735) |  |  | (3,825) |  |  | (2,075) |
Total consolidated revenue | $ | 8,438,134 |  |  | $ | 8,508,088 |  |  | $ | 7,907,081 |
Net earnings: |  |  |  |  |
Segment earnings: |  |  |  |  |
Engineered Products (1) | $ | 377,425 |  |  | $ | 346,519 |  |  | $ | 277,852 |
Clean Energy & Fueling | 328,604 |  |  | 352,993 |  |  | 327,186 |
Imaging & Identification | 272,512 |  |  | 268,084 |  |  | 266,932 |
Pumps & Process Solutions | 484,405 |  |  | 533,018 |  |  | 575,593 |
Climate & Sustainability Technologies | 305,380 |  |  | 254,484 |  |  | 185,517 |
Total segment earnings | 1,768,326 |  |  | 1,755,098 |  |  | 1,633,080 |
Purchase accounting expenses (2) | 164,943 |  |  | 181,103 |  |  | 141,980 |
Restructuring and other costs (3) | 63,673 |  |  | 38,990 |  |  | 38,436 |
Disposition costs (4) | 1,302 |  |  | — |  |  | — |
Loss (gain) on dispositions (5) | — |  |  | 194 |  |  | (206,338) |
Corporate expense / other (6) | 150,593 |  |  | 135,280 |  |  | 156,298 |
Interest expense | 131,305 |  |  | 116,456 |  |  | 106,319 |
Interest income | (13,496) |  |  | (4,430) |  |  | (4,441) |
Earnings before provision for income taxes | 1,270,006 |  |  | 1,287,505 |  |  | 1,400,826 |
Provision for income taxes | 213,178 |  |  | 222,129 |  |  | 277,008 |
Net earnings | $ | 1,056,828 |  |  | $ | 1,065,376 |  |  | $ | 1,123,818 |
Segment margins: |  |  |  |  |
Engineered Products | 18.8 | % |  | 17.0 | % |  | 15.6 | %
Clean Energy & Fueling | 18.4 | % |  | 18.8 | % |  | 19.9 | %
Imaging & Identification | 24.4 | % |  | 23.9 | % |  | 22.9 | %
Pumps & Process Solutions | 27.6 | % |  | 30.8 | % |  | 33.7 | %
Climate & Sustainability Technologies | 17.2 | % |  | 14.6 | % |  | 11.5 | %
Total segments | 21.0 | % |  | 20.6 | % |  | 20.7 | %
Net earnings | 12.5 | % |  | 12.5 | % |  | 14.2 | %
Depreciation and amortization: |  |  |  |  |
Other depreciation and amortization (7): |  |  |  |  |
Engineered Products | $ | 28,073 |  |  | $ | 27,745 |  |  | $ | 27,036 |
Clean Energy & Fueling | 30,117 |  |  | 28,815 |  |  | 25,842 |
Imaging & Identification | 15,293 |  |  | 14,185 |  |  | 14,189 |
Pumps & Process Solutions | 46,344 |  |  | 40,839 |  |  | 39,272 |
Climate & Sustainability Technologies | 27,557 |  |  | 26,204 |  |  | 26,987 |
Total other depreciation and amortization | 147,384 |  |  | 137,788 |  |  | 133,326 |
Corporate depreciation and amortization | 6,040 |  |  | 8,137 |  |  | 7,250 |
Depreciation and amortization included in purchase accounting expenses and restructuring and other | 164,039 |  |  | 161,613 |  |  | 149,547 |
Consolidated depreciation and amortization total | $ | 317,463 |  |  | $ | 307,538 |  |  | $ | 290,123 |
(1) Segment earnings include a fourth quarter benefit of $14,448 as a result of the change from the LIFO method to FIFO method of inventory costing for an immaterial portion of inventories. See Note 1 — Description of Business and Summary of Significant Accounting Policies. (2) 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. (3) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Restructuring | $ | 50,435 |  |  | $ | 30,480 |  |  | $ | 26,705 |
Other costs, net | 13,238 |  |  | 8,510 |  |  | 11,731 |
Restructuring and other costs | $ | 63,673 |  |  | $ | 38,990 |  |  | $ | 38,436 |
(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024. (5) Loss (gain) on dispositions includes working capital adjustments related to dispositions. (6) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters. (7) 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.
Schedule of Reconciliation of Assets from Segment to Consolidated | Selected financial information by segment (continued):
Capital expenditures: | 2023 |  | 2022 |  | 2021
Engineered Products | $ | 26,643 |  |  | $ | 39,765 |  |  | $ | 48,453 |
Clean Energy & Fueling | 25,421 |  |  | 33,489 |  |  | 25,167 |
Imaging & Identification | 11,598 |  |  | 14,695 |  |  | 10,671 |
Pumps & Process Solutions | 60,860 |  |  | 82,817 |  |  | 44,578 |
Climate & Sustainability Technologies | 61,790 |  |  | 41,426 |  |  | 34,335 |
Corporate | 6,280 |  |  | 8,770 |  |  | 8,261 |
Total capital expenditures | $ | 192,592 |  |  | $ | 220,962 |  |  | $ | 171,465 |
Total assets at December 31: | 2023 |  | 2022
Engineered Products (8) | $ | 1,797,242 |  |  | $ | 1,771,689 |
Clean Energy & Fueling | 3,020,621 |  |  | 3,068,260 |
Imaging & Identification | 1,812,704 |  |  | 1,821,649 |
Pumps & Process Solutions (9) | 2,654,421 |  |  | 2,161,210 |
Climate & Sustainability Technologies | 1,466,141 |  |  | 1,525,449 |
Corporate (10) | 597,384 |  |  | 548,262 |
Total assets | $ | 11,348,513 |  |  | $ | 10,896,519 |
(8) Engineered Products includes De-Sta-Co assets classified as held for sale. See Note 4 — Dispositions for additional information. (9) Increase primarily driven by 2023 acquisition. See Note 3 — Acquisitions for additional information. (10) Corporate assets are comprised primarily of cash and cash equivalents.
Schedule of Revenue Disaggregated by Geography based on the Location |
| Revenue |  | Long-Lived Assets (11)
| Years Ended December 31, |  | At December 31,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
United States | $ | 4,711,019 |  |  | $ | 4,847,321 |  |  | $ | 4,305,957 |  |  | $ | 623,693 |  |  | $ | 629,140 |
Europe | 1,757,118 |  |  | 1,792,020 |  |  | 1,797,138 |  |  | 321,628 |  |  | 291,921 |
Asia | 924,539 |  |  | 939,093 |  |  | 901,141 |  |  | 59,496 |  |  | 57,253 |
Other Americas | 683,573 |  |  | 667,673 |  |  | 612,751 |  |  | 22,936 |  |  | 21,763 |
Other | 361,885 |  |  | 261,981 |  |  | 290,094 |  |  | 4,063 |  |  | 4,748 |
Consolidated total | $ | 8,438,134 |  |  | $ | 8,508,088 |  |  | $ | 7,907,081 |  |  | $ | 1,031,816 |  |  | $ | 1,004,825 |
(11) Long-lived assets are comprised of net property, plant and equipment.

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