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Segment Information | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Segment Information | 16. Segment Information The Company categorizes its operating companies into five reportable segments as follows: •Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, 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. •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, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets. •Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment end-markets. Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on disposition, disposition costs, corporate expenses/other, interest expense, interest income and provision for income taxes. Segment financial information and a reconciliation of segment results to consolidated results were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Revenue: |  |  |  |  |  |  |
Engineered Products | $ | 514,837 |  |  | $ | 473,687 |  |  | $ | 1,057,977 |  |  | $ | 971,236 |
Clean Energy & Fueling | 463,014 |  |  | 441,166 |  |  | 908,067 |  |  | 871,895 |
Imaging & Identification | 287,593 |  |  | 271,932 |  |  | 564,399 |  |  | 555,023 |
Pumps & Process Solutions | 477,239 |  |  | 465,626 |  |  | 942,968 |  |  | 879,507 |
Climate & Sustainability Technologies | 436,706 |  |  | 449,001 |  |  | 800,998 |  |  | 904,326 |
Intersegment eliminations | (1,127) |  |  | (1,326) |  |  | (2,206) |  |  | (2,878) |
Total consolidated revenue | $ | 2,178,262 |  |  | $ | 2,100,086 |  |  | $ | 4,272,203 |  |  | $ | 4,179,109 |
Net earnings: |  |  |  |  |  |  |
Segment earnings: |  |  |  |  |  |  |
Engineered Products | $ | 101,247 |  |  | $ | 73,076 |  |  | $ | 205,216 |  |  | $ | 157,351 |
Clean Energy & Fueling | 87,536 |  |  | 83,616 |  |  | 157,211 |  |  | 157,221 |
Imaging & Identification | 75,786 |  |  | 61,336 |  |  | 145,745 |  |  | 129,651 |
Pumps & Process Solutions | 137,217 |  |  | 129,337 |  |  | 255,954 |  |  | 244,581 |
Climate & Sustainability Technologies | 79,127 |  |  | 76,074 |  |  | 129,886 |  |  | 149,852 |
Total segment earnings | 480,913 |  |  | 423,439 |  |  | 894,012 |  |  | 838,656 |
Purchase accounting expenses (1) | 45,697 |  |  | 40,200 |  |  | 91,248 |  |  | 82,879 |
Restructuring and other costs (2) | 11,590 |  |  | 18,143 |  |  | 36,274 |  |  | 32,196 |
Loss (gain) on disposition (3) | 663 |  |  | — |  |  | (529,280) |  |  | — |
Corporate expense / other (4) | 41,380 |  |  | 33,922 |  |  | 83,697 |  |  | 73,994 |
Interest expense | 32,374 |  |  | 33,804 |  |  | 68,739 |  |  | 68,018 |
Interest income | (4,080) |  |  | (2,653) |  |  | (8,837) |  |  | (4,744) |
Earnings before provision for income taxes | 353,289 |  |  | 300,023 |  |  | 1,152,171 |  |  | 586,313 |
Provision for income taxes | 71,467 |  |  | 57,784 |  |  | 238,128 |  |  | 115,500 |
Net earnings | $ | 281,822 |  |  | $ | 242,239 |  |  | $ | 914,043 |  |  | $ | 470,813 |
(1) Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. (2) 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:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Restructuring | $ | 9,137 |  |  | $ | 16,399 |  |  | $ | 27,792 |  |  | $ | 28,875 |
Other costs, net | 2,453 |  |  | 1,744 |  |  | 8,482 |  |  | 3,321 |
Restructuring and other costs | $ | 11,590 |  |  | $ | 18,143 |  |  | $ | 36,274 |  |  | $ | 32,196 |
(3) Loss (gain) on disposition due to the sale of De-Sta-Co in the Engineered Products segment. (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 and digital 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 customers:
| Three Months Ended June 30, |  | Six Months Ended June 30,
Revenue by geography | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 1,296,776 |  |  | $ | 1,161,982 |  |  | $ | 2,519,468 |  |  | $ | 2,333,346 |
Europe | 411,381 |  |  | 446,307 |  |  | 844,294 |  |  | 879,148 |
Asia | 200,459 |  |  | 230,805 |  |  | 403,533 |  |  | 445,655 |
Other Americas | 201,871 |  |  | 168,573 |  |  | 366,174 |  |  | 340,758 |
Other | 67,775 |  |  | 92,419 |  |  | 138,734 |  |  | 180,202 |
Total | $ | 2,178,262 |  |  | $ | 2,100,086 |  |  | $ | 4,272,203 |  |  | $ | 4,179,109 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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