Segment Information

9 Months Ended

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