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Segment Information
 9 Months Ended
Sep. 30, 2022
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 for vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.

•Clean Energy & Fueling segment provides components, equipment, and software and service solutions enabling safe transport of traditional and clean fuels and other hazardous substances along the supply chain, as well as the safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.
•Imaging & Identification segment supplies precision marking and coding, packaging intelligence, 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, fashion and apparel and other end-markets.

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid connecting solutions, plastics and polymer processing equipment, and highly-engineered precision components for rotating and reciprocating machines serving single-use biopharmaceutical production, diversified industrial manufacturing, polymer processing, midstream and downstream oil and gas and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and beverage can-making equipment markets.

The Company's Chief Operating Decision Maker ("CODM") 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 dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.

During the nine month period ended September 30, 2022, the segment measure of profit and loss used by the CODM was changed to segment earnings from segment earnings (EBIT), defined as earnings before corporate expenses/other, interest expense, interest income and provision for income taxes. This change in segment measure allows the CODM to better assess operating results over time and is consistent with how the CODM evaluates our businesses. Accordingly, we have updated our segment earnings for the three and nine months ended September 30, 2021 to conform to the new presentation.
Segment financial information and a reconciliation of segment results to consolidated results were as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2022202120222021
Revenue:  
Engineered Products$516,501 $447,798 $1,518,584 $1,318,016 
Clean Energy & Fueling464,022 410,561 1,416,492 1,237,281 
Imaging & Identification282,371 292,535 830,577 870,939 
Pumps & Process Solutions433,558 438,240 1,309,880 1,261,318 
Climate & Sustainability Technologies462,671 429,425 1,295,913 1,232,008 
Intersegment eliminations(832)(290)(2,539)(1,716)
Total consolidated revenue$2,158,291 $2,018,269 $6,368,907 $5,917,846 
Net earnings: 
Segment earnings:
  
Engineered Products$90,145 $67,376 $242,946 $215,315 
Clean Energy & Fueling90,208 80,101 262,204 253,103 
Imaging & Identification74,477 70,635 194,467 200,818 
Pumps & Process Solutions128,573 150,275 413,238 425,929 
Climate & Sustainability Technologies75,190 49,734 192,980 150,114 
Total segment earnings458,593 418,121 1,305,835 1,245,279 
Purchase accounting expenses (1)
40,526 35,587 140,831 106,265 
Restructuring and other costs (benefits) (2)
8,613 (3,201)27,109 11,740 
Loss on dispositions (3)
— — 194 — 
Corporate expense / other (4)
27,876 33,249 93,247 110,332 
Interest expense29,789 26,433 83,330 79,917 
Interest income(1,244)(1,466)(2,968)(3,088)
Earnings before provision for income taxes353,033 327,519 964,092 940,113 
Provision for income taxes67,007 63,763 162,295 179,080 
Net earnings$286,026 $263,756 $801,797 $761,033 
(1) 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.
(2) Restructuring and other costs relate to actions taken for employee reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
Restructuring$7,315 $4,790 $19,781 $20,661 
Other costs (benefits), net1,298 (7,991)7,328 (8,921)
Restructuring and other costs (benefits)$8,613 $(3,201)$27,109 $11,740 
(3) Loss on dispositions includes working capital adjustments related to dispositions.
(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 customers:
Three Months Ended September 30,Nine Months Ended September 30,
Revenue by geography2022202120222021
United States$1,252,369 $1,108,513 $3,656,930 $3,235,542 
Europe426,007 452,066 1,331,835 1,356,435 
Asia246,750 222,366 705,252 650,481 
Other Americas166,045 166,230 467,365 468,298 
Other67,120 69,094 207,525 207,090 
Total$2,158,291 $2,018,269 $6,368,907 $5,917,846