Segment Information

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Segment Information

15. 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, industrial automation, 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, highly engineered precision components for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, thermal management 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 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 dispositions, 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,
	2023		2022		2023		2022
Revenue:
Engineered Products	$	473,687	$	514,436	$	971,236	$	1,002,083
Clean Energy & Fueling	441,166		494,075		871,895		952,470
Imaging & Identification	271,932		275,951		555,023		548,206
Pumps & Process Solutions	465,626		441,127		879,507		876,322
Climate & Sustainability Technologies	449,001		434,164		904,326		833,242
Intersegment eliminations	(1,326)		(1,038)		(2,878)		(1,707)
Total consolidated revenue	$	2,100,086	$	2,158,715	$	4,179,109	$	4,210,616
Net earnings:
Segment earnings:
Engineered Products	$	73,076	$	81,671	$	157,351	$	152,801
Clean Energy & Fueling	83,616		99,034		157,221		171,996
Imaging & Identification	61,336		61,392		129,651		119,990
Pumps & Process Solutions	129,337		138,048		244,581		284,665
Climate & Sustainability Technologies	76,074		64,181		149,852		117,790
Total segment earnings	423,439		444,326		838,656		847,242
Purchase accounting expenses (1)	40,200		47,019		82,879		100,305
Restructuring and other costs (2)	18,143		7,944		32,196		18,496
Loss on dispositions (3)	—		—		—		194
Corporate expense / other (4)	33,922		27,967		73,994		65,371
Interest expense	33,804		26,989		68,018		53,541
Interest income	(2,653)		(949)		(4,744)		(1,724)
Earnings before provision for income taxes	300,023		335,356		586,313		611,059
Provision for income taxes	57,784		45,738		115,500		95,288
Net earnings	$	242,239	$	289,618	$	470,813	$	515,771

(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 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,
	2023		2022		2023		2022
Restructuring	$	16,399	$	4,309	$	28,875	$	12,466
Other costs, net	1,744		3,635		3,321		6,030
Restructuring and other costs	$	18,143	$	7,944	$	32,196	$	18,496

(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 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	2023		2022		2023		2022
United States	$	1,161,982	$	1,253,061	$	2,333,346	$	2,404,561
Europe	446,307		458,263		879,148		905,828
Asia	230,805		229,116		445,655		458,502
Other Americas	168,573		149,728		340,758		301,320
Other	92,419		68,547		180,202		140,405
Total	$	2,100,086	$	2,158,715	$	4,179,109	$	4,210,616