Segment Information

9 Months Ended

Sep. 30, 2023

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, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
Engineered Products	$	504,271	$	516,501	$	1,475,507	$	1,518,584
Clean Energy & Fueling	466,959		464,022		1,338,854		1,416,492
Imaging & Identification	276,179		282,371		831,202		830,577
Pumps & Process Solutions	431,373		433,558		1,310,880		1,309,880
Climate & Sustainability Technologies	475,911		462,671		1,380,237		1,295,913
Intersegment eliminations	(1,425)		(832)		(4,303)		(2,539)
Total consolidated revenue	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907
Net earnings:
Segment earnings:
Engineered Products	$	101,610	$	90,145	$	258,961	$	242,946
Clean Energy & Fueling	92,483		90,208		249,704		262,204
Imaging & Identification	70,316		74,477		199,967		194,467
Pumps & Process Solutions	117,907		128,573		362,488		413,238
Climate & Sustainability Technologies	84,060		75,190		233,912		192,980
Total segment earnings	466,376		458,593		1,305,032		1,305,835
Purchase accounting expenses (1)	40,320		40,526		123,199		140,831
Restructuring and other costs (2)	12,327		8,613		44,523		27,109
Loss on dispositions (3)	—		—		—		194
Corporate expense / other (4)	30,686		27,876		104,680		93,247
Interest expense	32,389		29,789		100,407		83,330
Interest income	(3,808)		(1,244)		(8,552)		(2,968)
Earnings before provision for income taxes	354,462		353,033		940,775		964,092
Provision for income taxes	64,709		67,007		180,209		162,295
Net earnings	$	289,753	$	286,026	$	760,566	$	801,797

(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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Restructuring	$	4,919	$	7,315	$	33,794	$	19,781
Other costs, net	7,408		1,298		10,729		7,328
Restructuring and other costs	$	12,327	$	8,613	$	44,523	$	27,109

(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 September 30,				Nine Months Ended September 30,
Revenue by geography	2023		2022		2023		2022
United States	$	1,183,245	$	1,252,369	$	3,516,591	$	3,656,930
Europe	433,123		426,007		1,312,271		1,331,835
Asia	235,198		246,750		680,853		705,252
Other Americas	185,825		166,045		526,583		467,365
Other	115,877		67,120		296,079		207,525
Total	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907