0000029905falseDOVER Corp00000299052024-10-102024-10-100000029905us-gaap:CommonStockMember2024-10-102024-10-100000029905dov:A1250NotesDue2026Member2024-10-102024-10-100000029905dov:A0750NotesDue2027Member2024-10-102024-10-10
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________
FORM 8-K
_______________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 10, 2024
_______________________________
DOVER CORPORATION
(Exact name of registrant as specified in its charter)
______________________________________________ | | | | | | | | | | | |
Delaware | 1-4018 | 53-0257888 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| | | |
3005 Highland Parkway | | |
Downers Grove, Illinois | | 60515 |
(Address of Principal Executive Offices) | | (Zip Code) |
(630) 541-1540
(Registrant’s telephone number, including area code)
______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| | | | | |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | DOV | New York Stock Exchange |
1.250% Notes due 2026 | DOV 26 | New York Stock Exchange |
0.750% Notes due 2027 | DOV 27 | New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operations and Financial Condition.
As previously reported in a Current Report on Form 8-K, on October 8, 2024, Dover Corporation (the "Company") completed the sale of its Environmental Service Group ("ESG") business, which was part of the Company's Engineered Products segment. The ESG business met the criteria to be classified as held for sale and qualifies for discontinued operations reporting because its disposal represents a strategic shift that will have a major effect on the Company's operations and financial results.
To aid review of its third quarter 2024 financial results, which will present ESG in discontinued operations, the Company is furnishing as Exhibit 99.1 hereto annual unaudited financial information reflecting the ESG business in discontinued operations for full years 2021, 2022 and 2023 and quarterly unaudited financial information for 2023 and 2024. This unaudited financial information is derived from historical financial statements that were audited. The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”) and shall not be deemed to be incorporated by reference into any of Dover’s filings with the SEC under the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
The following exhibits are furnished as part of this report:
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Current Report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | | | | |
| | | |
Date: | October 10, 2024 | DOVER CORPORATION | |
| | (Registrant) | |
| | | | |
| | By: | /s/ Ivonne M. Cabrera | |
| | | Ivonne M. Cabrera | |
| | | Senior Vice President, General Counsel & Secretary | |
| | | | |
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data*)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 |
| Q1 | Q2 | Q2 YTD | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
Revenue | $ | 1,883,719 | | $ | 1,948,782 | | $ | 3,832,501 | | | $ | 1,907,429 | | $ | 1,913,807 | | | $ | 1,958,428 | | | $ | 1,904,812 | | $ | 7,684,476 | |
Cost of goods and services | 1,186,532 | | 1,196,259 | | 2,382,791 | | | 1,205,044 | | 1,206,932 | | | 1,219,047 | | | 1,185,909 | | 4,816,932 | |
Gross profit | 697,187 | | 752,523 | | 1,449,710 | | | 702,385 | | 706,875 | | | 739,381 | | | 718,903 | | 2,867,544 | |
Selling, general and administrative expenses | 442,981 | | 429,055 | | 872,036 | | | 416,143 | | 415,242 | | | 402,838 | | | 413,981 | | 1,648,204 | |
| | | | | | | | | | | |
Operating earnings | 254,206 | | 323,468 | | 577,674 | | | 286,242 | | 291,633 | | | 336,543 | | | 304,922 | | 1,219,340 | |
Interest expense | 36,365 | | 32,374 | | 68,739 | | | 34,214 | | 33,803 | | | 32,390 | | | 30,897 | | 131,304 | |
Interest income | (4,756) | | (4,081) | | (8,837) | | | (2,091) | | (2,653) | | | (3,808) | | | (4,944) | | (13,496) | |
(Gain) loss on disposition | (529,943) | | 663 | | (529,280) | | | — | | — | | | — | | | — | | — | |
Other income, net | (7,139) | | (12,845) | | (19,984) | | | (3,807) | | (6,677) | | | (10,274) | | | (710) | | (21,468) | |
Earnings before provision for income taxes | 759,679 | | 307,357 | | 1,067,036 | | | 257,926 | | 267,160 | | | 318,235 | | | 279,679 | | 1,123,000 | |
Provision for income taxes | 157,577 | | 60,770 | | 218,347 | | | 51,234 | | 50,150 | | | 56,252 | | | 21,500 | | 179,136 | |
Earnings from continuing operations | 602,102 | | 246,587 | | 848,689 | | | 206,692 | | 217,010 | | | 261,983 | | | 258,179 | | 943,864 | |
Earnings from discontinued operations, net | 30,119 | | 35,235 | | 65,354 | | | 21,882 | | 25,229 | | | 27,770 | | | 38,083 | | 112,964 | |
Net earnings | $ | 632,221 | | $ | 281,822 | | $ | 914,043 | | | $ | 228,574 | | $ | 242,239 | | | $ | 289,753 | | | $ | 296,262 | | $ | 1,056,828 | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Basic earnings per share: | | | | | | | | | | | |
Earnings from continuing operations | $ | 4.33 | | $ | 1.79 | | $ | 6.14 | | | $ | 1.48 | | $ | 1.55 | | | $ | 1.87 | | | $ | 1.85 | | $ | 6.75 | |
Earnings from discontinued operations, net | $ | 0.22 | | $ | 0.26 | | $ | 0.47 | | | $ | 0.16 | | $ | 0.18 | | | $ | 0.20 | | | $ | 0.27 | | $ | 0.81 | |
Net earnings | $ | 4.55 | | $ | 2.05 | | $ | 6.61 | | | $ | 1.64 | | $ | 1.73 | | | $ | 2.07 | | | $ | 2.12 | | $ | 7.56 | |
| | | | | | | | | | | |
Weighted average shares outstanding | 139,051 | | 137,443 | | 138,247 | | 139,757 | 139,862 | | 139,878 | | 139,893 | 139,848 |
| | | | | | | | | | | |
Diluted earnings per common share: | | | | | | | | | | | |
Earnings from continuing operations | $ | 4.30 | | $ | 1.78 | | $ | 6.10 | | | $ | 1.47 | | $ | 1.54 | | | $ | 1.86 | | | $ | 1.84 | | $ | 6.71 | |
Earnings from discontinued operations, net | $ | 0.22 | | $ | 0.25 | | $ | 0.47 | | | $ | 0.16 | | $ | 0.18 | | | $ | 0.20 | | | $ | 0.27 | | $ | 0.80 | |
Net earnings | $ | 4.52 | | $ | 2.04 | | $ | 6.57 | | | $ | 1.63 | | $ | 1.72 | | | $ | 2.06 | | | $ | 2.11 | | $ | 7.52 | |
| | | | | | | | | | | |
Weighted average shares outstanding | 139,869 | 138,404 | 139,136 | | 140,616 | 140,578 | | 140,615 | | 140,586 | 140,599 |
| | | | | | | | | | | |
Dividends paid per common share | $ | 0.51 | | $ | 0.51 | | $ | 1.02 | | | $ | 0.505 | | $ | 0.505 | | | $ | 0.51 | | | $ | 0.51 | | $ | 2.03 | |
| | | | | | | | | | | |
* Per share data may be impacted by rounding. |
DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(unaudited)(in thousands, except per share data*)
| | | | | | | | | | | |
| FY 2022 | | FY 2021 |
| | | |
Revenue | $ | 7,844,174 | | | $ | 7,361,273 | |
Cost of goods and services | 4,939,221 | | | 4,522,425 | |
Gross profit | 2,904,953 | | | 2,838,848 | |
Selling, general and administrative expenses | 1,625,312 | | | 1,632,926 | |
| | | |
Operating earnings | 1,279,641 | | | 1,205,922 | |
Interest expense | 116,456 | | | 106,316 | |
Interest income | (4,429) | | | (4,439) | |
Gain on dispositions | — | | | (206,338) | |
Other income, net | (22,589) | | | (14,839) | |
Earnings before provision for income taxes | 1,190,203 | | | 1,325,222 | |
Provision for income taxes | 200,291 | | | 259,902 | |
| | | |
| | | |
Earnings from continuing operations | 989,912 | | | 1,065,320 | |
Earnings from discontinued operations, net | 75,464 | | | 58,498 | |
Net earnings | $ | 1,065,376 | | | $ | 1,123,818 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Basic earnings per share: | | | |
Earnings from continuing operations | $ | 6.94 | | | $ | 7.40 | |
Earnings from discontinued operations, net | $ | 0.53 | | | $ | 0.41 | |
Net earnings | $ | 7.47 | | | $ | 7.81 | |
| | | |
Weighted average shares outstanding | 142,681 | | 143,923 |
Diluted earnings per common share: | | | |
Earnings from continuing operations | $ | 6.89 | | | $ | 7.33 | |
Earnings from discontinued operations, net | $ | 0.53 | | | $ | 0.40 | |
Net earnings | $ | 7.42 | | | $ | 7.74 | |
| | | |
Weighted average shares outstanding | 143,595 | | 145,273 |
| | | |
Dividends paid per common share | $ | 2.01 | | | $ | 1.99 | |
| | | |
* Per share data may be impacted by rounding. |
DOVER CORPORATION
SEGMENT INFORMATION
(unaudited)(in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | | 2023 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
REVENUE | | | | | | | | | | | | | | | |
Engineered Products | $ | 332,820 | | $ | 285,297 | | $ | 618,117 | | | | | | | $ | 325,955 | | $ | 287,408 | | | $ | 309,431 | | | $ | 328,131 | | $ | 1,250,925 | |
Clean Energy & Fueling | 445,053 | | 463,014 | | 908,067 | | | | | | | 430,729 | | 441,166 | | | 466,959 | | | 449,423 | | 1,788,277 | |
Imaging & Identification | 276,806 | | 287,593 | | 564,399 | | | | | | | 283,091 | | 271,932 | | | 276,179 | | | 285,530 | | 1,116,732 | |
Pumps & Process Solutions | 465,729 | | 477,239 | | 942,968 | | | | | | | 413,881 | | 465,626 | | | 431,373 | | | 444,811 | | 1,755,691 | |
Climate & Sustainability Technologies | 364,292 | | 436,706 | | 800,998 | | | | | | | 455,325 | | 449,001 | | | 475,911 | | | 398,345 | | 1,778,582 | |
Intersegment eliminations | (981) | | (1,067) | | (2,048) | | | | | | | (1,552) | | (1,326) | | | (1,425) | | | (1,428) | | (5,731) | |
Total consolidated revenue | $ | 1,883,719 | | $ | 1,948,782 | | $ | 3,832,501 | | | | | | | $ | 1,907,429 | | $ | 1,913,807 | | | $ | 1,958,428 | | | $ | 1,904,812 | | $ | 7,684,476 | |
| | | | | | | | | | | | | | | |
EARNINGS FROM CONTINUING OPERATIONS | | | | | | | | | | | | | | | |
Segment Earnings: | | | | | | | | | | | | | | | |
Engineered Products | $ | 62,532 | | $ | 52,095 | | $ | 114,627 | | | | | | | $ | 54,064 | | $ | 38,872 | | | $ | 63,525 | | | $ | 67,590 | | $ | 224,051 | |
Clean Energy & Fueling | 69,675 | | 87,536 | | 157,211 | | | | | | | 73,605 | | 83,616 | | | 92,483 | | | 78,900 | | 328,604 | |
Imaging & Identification | 69,959 | | 75,786 | | 145,745 | | | | | | | 68,315 | | 61,336 | | | 70,316 | | | 72,545 | | 272,512 | |
Pumps & Process Solutions | 118,737 | | 137,217 | | 255,954 | | | | | | | 115,244 | | 129,337 | | | 117,907 | | | 121,917 | | 484,405 | |
Climate & Sustainability Technologies | 50,759 | | 79,127 | | 129,886 | | | | | | | 73,778 | | 76,074 | | | 84,060 | | | 71,468 | | 305,380 | |
Total segment earnings | 371,662 | | 431,761 | | 803,423 | | | | | | | 385,006 | | 389,235 | | | 428,291 | | | 412,420 | | 1,614,952 | |
Purchase accounting expenses 1 | 44,187 | | 44,332 | | 88,519 | | | | | | | 40,603 | | 38,644 | | | 38,956 | | | 40,379 | | 158,582 | |
Restructuring and other costs 2 | 23,971 | | 11,590 | | 35,561 | | | | | | | 14,053 | | 18,143 | | | 11,581 | | | 19,150 | | 62,927 | |
Disposition costs 3 | — | | — | | — | | | | | | | — | | — | | | — | | | 1,302 | | 1,302 | |
(Gain) loss on disposition 4 | (529,943) | | 663 | | (529,280) | | | | | | | — | | — | | | — | | | — | | — | |
Corporate expense / other 5 | 42,159 | | 39,526 | | 81,685 | | | | | | | 40,301 | | 34,138 | | | 30,937 | | | 45,957 | | 151,333 | |
Interest expense | 36,365 | | 32,374 | | 68,739 | | | | | | | 34,214 | | 33,803 | | | 32,390 | | | 30,897 | | 131,304 | |
Interest income | (4,756) | | (4,081) | | (8,837) | | | | | | | (2,091) | | (2,653) | | | (3,808) | | | (4,944) | | (13,496) | |
Earnings before provision for income taxes | 759,679 | | 307,357 | | 1,067,036 | | | | | | | 257,926 | | 267,160 | | | 318,235 | | | 279,679 | | 1,123,000 | |
Provision for income taxes 6 | 157,577 | | 60,770 | | 218,347 | | | | | | | 51,234 | | 50,150 | | | 56,252 | | | 21,500 | | 179,136 | |
Earnings from continuing operations | $ | 602,102 | | $ | 246,587 | | $ | 848,689 | | | | | | | $ | 206,692 | | $ | 217,010 | | | $ | 261,983 | | | $ | 258,179 | | $ | 943,864 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
SEGMENT EARNINGS MARGIN | | | | | | | | | | | | | |
Engineered Products | 18.8 % | 18.3 % | 18.5 % | | | | | | 16.6 % | 13.5 % | | 20.5 % | | 20.6 % | 17.9 % |
Clean Energy & Fueling | 15.7 % | 18.9 % | 17.3 % | | | | | | 17.1 % | 19.0 % | | 19.8 % | | 17.6 % | 18.4 % |
Imaging & Identification | 25.3 % | 26.4 % | 25.8 % | | | | | | 24.1 % | 22.6 % | | 25.5 % | | 25.4 % | 24.4 % |
Pumps & Process Solutions | 25.5 % | 28.8 % | 27.1 % | | | | | | 27.8 % | 27.8 % | | 27.3 % | | 27.4 % | 27.6 % |
Climate & Sustainability Technologies | 13.9 % | 18.1 % | 16.2 % | | | | | | 16.2 % | 16.9 % | | 17.7 % | | 17.9 % | 17.2 % |
Total segment earnings margin | 19.7 % | 22.2 % | 21.0 % | | | | | | 20.2 % | 20.3 % | | 21.9 % | | 21.7 % | 21.0 % |
| | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
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. |
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. |
4 (Gain) loss on disposition including working capital adjustments due to the sale of De-Sta-Co in our Engineered Products segment. |
5 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. |
6 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. |
DOVER CORPORATION
SEGMENT INFORMATION
(unaudited)(in thousands) | | | | | | | | | | | |
| | | |
| FY 2022 | | FY 2021 |
REVENUE | | | |
Engineered Products | $ | 1,379,512 | | | $ | 1,234,695 | |
Clean Energy & Fueling | 1,878,507 | | | 1,648,153 | |
Imaging & Identification | 1,123,815 | | | 1,163,367 | |
Pumps & Process Solutions | 1,728,235 | | | 1,708,634 | |
Climate & Sustainability Technologies | 1,737,724 | | | 1,608,175 | |
Intersegment eliminations | (3,619) | | | (1,751) | |
Total consolidated revenue | $ | 7,844,174 | | | $ | 7,361,273 | |
| | | |
EARNINGS FROM CONTINUING OPERATIONS | | | |
Segment Earnings: | | | |
Engineered Products | $ | 240,496 | | | $ | 196,512 | |
Clean Energy & Fueling | 352,993 | | | 327,186 | |
Imaging & Identification | 268,084 | | | 266,932 | |
Pumps & Process Solutions | 533,018 | | | 575,593 | |
Climate & Sustainability Technologies | 254,484 | | | 185,517 | |
Total segment earnings | 1,649,075 | | | 1,551,740 | |
Purchase accounting expenses 1 | 174,397 | | | 137,535 | |
Restructuring and other costs 2 | 36,209 | | | 37,242 | |
| | | |
Loss (gain) on dispositions 3 | 194 | | | (206,338) | |
Corporate expense / other 4, 5 | 136,045 | | | 156,202 | |
Interest expense | 116,456 | | | 106,316 | |
Interest income | (4,429) | | | (4,439) | |
Earnings before provision for income taxes | 1,190,203 | | | 1,325,222 | |
Provision for income taxes | 200,291 | | | 259,902 | |
Earnings from continuing operations | $ | 989,912 | | | $ | 1,065,320 | |
| | | |
| | | |
| | | |
SEGMENT EARNINGS MARGIN | | | |
Engineered Products | 17.4 % | | 15.9 % |
Clean Energy & Fueling | 18.8 % | | 19.9 % |
Imaging & Identification | 23.9 % | | 22.9 % |
Pumps & Process Solutions | 30.8 % | | 33.7 % |
Climate & Sustainability Technologies | 14.6 % | | 11.5 % |
Total segment earnings margin | 21.0 % | | 21.1 % |
| | | |
|
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
1 Purchase accounting expenses are primarily comprised of amortization of acquired 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. |
|
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our 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. |
5 FY 2022 includes a $6.3 million settlement charge related to our U.S qualified defined benefit plan. |
DOVER CORPORATION
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|
| 2024 | | | | 2023 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
Adjusted earnings from continuing operations: | | | | | | | | | | | | | | | |
Earnings from continuing operations | $ | 602,102 | | $ | 246,587 | | $ | 848,689 | | | | | | | $ | 206,692 | | $ | 217,010 | | | $ | 261,983 | | | $ | 258,179 | | $ | 943,864 | |
Purchase accounting expenses, pre-tax 1 | 44,187 | | 44,332 | | 88,519 | | | | | | | 40,603 | | 38,644 | | | 38,956 | | | 40,379 | | 158,582 | |
Purchase accounting expenses, tax impact 2 | (9,711) | | (9,760) | | (19,471) | | | | | | | (9,140) | | (8,671) | | | (8,670) | | | (8,847) | | (35,328) | |
Restructuring and other costs, pre-tax 3 | 23,971 | | 11,590 | | 35,561 | | | | | | | 14,053 | | 18,143 | | | 11,581 | | | 19,150 | | 62,927 | |
Restructuring and other costs, tax impact 2 | (4,734) | | (2,479) | | (7,213) | | | | | | | (2,990) | | (3,665) | | | (2,401) | | | (3,970) | | (13,026) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Disposition costs, pre-tax 4 | — | | — | | — | | | | | | | — | | — | | | — | | | 1,302 | | 1,302 | |
Disposition costs, tax impact 2 | — | | — | | — | | | | | | | — | | — | | | — | | | (270) | | (270) | |
(Gain) loss on disposition, pre-tax 5 | (529,943) | | 663 | | (529,280) | | | | | | | — | | — | | | — | | | — | | — | |
(Gain) loss on disposition, tax-impact 2 | 114,973 | | (144) | | 114,829 | | | | | | | — | | — | | | — | | | — | | — | |
| | | | | | | | | | | | | | | |
Adjusted earnings from continuing operations | $ | 240,845 | | $ | 290,789 | | $ | 531,634 | | | | | | | $ | 249,218 | | $ | 261,461 | | | $ | 301,449 | | | $ | 305,923 | | $ | 1,118,051 | |
| | | | | | | | | | | | | | | |
| | | |
| | | | | | | | | | | | | | | |
Adjusted diluted earnings per share from continuing operations: | | | | | | | | | | | | | |
Diluted earnings from continuing operations per share | $ | 4.30 | | $ | 1.78 | | $ | 6.10 | | | | | | | $ | 1.47 | | $ | 1.54 | | | $ | 1.86 | | | $ | 1.84 | | $ | 6.71 | |
Purchase accounting expenses, pre-tax 1 | 0.32 | | 0.32 | | 0.64 | | | | | | | 0.29 | | 0.27 | | | 0.28 | | | 0.29 | | 1.13 | |
Purchase accounting expenses, tax impact 2 | (0.07) | | (0.07) | | (0.14) | | | | | | | (0.06) | | (0.06) | | | (0.06) | | | (0.06) | | (0.25) | |
Restructuring and other costs, pre-tax 3 | 0.17 | | 0.08 | | 0.26 | | | | | | | 0.10 | | 0.13 | | | 0.08 | | | 0.14 | | 0.45 | |
Restructuring and other costs, tax impact 2 | (0.03) | | (0.02) | | (0.05) | | | | | | | (0.02) | | (0.03) | | | (0.02) | | | (0.03) | | (0.09) | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Disposition costs, pre-tax 4 | — | | — | | — | | | | | | | — | | — | | | — | | | 0.01 | | 0.01 | |
Disposition costs, tax impact 2 | — | | — | | — | | | | | | | — | | — | | | — | | | — | | — | |
(Gain) loss on disposition, pre-tax 5 | (3.79) | | — | | (3.80) | | | | | | | — | | — | | | — | | | — | | — | |
(Gain) loss on disposition, tax-impact 2 | 0.82 | | — | | 0.83 | | | | | | | — | | — | | | — | | | — | | — | |
| | | | | | | | | | | | | | | |
Adjusted diluted earnings per share from continuing operations | $ | 1.72 | | $ | 2.10 | | $ | 3.82 | | | | | | | $ | 1.77 | | $ | 1.86 | | | $ | 2.14 | | | $ | 2.18 | | $ | 7.95 | |
| | | | | | | | | | | | | | | |
1 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. |
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. |
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Q1 and Q2 YTD 2024 include $3.4 million and Q3 and FY 2023 include $3.3 million of non-cash asset impairment charges for our Climate & Sustainability Technologies segment. |
|
|
4 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. |
|
|
5 (Gain) loss on disposition due to the sale of De-Sta-Co in our Engineered Products segment, including a $0.7 million post-closing adjustment recorded in Q2 2024. |
* Per share data and totals may be impacted by rounding. |
DOVER CORPORATION
ADJUSTED EARNINGS AND ADJUSTED EARNINGS PER SHARE (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations | | | | | | | | | | | | | | | | |
| | | | | | | | |
|
| | | | | | |
| FY 2022 | | | | | | | FY 2021 |
Adjusted earnings from continuing operations: | | | | | | | | |
Earnings from continuing operations | $ | 989,912 | | | | | | | | $ | 1,065,320 | |
Purchase accounting expenses, pre-tax 1 | 174,397 | | | | | | | | 137,535 | |
Purchase accounting expenses, tax impact 2 | (40,151) | | | | | | | | (33,695) | |
Restructuring and other costs, pre-tax 3 | 36,209 | | | | | | | | 37,242 | |
Restructuring and other costs, tax impact 2 | (7,639) | | | | | | | | (7,055) | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Loss (gain) on dispositions, pre-tax 4 | 194 | | | | | | | | (206,338) | |
Loss (gain) on dispositions, tax-impact 2 | (27) | | | | | | | | 53,218 | |
Tax Cuts and Jobs Act 5 | (22,579) | | | | | | | | — | |
Adjusted earnings from continuing operations | $ | 1,130,316 | | | | | | | | $ | 1,046,227 | |
| | | | | | | | |
| | | | |
| | | | | | | | |
Adjusted diluted earnings per share from continuing operations: | | | | | | | |
Diluted earnings from continuing operations per share | $ | 6.89 | | | | | | | | $ | 7.33 | |
Purchase accounting expenses, pre-tax 1 | 1.21 | | | | | | | | 0.95 | |
Purchase accounting expenses, tax impact 2 | (0.28) | | | | | | | | (0.23) | |
Restructuring and other costs, pre-tax 3 | 0.25 | | | | | | | | 0.26 | |
Restructuring and other costs, tax impact 2 | (0.05) | | | | | | | | (0.05) | |
Loss (gain) on dispositions, pre-tax 4 | — | | | | | | | | (1.42) | |
Loss (gain) on dispositions, tax-impact 2 | — | | | | | | | | 0.37 | |
Tax Cuts and Jobs Act 5 | (0.16) | | | | | | | | — | |
Adjusted diluted earnings per share from continuing operations | $ | 7.87 | | | | | | | | $ | 7.20 | |
| | | | | | | | |
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. FY 2022 includes $20.0 million of amortization of inventory step-up primarily related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment. |
2 Adjustments were tax effected using the statutory tax rates in the applicable jurisdictions or the effective tax rate, where applicable, for each period. |
3 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exists, and other asset charges. FY 2022 includes $5.5 million of non-cash foreign currency translation losses reclassified to earnings included within restructuring and other costs and $2.1 million related to write-off of assets due to an exit from certain Latin America countries for our Climate & Sustainability Technologies segment. FY 2021 includes a $12.1 million other than temporary impairment charge related to an equity method investment and a $6.1 million write-off of assets incurred in connection with an exit from certain Latin America countries both for our Climate & Sustainability Technologies segment. FY 2021 also includes a $9.1 million payment received for previously incurred restructuring costs related to a product line exit in our Engineered Products segment. |
4 FY 2021 represents gain on dispositions of $181.6 million and $24.7 million due to the sales of Unified Brands in our Climate & Sustainability Technologies segment and Race Winning Brands equity method investment in our Engineered Products segment, respectively. FY 2022 represents working capital adjustments related these dispositions. |
|
|
5 FY 2022 represents a reduction to income taxes previously recorded related to the Tax Cuts and Jobs Act. |
* Per share data and totals may be impacted by rounding. |
DOVER CORPORATION
ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | | 2023 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
ADJUSTED SEGMENT EBITDA | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Engineered Products: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment earnings | $ | 62,532 | | $ | 52,095 | | $ | 114,627 | | | | | | | $ | 54,064 | | $ | 38,872 | | | $ | 63,525 | | | $ | 67,590 | | $ | 224,051 | |
Other depreciation and amortization 1 | 4,785 | | 4,778 | | 9,563 | | | | | | | 5,671 | | 5,778 | | | 5,736 | | | 4,827 | | 22,012 | |
Adjusted segment EBITDA 2 | 67,317 | | 56,873 | | 124,190 | | | | | | | 59,735 | | 44,650 | | | 69,261 | | | 72,417 | | 246,063 | |
Adjusted segment EBITDA margin 2 | 20.2 % | 19.9 % | 20.1 % | | | | | | 18.3 % | 15.5 % | | 22.4 % | | 22.1 % | 19.7 % |
| | | | | | | | | | | | | | | |
Clean Energy & Fueling: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment earnings | $ | 69,675 | | $ | 87,536 | | $ | 157,211 | | | | | | | $ | 73,605 | | $ | 83,616 | | | $ | 92,483 | | | $ | 78,900 | | $ | 328,604 | |
Other depreciation and amortization 1 | 7,921 | | 7,627 | | 15,548 | | | | | | | 7,046 | | 7,541 | | | 7,686 | | | 7,844 | | 30,117 | |
Adjusted segment EBITDA 2 | 77,596 | | 95,163 | | 172,759 | | | | | | | 80,651 | | 91,157 | | | 100,169 | | | 86,744 | | 358,721 | |
Adjusted segment EBITDA margin 2 | 17.4 % | 20.6 % | 19.0 % | | | | | | 18.7 % | 20.7 % | | 21.5 % | | 19.3 % | 20.1 % |
| | | | | | | | | | | | | | | |
Imaging & Identification: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment earnings | $ | 69,959 | | $ | 75,786 | | $ | 145,745 | | | | | | | $ | 68,315 | | $ | 61,336 | | | $ | 70,316 | | | $ | 72,545 | | $ | 272,512 | |
Other depreciation and amortization 1 | 3,733 | | 3,271 | | 7,004 | | | | | | | 3,394 | | 3,745 | | | 3,972 | | | 4,182 | | 15,293 | |
Adjusted segment EBITDA 2 | 73,692 | | 79,057 | | 152,749 | | | | | | | 71,709 | | 65,081 | | | 74,288 | | | 76,727 | | 287,805 | |
Adjusted segment EBITDA margin 2 | 26.6 % | 27.5 % | 27.1 % | | | | | | 25.3 % | 23.9 % | | 26.9 % | | 26.9 % | 25.8 % |
| | | | | | | | | | | | | | | |
Pumps & Process Solutions: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment earnings | $ | 118,737 | | $ | 137,217 | | $ | 255,954 | | | | | | | $ | 115,244 | | $ | 129,337 | | | $ | 117,907 | | | $ | 121,917 | | $ | 484,405 | |
Other depreciation and amortization 1 | 12,139 | | 12,637 | | 24,776 | | | | | | | 10,939 | | 11,609 | | | 12,052 | | | 11,744 | | 46,344 | |
Adjusted segment EBITDA 2 | 130,876 | | 149,854 | | 280,730 | | | | | | | 126,183 | | 140,946 | | | 129,959 | | | 133,661 | | 530,749 | |
Adjusted segment EBITDA margin 2 | 28.1 % | 31.4 % | 29.8 % | | | | | | 30.5 % | 30.3 % | | 30.1 % | | 30.0 % | 30.2 % |
| | | | | | | | | | | | | | | |
Climate & Sustainability Technologies: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Segment earnings | $ | 50,759 | | $ | 79,127 | | $ | 129,886 | | | | | | | $ | 73,778 | | $ | 76,074 | | | $ | 84,060 | | | $ | 71,468 | | $ | 305,380 | |
Other depreciation and amortization 1 | 7,275 | | 7,220 | | 14,495 | | | | | | | 6,624 | | 6,895 | | | 6,954 | | | 7,084 | | 27,557 | |
Adjusted segment EBITDA 2 | 58,034 | | 86,347 | | 144,381 | | | | | | | 80,402 | | 82,969 | | | 91,014 | | | 78,552 | | 332,937 | |
Adjusted segment EBITDA margin 2 | 15.9 % | 19.8 % | 18.0 % | | | | | | 17.7 % | 18.5 % | | 19.1 % | | 19.7 % | 18.7 % |
| | | | | | | | | | | | | | | |
Total Segments: | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Total segment earnings 2, 3 | $ | 371,662 | | $ | 431,761 | | $ | 803,423 | | | | | | | $ | 385,006 | | $ | 389,235 | | | $ | 428,291 | | | $ | 412,420 | | $ | 1,614,952 | |
Other depreciation and amortization 1 | 35,853 | | 35,533 | | 71,386 | | | | | | | 33,674 | | 35,568 | | | 36,400 | | | 35,681 | | 141,323 | |
Total Adjusted segment EBITDA 2 | 407,515 | | 467,294 | | 874,809 | | | | | | | 418,680 | | 424,803 | | | 464,691 | | | 448,101 | | 1,756,275 | |
Total Adjusted segment EBITDA margin 2 | 21.6 % | 24.0 % | 22.8 % | | | | | | 21.9 % | 22.2 % | | 23.7 % | | 23.5 % | 22.9 % |
| | | | | | | | | | | | | | | |
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
2 Refer to Non-GAAP Disclosures section for definition. |
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. |
DOVER CORPORATION
ADJUSTED SEGMENT EBITDA (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
| | | | | | | | | | | | | | | |
| | | | | |
| FY 2022 | | | | | | FY 2021 |
ADJUSTED SEGMENT EBITDA | | | | | | | |
| | | | | | | |
Engineered Products: | | | | | | | |
| | | | | | | |
Segment earnings | $ | 240,496 | | | | | | | $ | 196,512 | |
Other depreciation and amortization 1 | 22,571 | | | | | | | 22,712 | |
Adjusted segment EBITDA 2 | 263,067 | | | | | | | 219,224 | |
Adjusted segment EBITDA margin 2 | 19.1 % | | | | | | 17.8 % |
| | | | | | | |
Clean Energy & Fueling: | | | | | | | |
| | | | | | | |
Segment earnings 4 | $ | 352,993 | | | | | | | $ | 327,186 | |
Other depreciation and amortization 1 | 28,815 | | | | | | | 25,842 | |
Adjusted segment EBITDA 2 | 381,808 | | | | | | | 353,028 | |
Adjusted segment EBITDA margin 2 | 20.3 % | | | | | | 21.4 % |
| | | | | | | |
Imaging & Identification: | | | | | | | |
| | | | | | | |
Segment earnings | $ | 268,084 | | | | | | | $ | 266,932 | |
Other depreciation and amortization 1 | 14,185 | | | | | | | 14,189 | |
Adjusted segment EBITDA 2 | 282,269 | | | | | | | 281,121 | |
Adjusted segment EBITDA margin 2 | 25.1 % | | | | | | 24.2 % |
| | | | | | | |
Pumps & Process Solutions: | | | | | | | |
| | | | | | | |
Segment earnings | $ | 533,018 | | | | | | | $ | 575,593 | |
Other depreciation and amortization 1 | 40,839 | | | | | | | 39,272 | |
Adjusted segment EBITDA 2 | 573,857 | | | | | | | 614,865 | |
Adjusted segment EBITDA margin 2 | 33.2 % | | | | | | 36.0 % |
| | | | | | | |
Climate & Sustainability Technologies: | | | | | | | |
| | | | | | | |
Segment earnings | $ | 254,484 | | | | | | | $ | 185,517 | |
Other depreciation and amortization 1 | 26,204 | | | | | | | 26,987 | |
Adjusted segment EBITDA 2 | 280,688 | | | | | | | 212,504 | |
Adjusted segment EBITDA margin 2 | 16.2 % | | | | | | 13.2 % |
| | | | | | | |
Total Segments: | | | | | | | |
| | | | | | | |
Total segment earnings 2, 3, 4 | $ | 1,649,075 | | | | | | | $ | 1,551,740 | |
Other depreciation and amortization 1 | 132,614 | | | | | | | 129,002 | |
Total Adjusted segment EBITDA 2 | 1,781,689 | | | | | | | 1,680,742 | |
Total Adjusted segment EBITDA margin 2 | 22.7 % | | | | | | 22.8 % |
| | | | | | | |
1 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
2 Refer to Non-GAAP Disclosures section for definition. |
3 Refer to Quarterly Segment Information section for reconciliation of total segment earnings to earnings from continuing operations. |
4 FY 2022 excludes $19.0 million of amortization of inventory step-up related to the Q4 2021 acquisitions within our Clean Energy & Fueling segment. |
DOVER CORPORATION
EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | | 2023 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
| | | | | | | | | | | | | | | |
Earnings from continuing operations | $ | 602,102 | | $ | 246,587 | | $ | 848,689 | | | | | | | $ | 206,692 | | $ | 217,010 | | | $ | 261,983 | | | $ | 258,179 | | $ | 943,864 | |
Provision for income taxes 1 | 157,577 | | 60,770 | | 218,347 | | | | | | | 51,234 | | 50,150 | | | 56,252 | | | 21,500 | | 179,136 | |
Earnings before provision for income taxes | 759,679 | | 307,357 | | 1,067,036 | | | | | | | 257,926 | | 267,160 | | | 318,235 | | | 279,679 | | 1,123,000 | |
Interest income | (4,756) | | (4,081) | | (8,837) | | | | | | | (2,091) | | (2,653) | | | (3,808) | | | (4,944) | | (13,496) | |
Interest expense | 36,365 | | 32,374 | | 68,739 | | | | | | | 34,214 | | 33,803 | | | 32,390 | | | 30,897 | | 131,304 | |
Corporate expense / other 2 | 42,159 | | 39,526 | | 81,685 | | | | | | | 40,301 | | 34,138 | | | 30,937 | | | 45,957 | | 151,333 | |
Disposition costs 3 | — | | — | | — | | | | | | | — | | — | | | — | | | 1,302 | | 1,302 | |
(Gain) loss on disposition 4 | (529,943) | | 663 | | (529,280) | | | | | | | — | | — | | | — | | | — | | — | |
Restructuring and other costs 5 | 23,971 | | 11,590 | | 35,561 | | | | | | | 14,053 | | 18,143 | | | 11,581 | | | 19,150 | | 62,927 | |
Purchase accounting expenses 6 | 44,187 | | 44,332 | | 88,519 | | | | | | | 40,603 | | 38,644 | | | 38,956 | | | 40,379 | | 158,582 | |
Total segment earnings 7 | 371,662 | | 431,761 | | 803,423 | | | | | | | 385,006 | | 389,235 | | | 428,291 | | | 412,420 | | 1,614,952 | |
Add: Other depreciation and amortization 8 | 35,853 | | 35,533 | | 71,386 | | | | | | | 33,674 | | 35,568 | | | 36,400 | | | 35,681 | | 141,323 | |
Total adjusted segment EBITDA 7 | $ | 407,515 | | $ | 467,294 | | $ | 874,809 | | | | | | | $ | 418,680 | | $ | 424,803 | | | $ | 464,691 | | | $ | 448,101 | | $ | 1,756,275 | |
| | | | | | | | | | | | | | | |
1 Q4 and FY 2023 include the net income tax benefit of internal reorganizations executed in 2023. |
2 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. |
3 Q4 and FY 2023 disposition costs relate to the sale of De-Sta-Co in our Engineered Products segment. |
4 (Gain) loss on disposition due to the sale of De-Sta-Co in the Engineered Products segment. |
5 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. |
6 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets. |
7 Refer to Non-GAAP Disclosures section for definition. |
8 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
DOVER CORPORATION
EARNINGS FROM CONTINUING OPERATIONS TO ADJUSTED SEGMENT EBITDA RECONCILIATION (NON-GAAP)
(unaudited)(in thousands)
Non-GAAP Reconciliations
| | | | | | | | | | | | | | | |
| | | | | |
| FY 2022 | | | | | | FY 2021 |
| | | | | | | |
Earnings from continuing operations | $ | 989,912 | | | | | | | $ | 1,065,320 | |
Provision for income taxes | 200,291 | | | | | | | 259,902 | |
Earnings before provision for income taxes | 1,190,203 | | | | | | | 1,325,222 | |
Interest income | (4,429) | | | | | | | (4,439) | |
Interest expense | 116,456 | | | | | | | 106,316 | |
Corporate expense / other 1,2 | 136,045 | | | | | | | 156,202 | |
| | | | | | | |
Loss (gain) on dispositions 3 | 194 | | | | | | | (206,338) | |
Restructuring and other costs 4 | 36,209 | | | | | | | 37,242 | |
Purchase accounting expenses 5 | 174,397 | | | | | | | 137,535 | |
Total segment earnings 6 | 1,649,075 | | | | | | | 1,551,740 | |
Add: Other depreciation and amortization 7 | 132,614 | | | | | | | 129,002 | |
Total adjusted segment EBITDA 6 | $ | 1,781,689 | | | | | | | $ | 1,680,742 | |
| | | | | | | |
1 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. |
2 FY 22 includes a $6.3 million settlement charge related to our U.S. qualified benefit plan. |
3 Loss (gain) on dispositions including working capital adjustments related to the sale of Unified Brands in our Climate & Sustainability Technology segment and Race Winning Brands equity method investment in our Engineered Products segment. |
4 Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. |
5 Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. |
6 Refer to Non-GAAP Disclosures section for definition. |
7 Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. |
DOVER CORPORATION
REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
Revenue Growth Factors | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 |
| Q1 | Q2 | | | | | Q2 YTD | | Q1 | Q2 | Q3 | Q4 | FY 2023 |
Organic | | | | | | | | | | | | | |
Engineered Products | 2.1 | % | 18.3 | % | | | | | 9.7 | % | | (0.7) | % | (16.6) | % | (12.0) | % | (7.7) | % | (9.3) | % |
Clean Energy & Fueling | 1.4 | % | 2.3 | % | | | | | 1.9 | % | | (2.6) | % | (9.3) | % | (0.2) | % | (3.5) | % | (4.0) | % |
Imaging & Identification | (1.6) | % | 6.9 | % | | | | | 2.6 | % | | 8.2 | % | 0.3 | % | (3.6) | % | (3.5) | % | 0.2 | % |
Pumps & Process Solutions | 4.5 | % | (3.1) | % | | | | | 0.5 | % | | (7.1) | % | 0.9 | % | (7.3) | % | 0.5 | % | (3.3) | % |
Climate & Sustainability Technologies | (20.3) | % | (2.3) | % | | | | | (11.4) | % | | 16.2 | % | 4.0 | % | 1.8 | % | (10.9) | % | 2.4 | % |
Total Organic | (3.4) | % | 3.0 | % | | | | | (0.2) | % | | 2.2 | % | (4.1) | % | (3.9) | % | (5.2) | % | (2.8) | % |
Acquisitions | 2.2 | % | 2.3 | % | | | | | 2.3 | % | | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % |
Dispositions | — | % | (2.8) | % | | | | | (1.4) | % | | — | % | — | % | — | % | — | % | — | % |
Currency translation | — | % | (0.7) | % | | | | | (0.4) | % | | (2.8) | % | (0.7) | % | 1.3 | % | 1.1 | % | (0.2) | % |
Total* | (1.2) | % | 1.8 | % | | | | | 0.3 | % | | 0.4 | % | (3.8) | % | (1.6) | % | (3.1) | % | (2.0) | % |
* Totals may be impacted by rounding.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 |
| Q1 | Q2 | Q2 YTD | | Q1 | Q2 | Q3 | Q4 | FY 2023 |
Organic | | | | | | | | | |
United States | (2.3) | % | 9.1 | % | 3.3 | % | | 1.0 | % | (11.5) | % | (10.8) | % | (0.5) | % | (5.7) | % |
Other Americas | (6.1) | % | 18.2 | % | 5.9 | % | | 18.4 | % | 13.7 | % | 13.9 | % | (23.4) | % | 3.7 | % |
Europe | (0.5) | % | (3.8) | % | (2.2) | % | | (0.3) | % | (0.9) | % | (5.2) | % | (16.1) | % | (5.7) | % |
Asia | (4.8) | % | (8.6) | % | (6.8) | % | | (4.0) | % | 2.0 | % | (3.4) | % | 4.8 | % | (0.2) | % |
Other | (21.6) | % | (28.0) | % | (24.9) | % | | 20.6 | % | 32.8 | % | 72.7 | % | 26.7 | % | 38.4 | % |
Total Organic | (3.4) | % | 3.0 | % | (0.2) | % | | 2.2 | % | (4.1) | % | (3.9) | % | (5.2) | % | (2.8) | % |
Acquisitions | 2.2 | % | 2.3 | % | 2.3 | % | | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % | 1.0 | % |
Dispositions | — | % | (2.8) | % | (1.4) | % | | — | % | — | % | — | % | — | % | — | % |
Currency translation | — | % | (0.7) | % | (0.4) | % | | (2.8) | % | (0.7) | % | 1.3 | % | 1.1 | % | (0.2) | % |
Total* | (1.2) | % | 1.8 | % | 0.3 | % | | 0.4 | % | (3.8) | % | (1.6) | % | (3.1) | % | (2.0) | % |
| | | | | | | | | |
* Totals may be impacted by rounding.
DOVER CORPORATION
REVENUE GROWTH FACTORS RECONCILIATIONS (NON-GAAP)
(unaudited)(in thousands, except per share data*)
Non-GAAP Reconciliations
Revenue Growth Factors | | | | | | | | | | | | | | | |
| | | | | FY 2022 | | FY 2021 |
Organic | | | | | | | |
Engineered Products | | | | | 14.7 | % | | 20.8 | % |
Clean Energy & Fueling | | | | | (0.3) | % | | 5.8 | % |
Imaging & Identification | | | | | 2.9 | % | | 8.0 | % |
Pumps & Process Solutions | | | | | 4.1 | % | | 26.6 | % |
Climate & Sustainability Technologies | | | | | 18.5 | % | | 22.0 | % |
Total Organic | | | | | 7.8 | % | | 16.5 | % |
Acquisitions | | | | | 4.6 | % | | 1.3 | % |
Dispositions | | | | | (1.6) | % | | (0.2) | % |
Currency translation | | | | | (4.2) | % | | 2.1 | % |
Total* | | | | | 6.6 | % | | 19.7 | % |
* Totals may be impacted by rounding.
| | | | | | | | | | | |
| FY 2022 | | FY 2021 |
Organic | | | |
United States | 7.6 | % | | 17.7 | % |
Other Americas | 7.7 | % | | 12.9 | % |
Europe | 11.7 | % | | 15.5 | % |
Asia | 7.1 | % | | 18.0 | % |
Other | (11.0) | % | | 11.6 | % |
Total Organic | 7.8 | % | | 16.5 | % |
Acquisitions | 4.6 | % | | 1.3 | % |
Dispositions | (1.6) | % | | (0.2) | % |
Currency translation | (4.2) | % | | 2.1 | % |
Total* | 6.6 | % | | 19.7 | % |
| | | |
* Totals may be impacted by rounding.
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | | | | | 2023 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 |
BOOKINGS | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Engineered Products | $ | 329,925 | | $ | 280,542 | | $ | 610,467 | | | | | | | $ | 329,005 | | $ | 297,662 | | | $ | 330,566 | | | $ | 312,416 | | $ | 1,269,649 | |
Clean Energy & Fueling | 471,610 | | 442,086 | | 913,696 | | | | | | | 454,526 | | 440,137 | | | 449,663 | | | 401,195 | | 1,745,521 | |
Imaging & Identification | 278,433 | | 288,641 | | 567,074 | | | | | | | 290,712 | | 262,092 | | | 271,113 | | | 297,312 | | 1,121,229 | |
Pumps & Process Solutions | 473,632 | | 461,426 | | 935,058 | | | | | | | 464,297 | | 394,317 | | | 363,111 | | | 455,390 | | 1,677,115 | |
Climate & Sustainability Technologies | 453,086 | | 406,269 | | 859,355 | | | | | | | 371,643 | | 310,911 | | | 340,474 | | | 325,625 | | 1,348,653 | |
Intersegment eliminations | (791) | | (1,591) | | (2,382) | | | | | | | (1,530) | | (1,913) | | | (848) | | | (2,100) | | (6,391) | |
Total consolidated bookings | $ | 2,005,895 | | $ | 1,877,373 | | $ | 3,883,268 | | | | | | | $ | 1,908,653 | | $ | 1,703,206 | | | $ | 1,754,079 | | | $ | 1,789,838 | | $ | 7,155,776 | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 |
| Q1 | Q2 | Q2 YTD | | Q1 | Q2 | Q3 | Q4 | FY 2023 |
BOOKINGS GROWTH FACTORS | | | | | | | | | |
| | | | | | | | | |
Organic | | | | | | | | | |
Engineered Products | 0.2 | % | 11.4 | % | 5.5 | % | | (5.8) | % | (9.2) | % | 3.0 | % | (2.3) | % | (3.7) | % |
Clean Energy & Fueling | 1.6 | % | (1.6) | % | — | % | | (6.1) | % | (8.4) | % | 3.5 | % | (0.1) | % | (3.1) | % |
Imaging & Identification | (3.4) | % | 11.1 | % | 3.5 | % | | (1.8) | % | (8.5) | % | (5.4) | % | 7.7 | % | (2.1) | % |
Pumps & Process Solutions | (4.6) | % | 10.5 | % | 2.3 | % | | (1.2) | % | (19.4) | % | (15.6) | % | 22.6 | % | (4.7) | % |
Climate & Sustainability Technologies | 22.3 | % | 31.6 | % | 26.6 | % | | (11.6) | % | (31.5) | % | (16.8) | % | (14.8) | % | (19.1) | % |
Total Organic | 3.2 | % | 11.5 | % | 7.1 | % | | (5.4) | % | (16.3) | % | (6.7) | % | 2.2 | % | (6.9) | % |
Acquisitions | 2.1 | % | 2.4 | % | 2.2 | % | | 1.1 | % | 0.7 | % | 0.3 | % | 0.4 | % | 0.7 | % |
Dispositions | — | % | (3.0) | % | (1.4) | % | | — | % | — | % | — | % | — | % | — | % |
Currency translation | (0.2) | % | (0.7) | % | (0.4) | % | | (2.9) | % | (0.8) | % | 1.3 | % | 1.1 | % | (0.5) | % |
Total* | 5.1 | % | 10.2 | % | 7.5 | % | | (7.2) | % | (16.4) | % | (5.1) | % | 3.7 | % | (6.7) | % |
* Totals may be impacted by rounding. | | | | | | | | | |
| | | | | | |
DOVER CORPORATION
PERFORMANCE MEASURES
(unaudited)(in thousands) | | | | | | | | | | | | | | | |
| FY 2022 | | | | | | FY 2021 |
BOOKINGS | | | | | | | |
| | | | | | | |
Engineered Products | $ | 1,320,288 | | | | | | | $ | 1,398,444 | |
Clean Energy & Fueling | 1,821,025 | | | | | | | 1,742,479 | |
Imaging & Identification | 1,154,199 | | | | | | | 1,190,404 | |
Pumps & Process Solutions | 1,709,204 | | | | | | | 2,023,061 | |
Climate & Sustainability Technologies | 1,669,916 | | | | | | | 2,317,000 | |
Intersegment eliminations | (5,173) | | | | | | | (1,477) | |
Total consolidated bookings | $ | 7,669,459 | | | | | | | $ | 8,669,911 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | | | | | |
| | | |
| FY 2022 | | FY 2021 |
BOOKINGS GROWTH FACTORS | | | |
| | | |
Organic | | | |
Engineered Products | (4.8) | % | | 29.1 | % |
Clean Energy & Fueling | (8.8) | % | | 11.2 | % |
Imaging & Identification | 2.6 | % | | 7.7 | % |
Pumps & Process Solutions | (12.8) | % | | 48.2 | % |
Climate & Sustainability Technologies | (19.3) | % | | 53.3 | % |
Total Organic | (10.3) | % | | 31.1 | % |
Acquisitions | 3.8 | % | | 1.6 | % |
Dispositions | (1.6) | % | | (0.3) | % |
Currency translation | (3.4) | % | | 2.3 | % |
Total* | (11.5) | % | | 34.7 | % |
* Totals may be impacted by rounding. | | | |
| | |
DOVER CORPORATION
QUARTERLY CASH FLOW AND FREE CASH FLOW (NON-GAAP)
(unaudited)(in thousands)
Quarterly Cash Flow | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 | | 2022 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 | | FY 2022 |
Net Cash Flows Provided By (Used In): | | | | | | | | | | | | | | | |
Operating activities | $ | 146,456 | | $ | 149,181 | | $ | 295,637 | | | | | | | $ | 220,240 | | $ | 168,947 | | | $ | 331,795 | | | $ | 498,564 | | $ | 1,219,546 | | | $ | 746,754 | |
Investing activities | 432,416 | | 33,215 | | 465,631 | | | | | | | (41,952) | | (40,591) | | | (48,529) | | | (586,643) | | (717,715) | | | (520,844) | |
Financing activities | (80,782) | | (830,657) | | (911,439) | | | | | | | (306,565) | | (137,924) | | | (312,716) | | | 189,149 | | (568,056) | | | (260,265) | |
Quarterly Free Cash Flow (Non-GAAP) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2024 | | 2023 | | 2022 |
| Q1 | Q2 | Q2 YTD | | | | | | Q1 | Q2 | | Q3 | | Q4 | FY 2023 | | FY 2022 |
Cash flow from operating activities 1 | $ | 146,456 | | $ | 149,181 | | $ | 295,637 | | | | | | | $ | 220,240 | | $ | 168,947 | | | $ | 331,795 | | | $ | 498,564 | | $ | 1,219,546 | | | $ | 746,754 | |
Less: Capital expenditures | (40,050) | | (35,822) | | (75,872) | | | | | | | (46,771) | | (38,183) | | | (41,177) | | | (57,275) | | (183,406) | | | (211,082) | |
Free cash flow | $ | 106,406 | | $ | 113,359 | | $ | 219,765 | | | | | | | $ | 173,469 | | $ | 130,764 | | | $ | 290,618 | | | $ | 441,289 | | $ | 1,036,140 | | | $ | 535,672 | |
| | | | | | | | | | | | | | | | | |
Cash flow from operating activities as a percentage of revenue | 7.8 | % | 7.7 | % | 7.7 | % | | | | | | 11.5 | % | 8.8 | % | | 16.9 | % | | 26.2 | % | 15.9 | % | | 9.5 | % |
| | | | | | | | | | | | | | | | | |
Cash flow from operating activities as a percentage of adjusted earnings from continuing operations | 60.8 | % | 51.3 | % | 55.6 | % | | | | | | 88.4 | % | 64.6 | % | | 110.1 | % | | 163.0 | % | 109.1 | % | | 66.1 | % |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Free cash flow as a percentage of revenue | 5.6 | % | 5.8 | % | 5.7 | % | | | | | | 9.1 | % | 6.8 | % | | 14.8 | % | | 23.2 | % | 13.5 | % | | 6.8 | % |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
Free cash flow as a percentage of adjusted earnings from continuing operations | 44.2 | % | 39.0 | % | 41.3 | % | | | | | | 69.6 | % | 50.0 | % | | 96.4 | % | | 144.2 | % | 92.7 | % | | 47.4 | % |
| | | | | | | | | | | | | | | | | |
| | |
| | | | | | | | | | | | | | | | | |
1 Q2 and Q2 YTD 2024 include income tax payments of $56 million related to the gain on the disposition of De-Sta-Co. The remainder of the tax payments on the De-Sta-Co gain will be paid in quarterly installments throughout 2024. FY 2022 includes income tax payments of $43.5 million related to the gain on the disposition of Unified Brands and $13.4 million related to an internal reorganization.
Non-GAAP Measures Definitions
In an effort to provide investors with additional information regarding our results as determined by GAAP, management also discloses non-GAAP information that management believes provides useful information to investors. Adjusted earnings from continuing operations, adjusted diluted earnings per share from continuing operations, total segment earnings, total segment earnings margin, adjusted segment EBITDA, adjusted segment EBITDA margin, free cash flow, free cash flow as a percentage of revenue, free cash flow as a percentage of adjusted earnings from continuing operations, and organic revenue growth are not financial measures under GAAP and should not be considered as a substitute for earnings from continuing operations, diluted earnings from continuing operations per share, cash flows from operating activities, or revenue as determined in accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.
The items described in our definitions herein, unless otherwise noted, relate solely to our continuing operations.
Adjusted earnings from continuing operations represents earnings from continuing operations adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions. Purchase accounting expenses are primarily comprised of amortization of intangible assets. We exclude after-tax purchase accounting expenses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company consummates. While we have a history of acquisition activity, our acquisitions do not happen in a predictive cycle. Exclusion of purchase accounting expenses facilitates more consistent comparisons of operating results over time. We believe it is important to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. We exclude the other items because they occur for reasons that may be unrelated to the Company's commercial performance during the period and/or management believes they are not indicative of the Company's ongoing operating costs or gains in a given period.
Adjusted diluted earnings per share from continuing operations or adjusted earnings per share from continuing operations represent diluted earnings from continuing operations per share adjusted for the effect of purchase accounting expenses, restructuring and other costs/benefits, Tax Cuts and Jobs Act, disposition costs and gain/loss on dispositions.
Total segment earnings is defined as the sum of earnings before purchase accounting expenses, restructuring and other costs/benefits, disposition costs, gain/loss on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes for all segments. Total segment earnings margin is defined as total segment earnings divided by revenue.
Adjusted segment EBITDA is defined as segment earnings plus other depreciation and amortization expense, which relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs/benefits. Adjusted segment EBITDA margin is defined as adjusted segment EBITDA divided by revenue.
Management believes the non-GAAP measures above are useful to investors to better understand the Company’s ongoing profitability as they better reflect the Company's core operating results, offer more transparency and facilitate easier comparability to prior and future periods and to its peers.
Free cash flow represents net cash provided by operating activities minus capital expenditures. Free cash flow as a percentage of revenue equals free cash flow divided by revenue. Free cash flow as a percentage of adjusted earnings from continuing operations equals free cash flow divided by adjusted earnings from continuing operations. Management believes that free cash flow and free cash flow ratios are important measures of liquidity because they provide management and investors a measurement of cash generated from operations that is available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying dividends, repaying debt and repurchasing our common stock.
Management believes that reporting organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and dispositions, provides a useful comparison of our revenue and trends between periods. We do not provide a reconciliation of forward-looking organic revenue to the most directly comparable GAAP financial measure pursuant to the exception provided in Item 10(e)(1)(i)(B) of Regulation S-K because we are not able to provide a meaningful or accurate compilation of reconciling items. This is due to the inherent difficulty in accurately forecasting the timing and amounts of the items that would be excluded from the most directly comparable GAAP financial measure or are out of our control. For the same reasons, we are unable to address the probable significance of unavailable information which may be material.
Performance Measures Definitions
Bookings represent total orders received from customers in the current reporting period and exclude de-bookings related to orders received in prior periods, if any. This metric is an important measure of performance and an indicator of revenue order trends.
Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of acquisitions and dispositions. This metric is an important measure of performance and an indicator of revenue order trends.
We use the above operational metrics in monitoring the performance of the business. We believe the operational metrics are useful to investors and other users of our financial information in assessing the performance of our segments.
v3.24.3
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 13e -Subsection 4c
+ Details
Name: |
dei_PreCommencementIssuerTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14d -Subsection 2b
+ Details
Name: |
dei_PreCommencementTenderOffer |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 14a -Subsection 12
+ Details
Name: |
dei_SolicitingMaterial |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Securities Act -Number 230 -Section 425
+ Details
Name: |
dei_WrittenCommunications |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=dov_A0750NotesDue2027Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=dov_A1250NotesDue2026Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Grafico Azioni Dover (NYSE:DOV)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Dover (NYSE:DOV)
Storico
Da Dic 2023 a Dic 2024