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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

OF 1934

For the transition period from to

Commission File Number: 1-4018

(Exact name of registrant as specified in its charter)


Delaware						53-0257888
(State or other jurisdiction of incorporation or organization)						(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)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b-2 of the Exchange Act .

Large Accelerated Filer

☑

Accelerated Filer

☐

Emerging Growth Company

☐

Non-Accelerated Filer

☐

Smaller Reporting 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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The number of shares outstanding of the Registrant’s common stock as of October 18, 2024 was 137,191,966.

Dover Corporation

Form 10-Q

Table of Contents


PART I — FINANCIAL INFORMATION		Page
Item 1.	Financial Statements (unaudited)
	Condensed Consolidated Statements of Earnings for the three and nine months ended September 30, 2024 and 2023	1
	Condensed Consolidated Statements of Comprehensive Earnings for the three and nine months ended September 30, 2024 and 2023	2
	Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023	3
	Condensed Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2024 and 2023	4
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	6
	Note 1 — Basis of Presentation	7
	Note 2 — Revenue	7
	Note 3 — Acquisitions	9
	Note 4 — Discontinued and Disposed Operations	11
	Note 5 — Inventories, net	12
	Note 6 — Property, Plant and Equipment, net	12
	Note 7 — Credit Losses	12
	Note 8 — Goodwill and Other Intangible Assets	13
	Note 9 — Restructuring Activities	14
	Note 10 — Borrowings	14
	Note 11 — Financial Instruments	16
	Note 12 — Income Taxes	17
	Note 13 — Equity Incentive Program	18
	Note 14 — Commitments and Contingent Liabilities	19

	Note 15 — Other Comprehensive Earnings	20
	Note 16 — Segment Information	20
	Note 17 — Stockholders' Equity	22
	Note 18 — Earnings per Share	23
	Note 19 — Recent Accounting Pronouncements	23
	Note 20 — Subsequent Events	24

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44

PART II — OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46

SIGNATURES		47

Table of Contents

Item 1. Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS

(In thousands, except per share data)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	1,983,542	$	1,958,428	$	5,816,043	$	5,779,664
Cost of goods and services	1,220,355		1,219,047		3,603,146		3,631,023
Gross profit	763,187		739,381		2,212,897		2,148,641
Selling, general and administrative expenses	429,570		402,838		1,301,606		1,234,223

Operating earnings	333,617		336,543		911,291		914,418
Interest expense	34,128		32,390		102,867		100,407
Interest income	(5,176)		(3,808)		(14,013)		(8,552)

Gain on dispositions	(68,633)		—		(597,913)		—
Other income, net	(13,032)		(10,274)		(33,016)		(20,758)
Earnings before provision for income taxes	386,330		318,235		1,453,366		843,321
Provision for income taxes	73,434		56,252		291,781		157,636
Earnings from continuing operations	312,896		261,983		1,161,585		685,685
Earnings from discontinued operations, net	34,204		27,770		99,558		74,881
Net earnings	$	347,100	$	289,753	$	1,261,143	$	760,566

Earnings per share from continuing operations:
Basic	$	2.28	$	1.87	$	8.42	$	4.90
Diluted	$	2.26	$	1.86	$	8.37	$	4.88
Earnings per share from discontinued operations:
Basic	$	0.25	$	0.20	$	0.72	$	0.54
Diluted	$	0.25	$	0.20	$	0.72	$	0.53
Net earnings per share:
Basic	$	2.53	$	2.07	$	9.14	$	5.44
Diluted	$	2.51	$	2.06	$	9.08	$	5.41
Weighted average shares outstanding:
Basic	137,251		139,878		137,913		139,833
Diluted	138,223		140,615		138,830		140,603

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS

(In thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net earnings	$	347,100	$	289,753	$	1,261,143	$	760,566
Other comprehensive earnings (loss), net of tax
Foreign currency translation adjustments:
Foreign currency translation gain (loss)	55,121		(54,114)		13,176		(16,207)
Reclassification of foreign currency translation losses to earnings	—		—		13,931		—
Total foreign currency translation adjustments (net of $10,468, $(7,274), $3,008 and $(58) tax benefit (provision), respectively)	55,121		(54,114)		27,107		(16,207)
Pension and other post-retirement benefit plans:


Amortization of actuarial gain included in net periodic pension cost	(363)		(516)		(1,099)		(1,578)
Amortization of prior service (credits) costs included in net periodic pension cost	(160)		245		(472)		764

Total pension and other post-retirement benefit plans (net of $138, $82, $415 and $247 tax benefit, respectively)	(523)		(271)		(1,571)		(814)
Changes in fair value of cash flow hedges:
Unrealized net (loss) gain arising during period	(1,107)		587		(246)		246
Net loss (gain) reclassified into earnings	39		369		(665)		2,067
Total cash flow hedges (net of $315, $(273), $269 and $(660) tax benefit (provision), respectively)	(1,068)		956		(911)		2,313

Other comprehensive earnings (loss), net of tax	53,530		(53,429)		24,625		(14,708)
Comprehensive earnings	$	400,630	$	236,324	$	1,285,768	$	745,858

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)


	September 30, 2024		December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents	$	386,766	$	398,561

Receivables, net	1,428,961		1,321,107
Inventories, net	1,214,268		1,144,089
Prepaid and other current assets	132,745		139,348
Assets held for sale - current	583,161		387,130

Total current assets	3,745,901		3,390,235
Property, plant and equipment, net	995,766		978,472

Goodwill	4,974,447		4,637,564
Intangible assets, net	1,645,379		1,445,204
Other assets and deferred charges	551,479		555,084
Assets held for sale - non-current	—		341,954
Total assets	$	11,912,972	$	11,348,513

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Short-term borrowings	$	379,295	$	468,282
Accounts payable	865,188		854,465
Accrued compensation and employee benefits	250,017		258,786
Deferred revenue	185,055		194,798
Accrued insurance	92,543		86,085
Other accrued expenses	334,617		296,895
Federal and other income taxes	62,000		36,878
Liabilities held for sale - current	218,488		217,581
Total current liabilities	2,387,203		2,413,770
Long-term debt	3,007,820		2,991,759
Deferred income taxes	353,609		346,383
Non-current income tax payable	6,158		28,024
Other liabilities	460,183		426,914
Liabilities held for sale - non-current	—		35,058
Stockholders' equity:







Total stockholders' equity	5,697,999		5,106,605
Total liabilities and stockholders' equity	$	11,912,972	$	11,348,513

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

(Unaudited)


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive earnings (loss)		Treasury stock		Total stockholders' equity
Balance at July 1, 2024	$	259,971	$	829,335	$	11,768,023	$	(266,771)	$	(7,226,935)	$	5,363,623
Net earnings	—		—		347,100		—		—		347,100
Dividends paid ($0.515 per share)	—		—		(70,723)		—		—		(70,723)
Common stock issued for the exercise of share-based awards	35		(3,856)		—		—		—		(3,821)
Stock-based compensation expense	—		8,290		—		—		—		8,290
Common stock acquired, including accelerated share repurchase program and excise tax	—		53,229		—		—		(53,229)		—
Other comprehensive earnings, net of tax	—		—		—		53,530		—		53,530

Balance at September 30, 2024	$	260,006	$	886,998	$	12,044,400	$	(213,241)	$	(7,280,164)	$	5,697,999


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total stockholders' equity
Balance at July 1, 2023	$	259,818	$	875,041	$	10,552,433	$	(227,502)	$	(6,797,685)	$	4,662,105

Net earnings	—		—		289,753		—		—		289,753
Dividends paid ($0.51 per share)	—		—		(71,408)		—		—		(71,408)
Common stock issued for the exercise of share-based awards	17		(1,283)		—		—		—		(1,266)
Stock-based compensation expense	—		6,745		—		—		—		6,745

Other comprehensive loss, net of tax	—		—		—		(53,429)		—		(53,429)

Balance at September 30, 2023	$	259,835	$	880,503	$	10,770,778	$	(280,931)	$	(6,797,685)	$	4,832,500

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per share data)

(Unaudited)


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive earnings (loss)		Treasury stock		Total stockholders' equity
Balance at January 1, 2024	$	259,842	$	886,690	$	10,995,624	$	(237,866)	$	(6,797,685)	$	5,106,605
Net earnings	—		—		1,261,143		—		—		1,261,143
Dividends paid ($1.54 per share)	—		—		(212,367)		—		—		(212,367)
Common stock issued for the exercise of share-based awards	164		(10,890)		—		—		—		(10,726)
Stock-based compensation expense	—		32,969		—		—		—		32,969
Common stock acquired, including accelerated share repurchase program and excise tax	—		(21,771)		—		—		(482,479)		(504,250)
Other comprehensive earnings, net of tax	—		—		—		24,625		—		24,625

Balance at September 30, 2024	$	260,006	$	886,998	$	12,044,400	$	(213,241)	$	(7,280,164)	$	5,697,999


	Common stock $1 par value		Additional paid-in capital		Retained earnings		Accumulated other comprehensive loss		Treasury stock		Total stockholders' equity
Balance at January 1, 2023	$	259,644	$	867,560	$	10,223,070	$	(266,223)	$	(6,797,685)	$	4,286,366

Net earnings	—		—		760,566		—		—		760,566
Dividends paid ($1.52 per share)	—		—		(212,882)		—		—		(212,882)
Common stock issued for the exercise of share-based awards	191		(12,525)		—		—		—		(12,334)
Stock-based compensation expense	—		25,468		—		—		—		25,468

Other comprehensive loss, net of tax	—		—		—		(14,708)		—		(14,708)
Other, net	—		—		24		—		—		24
Balance at September 30, 2023	$	259,835	$	880,503	$	10,770,778	$	(280,931)	$	(6,797,685)	$	4,832,500

See Notes to Condensed Consolidated Financial Statements

DOVER CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	Nine Months Ended September 30,
	2024		2023
Operating Activities:
Net earnings	$	1,261,143	$	760,566

Adjustments to reconcile net earnings to cash provided by operating activities:
Earnings from discontinued operations, net	(99,558)		(74,881)

Depreciation and amortization	251,179		227,519
Stock-based compensation expense	32,297		24,836

Gain on dispositions	(597,913)		—

Other, net	(36,033)		(1,407)
Cash effect of changes in assets and liabilities:
Accounts receivable, net	(5,960)		(59,082)
Inventories	(36,936)		42,553
Prepaid expenses and other assets	(19,780)		2,068
Accounts payable	(60,549)		(82,364)
Accrued compensation and employee benefits	(30,322)		(40,718)
Accrued expenses and other liabilities	31,174		(14,884)

Accrued and deferred taxes, net	(39,861)		(63,224)
Net cash provided by operating activities	648,881		720,982

Investing Activities:
Additions to property, plant and equipment	(113,626)		(126,131)
Acquisitions, net of cash and cash equivalents acquired	(602,654)		(7,166)

Proceeds from dispositions, net of cash transferred	767,689		—
Other	11,710		2,225
Net cash provided by (used in) investing activities	63,119		(131,072)

Financing Activities:
Repurchase of common stock, including accelerated share repurchase program	(500,000)		—

Change in commercial paper and other short-term borrowings, net	(88,987)		(528,816)
Dividends paid to stockholders	(212,367)		(212,882)
Payments to settle employee tax obligations on exercise of share-based awards	(13,731)		(12,334)


Other	(3,360)		(3,173)
Net cash used in financing activities	(818,445)		(757,205)

Cash Flows from Discontinued Operations:
Net cash provided by operating activities of discontinued operations	108,284		99,281
Net cash used in investing activities of discontinued operations	(14,359)		(5,451)

Net cash provided by discontinued operations	93,925		93,830

Effect of exchange rate changes on cash and cash equivalents	(6,575)		(6,305)
Net decrease in cash and cash equivalents, including cash held for sale	(19,095)		(79,770)
Cash and cash equivalents at beginning of period, including cash held for sale	415,861		380,868
Cash and cash equivalents at end of period, including cash held for sale	$	396,766	$	301,098



	September 30, 2024		December 31, 2023
Cash and cash equivalents	$	386,766	$	398,561
Cash and cash equivalents held for sale	10,000		17,300
Cash and cash equivalents, including cash held for sale	$	396,766	$	415,861

See Notes to Condensed Consolidated Financial Statements

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

1. Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim condensed consolidated financial statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2023, included in the Company's Annual Report on Form 10-K filed with the SEC on February 9, 2024. The year-end condensed consolidated balance sheet was derived from audited financial statements. Certain amounts in the prior year have been reclassified to conform to the current year presentation.

The Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, was held for sale and reported as discontinued operations as of September 30, 2024. Therefore, the Company has classified the results of operations as discontinued operations in the condensed consolidated statements of earnings and the condensed consolidated statements of cash flows and classified the assets and liabilities as held for sale in the condensed consolidated balance sheets for all periods presented. The discussion in the notes to these condensed consolidated financial statements, unless otherwise noted, relates solely to our continuing operations. See Note 4 — Discontinued and Disposed Operations for further details.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and assumptions that affect amounts reported in the condensed consolidated financial statements and accompanying disclosures. Although these estimates are based on management’s knowledge of current events and expectations about actions that the Company may undertake in the future, actual results may differ from those estimates. Our interim condensed consolidated financial statements are unaudited but reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

2. Revenue

Revenue from Contracts with Customers

A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. A small portion of the Company’s revenue derives from contracts extending over one year. The Company's payment terms generally range between 30 to 90 days and vary by the location of businesses, the type of products manufactured to be sold and the volume of products sold, among other factors.

Disaggregation of Revenue

Revenue from contracts with customers is disaggregated by segment and geographic location, as they best depict the nature and amount of the Company’s revenue. See Note 16 — Segment Information for further details.

Performance Obligations

Approximately 95% of the Company’s revenue is recognized at a point in time, rather than over time as the Company completes its performance obligations. Specifically, revenue is recognized when control transfers to the customer, typically upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Approximately 5% of the Company’s revenue is recognized over time and relates to the sale of equipment or services, including software solutions and services, in which the Company transfers control of a good or service over time and the customer simultaneously receives and consumes the benefits provided by the Company's performance as the Company performs, or the Company's performance creates or enhances an asset the customer controls as the asset is created or enhanced, or the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for its performance to date plus a reasonable margin.

A majority of the Company's contracts have a single performance obligation which represents, in most cases, the equipment or product being sold to the customer. Some contracts include multiple performance obligations such as a product and the related

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

installation, extended warranty, software and digital solutions, and/or maintenance services. For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation.

At September 30, 2024, we estimated that $180,209 in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 65.7% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue through 2025, 17.8% in 2026, with the remaining balance to be recognized in 2027 and thereafter.

The Company applied the standard's practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.

Contract Balances

Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting date. Contract liabilities relate to advance consideration received from customers or advance billings for which revenue has not been recognized and are reduced when the associated revenue from the contract is recognized.

The following table provides information about contract assets and contract liabilities from contracts with customers:


	September 30, 2024		December 31, 2023		December 31, 2022

Contract assets - current	$	12,852	$	19,561	$	11,074
Contract liabilities - current	185,055		194,798		241,595
Contract liabilities - non-current	15,449		7,098		6,417

The revenue recognized during the nine months ended September 30, 2024 and 2023 that was included in contract liabilities at the beginning of the period amounted to $162,670 and $201,395, respectively.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

3. Acquisitions

2024 Acquisitions

During the nine months ended September 30, 2024, the Company acquired seven businesses in separate transactions for total consideration of $636,390, net of cash acquired and inclusive of contingent consideration of $33,736 (a non-cash financing activity). These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling, Engineered Products and Imaging & Identification segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies and is non-deductible for income tax purposes.

On July 19, 2024, the Company acquired 100% of the equity interests in the Marshall Excelsior Company ("MEC"), a supplier of highly-engineered flow control components for transportation, storage, and use in liquified petroleum gas and other industrial gases, for $392,142, net of cash acquired. The MEC acquisition expands the Company's critical flow control capabilities in the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $183,878 and intangible assets of $194,100, primarily related to customer intangibles. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances.

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, for the MEC 2024 acquisition, based on the estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	58,637
Property, plant and equipment	10,300
Goodwill	183,878
Intangible assets	194,100
Other assets and deferred charges	5,602
Current liabilities	(17,896)
Non-current liabilities	(42,479)

Net assets acquired	$	392,142

On January 17, 2024, the Company acquired 100% of the equity interests in the Transchem Group ("Transchem"), a supplier of car wash chemicals and associated solutions, for $48,241, net of cash acquired and inclusive of contingent consideration. The Transchem acquisition expands the Company's chemical product offerings in the Clean Energy & Fueling segment, specializing in wash performance and water reclaim technology that reduces water usage and lowers car wash operators' cost. In connection with this acquisition, the Company recorded goodwill of $24,712 and intangible assets of $26,309, primarily related to customer intangibles.

On January 31, 2024, the Company acquired 100% of the equity interests in Bulloch Technologies, Inc. ("Bulloch"), a provider of point-of-sale ("POS"), forecourt controller and electronic payment server solutions to the convenience retail industry, for $121,917, net of cash acquired and inclusive of contingent consideration. The acquisition of Bulloch expands the Company's offering in North America with highly complementary POS and forecourt solutions within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $73,850 and intangible assets of $62,417, primarily related to customer intangibles.

On July 18, 2024, the Company acquired 100% of the equity interests in Demaco Holland B.V. ("Demaco"), a provider of critical flow control components for cryogenic applications used in a wide range of end markets, for $42,556, net of cash acquired and inclusive of contingent consideration. The acquisition of Demaco expands the Company's offering within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $22,698 and intangible assets of $20,159, primarily related to customer intangibles.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

On August 9, 2024, the Company acquired 100% of the equity interest in Criteria Labs, Inc. ("Criteria Labs"), a provider of radio frequency devices and microelectronic engineering solutions tailored for high-reliability applications, for $14,914, net of cash acquired and inclusive of contingent consideration. The acquisition of Criteria Labs expands the Company's offerings within the Engineered Products segment. In connection with this acquisition, the Company recorded goodwill of $7,622 and intangible assets of $7,900, primarily related to unpatented technologies.

On August 9, 2024, the Company acquired 100% of the equity interest in SPS Cryogenics B.V. and Special Gas Systems B.V ("SPS Cryogenics"), a designer, manufacturer, and supplier of vacuum-insulated piping systems for a wide variety of liquified gases, for $10,924, net of cash acquired. The acquisition of SPS Cryogenics expands the Company's presence in Europe with highly complementary offerings within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $4,779 and intangible assets of $5,677, primarily related to customer intangibles.

One other immaterial acquisition was completed during the nine months ended September 30, 2024, within the Imaging & Identification segment. The acquisition is highly complementary to our existing track and trace solutions business, grows our presence in the European market and adds complementary offerings to our portfolio.

The following presents, for the six acquisitions other than MEC, the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	25,873
Property, plant and equipment	5,038
Goodwill	133,661
Intangible assets	126,358
Other assets and deferred charges	9,520
Current liabilities	(14,934)
Non-current liabilities	(41,268)

Net assets acquired	$	244,248

The amounts assigned to goodwill and major intangible asset classifications for all 2024 acquisitions were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	317,539	na
Customer intangibles	273,625		9 - 15
Unpatented technologies	29,021		5 - 8

Trademarks	17,812		15

	$	637,997

2023 Acquisitions

On August 28, 2023, the Company acquired 100% of the equity interests in the Arc Pacific group ("Arc Pacific"), a global supplier of can washers, dry-off, pin and internal bake ovens for the metal packaging industry, for $8,833, net of cash acquired and including contingent consideration. The Arc Pacific acquisition extends the Company's reach into can processing equipment production within the Climate & Sustainability Technologies segment. In connection with this acquisition, the Company recorded goodwill of $2,990 and intangible assets of $7,670, primarily related to customer intangibles. During the nine months ended September 30, 2024, the Company recorded measurement period adjustments resulting in an increase to goodwill of $371 and an increase in purchase price of $250.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

4. Discontinued and Disposed Operations

Discontinued Operations

On July 21, 2024, the Company signed a definitive agreement to sell its ESG business, which is part of the Company’s Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion, subject to post-closing adjustments. The ESG business was classified as held for sale as of September 30, 2024, 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. As a result, the Company has classified the results of operations as discontinued operations in the condensed consolidated statements of earnings and the condensed consolidated statements of cash flows and classified the assets and liabilities as held for sale in the condensed consolidated balance sheets for all periods presented.

Summarized results of the Company's discontinued operations are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	231,777	$	194,840	$	671,479	$	552,713
Cost of goods and services	164,115		141,206		474,705		402,484
Gross profit	67,662		53,634		196,774		150,229
Selling, general and administrative expenses	24,318		17,407		67,599		52,776

Operating earnings	43,344		36,227		129,175		97,453


Other (income) expense, net	(1)		—		696		(1)
Earnings from discontinued operations before provision for income taxes	43,345		36,227		128,479		97,454
Provision for income taxes	9,141		8,457		28,921		22,573
Earnings from discontinued operations, net	$	34,204	$	27,770	$	99,558	$	74,881

Assets and liabilities that were held for sale are summarized below:


	September 30, 2024		December 31, 2023

Assets:
Cash and cash equivalents	$	10,000	$	—

Receivables, net	138,531		110,933
Inventories, net	79,986		81,363
Prepaid and other current assets	2,156		2,190




Property, plant and equipment, net	69,301		53,344

Goodwill	244,123		244,123
Intangible assets, net	35,536		38,709
Other assets and deferred charges	3,528		5,778
Total assets held for sale	$	583,161	$	536,440



Liabilities:
Accounts payable	$	128,886	$	104,077



Other current liabilities	55,217		48,936






Other non-current liabilities	34,385		35,058
Total liabilities held for sale	$	218,488	$	188,071

For the period ended September 30, 2024, all assets and liabilities held for sale are presented as current in the condensed consolidated balance sheets due to the timing of the transaction close. For the period ended December 31, 2023, current assets and liabilities held for sale of $194,486 and $153,013, respectively, and non-current assets and liabilities held for sale of $341,954 and $35,058, respectively, are presented in the condensed consolidated balance sheets.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

2024 Dispositions

On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $674,727. Of the total consideration, $63,000 was received upon finalization of closing activities in India and China, which occurred during the second quarter. This sale resulted in a preliminary pre-tax gain on disposition of $529,201 ($414,372 after-tax) included within the condensed consolidated statements of earnings for the nine months ended September 30, 2024. The total consideration and pre-tax gain on disposition are preliminary and subject to standard post-closing adjustments. The sale did not meet the criteria to be classified as a discontinued operation, as it did not represent a strategic shift that would have a major effect on operations and financial results.

De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. For the period ended December 31, 2023, current assets and liabilities held for sale of $192,644 and $64,568, respectively, are presented in the condensed consolidated balance sheets.

On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962. The sale resulted in a preliminary pre-tax gain of $68,712, subject to customary post-closing adjustments and included within the condensed consolidated statements of earnings for the three and nine months ended September 30, 2024.

2023 Dispositions

There were no dispositions during the nine months ended September 30, 2023.

5. Inventories, net


	September 30, 2024		December 31, 2023
Raw materials	$	685,728	$	648,896
Work in progress	254,568		214,934
Finished goods	405,035		395,617
Subtotal	1,345,331		1,259,447
Less reserves	(131,063)		(115,358)
Total	$	1,214,268	$	1,144,089

6. Property, Plant and Equipment, net


	September 30, 2024		December 31, 2023
Land	$	65,164	$	64,722
Buildings and improvements	631,262		592,136
Machinery, equipment and other	1,960,607		1,860,315
Property, plant and equipment, gross	2,657,033		2,517,173
Accumulated depreciation	(1,661,267)		(1,538,701)
Property, plant and equipment, net	$	995,766	$	978,472

Depreciation expense totaled $38,830 and $39,177 for the three months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024 and 2023, depreciation expense totaled $115,210 and $113,620, respectively.

7. Credit Losses

The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on the aging of the accounts receivable balances and other historical and forward-looking information on the financial condition of customers. Balances are written off when determined to be uncollectible.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

The following table provides a rollforward of the allowance for credit losses deducted from accounts receivable that represent the net amount expected to be collected.


	2024		2023
Balance at January 1	$	30,679	$	38,504

Provision for expected credit losses, net of recoveries	4,039		636
Amounts written off charged against the allowance	(4,559)		(4,848)
Other, including foreign currency translation	(63)		(1,429)
Balance at September 30	$	30,096	$	32,863

8. Goodwill and Other Intangible Assets

The changes in the carrying value of goodwill by reportable operating segments were as follows:


	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Total
Balance at January 1, 2024	$	415,258	$	1,409,302	$	1,092,960	$	1,208,571	$	511,473	$	4,637,564
Acquisitions	7,622		309,917		—		—		—		317,539
Measurement period adjustments	—		—		—		227		371		598

Foreign currency translation	1,606		9,374		3,564		3,860		342		18,746
Balance at September 30, 2024	$	424,486	$	1,728,593	$	1,096,524	$	1,212,658	$	512,186	$	4,974,447

During the nine months ended September 30, 2024, the Company recognized additions of $317,539 to goodwill as a result of the acquisitions discussed in Note 3 — Acquisitions, and disposed of $58,663 of goodwill that was previously classified as held for sale as of December 31, 2023. See Note 4 — Discontinued and Disposed Operations for further details.

The Company’s definite-lived and indefinite-lived intangible assets by major asset class were as follows:


	September 30, 2024						December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	2,378,879	$	1,165,273	$	1,213,606	$	2,097,985	$	1,064,609	$	1,033,376
Trademarks	287,546		155,554		131,992		268,605		142,505		126,100
Patents	205,000		146,652		58,348		204,591		140,438		64,153
Unpatented technologies	274,712		167,721		106,991		244,042		151,944		92,098
Distributor relationships	83,450		67,976		15,474		82,031		63,343		18,688

Other	35,034		12,705		22,329		24,211		10,053		14,158
Total	3,264,621		1,715,881		1,548,740		2,921,465		1,572,892		1,348,573
Unamortized intangible assets:
Trademarks	96,639		—		96,639		96,631		—		96,631
Total intangible assets, net	$	3,361,260	$	1,715,881	$	1,645,379	$	3,018,096	$	1,572,892	$	1,445,204

For the three months ended September 30, 2024 and 2023, amortization expense was $47,838 and $38,205, respectively. For the nine months ended September 30, 2024 and 2023, amortization expense was $135,969 and $113,899, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

During the nine months ended September 30, 2024, the Company acquired $320,458 of intangible assets through acquisitions. These assets were classified as customer intangibles, unpatented technologies and trademarks and included in the Clean Energy & Fueling, Engineered Products and Imaging & Identification segments. See Note 3 — Acquisitions for further details.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

9. Restructuring Activities

The Company's restructuring charges by segment were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Engineered Products	$	991	$	938	$	2,969	$	5,415
Clean Energy & Fueling	8,544		(37)		15,434		15,954
Imaging & Identification	1,804		233		4,645		1,437
Pumps & Process Solutions	964		1,637		3,929		6,266
Climate & Sustainability Technologies	1,238		1,138		14,261		2,585
Corporate	296		476		391		1,603
Total	$	13,837	$	4,385	$	41,629	$	33,260

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	7,768	$	1,198	$	26,908	$	10,353
Selling, general and administrative expenses	6,069		3,187		14,721		22,907
Total	$	13,837	$	4,385	$	41,629	$	33,260

The restructuring expenses of $13,837 incurred during the three months ended September 30, 2024 were primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. The restructuring expenses of $41,629 incurred during the nine months ended September 30, 2024 were primarily related to product line exit costs and headcount reductions in the Clean Energy & Fueling and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends.

The Company’s severance and exit accrual activities were as follows:


	Severance		Exit			Total
Balance at January 1, 2024	$	18,646	$	3,113		$	21,759
Restructuring charges	15,745		25,884		(1)	41,629
Payments	(23,973)		(7,625)			(31,598)


Other, including foreign currency translation	(178)		(16,828)		(1)	(17,006)
Balance at September 30, 2024	$	10,240	$	4,544		$	14,784

(1) Exit reserves activity includes non-cash asset charges related to a product line exit within the Climate & Sustainability Technologies segment.

10. Borrowings

Borrowings consist of the following:


	September 30, 2024		December 31, 2023
Short-term
Commercial paper	$	378,600	$	467,600
Other	695		682

Short-term borrowings	$	379,295	$	468,282

During the nine months ended September 30, 2024, commercial paper borrowings decreased $89,000. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 4.94% and 5.51% as of September 30, 2024 and December 31, 2023.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)


			Carrying amount (1)
	Principal		September 30, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	399,242	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	665,676		657,628
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	553,996		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,632		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	298,071		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,245		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,477		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,465		345,258
Other			16		—


Total long-term debt			$	3,007,820	$	2,991,759

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $9.5 million and $10.9 million as of September 30, 2024 and December 31, 2023, respectively. Total deferred debt issuance costs were $7.5 million and $8.9 million as of September 30, 2024 and December 31, 2023, respectively.

The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.

On April 6, 2023, the Company entered into a $1.0 billion five-year unsecured revolving credit facility and on April 4, 2024, the Company entered into a new $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The current 364-day credit facility replaced the previous $500.0 million 364-day credit facility, which expired on April 4, 2024. The lenders' commitments under the Credit Agreements will terminate and any outstanding loans under the Credit Agreements will mature on April 6, 2028 and April 3, 2025, respectively. The Company may elect to extend the maturity date of any loans under the new 364-day credit facility until April 3, 2026, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of September 30, 2024 and December 31, 2023, there were no outstanding borrowings under the five-year, current or previous 364-day credit facilities.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at September 30, 2024 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 20.7 to 1.

Letters of Credit and other Guarantees

As of September 30, 2024, the Company had approximately $160.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035. These letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is believed to be remote.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

11. Financial Instruments

Derivatives

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted sales and purchases which occur within the next twelve months that are denominated in non-functional currencies, with currency forward contracts designated as cash flow hedges. At September 30, 2024 and December 31, 2023, the Company had contracts with total notional amounts of $153,054 and $171,425, respectively, to exchange currencies, principally euro, pound sterling, Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash flow transactions will occur.

In addition, the Company had outstanding contracts with a total notional amount of $91,892 and $84,867 as of September 30, 2024 and December 31, 2023, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the condensed consolidated statements of earnings.

The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2024 and December 31, 2023 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	September 30, 2024		December 31, 2023		Balance Sheet Caption
Foreign currency forward	$	1,188	$	1,675	Prepaid and other current assets
Foreign currency forward	(1,531)		(874)		Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other comprehensive earnings (loss), net of tax as a separate component of the condensed consolidated statements of stockholders' equity and is reclassified into revenues or cost of goods and services in the condensed consolidated statements of earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company’s policy is to contract with highly-rated, diversified counterparties.

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive earnings (loss) of the condensed consolidated statements of comprehensive earnings to offset changes in the value of the net investment in euro-denominated operations. Changes in the value of the euro-denominated debt resulting from exchange rate differences are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the exposure being hedged.

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Gain (loss) on euro-denominated debt	$	(45,956)	$	32,773	$	(13,201)	$	262
Tax (expense) benefit	10,468		(7,274)		3,008		(58)
Net gain (loss) on net investment hedges, net of tax	$	(35,488)	$	25,499	$	(10,193)	$	204

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Fair Value Measurements

ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023:


	September 30, 2024		December 31, 2023
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,188		$	1,675
Liabilities:
Foreign currency cash flow hedges	1,531			874

The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy.

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards require disclosures regarding the fair value of all of the Company's financial instruments.

The estimated fair value of long-term debt at September 30, 2024 and December 31, 2023, was $3,025,107 and $2,950,401, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable and short-term borrowings approximate their fair values as of September 30, 2024 and December 31, 2023 due to the short-term nature of these instruments.

12. Income Taxes

The effective tax rates for the three months ended September 30, 2024 and 2023 were 19.0% and 17.7%, respectively. The increase in the effective tax rate for the three months ended September 30, 2024 relative to the prior year comparable period was primarily driven by a gain on disposition.

The effective tax rates for the nine months ended September 30, 2024 and 2023 were 20.1% and 18.7%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2024 relative to the prior year comparable period was primarily driven by gains on dispositions.

Dover and its subsidiaries file tax returns in the U.S., including various state and local returns, and in other foreign jurisdictions. We believe adequate provision has been made for all income tax uncertainties. The Company is routinely audited by taxing authorities in its filing jurisdictions, and a number of these audits are currently underway. The Company believes that within the next twelve months uncertain tax positions may be resolved and statutes of limitations will expire, which could result in a decrease in the gross amount of unrecognized tax benefits of approximately $0 to $3,751.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

13. Equity Incentive Program

The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee of the Board of Directors at its regularly scheduled first quarter meeting. During the nine months ended September 30, 2024, the Company issued stock-settled appreciation rights ("SARs") covering 345,354 shares, performance share awards ("PSAs") of 43,602 and restricted stock units ("RSUs") of 87,755. During the nine months ended September 30, 2023, the Company issued SARs covering 349,491 shares, PSAs of 43,656 and RSUs of 85,053.

The Company uses the Black-Scholes option pricing model to determine the fair value of each SAR on the date of grant. Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover stock. The Company uses historical data to estimate SAR exercise and employee termination patterns within the valuation model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the awards is based on the U.S. Treasury yield curve in effect at the time of grant.

The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:


	SARs
	2024		2023
Risk-free interest rate	4.13	%	3.91	%
Dividend yield	1.28	%	1.32	%
Expected life (years)	5.5		5.4
Volatility	31.32	%	30.65	%

Grant price	$160.11		$153.25
Fair value per share at date of grant	$51.17		$47.27

The PSAs granted in 2024 vest based on the attainment of two equally weighted measures: (i) Dover’s performance relative to established internal metrics (performance condition) and (ii) Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector; market condition).

The grant date fair value of the performance condition portion is determined using Dover’s closing stock price at the date of grant and the amount of expense recognized over the vesting period is subject to adjustment based on the expected attainment of the performance condition. The fair value per share at the date of grant for the 2024 performance condition portion is $177.19.

The grant date fair value of the 2024 market condition portion, and all 2023 PSAs, is determined using the Monte Carlo simulation model. The amount of expense recognized over the vesting period is not subject to change based on future market conditions. The assumptions used in the Monte Carlo model to determine the fair value of the PSAs granted in the respective periods were as follows:


	PSAs
	2024		2023
Risk-free interest rate	4.37	%	4.28	%
Dividend yield	1.15	%	1.32	%
Expected life (years)	2.8		2.9
Volatility	23.30	%	27.30	%

Grant price	$177.19		$153.25
Fair value per share at date of grant	$287.62		$249.48

The performance and vesting periods for all 2024 and 2023 PSAs is three years.

The Company also has granted RSUs, and the fair value of these awards was determined using Dover's closing stock price on the date of grant, which was $160.11 and $153.25 for RSUs granted in 2024 and 2023, respectively.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Stock-based compensation is reported within selling, general and administrative expenses in the condensed consolidated statements of earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Pre-tax stock-based compensation expense	$	8,187	$	6,687	$	32,297	$	24,836
Tax benefit	(729)		(692)		(3,141)		(2,536)
Total stock-based compensation expense, net of tax	$	7,458	$	5,995	$	29,156	$	22,300

Pre-tax stock-based compensation expense attributable to discontinued operations was $103 and $58 for the three months ended September 30, 2024 and 2023, respectively, and $672 and $632 for the nine months ended September 30, 2024 and 2023, respectively. These expenses are included within stock-based compensation expense in the condensed consolidated statements of stockholders' equity. See Note 4 — Discontinued and Disposed Operations for further details.

14. Commitments and Contingent Liabilities

Litigation

A few of the Company’s subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under federal and state statutes which provide for the allocation of such costs among "potentially responsible parties." In each instance, the extent of the Company’s liability appears to be relatively insignificant in relation to the total projected expenditures and the number of other "potentially responsible parties" involved and is anticipated to be immaterial to the Company. In addition, a few of the Company’s subsidiaries are involved in ongoing remedial activities at certain current and former plant sites, in cooperation with regulatory agencies, and appropriate estimated liabilities have been established. At September 30, 2024 and December 31, 2023, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant.

The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products, patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at September 30, 2024 and December 31, 2023, these estimated liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

Warranty Accruals

Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the condensed consolidated balance sheets. The changes in the carrying amount of product warranties through September 30, 2024 and 2023, were as follows:


	2024		2023
Balance at January 1	$	42,243	$	43,056
Provision for warranties	42,686		36,208
Settlements made	(40,482)		(37,588)
Other adjustments, including acquisitions and currency translation	(1,260)		(332)
Balance at September 30	$	43,187	$	41,344

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

15. Other Comprehensive Earnings

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings during the three and nine months ended September 30, 2024 and 2023 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings	$	—	$	—	$	13,931	$	—
Tax benefit	—		—		—		—
Net of tax	$	—	$	—	$	13,931	$	—
Pension plans:
Amortization of actuarial gain	$	(468)	$	(632)	$	(1,418)	$	(1,912)
Amortization of prior service (credits) costs	(193)		279		(568)		851

Total before tax	(661)		(353)		(1,986)		(1,061)
Tax provision	138		82		415		247
Net of tax	$	(523)	$	(271)	$	(1,571)	$	(814)
Cash flow hedges:
Net loss (gain) reclassified into earnings	$	24	$	450	$	(854)	$	2,568
Tax provision (benefit)	15		(81)		189		(501)
Net of tax	$	39	$	369	$	(665)	$	2,067

The Company recognizes the amortization of net actuarial gains and losses and prior service costs and credits in other income, net within the condensed consolidated statements of earnings.

Cash flow hedges consist mainly of foreign currency forward contracts. The Company recognizes the realized gains and losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue, cost of goods and services, or selling, general and administrative expenses.

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, 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, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

•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 end-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 disposition, disposition costs, 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,
	2024		2023		2024		2023
Revenue:
Engineered Products	$	296,117	$	309,431	$	914,234	$	922,794
Clean Energy & Fueling	500,685		466,959		1,408,752		1,338,854
Imaging & Identification	283,966		276,179		848,365		831,202
Pumps & Process Solutions	472,463		431,373		1,415,431		1,310,880
Climate & Sustainability Technologies	431,127		475,911		1,232,125		1,380,237
Intersegment eliminations	(816)		(1,425)		(2,864)		(4,303)
Total consolidated revenue	$	1,983,542	$	1,958,428	$	5,816,043	$	5,779,664
Earnings from continuing operations:
Segment earnings:
Engineered Products	$	56,621	$	63,525	$	171,248	$	156,461
Clean Energy & Fueling	99,536		92,483		256,747		249,704
Imaging & Identification	77,247		70,316		222,992		199,967
Pumps & Process Solutions	138,277		117,907		394,231		362,488
Climate & Sustainability Technologies	76,015		84,060		205,901		233,912
Total segment earnings	447,696		428,291		1,251,119		1,202,532
Purchase accounting expenses (1)	48,356		38,956		136,875		118,203
Restructuring and other costs (2)	16,581		11,581		52,142		43,777
Gain on dispositions (3)	(68,633)		—		(597,913)		—
Corporate expense / other (4)	36,110		30,937		117,795		105,376
Interest expense	34,128		32,390		102,867		100,407
Interest income	(5,176)		(3,808)		(14,013)		(8,552)
Earnings before provision for income taxes	386,330		318,235		1,453,366		843,321
Provision for income taxes	73,434		56,252		291,781		157,636
Earnings from continuing operations	$	312,896	$	261,983	$	1,161,585	$	685,685

(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. Restructuring and other costs consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Restructuring	$	13,837	$	4,385	$	41,629	$	33,260
Other costs, net	2,744		7,196		10,513		10,517
Restructuring and other costs	$	16,581	$	11,581	$	52,142	$	43,777

(3) Gain on dispositions including post-closing adjustments, see Note 4 — Discontinued and Disposed Operations for further details.

(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.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

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	2024		2023		2024		2023
United States	$	1,099,830	$	991,661	$	3,185,188	$	2,972,261
Europe	406,556		433,066		1,250,813		1,312,165
Asia	206,548		235,184		609,848		680,539
Other Americas	190,829		182,808		551,839		518,908
Other	79,779		115,709		218,355		295,791
Total	$	1,983,542	$	1,958,428	$	5,816,043	$	5,779,664

17. Stockholders' Equity

Share Repurchases

In August 2023, the Company's Board of Directors approved a new standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026.

On February 29, 2024, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement") with Citibank, N.A. ("Citibank") to repurchase its shares in an accelerated share repurchase program (the "ASR Program"). The ASR Program is classified as equity, initially recorded at fair value with no subsequent remeasurement. The Company conducted the ASR Program under the current share repurchase authorization. The Company funded the ASR Program with proceeds from commercial paper.

Under the terms of the ASR Agreement, the Company paid Citibank $500,000 on March 1, 2024 and on that date received initial delivery of 2,569,839 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Agreement. In July 2024, Citibank delivered 299,443 additional shares which completed the ASR Program. During 2024, the Company received a total of 2,869,282 shares upon completion of the ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was $174.26 over the term of the ASR Program.

In the three and nine months ended September 30, 2024 and 2023, exclusive of the ASR Program, there were no share repurchases. As of September 30, 2024, 17,130,718 shares remain authorized for repurchase under the August 2023 share repurchase authorization.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

18. Earnings per Share

The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Earnings from continuing operations	$	312,896	$	261,983	$	1,161,585	$	685,685
Earnings from discontinued operations, net	34,204		27,770		99,558		74,881
Net earnings	$	347,100	$	289,753	$	1,261,143	$	760,566
Basic earnings per common share:
Earnings from continuing operations	$	2.28	$	1.87	$	8.42	$	4.90
Earnings from discontinued operations, net	$	0.25	$	0.20	$	0.72	$	0.54
Net earnings	$	2.53	$	2.07	$	9.14	$	5.44

Weighted average shares outstanding	137,251,000		139,878,000		137,913,000		139,833,000
Diluted earnings per common share:
Earnings from continuing operations	$	2.26	$	1.86	$	8.37	$	4.88
Earnings from discontinued operations, net	$	0.25	$	0.20	$	0.72	$	0.53
Net earnings	$	2.51	$	2.06	$	9.08	$	5.41

Weighted average shares outstanding	138,223,000		140,615,000		138,830,000		140,603,000

The following table is a reconciliation of the share amounts used in computing earnings per share:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Weighted average shares outstanding - basic	137,251,000	139,878,000	137,913,000	139,833,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	972,000	737,000	917,000	770,000
Weighted average shares outstanding - diluted	138,223,000	140,615,000	138,830,000	140,603,000

Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental common shares issuable upon the exercise of SARs and vesting of performance shares and RSUs, as determined using the treasury stock method.

The weighted average number of anti-dilutive potential common shares excluded from the calculation above were approximately 44,000 and 39,000 for the three months ended September 30, 2024 and 2023, respectively, and 63,000 and 54,000 for the nine months ended September 30, 2024 and 2023, respectively.

19. Recent Accounting Pronouncements

Recently Issued Accounting Standards

In December 2023, the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table and requires disclosure of income taxes paid both in U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on the Company's disclosures.

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DOVER CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Amounts in thousands except share data and where otherwise indicated) (Unaudited)

Recently Adopted Accounting Standard

In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to disclose information about the program's nature, activity during the period, changes from period to period, and potential magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward requirement, which was adopted when it became effective January 1, 2024. The adoption did not have a material impact on the Company's condensed consolidated financial statements.

The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus, participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost, collection of receivables due from the Company.

The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide assets pledged as security or other forms of guarantees.

Outstanding payments related to the SCF program are recorded within accounts payable in our condensed consolidated balance sheets. As of the September 30, 2024 and December 31, 2023 amounts due to the SCF financial institution were approximately $131,534 and $156,245, respectively.

20. Subsequent Events

On October 8, 2024, the Company completed the previously announced sale of the ESG business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion, subject to customary post-closing adjustments. The initial accounting for the disposition is incomplete as a result of the timing of the transaction. Accordingly, it is impracticable for us to disclose the estimated gain on disposition. See Note 4 — Discontinued and Disposed Operations for further details.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Refer to the section below entitled "Special Note Regarding Forward-Looking Statements" for a discussion of factors that could cause our actual results to differ from the forward-looking statements contained below and throughout this quarterly report.

Throughout this Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we refer to measures used by management to evaluate performance, including a number of financial measures that are not defined under accounting principles generally accepted in the United States of America ("GAAP"). Please see "Non-GAAP Disclosures" at the end of this Item 2 for further detail on these financial measures. We believe these measures provide investors with important information that is useful in understanding our business results and trends. Reconciliations within this MD&A provide more details on the use and derivation of these measures.

OVERVIEW

Dover is a diversified global manufacturer and solutions provider delivering innovative equipment and components, consumable supplies, aftermarket parts, software and digital solutions, and support services through five operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's entrepreneurial business model encourages, promotes and fosters deep customer engagement and collaboration, which has led to Dover's well-established and valued reputation for providing superior customer service and industry-leading product innovation. Unless the context indicates otherwise, references herein to "Dover," "the Company," and words such as "we," "us," or "our" include Dover Corporation and its consolidated subsidiaries.

Dover's five operating segments are as follows:

•Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.

•Our 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.

•Our 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.

•Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.

•Our 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 end-markets.

In the third quarter of 2024, revenue was $2.0 billion, which increased $25.1 million, or 1.3%, as compared to the third quarter of 2023. This was driven by acquisition-related revenue growth of 3.8% and organic revenue growth of 0.3% , partially offset by disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 0.1%. The results were driven by solid demand across most end markets and strategic pricing initiatives.

The 0.3% organic revenue growth for the third quarter of 2024 was driven by our Engineered Products, Imaging & Identification and Pumps & Process Solutions segments which grew 12.1%, 3.3%, and 1.9%, respectively. The growth was partially offset by the Climate & Sustainability Technologies and Clean Energy & Fueling segments which declined 9.4% and 1.2%, respectively. For further information, see "Segment Results of Operations" within this Item 2.

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From a geographic perspective, organic revenue for the U.S., our largest market, increased 8.4% in the third quarter of 2024 compared to the prior year comparable quarter, driven by broad-based growth across all segments. Organic revenue increased for Other Americas by 1.7%, and decreased for Asia and Europe by 9.5% and 4.6%, respectively.

Bookings were $1.9 billion for the three months ended September 30, 2024, an increase of $0.1 billion, or 5.6% compared to the prior year comparable quarter. Included in this result was organic growth of 5.1% and acquisition-related growth of 3.5%, partially offset by disposition-related decline of 2.9% and an unfavorable impact from foreign currency translation of 0.1%. The organic bookings growth was primarily driven by positive demand trends and order timing.

Restructuring and other costs for the three months ended September 30, 2024 were $16.6 million which included restructuring charges of $13.8 million and other costs of $2.7 million. Restructuring and other costs were generally related to exit costs and headcount reductions in the Clean Energy & Fueling segment. For further discussion related to our restructuring and other costs, see "Restructuring and Other Costs (Benefits)," within this Item 2.

During the three months ended September 30, 2024, the Company completed four business acquisitions for approximately $460.5 million, subject to post-closing adjustments and inclusive of contingent consideration. See Note 3 — Acquisitions in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962 which resulted in a preliminary pre-tax gain of $68,712, subject to customary post-closing adjustments. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

On October 8, 2024, the Company completed the previously announced sale of the Environmental Solutions Group ("ESG") business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $2.0 billion, subject to customary post-closing adjustments. For the three and nine months ended September 30, 2024 and 2023, the results of ESG are presented as discontinued operations as the sale represents a strategic shift in operations with a major impact on our operations and financial results. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details. The discussion in this MD&A, unless otherwise noted, relates solely to our continuing operations.

During the nine months ended September 30, 2024, the Company received a total of 2,869,282 shares upon completion of the accelerated repurchase agreement (the ASR Agreement"). The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the accelerated share repurchase program (the "ASR Program"), less a discount, which was $174.26 over the term of the ASR Program.

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CONSOLIDATED RESULTS OF OPERATIONS


	Three Months Ended September 30,								Nine Months Ended September 30,
(dollars in thousands, except per share figures)	2024			2023			% / Point Change		2024			2023			% / Point Change
Revenue	$	1,983,542		$	1,958,428		1.3	%	$	5,816,043		$	5,779,664		0.6	%
Cost of goods and services	1,220,355			1,219,047			0.1	%	3,603,146			3,631,023			(0.8)	%
Gross profit	763,187			739,381			3.2	%	2,212,897			2,148,641			3.0	%
Gross profit margin	38.5		%	37.8		%	0.7		38.0		%	37.2		%	0.8

Selling, general and administrative expenses	429,570			402,838			6.6	%	1,301,606			1,234,223			5.5	%
Selling, general and administrative expenses as a percent of revenue	21.7		%	20.6		%	1.1		22.4		%	21.4		%	1.0

Operating earnings	333,617			336,543			(0.9)	%	911,291			914,418			(0.3)	%
Interest expense	34,128			32,390			5.4	%	102,867			100,407			2.5	%
Interest income	(5,176)			(3,808)			35.9	%	(14,013)			(8,552)			63.9	%
Gain on dispositions	(68,633)			—			nm*		(597,913)			—			nm*
Other income, net	(13,032)			(10,274)			nm*		(33,016)			(20,758)			nm*
Earnings before provision for income taxes	386,330			318,235			21.4	%	1,453,366			843,321			72.3	%
Provision for income taxes	73,434			56,252			30.5	%	291,781			157,636			85.1	%
Effective tax rate	19.0		%	17.7		%	1.3		20.1		%	18.7		%	1.4
Earnings from continuing operations	$	312,896		$	261,983		19.4	%	$	1,161,585		$	685,685		69.4	%
Earnings from discontinued operations, net	34,204			27,770			nm*		99,558			74,881			nm*
Net earnings	$	347,100		$	289,753		19.8	%	$	1,261,143		$	760,566		65.8	%

Earnings per common share from continuing operations - diluted	$	2.26		$	1.86		21.5	%	$	8.37		$	4.88		71.5	%

* nm - not meaningful

Revenue

Revenue for the three months ended September 30, 2024 increased $25.1 million, or 1.3%, from the prior year comparable quarter. The increase in revenue was driven by acquisition-related growth of 3.8% and organic revenue growth of 0.3%, partially offset by disposition-related decline of 2.7% and an unfavorable impact from foreign currency translation of 0.1%. Customer pricing favorably impacted revenue by approximately 1.6% in the third quarter of 2024 and by 3.2% in the prior year comparable quarter.

Revenue for the nine months ended September 30, 2024 increased $36.4 million, or 0.6%, from the prior year comparable period. The increase primarily reflects an acquisition-related growth of 2.8% and organic revenue remained flat. This increase was partially offset by a disposition-related decline of 1.8% and an unfavorable impact from foreign currency translation of 0.4%. Customer pricing favorably impacted revenue by approximately 1.6% for the nine months ended September 30, 2024, and by 4.3% in the prior year comparable period.

Gross Profit

Gross profit for the three months ended September 30, 2024 increased $23.8 million, or 3.2%, and gross profit margin increased 70 basis points to 38.5%, versus the prior year comparable quarter. The gross profit margin increase was driven by positive product mix and productivity actions.

Gross profit for the nine months ended September 30, 2024 increased $64.3 million, or 3.0%, and gross profit margin increased by 80 basis points to 38.0%, from the prior year comparable period. Gross profit margin increased driven by positive product mix and productivity actions.

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Selling, General and Administrative Expenses

Selling, general and administrative expenses for the three months ended September 30, 2024 increased $26.7 million, or 6.6%, from the prior year comparable quarter, primarily driven by increased employee compensation and benefits and acquisition-related amortization costs. As a percentage of revenue, selling, general and administrative expenses increased 110 basis points as compared to the prior year comparable quarter to 21.7%.

Selling, general and administrative expenses for the nine months ended September 30, 2024 increased $67.4 million, or 5.5%, from the prior year comparable period, primarily driven by increased employee compensation and benefits, acquisition-related amortization costs and computer software costs, partially offset by lower restructuring costs. Selling, general and administrative expenses as a percentage of revenue increased 100 basis points as compared to the prior year comparable period to 22.4%.

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to $35.6 million and $34.4 million for the three months ended September 30, 2024 and 2023, respectively, and $108.0 million and $105.1 million, for the nine months ended September 30, 2024 and 2023, respectively. The costs as a percentage of revenue are 1.8% and 1.9% for the three and nine months ended September 30, 2024, respectively, and 1.8% for the three and nine months ended September 30, 2023.

Gain on Dispositions

Gain on dispositions of $597.9 million for the nine months ended September 30, 2024 was primarily due to the sale of the De-Sta-Co business on March 31, 2024 and the sale of a minority owned equity investment on September 30, 2024. See Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

Other Income, net

Other income, net includes non-service pension benefit, deferred compensation plan investments gain or loss, earnings or charges from equity method investments, foreign exchange gain or loss, and various other items. Other income, net for the three and nine months ended September 30, 2024 increased $2.8 million and $12.3 million, respectively, from the comparable prior period primarily driven by an increase in equity earnings and gain on deferred compensation plan investments.

Income Taxes

The effective tax rates for the three months ended September 30, 2024 and 2023 were 19.0% and 17.7%, respectively. The increase in the effective tax rate for the three months ended September 30, 2024 relative to the prior year comparable quarter was primarily driven by a gain on disposition.

The Company is monitoring the changes in tax laws resulting from the Organization for Economic Cooperation and Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a material impact on our effective tax rate.

See Note 12 — Income Taxes in the condensed consolidated financial statements in Item 1 of this Form 10-Q for additional details.

Earnings from Continuing Operations

Earnings from continuing operations for the three months ended September 30, 2024 increased 19.4% to $312.9 million, or $2.26 diluted earnings per share from continuing operations, from $262.0 million, or $1.86 diluted earnings per share from continuing operations, in the prior year comparable quarter. The increase in earnings from continuing operations is driven by the after-tax gain on the sale of the minority owned equity investment, partially offset by higher selling, general and administrative expense.

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Earnings from continuing operations for the nine months ended September 30, 2024 increased 65.8% to $1.2 billion, or $8.37 diluted earnings per share from continuing operations, from $685.7 million, or $4.88 diluted earnings per share from continuing operations, in the prior year comparable period. The increase in earnings from continuing operations is primarily driven by the after-tax gains on the sale of De-Sta-Co and a minority owned equity method investment totaling $464.2 million.

Discontinued Operations

For the three and nine months ended September 30, 2024 and 2023, the historical results of ESG were presented as discontinued operations as the sale represents a strategic shift that will have a major impact on our operations and financial results. For the three and nine months ended September 30, 2024, earnings from discontinued operations, net were $34.2 million and $99.6 million, respectively. For the three and nine months ended September 30, 2023, earnings from discontinued operations, net were $27.8 million and $74.9 million, respectively.

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of each of our five reportable operating segments (Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies). Each of these segments is comprised of various product and service offerings that serve multiple markets. We evaluate our operating segment performance based on segment earnings as defined in Note 16 — Segment Information in the condensed consolidated financial statements in Item 1 of this Form 10-Q.

We report organic revenue growth, which excludes the impact of foreign currency exchange rates and the impact of acquisitions and divestitures. See "Non-GAAP Disclosures" at the end of this Item 2.

Additionally, we use the following 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:

•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 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.

•Book-to-bill is a ratio of the amount of bookings received from customers during a period divided by the amount of revenue recorded during that same period. This metric is a useful indicator of demand.

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Engineered Products

Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024		2023		% Change		2024		2023		% Change
Revenue	$	296,117	$	309,431	(4.3)	%	$	914,234	$	922,794	(0.9)	%

Segment earnings	$	56,621	$	63,525	(10.9)	%	$	171,248	$	156,461	9.5	%



Segment margin	19.1 %		20.5 %				18.7 %		17.0 %


Operational metrics:
Bookings	$	284,823	$	330,566	(13.8)	%	$	895,290	$	957,233	(6.5)	%


Components of revenue decline:
Organic growth					12.1	%					10.5	%
Acquisitions					0.3	%					0.1	%
Dispositions					(17.0)	%					(11.5)	%
Foreign currency translation					0.3	%					—	%
Total revenue decline					(4.3)	%					(0.9)	%

Third Quarter 2024 Compared to the Third Quarter 2023

Engineered Products revenue for the third quarter of 2024 decreased $13.3 million, or 4.3%, as compared to the third quarter of 2023, due to a disposition-related decline of 17.0%, partially offset by organic growth of 12.1%, acquisition-related growth of 0.3% and a favorable impact from foreign currency translation of 0.3%. The disposition-related decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Customer pricing favorably impacted revenue by approximately 1.1% in the third quarter of 2024 and 1.2% in the prior year comparable quarter.

The organic revenue growth was primarily driven by our vehicle service business, which saw increased demand in Europe and improved production performance in North America, along with favorable demand trends in our industrial winch and hoist business. We expect positive organic growth trends to continue into the fourth quarter on the back of improved demand conditions and production performance in our vehicle service business.

Engineered Products segment earnings decreased $6.9 million, or 10.9%, compared to the third quarter of 2023. The decrease was primarily due to the disposition of De-Sta-Co and shipment timing of aerospace and defense components, which was partially offset by organic volume increases and favorable price versus cost dynamics. Segment margin decreased to 19.1% from 20.5% as compared to the prior year comparable quarter.

Bookings decreased 13.8% for the segment, due primarily to a disposition-related decline of 15.1%, partially offset by acquisition-related growth of 1.1% and a favorable impact from foreign currency translation of 0.2%. The disposition-related bookings decline was due to the divestiture of De-Sta-Co in the first quarter of 2024. Segment book-to-bill was 0.96.

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Engineered Products revenue for the nine months ended September 30, 2024 decreased $8.6 million, or 0.9%, compared to the prior year comparable period. This was comprised of a disposition-related decline of 11.5%, partially offset by organic revenue growth of 10.5% and acquisition-related growth of 0.1%. Organic revenue growth was driven by improved production performance and increased demand in our vehicle service business, along with solid demand trends in both our aerospace and defense business, and in our industrial winch and hoist business. Customer pricing favorably impacted revenue by approximately 0.8% and by 2.0% in the prior year comparable period.

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Segment earnings for the nine months ended September 30, 2024 increased $14.8 million, or 9.5%, as compared to the 2023 comparable period. The increase was primarily driven by organic volume increases and favorable price versus cost dynamics, partially offset by disposition impacts. Segment margin increased to 18.7% from 17.0% as compared to the prior year comparable period.

Clean Energy & Fueling

Our 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.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024		2023		% Change		2024		2023		% Change
Revenue	$	500,685	$	466,959	7.2	%	$	1,408,752	$	1,338,854	5.2	%

Segment earnings	$	99,536	$	92,483	7.6	%	$	256,747	$	249,704	2.8	%



Segment margin	19.9 %		19.8 %				18.2 %		18.7 %


Operational metrics:
Bookings	$	507,329	$	449,663	12.8	%	$	1,421,025	$	1,344,326	5.7	%


Components of revenue growth:
Organic (decline) growth					(1.2)	%					0.8	%
Acquisitions					8.8	%					4.7	%

Foreign currency translation					(0.4)	%					(0.3)	%
Total revenue growth					7.2	%					5.2	%

Third Quarter 2024 Compared to the Third Quarter 2023

Clean Energy & Fueling revenue for the third quarter of 2024 increased $33.7 million, or 7.2%, as compared to the third quarter of 2023, driven by acquisition-related growth of 8.8%, partially offset by an organic decline of 1.2% and an unfavorable foreign currency translation impact of 0.4%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 2.0% and by 4.0% in the prior year comparable quarter.

The organic revenue decline was primarily due to lower shipments in Europe for above-ground retail fueling projects and reduced year-over-year demand in vehicle wash solutions, partially offset by pricing initiatives, clean energy solutions and strong demand in North America above-ground retail fueling equipment. We expect organic growth in the fourth quarter driven by strong demand in North America above and below-ground retail fueling, as well as the clean energy solutions business.

Clean Energy & Fueling segment earnings increased $7.1 million, or 7.6%, over the prior year comparable quarter. The increase was primarily driven by strategic pricing and the favorable impact of acquisitions, partially offset by the negative impact from lower volumes and integration costs in clean energy solutions. Segment margin remained flat compared to prior year comparable quarter.

Overall bookings increased 12.8% as compared to the prior year comparable quarter, driven by organic growth of 7.0% and acquisition growth of 6.1%, partially offset by an unfavorable impact from foreign currency translation of 0.3%. The organic bookings growth was primarily driven by North America above and below-ground retail fueling equipment and clean energy platform. Segment book-to-bill was 1.01.

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Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Clean Energy & Fueling segment revenue increased $69.9 million, or 5.2%, as compared to the nine months ended September 30, 2023, attributable to acquisition-related growth of 4.7% and organic growth of 0.8%, partially offset by an unfavorable impact from foreign currency translation of 0.3%. Organic revenue growth was driven by pricing actions and above-ground retail fueling equipment, partially offset by lower volume in fluid transfer solutions and below-ground retail fueling businesses. Customer pricing favorably impacted revenue by approximately 2.6% and by approximately 4.4% in the prior year comparable period.

Clean Energy & Fueling segment earnings increased $7.0 million or 2.8%, for the nine months ended September 30, 2024. Pricing actions and productivity initiatives and the favorable impact of acquisitions were partially offset by lower volume and inflationary costs. Segment margin decreased to 18.2% from 18.7% in the prior year comparable period, primarily due to product mix.

Imaging & Identification

Our 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.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024		2023		% Change		2024		2023		% Change
Revenue	$	283,966	$	276,179	2.8	%	$	848,365	$	831,202	2.1	%

Segment earnings	$	77,247	$	70,316	9.9	%	$	222,992	$	199,967	11.5	%



Segment margin	27.2 %		25.5 %				26.3 %		24.1 %


Operational metrics:
Bookings	$	281,289	$	271,113	3.8	%	$	848,363	$	823,917	3.0	%


Components of revenue growth:
Organic growth					3.3	%					2.8	%
Acquisitions					0.6	%					0.5	%

Foreign currency translation					(1.1)	%					(1.2)	%
Total revenue growth					2.8	%					2.1	%

Third Quarter 2024 Compared to the Third Quarter 2023

Imaging & Identification revenue for the third quarter of 2024 increased $7.8 million, or 2.8%, as compared to the third quarter of 2023, comprised of organic growth of 3.3% and acquisition-related growth of 0.6%, partially offset by an unfavorable impact from foreign currency translation of 1.1%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 2.6% and by approximately 5.3% in the prior year comparable quarter.

The organic revenue growth was primarily driven by pricing actions and increased demand for marking and coding equipment and consumables, partly offset by softer digital textile printing equipment and consumables. We expect continued favorable organic growth in the fourth quarter primarily driven by continued strength in marking and coding and favorable pricing.

Imaging & Identification segment earnings increased $6.9 million, or 9.9%, over the prior year comparable quarter. The increase was primarily driven by higher volume, pricing and productivity initiatives, partially offset by an unfavorable impact from foreign currency translation. Segment margin increased to 27.2% from 25.5% in the prior year comparable quarter.

Overall bookings increased 3.8% as compared to the prior year comparable quarter, reflecting organic growth of 4.3% and acquisition-related growth of 0.5%, partially offset by an unfavorable impact from foreign currency translation of 1.0%. The organic bookings growth was primarily driven by serialization software order timing and improved marking and coding demand. Segment book-to-bill was 0.99.

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Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Imaging & Identification segment revenue increased $17.2 million, or 2.1%, as compared to the nine months ended September 30, 2023, attributable to organic growth of 2.8% and acquisition-related growth of 0.5%, partially offset by an unfavorable impact from foreign currency translation of 1.2%. The organic revenue growth was primarily driven by pricing initiatives, partially offset by weaker demand in our digital textile printing business. Customer pricing favorably impacted revenue by approximately 3.0% and by approximately 6.0% in the prior year comparable period.

Imaging & Identification segment earnings increased $23.0 million, or 11.5%, for the nine months ended September 30, 2024 over the prior year comparable period. The increase was primarily driven by favorable product mix, pricing initiatives and cost controls, partially offset by the unfavorable impact of foreign currency translation. Segment margin increased to 26.3% from 24.1% in the prior year comparable period.

Pumps & Process Solutions

Our Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024		2023		% Change		2024		2023		% Change
Revenue	$	472,463	$	431,373	9.5	%	$	1,415,431	$	1,310,880	8.0	%

Segment earnings	$	138,277	$	117,907	17.3	%	$	394,231	$	362,488	8.8	%



Segment margin	29.3 %		27.3 %				27.9 %		27.7 %


Operational metrics:
Bookings	$	448,074	$	363,111	23.4	%	$	1,383,132	$	1,221,725	13.2	%


Components of revenue growth:
Organic growth					1.9	%					1.0	%
Acquisitions					7.0	%					6.8	%

Foreign currency translation					0.6	%					0.2	%
Total revenue growth					9.5	%					8.0	%

Third Quarter 2024 Compared to the Third Quarter 2023

Pumps & Process Solutions revenue for the third quarter of 2024 increased $41.1 million, or 9.5%, as compared to the third quarter of 2023, driven by acquisition-related growth of 7.0%, organic growth of 1.9% and a favorable impact from foreign currency translation of 0.6%. Acquisition-related growth was driven by the acquisition of FW Murphy Production Controls business ("FW Murphy") in the fourth quarter of 2023. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 1.7% and by approximately 3.6% in the prior year comparable quarter.

The organic revenue growth was primarily driven by increased revenue in our precision components business and increased demand for connectors used in bioprocessing and high performance computing and data center applications, partially offset by decreased revenue in our plastics and polymer processing solutions business. We expect overall revenue to trend favorably in the fourth quarter driven by the FW Murphy acquisition, positive demand trends in bioprocessing and thermal connectors in liquid cooling for high performance computing applications. We expect this growth to be partially offset by lower shipments in our polymer processing equipment business.

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Pumps & Process Solutions segment earnings increased $20.4 million, or 17.3%, over the prior year comparable quarter. The increase was driven by the favorable impact from the FW Murphy acquisition, along with the positive impact of product line mix, pricing initiatives and productivity actions. Segment margin increased to 29.3% from 27.3% in the prior year comparable quarter driven by productivity initiatives and favorable portfolio mix.

Overall bookings increased 23.4% as compared to the prior year comparable quarter with organic growth of 15.1% and acquisition-related growth of 8.3%. The organic bookings growth was primarily driven by positive demand trends in connectors, supported by improving customer sentiment in bioprocessing and high performance computing applications. Segment book-to-bill was 0.95.

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Pumps & Process Solutions segment revenue increased $104.6 million, or 8.0%, as compared to the nine months ended September 30, 2023, attributable to acquisition-related growth of 6.8% for the acquisition of FW Murphy, organic growth of 1.0% and a favorable impact from foreign currency translation of 0.2%. The organic growth was primarily driven by pricing initiatives, increased revenue in precision components and single-use components used in biopharmaceutical manufacturing, partially offset by our polymer processing equipment business. Customer pricing favorably impacted revenue by approximately 1.6% and by approximately 4.6% in the prior year comparable period.

Pumps & Process Solutions segment earnings increased $31.7 million, or 8.8%, for the nine months ended September 30, 2024 over the prior year comparable period. The increase was driven by the favorable impact from the FW Murphy acquisition, product line mix, pricing initiatives and productivity, partially offset by lower volumes. Segment margin increased to 27.9% from 27.7% from the prior year comparable period.

Climate & Sustainability Technologies

Our 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 end-markets.


	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands)	2024		2023		% Change		2024		2023		% Change
Revenue	$	431,127	$	475,911	(9.4)	%	$	1,232,125	$	1,380,237	(10.7)	%

Segment earnings	$	76,015	$	84,060	(9.6)	%	$	205,901	$	233,912	(12.0)	%



Segment margin	17.6 %		17.7 %				16.7 %		16.9 %


Operational metrics:
Bookings	$	332,503	$	340,474	(2.3)	%	$	1,191,858	$	1,023,028	16.5	%


Components of revenue decline:
Organic decline					(9.4)	%					(10.7)	%
Acquisitions					—	%					0.3	%

Foreign currency translation					—	%					(0.3)	%
Total revenue decline					(9.4)	%					(10.7)	%

Third Quarter 2024 Compared to the Third Quarter 2023

Climate & Sustainability Technologies revenue decreased $44.8 million, or 9.4%, as compared to the third quarter of 2023, reflecting organic revenue decline of 9.4%. Customer pricing favorably impacted revenue in the third quarter of 2024 by approximately 1.0% and by approximately 2.4% in the prior year comparable quarter.

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The organic revenue decline was primarily due to near-term, transient slowing in heat exchanger demand in Europe due to HVAC OEMs efforts to reduce component inventories, as well as continued headwinds in new beverage can-making equipment sales as customers pivot from new equipment investment to scaling production and expanding utilization of recent capacity additions. This headwind was partially offset by increased demand for retail refrigeration equipment and services, including the growing demand for low-global warming potential ("GWP") CO2 refrigerant systems. We expect organic revenue declines to continue into the fourth quarter, primarily due to continued year-over-year reductions in the sales of heat exchangers in Europe and in beverage can-making equipment. We expect to begin to see sequential improvements in demand for both of these product lines in 2025.

Climate & Sustainability Technologies segment earnings decreased $8.0 million, or 9.6%, as compared to the third quarter of 2023. The segment earnings decrease was primarily due to the negative impact from lower volumes in heat exchangers and beverage can-making equipment, partially offset by increased volumes in retail refrigeration, along with productivity initiatives and cost actions across the segment. Segment margin decreased to 17.6% from 17.7% in the prior year comparable quarter.

Bookings in the third quarter of 2024 decreased 2.3% from the prior year comparable quarter, reflecting an organic decline of 2.1% and an unfavorable impact from foreign currency translation of 0.2%. The organic bookings decline was principally due to order timing in retail refrigeration. Segment book-to-bill was 0.77.

Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023

Climate & Sustainability Technologies segment revenue decreased $148.1 million, or 10.7%, compared to the nine months ended September 30, 2023, reflecting an organic revenue decline of 10.7%, and an unfavorable foreign currency translation impact of 0.3%, partially offset by acquisition-related growth of 0.3%. The organic revenue decline for the nine months ended September 30, 2024 was due to near-term, transient slowing in heat exchanger demand in Europe due to HVAC OEMs efforts to reduce component inventories, as well as continued headwinds in new beverage can-making equipment sales as customers pivot from new equipment investment to scaling production and expanding utilization of recent capacity additions. This was partially offset by increased demand for retail refrigeration equipment and services, including the growing demand for low-GWP CO2 refrigerant systems. Customer pricing favorably impacted revenue by approximately 0.2%, and by approximately 4.4% in the prior year comparable period.

Climate & Sustainability Technologies segment earnings decreased $28.0 million, or 12.0%, for the nine months ended September 30, 2024, as compared to the prior year comparable period. Segment margin decreased to 16.7% from 16.9% in the prior year comparable period. The earnings decrease was primarily due to lower volumes in heat exchangers and beverage can-making equipment, partially offset by increased retail refrigeration volumes, productivity initiatives and cost reduction actions.

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Reconciliation of Segment Earnings to Earnings from Continuing Operations


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Earnings from Continuing Operations:
Segment earnings:
Engineered Products	$	56,621	$	63,525	$	171,248	$	156,461
Clean Energy & Fueling	99,536		92,483		256,747		249,704
Imaging & Identification	77,247		70,316		222,992		199,967
Pumps & Process Solutions	138,277		117,907		394,231		362,488
Climate & Sustainability Technologies	76,015		84,060		205,901		233,912
Total segment earnings	447,696		428,291		1,251,119		1,202,532
Purchase accounting expenses (1)	48,356		38,956		136,875		118,203
Restructuring and other costs (2)	16,581		11,581		52,142		43,777
Gain on dispositions (3)	(68,633)		—		(597,913)		—
Corporate expense / other (4)	36,110		30,937		117,795		105,376
Interest expense	34,128		32,390		102,867		100,407
Interest income	(5,176)		(3,808)		(14,013)		(8,552)
Earnings before provision for income taxes	386,330		318,235		1,453,366		843,321
Provision for income taxes	73,434		56,252		291,781		157,636
Earnings from continuing operations	$	312,896	$	261,983	$	1,161,585	$	685,685

(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) Gain on dispositions, including post-closing adjustments; see Note 4 — Discontinued and Disposed Operations in the condensed consolidated financial statements in Item 1 of this Form 10-Q for further details.

Restructuring and Other Costs (Benefits)

Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment operating performance measure reviewed by management. During the three and nine months ended September 30, 2024, we incurred restructuring charges of $13.8 million and $41.6 million and other costs, net of $2.7 million and $10.5 million. Restructuring charges for the three months ended September 30, 2024 were primarily related to exit costs and headcount reductions in the Clean Energy & Fueling segment. Restructuring charges for the nine months ended September 30, 2024 were primarily related to product line exit costs and headcount reductions in the Clean Energy & Fueling, and the Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2023 and 2024 and the Company will continue to make proactive adjustments to its cost structure to align with current demand trends. Other costs, net of $10.5 million for the nine months ended September 30, 2024, were primarily due to non-cash asset impairment charges and reorganization costs in the Climate & Sustainability Technologies and Imaging & Identification segments, respectively. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings. Additional programs beyond the scope of the announced programs may be implemented during 2024 with related restructuring charges.

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We recorded the following restructuring and other costs for the three and nine months ended September 30, 2024:


	Three Months Ended September 30, 2024
(in thousands)	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Corporate		Total
Restructuring	$	991	$	8,544	$	1,804	$	964	$	1,238	$	296	$	13,837
Other (benefits) costs	(4)		438		1,545		14		320		431		2,744
Restructuring and other costs	$	987	$	8,982	$	3,349	$	978	$	1,558	$	727	$	16,581


	Nine Months Ended September 30, 2024
(in thousands)	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Corporate		Total
Restructuring	$	2,969	$	15,434	$	4,645	$	3,929	$	14,261	$	391	$	41,629
Other costs, net	12		1,779		2,773		66		4,208		1,675		10,513
Restructuring and other costs	$	2,981	$	17,213	$	7,418	$	3,995	$	18,469	$	2,066	$	52,142

Restructuring and other costs for the three and nine months ended September 30, 2023 included restructuring charges of $4.4 million and $33.3 million, respectively and other costs, net of $7.2 million and $10.5 million, respectively. Restructuring charges for the three months ended September 30, 2023 primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Climate & Sustainability Technologies and Engineered Products segments. Restructuring charges for the nine months ended September 30, 2023 primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Pumps & Process Solutions, Engineered Products and Climate & Sustainability Technologies segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. Other costs, net of $7.2 million and $10.5 million for the three and nine months ended September 30, 2023, were primarily due to an asset impairment in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in our Clean Energy & Fueling segment. These restructuring and other charges were recorded in cost of goods and services and selling, general and administrative expenses in the condensed consolidated statement of earnings.

We recorded the following restructuring and other costs for the three and nine months ended September 30, 2023:


	Three Months Ended September 30, 2023
(in thousands)	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Corporate		Total
Restructuring	$	938	$	(37)	$	233	$	1,637	$	1,138	$	476	$	4,385
Other costs, net	37		1,182		328		113		3,939		1,597		7,196
Restructuring and other costs	$	975	$	1,145	$	561	$	1,750	$	5,077	$	2,073	$	11,581


	Nine Months Ended September 30, 2023
(in thousands)	Engineered Products		Clean Energy & Fueling		Imaging & Identification		Pumps & Process Solutions		Climate & Sustainability Technologies		Corporate		Total
Restructuring	$	5,415	$	15,954	$	1,437	$	6,266	$	2,585	$	1,603	$	33,260
Other costs, net	71		3,141		824		110		4,642		1,729		10,517
Restructuring and other costs	$	5,486	$	19,095	$	2,261	$	6,376	$	7,227	$	3,332	$	43,777

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Purchase Accounting Expenses

Purchase accounting expenses primarily relate to amortization of acquired intangible assets. These expenses are not presented in our segment earnings because they are excluded from the segment operating performance measure reviewed by management. These expenses reconcile to segment earnings as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2024		2023		2024		2023
Purchase Accounting Expenses
Engineered Products	$	2,806	$	3,441	$	8,049	$	10,604
Clean Energy & Fueling	24,928		19,775		67,231		58,882
Imaging & Identification	5,914		5,803		17,320		17,354
Pumps & Process Solutions	9,658		5,111		29,131		16,888
Climate & Sustainability Technologies	5,050		4,826		15,144		14,475
Total	$	48,356	$	38,956	$	136,875	$	118,203

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FINANCIAL CONDITION

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities. Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions, dispositions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit and the ability to attract long-term capital with satisfactory terms. We generate substantial cash from the operations of our businesses and remain in a strong financial position, with sufficient liquidity available for reinvestment in existing businesses and strategic acquisitions.

Cash Flow Summary

The following table is derived from our condensed consolidated statements of cash flows:

DOVER Corp 10-Q