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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Segment Information | 19. Segment Information The Company categorizes its operating companies into five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's businesses are structured around similar business models, go-to market strategies, manufacturing practices and product categories which increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance. Operating segments are defined as the components of an enterprise for which separate financial information is available, that engage in business activities from which they may recognize revenues and incur expenses, and that are regularly evaluated by the entity's chief operating decision maker or decision-making group, which is composed of Dover's executive leadership team, in making resource allocation decisions and evaluating performance. The five reportable segments are as follows: •Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets. •Clean Energy & Fueling segment provides components, equipment, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments. •Imaging & Identification s egment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets. •Pumps & Process Solutions segment manufactures specialty pumps and flow meters, highly engineered precision components, specialized instrumentation and digital controls for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, energy transition, thermal management applications and other end-markets. •Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment 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), disposition costs, loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes. Segment financial information and a reconciliation of segment results to consolidated results follows:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenue: |  |  |  |  |
Engineered Products | $ | 2,004,587 |  |  | $ | 2,043,632 |  |  | $ | 1,780,827 |
Clean Energy & Fueling | 1,788,277 |  |  | 1,878,507 |  |  | 1,648,153 |
Imaging & Identification | 1,116,732 |  |  | 1,123,815 |  |  | 1,163,367 |
Pumps & Process Solutions | 1,755,691 |  |  | 1,728,235 |  |  | 1,708,634 |
Climate & Sustainability Technologies | 1,778,582 |  |  | 1,737,724 |  |  | 1,608,175 |
Intersegment eliminations | (5,735) |  |  | (3,825) |  |  | (2,075) |
Total consolidated revenue | $ | 8,438,134 |  |  | $ | 8,508,088 |  |  | $ | 7,907,081 |
Net earnings: |  |  |  |  |
Segment earnings: |  |  |  |  |
Engineered Products (1) | $ | 377,425 |  |  | $ | 346,519 |  |  | $ | 277,852 |
Clean Energy & Fueling | 328,604 |  |  | 352,993 |  |  | 327,186 |
Imaging & Identification | 272,512 |  |  | 268,084 |  |  | 266,932 |
Pumps & Process Solutions | 484,405 |  |  | 533,018 |  |  | 575,593 |
Climate & Sustainability Technologies | 305,380 |  |  | 254,484 |  |  | 185,517 |
Total segment earnings | 1,768,326 |  |  | 1,755,098 |  |  | 1,633,080 |
Purchase accounting expenses (2) | 164,943 |  |  | 181,103 |  |  | 141,980 |
Restructuring and other costs (3) | 63,673 |  |  | 38,990 |  |  | 38,436 |
Disposition costs (4) | 1,302 |  |  | — |  |  | — |
Loss (gain) on dispositions (5) | — |  |  | 194 |  |  | (206,338) |
Corporate expense / other (6) | 150,593 |  |  | 135,280 |  |  | 156,298 |
Interest expense | 131,305 |  |  | 116,456 |  |  | 106,319 |
Interest income | (13,496) |  |  | (4,430) |  |  | (4,441) |
Earnings before provision for income taxes | 1,270,006 |  |  | 1,287,505 |  |  | 1,400,826 |
Provision for income taxes | 213,178 |  |  | 222,129 |  |  | 277,008 |
Net earnings | $ | 1,056,828 |  |  | $ | 1,065,376 |  |  | $ | 1,123,818 |
Segment margins: |  |  |  |  |
Engineered Products | 18.8 | % |  | 17.0 | % |  | 15.6 | %
Clean Energy & Fueling | 18.4 | % |  | 18.8 | % |  | 19.9 | %
Imaging & Identification | 24.4 | % |  | 23.9 | % |  | 22.9 | %
Pumps & Process Solutions | 27.6 | % |  | 30.8 | % |  | 33.7 | %
Climate & Sustainability Technologies | 17.2 | % |  | 14.6 | % |  | 11.5 | %
Total segments | 21.0 | % |  | 20.6 | % |  | 20.7 | %
Net earnings | 12.5 | % |  | 12.5 | % |  | 14.2 | %
Depreciation and amortization: |  |  |  |  |
Other depreciation and amortization (7): |  |  |  |  |
Engineered Products | $ | 28,073 |  |  | $ | 27,745 |  |  | $ | 27,036 |
Clean Energy & Fueling | 30,117 |  |  | 28,815 |  |  | 25,842 |
Imaging & Identification | 15,293 |  |  | 14,185 |  |  | 14,189 |
Pumps & Process Solutions | 46,344 |  |  | 40,839 |  |  | 39,272 |
Climate & Sustainability Technologies | 27,557 |  |  | 26,204 |  |  | 26,987 |
Total other depreciation and amortization | 147,384 |  |  | 137,788 |  |  | 133,326 |
Corporate depreciation and amortization | 6,040 |  |  | 8,137 |  |  | 7,250 |
Depreciation and amortization included in purchase accounting expenses and restructuring and other | 164,039 |  |  | 161,613 |  |  | 149,547 |
Consolidated depreciation and amortization total | $ | 317,463 |  |  | $ | 307,538 |  |  | $ | 290,123 |
(1) Segment earnings include a fourth quarter benefit of $14,448 as a result of the change from the LIFO method to FIFO method of inventory costing for an immaterial portion of inventories. See Note 1 — Description of Business and Summary of Significant Accounting Policies. (2) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period. (3) 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:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Restructuring | $ | 50,435 |  |  | $ | 30,480 |  |  | $ | 26,705 |
Other costs, net | 13,238 |  |  | 8,510 |  |  | 11,731 |
Restructuring and other costs | $ | 63,673 |  |  | $ | 38,990 |  |  | $ | 38,436 |
(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024. (5) Loss (gain) on dispositions includes working capital adjustments related to dispositions. (6) 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. (7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs. Selected financial information by segment (continued):
Capital expenditures: | 2023 |  | 2022 |  | 2021
Engineered Products | $ | 26,643 |  |  | $ | 39,765 |  |  | $ | 48,453 |
Clean Energy & Fueling | 25,421 |  |  | 33,489 |  |  | 25,167 |
Imaging & Identification | 11,598 |  |  | 14,695 |  |  | 10,671 |
Pumps & Process Solutions | 60,860 |  |  | 82,817 |  |  | 44,578 |
Climate & Sustainability Technologies | 61,790 |  |  | 41,426 |  |  | 34,335 |
Corporate | 6,280 |  |  | 8,770 |  |  | 8,261 |
Total capital expenditures | $ | 192,592 |  |  | $ | 220,962 |  |  | $ | 171,465 |
Total assets at December 31: | 2023 |  | 2022
Engineered Products (8) | $ | 1,797,242 |  |  | $ | 1,771,689 |
Clean Energy & Fueling | 3,020,621 |  |  | 3,068,260 |
Imaging & Identification | 1,812,704 |  |  | 1,821,649 |
Pumps & Process Solutions (9) | 2,654,421 |  |  | 2,161,210 |
Climate & Sustainability Technologies | 1,466,141 |  |  | 1,525,449 |
Corporate (10) | 597,384 |  |  | 548,262 |
Total assets | $ | 11,348,513 |  |  | $ | 10,896,519 |
(8) Engineered Products includes De-Sta-Co assets classified as held for sale. See Note 4 — Dispositions for additional information. (9) Increase primarily driven by 2023 acquisition. See Note 3 — Acquisitions for additional information. (10) Corporate assets are comprised primarily of cash and cash equivalents.
| Revenue |  | Long-Lived Assets (11)
| Years Ended December 31, |  | At December 31,
| 2023 |  | 2022 |  | 2021 |  | 2023 |  | 2022
United States | $ | 4,711,019 |  |  | $ | 4,847,321 |  |  | $ | 4,305,957 |  |  | $ | 623,693 |  |  | $ | 629,140 |
Europe | 1,757,118 |  |  | 1,792,020 |  |  | 1,797,138 |  |  | 321,628 |  |  | 291,921 |
Asia | 924,539 |  |  | 939,093 |  |  | 901,141 |  |  | 59,496 |  |  | 57,253 |
Other Americas | 683,573 |  |  | 667,673 |  |  | 612,751 |  |  | 22,936 |  |  | 21,763 |
Other | 361,885 |  |  | 261,981 |  |  | 290,094 |  |  | 4,063 |  |  | 4,748 |
Consolidated total | $ | 8,438,134 |  |  | $ | 8,508,088 |  |  | $ | 7,907,081 |  |  | $ | 1,031,816 |  |  | $ | 1,004,825 |
(11) Long-lived assets are comprised of net property, plant and equipment. The U.S. was the largest geographical market for revenue for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment. Revenue is attributed to regions based on the location of the Company's customer, which in some instances is an intermediary and not necessarily the end user. The Company's businesses serve thousands of customers, none of which individually accounted for more than 10% of consolidated revenue

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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