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Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Segment Information | 16. 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 Group Executive Committee ("GEC"), 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, 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, and 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. •Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components, solutions, services 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 dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes. Segment financial information and a reconciliation of segment results to consolidated results were as follows:
| Three Months Ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |
Revenue: |  |  |  |  |  |  |  |
Engineered Products | $ | 254,646 |  |  | $ | 332,820 |  |  |  |  |  |
Clean Energy & Fueling | 491,148 |  |  | 445,053 |  |  |  |  |  |
Imaging & Identification | 280,090 |  |  | 276,806 |  |  |  |  |  |
Pumps & Process Solutions | 493,573 |  |  | 465,729 |  |  |  |  |  |
Climate & Sustainability Technologies | 347,888 |  |  | 364,292 |  |  |  |  |  |
Total segment revenues | 1,867,345 |  |  | 1,884,700 |  |  |  |  |  |
Intersegment eliminations | (1,286) |  |  | (981) |  |  |  |  |  |
Total consolidated revenue | $ | 1,866,059 |  |  | $ | 1,883,719 |  |  |  |  |  |
Adjusted cost of goods and services:(1) |  |  |  |  |  |  |  |
Engineered Products | $ | 173,080 |  |  | $ | 220,162 |  |  |  |  |  |
Clean Energy & Fueling | 315,194 |  |  | 290,651 |  |  |  |  |  |
Imaging & Identification | 123,625 |  |  | 127,825 |  |  |  |  |  |
Pumps & Process Solutions | 252,164 |  |  | 260,375 |  |  |  |  |  |
Climate & Sustainability Technologies | 244,700 |  |  | 263,693 |  |  |  |  |  |
Total adjusted segment cost of goods and services | $ | 1,108,763 |  |  | $ | 1,162,706 |  |  |  |  |  |
Adjusted selling, general and administrative expenses:(2) |  |  |  |  |  |  |  |
Engineered Products | $ | 37,452 |  |  | $ | 50,126 |  |  |  |  |  |
Clean Energy & Fueling | 90,310 |  |  | 84,727 |  |  |  |  |  |
Imaging & Identification | 78,890 |  |  | 79,022 |  |  |  |  |  |
Pumps & Process Solutions | 90,134 |  |  | 86,617 |  |  |  |  |  |
Climate & Sustainability Technologies | 51,069 |  |  | 49,840 |  |  |  |  |  |
Total adjusted segment selling, general and administrative expenses | $ | 347,855 |  |  | $ | 350,332 |  |  |  |  |  |
Earnings from continuing operations: |  |  |  |  |  |  |  |
Segment earnings: |  |  |  |  |  |  |  |
Engineered Products | $ | 44,114 |  |  | $ | 62,532 |  |  |  |  |  |
Clean Energy & Fueling | 85,644 |  |  | 69,675 |  |  |  |  |  |
Imaging & Identification | 77,575 |  |  | 69,959 |  |  |  |  |  |
Pumps & Process Solutions | 151,275 |  |  | 118,737 |  |  |  |  |  |
Climate & Sustainability Technologies | 52,119 |  |  | 50,759 |  |  |  |  |  |
Total segment earnings | 410,727 |  |  | 371,662 |  |  |  |  |  |
Purchase accounting expenses (3) | 49,104 |  |  | 44,187 |  |  |  |  |  |
Restructuring and other costs (4) | 9,397 |  |  | 23,971 |  |  |  |  |  |
Gain on dispositions (5) | (2,468) |  |  | (529,943) |  |  |  |  |  |
Corporate expense / other (6) | 51,959 |  |  | 42,159 |  |  |  |  |  |
Interest expense | 27,608 |  |  | 36,365 |  |  |  |  |  |
Interest income | (20,254) |  |  | (4,756) |  |  |  |  |  |
Earnings before provision for income taxes | 295,381 |  |  | 759,679 |  |  |  |  |  |
Provision for income taxes | 56,140 |  |  | 157,577 |  |  |  |  |  |
Earnings from continuing operations | $ | 239,241 |  |  | $ | 602,102 |  |  |  |  |  |
(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs. (2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, gain on dispositions and include other income, net. (3) Purchase accounting expenses are primarily comprised of amortization of intangible assets. (4) 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 March 31, |  |
| 2025 |  | 2024 |  |  |  |
Restructuring | $ | 8,310 |  |  | $ | 18,655 |  |  |  |  |
Other costs, net | 1,087 |  |  | 5,316 |  |  |  |  |
Restructuring and other costs | $ | 9,397 |  |  | $ | 23,971 |  |  |  |  |
(5) Gain on dispositions, including post-closing adjustments; see Note 4 — Discontinued and Disposed Operations for further details. (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 and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.
| Three Months Ended March 31,
| 2025 |  | 2024
Segment earnings margins: |  |  |
Engineered Products | 17.3 | % |  | 18.8 | %
Clean Energy & Fueling | 17.4 | % |  | 15.7 | %
Imaging & Identification | 27.7 | % |  | 25.3 | %
Pumps & Process Solutions | 30.6 | % |  | 25.5 | %
Climate & Sustainability Technologies | 15.0 | % |  | 13.9 | %
Total segments | 22.0 | % |  | 19.7 | %
Depreciation and amortization: |  |  |
Other depreciation and amortization:(7) |  |  |
Engineered Products | $ | 4,800 |  | $ | 4,785
Clean Energy & Fueling | 8,578 |  | 7,921
Imaging & Identification | 4,093 |  | 3,733
Pumps & Process Solutions | 12,601 |  | 12,139
Climate & Sustainability Technologies | 7,325 |  | 7,275
Total other depreciation and amortization | 37,397 |  | 35,853
Corporate depreciation and amortization | 1,840 |  | 1,731
Depreciation and amortization included in purchase accounting expenses and restructuring and other | 48,181 |  | 44,187
Consolidated depreciation and amortization total | $ | 87,418 |  | $ | 81,771
(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.
| Three Months Ended March 31,
Capital expenditures: | 2025 |  | 2024
Engineered Products | $ | 5,822 |  |  | $ | 5,170 |
Clean Energy & Fueling | 11,093 |  |  | 10,043 |
Imaging & Identification | 9,656 |  |  | 2,786 |
Pumps & Process Solutions | 12,467 |  |  | 9,904 |
Climate & Sustainability Technologies | 8,598 |  |  | 10,973 |
Corporate | 556 |  |  | 1,174 |
Total capital expenditures | $ | 48,192 |  |  | $ | 40,050 |
Selected financial information by segment (continued):
Total assets: | March 31, 2025 |  | December 31, 2024
Engineered Products | $ | 1,075,309 |  |  | $ | 1,063,292 |
Clean Energy & Fueling | 3,623,154 |  |  | 3,601,573 |
Imaging & Identification | 1,787,282 |  |  | 1,749,028 |
Pumps & Process Solutions | 2,674,855 |  |  | 2,613,405 |
Climate & Sustainability Technologies | 1,361,973 |  |  | 1,293,132 |
Corporate (8) | 2,125,975 |  |  | 2,188,730 |
Total assets | $ | 12,648,548 |  |  | $ | 12,509,160 |
(8) Corporate assets are comprised primarily of cash and cash equivalents. The following table presents revenue disaggregated by geography based on the location of the Company's customers:
| Three Months Ended March 31, |  |
Revenue by geography | 2025 |  | 2024 |  |  |  |
United States | $ | 1,023,117 |  |  | $ | 1,014,676 |  |  |  |  |
Europe | 397,291 |  |  | 432,896 |  |  |  |  |
Asia | 208,732 |  |  | 203,064 |  |  |  |  |
Other Americas | 159,896 |  |  | 162,123 |  |  |  |  |
Other | 77,023 |  |  | 70,960 |  |  |  |  |
Total | $ | 1,866,059 |  |  | $ | 1,883,719 |  |  |  |  |
For the three months ended March 31, 2025 and 2024, 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.

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- Definition The entire disclosure for reporting segments including data and tables. 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