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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net earnings	$ 632,221	$ 228,574
Foreign currency translation adjustments:
Foreign currency translation (loss) gain	(29,342)	16,572
Reclassification of foreign currency translation losses to earnings	13,931	0
Total foreign currency translation adjustments (net of $(4,386) and $4,050 tax (provision) benefit, respectively)	(15,411)	16,572
Pension and other post-retirement benefit plans:
Amortization of actuarial gain included in net periodic pension cost	(367)	(534)
Amortization of prior service (credits) costs included in net periodic pension cost	(159)	264
Total pension and other post-retirement benefit plans (net of $139 and $82 tax benefit, respectively)	(526)	(270)
Changes in fair value of cash flow hedges:
Unrealized net loss arising during period	(127)	(73)
Net (gain) loss reclassified into earnings	(473)	846
Total cash flow hedges (net of $177 and $(220) tax benefit (provision), respectively)	(600)	773
Other comprehensive (loss) earnings, net of tax	(16,537)	17,075
Comprehensive earnings	$ 615,684	$ 245,649

Inventories, net

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories, net

5. Inventories, net


	March 31, 2024		December 31, 2023
Raw materials	$	732,332	$	696,220
Work in progress	242,424		223,655
Finished goods	397,025		425,561
Subtotal	1,371,781		1,345,436
Less reserves	(126,120)		(119,984)
Total	$	1,245,661	$	1,225,452

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 3,079,050	$ 3,003,810
Accumulated Amortization	1,650,286	1,616,528
Net Carrying Amount	1,428,764	1,387,282
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total, Gross Carrying Amount	3,175,636	3,100,441
Accumulated Amortization	1,650,286	1,616,528
Total, Net Carrying Amount	1,525,350	1,483,913
Trademarks
Indefinite-lived Intangible Assets by Major Class [Line Items]
Unamortized intangible assets:	96,586	96,631
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,197,032	2,138,788
Accumulated Amortization	1,117,094	1,094,053
Net Carrying Amount	1,079,938	1,044,735
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1,117,094	1,094,053
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	277,218	274,711
Accumulated Amortization	150,594	147,212
Net Carrying Amount	126,624	127,499
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	150,594	147,212
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	205,955	206,871
Accumulated Amortization	143,981	142,719
Net Carrying Amount	61,974	64,152
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	143,981	142,719
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	289,883	277,198
Accumulated Amortization	163,815	159,148
Net Carrying Amount	126,068	118,050
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	163,815	159,148
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	81,376	82,031
Accumulated Amortization	64,169	63,343
Net Carrying Amount	17,207	18,688
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	64,169	63,343
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27,586	24,211
Accumulated Amortization	10,633	10,053
Net Carrying Amount	16,953	14,158
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 10,633	$ 10,053

Borrowings

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consist of the following:


	March 31, 2024		December 31, 2023
Short-term
Commercial paper	$	968,300	$	467,600
Other	672		682

Short-term borrowings	$	968,972	$	468,282

During the three months ended March 31, 2024, commercial paper borrowings increased $500,700. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.51% as of March 31, 2024 and December 31, 2023.


			Carrying amount (1)
	Principal		March 31, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,905	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	647,410		657,628
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	538,813		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,582		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	297,881		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,120		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,420		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,327		345,258
Other			27		—


Total long-term debt			$	2,973,485	$	2,991,759

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $10.4 million and $10.9 million as of March 31, 2024 and December 31, 2023, respectively. Total deferred debt issuance costs were $8.4 million and $8.9 million as of March 31, 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 new 364-day credit facility replaced the existing $500.0 million 364-day credit facility, which expired on April 4, 2024. The lenders' commitments under the five-year and 364-day 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 March 31, 2024 and December 31, 2023, there were no outstanding borrowings under the five-year and then existing 364-day credit facilities.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at March 31, 2024 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 19.1 to 1.

Letters of Credit and other Guarantees

As of March 31, 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 2032. 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.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Borrowings - Long Term Debt (Details) € in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Long-term borrowings [Abstract]
Total long-term debt	$ 2,973,485		$ 2,991,759
Unamortized debt discounts	10,400		10,900
Deferred debt issuance costs	$ 8,400		8,900
3.15% 10-year notes due November 15, 2025
Long-term borrowings [Abstract]
Stated interest rate	3.15%	3.15%
Term of debt	10 years
Principal	$ 400,000
Total long-term debt	$ 398,905		398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)
Long-term borrowings [Abstract]
Stated interest rate	1.25%	1.25%
Term of debt	10 years
Principal \| €		€ 600,000
Total long-term debt	$ 647,410		657,628
0.750% 8-year notes due November 4, 2027 (euro-denominated)
Long-term borrowings [Abstract]
Stated interest rate	0.75%	0.75%
Term of debt	8 years
Principal \| €		€ 500,000
Total long-term debt	$ 538,813		547,342
6.65% 30-year debentures due June 1, 2028
Long-term borrowings [Abstract]
Stated interest rate	6.65%	6.65%
Term of debt	30 years
Principal	$ 200,000
Total long-term debt	$ 199,582		199,557
2.950% 10-year notes due November 4, 2029
Long-term borrowings [Abstract]
Stated interest rate	2.95%	2.95%
Term of debt	10 years
Principal	$ 300,000
Total long-term debt	$ 297,881		297,787
5.375% 30-year debentures due October 15, 2035
Long-term borrowings [Abstract]
Stated interest rate	5.375%	5.375%
Term of debt	30 years
Principal	$ 300,000
Total long-term debt	$ 297,120		297,058
6.60% 30-year notes due March 15, 2038
Long-term borrowings [Abstract]
Stated interest rate	6.60%	6.60%
Term of debt	30 years
Principal	$ 250,000
Total long-term debt	$ 248,420		248,392
5.375% 30-year notes due March 1, 2041
Long-term borrowings [Abstract]
Stated interest rate	5.375%	5.375%
Term of debt	30 years
Principal	$ 350,000
Total long-term debt	345,327		345,258
Other
Long-term borrowings [Abstract]
Total long-term debt	$ 27		$ 0

Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 31,512	$ 39,399
Provision for expected credit losses, net of recoveries	3,371	1,422
Amounts written off charged against the allowance	(917)	(727)
Other, including foreign currency translation	(484)	235
Ending Balance	$ 33,482	$ 40,329

Restructuring Activities - Restructuring Charges by Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 18,655	$ 12,476
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	17	(114)
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	13,923	3,473
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,732	9,003
Engineered Products \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	492	539
Clean Energy & Fueling \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,965	10,144
Imaging & Identification \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	760	339
Pumps & Process Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,351	1,326
Climate & Sustainability Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 11,070	$ 242

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 1,189	$ 1,675
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value (Liability)	$ (934)	$ (874)

Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	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. 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 March 31, 2024 and December 31, 2023 amounts due to the SCF financial institution were approximately $181,552 and $193,600, respectively.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

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-URI https://asc.fasb.org//1943274/2147482615/740-10-65-8

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482833/825-10-65-6

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)(1)
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-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
-Section 65
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-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
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-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 926
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483194/926-20-65-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org//250/tableOfContent

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
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-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
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-SubTopic 20
-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147481925/310-20-65-2

+ Details

Restructuring Activities - Severance and Exit Accrual Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 21,759
Restructuring charges	18,655	$ 12,476
Payments	(10,116)
Other, including foreign currency translation	(12,871)
Ending balance	17,427
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	18,646
Restructuring charges	3,539
Payments	(8,427)
Other, including foreign currency translation	(234)
Ending balance	13,524
Exit
Restructuring Reserve [Roll Forward]
Beginning balance	3,113
Restructuring charges	15,116
Payments	(1,689)
Other, including foreign currency translation	(12,637)
Ending balance	$ 3,903

Inventories, net (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Components of Inventory


	March 31, 2024		December 31, 2023
Raw materials	$	732,332	$	696,220
Work in progress	242,424		223,655
Finished goods	397,025		425,561
Subtotal	1,371,781		1,345,436
Less reserves	(126,120)		(119,984)
Total	$	1,245,661	$	1,225,452

Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Contracts Liabilities

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


	March 31, 2024		December 31, 2023		December 31, 2022

Contract assets - current	$	25,024	$	19,561	$	11,074
Contract liabilities - current	242,058		211,292		256,933
Contract liabilities - non-current	27,845		19,544		19,879

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments and the Balance Sheet Lines in Which They Are Recorded

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


	Fair Value Asset (Liability)
	March 31, 2024		December 31, 2023		Balance Sheet Caption
Foreign currency forward	$	1,189	$	1,675	Prepaid and other current assets
Foreign currency forward	(934)		(874)		Other accrued expenses

Schedule of Other Comprehensive Earnings for the Gains on Net Investment Hedges

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


	Three Months Ended March 31,
	2024		2023
Gain (loss) on euro-denominated debt	$	18,974	$	(18,247)
Tax (expense) benefit	(4,386)		4,050
Net gain (loss) on net investment hedges, net of tax	$	14,588	$	(14,197)

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

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


	March 31, 2024		December 31, 2023
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,189		$	1,675
Liabilities:
Foreign currency cash flow hedges	934			874

Restructuring Activities

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring Activities

9. Restructuring Activities

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


	Three Months Ended March 31,
	2024		2023
Engineered Products	$	492	$	539
Clean Energy & Fueling	4,965		10,144
Imaging & Identification	760		339
Pumps & Process Solutions	1,351		1,326
Climate & Sustainability Technologies	11,070		242
Corporate	17		(114)
Total	$	18,655	$	12,476

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	13,923	$	3,473
Selling, general and administrative expenses	4,732		9,003
Total	$	18,655	$	12,476

The restructuring expenses of $18,655 incurred during the three months ended March 31, 2024 were primarily related to product line exit costs and headcount reductions in the Climate & Sustainability Technologies, Clean Energy & Fueling and Pumps & Process Solutions 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	3,539		15,116		(1)	18,655
Payments	(8,427)		(1,689)			(10,116)


Other, including foreign currency translation	(234)		(12,637)		(1)	(12,871)
Balance at March 31, 2024	$	13,524	$	3,903		$	17,427

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

Financial Instruments - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain (loss) on euro-denominated debt	$ 18,974	$ (18,247)
Tax (expense) benefit	(4,386)	4,050
Net gain (loss) on net investment hedges, net of tax	$ 14,588	$ (14,197)

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Supplier Finance Program, Obligation [Roll Forward]
Amounts due to the SCF	$ 181,552	$ 193,600

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (4,386)	$ 4,050
Pension and other postretirement benefit plans tax benefit (provision)	139	82
Cash flow hedges tax (provision) benefit	$ 177	$ (220)

Equity Incentive Program (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Assumptions Used in Determining the Fair Value

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 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

Schedule of Stock-based Incentive Plans Compensation Expense

The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:


	Three Months Ended March 31,
	2024		2023
Pre-tax stock-based compensation expense	$	15,159	$	12,282
Tax benefit	(1,668)		(1,364)
Total stock-based compensation expense, net of tax	$	13,491	$	10,918

Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 732,332	$ 696,220
Work in progress	242,424	223,655
Finished goods	397,025	425,561
Subtotal	1,371,781	1,345,436
Less reserves	(126,120)	(119,984)
Total	$ 1,245,661	$ 1,225,452

Property, Plant and Equipment, net

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net


	March 31, 2024		December 31, 2023
Land	$	65,811	$	66,443
Buildings and improvements	650,290		640,654
Machinery, equipment and other	1,949,172		1,944,470
Property, plant and equipment, gross	2,665,273		2,651,567
Accumulated depreciation	(1,640,935)		(1,619,751)
Property, plant and equipment, net	$	1,024,338	$	1,031,816

Depreciation expense totaled $39,404 and $37,530 for the three months ended March 31, 2024 and 2023, respectively.

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in the Carrying Value of Goodwill

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	$	659,381	$	1,409,302	$	1,092,960	$	1,208,571	$	511,473	$	4,881,687
Acquisitions	—		97,973		—		—		—		97,973
Measurement period adjustments	—		—		—		227		371		598

Foreign currency translation	(2,117)		(7,328)		(6,699)		(4,186)		(395)		(20,725)
Balance at March 31, 2024	$	657,264	$	1,499,947	$	1,086,261	$	1,204,612	$	511,449	$	4,959,533

Schedule of Definite-lived Intangible Assets

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


	March 31, 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	$	2,197,032	$	1,117,094	$	1,079,938	$	2,138,788	$	1,094,053	$	1,044,735
Trademarks	277,218		150,594		126,624		274,711		147,212		127,499
Patents	205,955		143,981		61,974		206,871		142,719		64,152
Unpatented technologies	289,883		163,815		126,068		277,198		159,148		118,050
Distributor relationships	81,376		64,169		17,207		82,031		63,343		18,688

Other	27,586		10,633		16,953		24,211		10,053		14,158
Total	3,079,050		1,650,286		1,428,764		3,003,810		1,616,528		1,387,282
Unamortized intangible assets:
Trademarks	96,586		—		96,586		96,631		—		96,631
Total intangible assets, net	$	3,175,636	$	1,650,286	$	1,525,350	$	3,100,441	$	1,616,528	$	1,483,913

Schedule of Indefinite-lived Intangible Assets

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


	March 31, 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	$	2,197,032	$	1,117,094	$	1,079,938	$	2,138,788	$	1,094,053	$	1,044,735
Trademarks	277,218		150,594		126,624		274,711		147,212		127,499
Patents	205,955		143,981		61,974		206,871		142,719		64,152
Unpatented technologies	289,883		163,815		126,068		277,198		159,148		118,050
Distributor relationships	81,376		64,169		17,207		82,031		63,343		18,688

Other	27,586		10,633		16,953		24,211		10,053		14,158
Total	3,079,050		1,650,286		1,428,764		3,003,810		1,616,528		1,387,282
Unamortized intangible assets:
Trademarks	96,586		—		96,586		96,631		—		96,631
Total intangible assets, net	$	3,175,636	$	1,650,286	$	1,525,350	$	3,100,441	$	1,616,528	$	1,483,913

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Common stock, par value per share (in dollars per share)	$ 1	$ 1	$ 1	$ 1
Dividends paid per common share (in dollars per share)	$ 0.510	$ 0.505

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets - current	$ 25,024	$ 19,561	$ 11,074
Contract liabilities - current	242,058	211,292	256,933
Contract liabilities - non-current	$ 27,845	$ 19,544	$ 19,879

Equity Incentive Program

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Equity Incentive Program

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 three months ended March 31, 2024, the Company issued stock-settled appreciation rights ("SARs") covering 348,324 shares, performance share awards ("PSAs") of 42,536 and restricted stock units ("RSUs") of 79,821. During the three months ended March 31, 2023, the Company issued SARs covering 358,322 shares, PSAs of 43,656 and RSUs of 78,029.

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 simulated 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.

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 March 31,
	2024		2023
Pre-tax stock-based compensation expense	$	15,159	$	12,282
Tax benefit	(1,668)		(1,364)
Total stock-based compensation expense, net of tax	$	13,491	$	10,918

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Equity Incentive Program - Assumptions Used in Determining the Fair Value of the SARs (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.13%	3.91%
Dividend yield	1.28%	1.32%
Expected life (years)	5 years 6 months	5 years 4 months 24 days
Volatility	31.32%	30.65%
Grant price (in dollars per share)	$ 160.11	$ 153.25
Fair value per share at date of grant (in dollars per share)	$ 51.17	$ 47.27
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.37%	4.28%
Dividend yield	1.15%	1.32%
Expected life (years)	2 years 9 months 18 days	2 years 10 months 24 days
Volatility	23.30%	27.30%
Grant price (in dollars per share)	$ 177.19	$ 153.25
Fair value per share at date of grant (in dollars per share)	$ 287.62	$ 249.48

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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-Name Accounting Standards Codification
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Financial Instruments

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 March 31, 2024 and December 31, 2023, the Company had contracts with total notional amounts of $153,960 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 $81,615 and $84,867 as of March 31, 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 March 31, 2024 and December 31, 2023 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	March 31, 2024		December 31, 2023		Balance Sheet Caption
Foreign currency forward	$	1,189	$	1,675	Prepaid and other current assets
Foreign currency forward	(934)		(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 March 31,
	2024		2023
Gain (loss) on euro-denominated debt	$	18,974	$	(18,247)
Tax (expense) benefit	(4,386)		4,050
Net gain (loss) on net investment hedges, net of tax	$	14,588	$	(14,197)

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 March 31, 2024 and December 31, 2023:


	March 31, 2024		December 31, 2023
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,189		$	1,675
Liabilities:
Foreign currency cash flow hedges	934			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 March 31, 2024 and December 31, 2023, was $2,910,785 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 March 31, 2024 and December 31, 2023 due to the short-term nature of these instruments.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Cash Flows [Abstract]
Cash held for sale	$ 17,300	$ 0

Credit Losses

3 Months Ended

Mar. 31, 2024

Credit Loss [Abstract]

Credit Losses

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.

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


	2024		2023
Balance at January 1	$	31,512	$	39,399

Provision for expected credit losses, net of recoveries	3,371		1,422
Amounts written off charged against the allowance	(917)		(727)
Other, including foreign currency translation	(484)		235
Balance at March 31	$	33,482	$	40,329

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

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 March 31, 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 March 31, 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 March 31, 2024 and 2023, were as follows:


	2024		2023
Balance at January 1	$	50,864	$	48,449
Provision for warranties	21,169		16,166
Settlements made	(18,425)		(15,812)
Other adjustments, including acquisitions and currency translation	(1,102)		311
Balance at March 31	$	52,506	$	49,114

Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,881,687
Acquisitions	97,973
Measurement period adjustments	598
Foreign currency translation	(20,725)
Ending balance	4,959,533
Engineered Products
Goodwill [Roll Forward]
Beginning balance	659,381
Acquisitions	0
Measurement period adjustments	0
Foreign currency translation	(2,117)
Ending balance	657,264
Clean Energy & Fueling
Goodwill [Roll Forward]
Beginning balance	1,409,302
Acquisitions	97,973
Measurement period adjustments	0
Foreign currency translation	(7,328)
Ending balance	1,499,947
Imaging & Identification
Goodwill [Roll Forward]
Beginning balance	1,092,960
Acquisitions	0
Measurement period adjustments	0
Foreign currency translation	(6,699)
Ending balance	1,086,261
Pumps & Process Solutions
Goodwill [Roll Forward]
Beginning balance	1,208,571
Acquisitions	0
Measurement period adjustments	227
Foreign currency translation	(4,186)
Ending balance	1,204,612
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Beginning balance	511,473
Acquisitions	0
Measurement period adjustments	371
Foreign currency translation	(395)
Ending balance	$ 511,449

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Foreign currency cash flow hedges	$ 1,189	$ 1,675
Liabilities:
Foreign currency cash flow hedges	$ 934	$ 874

Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

2024 Acquisitions

During the three months ended March 31, 2024, the Company acquired three businesses in separate transactions for total consideration of $174,300, net of cash acquired and inclusive of contingent consideration of $29,428 (a non-cash financing activity). These businesses were acquired to complement and expand upon existing operations within the Clean Energy & Fueling 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 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 $23,723 and intangible assets of $26,308, 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 $122,315, 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 $74,250 and intangible assets of $62,417, primarily related to customer intangibles.

One other immaterial acquisition was completed during the three months ended March 31, 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 the preliminary allocation of purchase price to the assets acquired and liabilities assumed, for all 2024 acquisitions, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	17,442
Property, plant and equipment	1,823
Goodwill	97,973
Intangible assets	88,725
Other assets and deferred charges	5,559
Current liabilities	(9,512)
Non-current liabilities	(27,710)

Net assets acquired	$	174,300

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	$	97,973	na
Customer intangibles	70,698		11 - 13
Unpatented technology	14,141		6 - 8

Trademarks	3,886		15

	$	186,698

2023 Acquisitions

There were no acquisitions during the three months ended March 31, 2023.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Financial Information and a Reconciliation of Segment

Segment financial information and a reconciliation of segment results to consolidated results were as follows:


	Three Months Ended March 31,
	2024		2023
Revenue:
Engineered Products	$	543,140	$	497,549
Clean Energy & Fueling	445,053		430,729
Imaging & Identification	276,806		283,091
Pumps & Process Solutions	465,729		413,881
Climate & Sustainability Technologies	364,292		455,325
Intersegment eliminations	(1,079)		(1,552)
Total consolidated revenue	$	2,093,941	$	2,079,023
Net earnings:
Segment earnings:
Engineered Products	$	103,969	$	84,275
Clean Energy & Fueling	69,675		73,605
Imaging & Identification	69,959		68,315
Pumps & Process Solutions	118,737		115,244
Climate & Sustainability Technologies	50,759		73,778
Total segment earnings	413,099		415,217
Purchase accounting expenses (1)	45,551		42,679
Restructuring and other costs (2)	24,684		14,053
Gain on disposition (3)	(529,943)		—
Corporate expense / other (4)	42,317		40,072
Interest expense	36,365		34,214
Interest income	(4,757)		(2,091)
Earnings before provision for income taxes	798,882		286,290
Provision for income taxes	166,661		57,716
Net earnings	$	632,221	$	228,574

(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 March 31,
	2024		2023
Restructuring	$	18,655	$	12,476
Other costs, net	6,029		1,577
Restructuring and other costs	$	24,684	$	14,053

(3) Gain on disposition due to the sale of De-Sta-Co in the Engineered Products segment.

(4) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.

Schedule of Revenue Disaggregated by Geography based on the Location

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	2024		2023
United States	$	1,222,692	$	1,171,364
Europe	432,913		432,841
Asia	203,074		214,850
Other Americas	164,303		172,185
Other	70,959		87,783
Total	$	2,093,941	$	2,079,023

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired	$ 97,973
Goodwill disposed of	58,663
Measurement period adjustments	598
Amortization expense	45,305	$ 40,366
Climate & Sustainability Technologies
Finite-Lived Intangible Assets [Line Items]
Goodwill acquired	0
Measurement period adjustments	371
Customer Intangibles, Unpatented Technology And Trademarks \| Climate & Sustainability Technologies
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 88,725

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Income Tax Contingency [Line Items]
Effective tax rate	20.90%	20.20%
Minimum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 0
Maximum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 4,438

Restructuring Activities (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Segment

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


	Three Months Ended March 31,
	2024		2023
Engineered Products	$	492	$	539
Clean Energy & Fueling	4,965		10,144
Imaging & Identification	760		339
Pumps & Process Solutions	1,351		1,326
Climate & Sustainability Technologies	11,070		242
Corporate	17		(114)
Total	$	18,655	$	12,476

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	13,923	$	3,473
Selling, general and administrative expenses	4,732		9,003
Total	$	18,655	$	12,476

Schedule of Severance and Exit Accrual Activities

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	3,539		15,116		(1)	18,655
Payments	(8,427)		(1,689)			(10,116)


Other, including foreign currency translation	(234)		(12,637)		(1)	(12,871)
Balance at March 31, 2024	$	13,524	$	3,903		$	17,427

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

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Future performance obligation	$ 197,329
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 112,211	$ 131,563
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	75.80%
Revenue recognized during the period	15 months
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation (in percent)	5.00%
Minimum
Disaggregation of Revenue [Line Items]
General range of payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
General range of payment terms	90 days

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net earnings	$ 632,221	$ 228,574

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Other Comprehensive Earnings

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Other Comprehensive Earnings

15. Other Comprehensive Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended March 31,
	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) loss	$	(474)	$	(641)
Amortization of prior service (credits) costs	(191)		289

Total before tax	(665)		(352)
Tax provision	139		82
Net of tax	$	(526)	$	(270)
Cash flow hedges:
Net (gain) loss reclassified into earnings	$	(593)	$	1,073
Tax provision (benefit)	120		(227)
Net of tax	$	(473)	$	846

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.

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended March 31, 2024 and 2023 were 20.9% and 20.2%, respectively. The increase in the effective tax rate for the three months ended March 31, 2024 relative to the prior year comparable period was primarily driven by the gain on the sale of De-Sta-Co. 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 $4,438.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
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-Section 50
-Paragraph 13
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+ Details

Financial Instruments - Narrative (Details) € in Thousands, $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,910,785		$ 2,950,401
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	153,960		171,425
Designated as Hedging Instrument \| 1.25% 10-year notes due November 9, 2026 (euro-denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000
Designated as Hedging Instrument \| 0.750% 8-year notes due November 4, 2027 (euro denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	$ 81,615		$ 84,867

Dispositions	3 Months Ended
Dispositions	Mar. 31, 2024
Discontinued Operations and Disposal Groups [Abstract]
Dispositions	4. Dispositions 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 will be received in cash upon finalization of closing activities in India, which occurred on April 1, 2024, and China, which is expected to occur in the second quarter. This amount is recorded within prepaid and other current assets in the condensed consolidated balance sheets as of March 31, 2024 representing a non-cash investing activity. This sale resulted in a preliminary pre-tax gain on disposition of $529,943 ($414,970 after-tax) included within the condensed consolidated statements of earnings for the three months ended March 31, 2024. The total consideration and pre-tax gain on disposition are preliminary and subject to standard post-closing adjustments. The sale does not meet the criteria to be classified as a discontinued operation, as it does not represent a strategic shift that will have a major effect on operations and financial results. 2023 Dispositions There were no dispositions during the three months ended March 31, 2023.

Stockholders' Equity (Details) - USD ($) $ in Thousands		3 Months Ended
Stockholders' Equity (Details) - USD ($) $ in Thousands	Mar. 01, 2024	Mar. 31, 2024	Mar. 31, 2023	Feb. 29, 2024	Aug. 31, 2023
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased (in shares)		0	0
August 2023 Authorization
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased (in shares)					20,000,000
Remaining number of shares authorized to be repurchased (in shares)		17,430,161
February 2024 ASR Agreement
Equity, Class of Treasury Stock [Line Items]
ASR agreement authorized amount				$ 500
Payment for ASR agreement	$ 500,000
Number of shares repurchased (in shares)	2,569,839

Equity Incentive Program - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period		3 years
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	348,324	358,322
Fair value per share at date of grant (in dollars per share)	$ 51.17	$ 47.27
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	42,536	43,656
Fair value per share at date of grant (in dollars per share)	$ 287.62	$ 249.48
Award vesting period	3 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	79,821	78,029
Fair value per share at date of grant (in dollars per share)	$ 160.11	$ 153.25
Performance Condition
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value per share at date of grant (in dollars per share)	$ 177.19

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 50,864	$ 48,449
Provision for warranties	21,169	16,166
Settlements made	(18,425)	(15,812)
Other adjustments, including acquisitions and currency translation	(1,102)	311
Ending Balance	$ 52,506	$ 49,114

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in the Carrying Amount of Product Warranties

The changes in the carrying amount of product warranties through March 31, 2024 and 2023, were as follows:


	2024		2023
Balance at January 1	$	50,864	$	48,449
Provision for warranties	21,169		16,166
Settlements made	(18,425)		(15,812)
Other adjustments, including acquisitions and currency translation	(1,102)		311
Balance at March 31	$	52,506	$	49,114

Acquisitions (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed


	Total
Current assets, net of cash acquired	$	17,442
Property, plant and equipment	1,823
Goodwill	97,973
Intangible assets	88,725
Other assets and deferred charges	5,559
Current liabilities	(9,512)
Non-current liabilities	(27,710)

Net assets acquired	$	174,300

Schedule of Goodwill and Major Intangible Assets Acquired

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	$	97,973	na
Customer intangibles	70,698		11 - 13
Unpatented technology	14,141		6 - 8

Trademarks	3,886		15

	$	186,698

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Operating Activities:

Net earnings

$ 632,221

$ 228,574

Adjustments to reconcile net earnings to cash provided by operating activities:

Depreciation and amortization

84,709

77,896

Stock-based compensation expense

15,159

12,282

Gain on disposition

(529,943)

Other, net

33,758

6,188

Cash effect of changes in assets and liabilities:

Accounts receivable, net

(92,989)

64,929

Inventories

(33,174)

(29,213)

Prepaid expenses and other assets

(27,229)

(30,944)

Accounts payable

26,440

(30,271)

Accrued compensation and employee benefits

(96,409)

(98,791)

Accrued expenses and other liabilities

20,295

16,553

Accrued and deferred taxes, net

133,755

24,081

Net cash provided by operating activities

166,593

241,284

Investing Activities:

Additions to property, plant and equipment

(44,475)

(48,375)

Acquisitions, net of cash and cash equivalents acquired

(144,872)

Proceeds from disposition, net of cash transferred

611,727

Other

7,471

4,819

Net cash provided by (used in) investing activities

429,851

(43,556)

Financing Activities:

Repurchase of common stock, including prepayment under accelerated share repurchase program

(500,000)

Change in commercial paper and other short-term borrowings, net

500,690

(221,205)

Dividends paid to stockholders

(71,437)

(70,773)

Payments to settle employee tax obligations on exercise of share-based awards

(8,909)

(12,987)

Other

(1,126)

(1,600)

Net cash used in financing activities

(80,782)

(306,565)

Effect of exchange rate changes on cash and cash equivalents

(1,569)

395

Net increase (decrease) in cash and cash equivalents

514,093

(108,442)

Cash and cash equivalents at beginning of period, including cash held for sale

^[1]

415,861

380,868

Cash and cash equivalents at end of period

$ 929,954

$ 272,426

[1]	Cash held for sale as of December 31, 2023 and 2022 totaled $17,300 and $0, respectively.

Revenue

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

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 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 March 31, 2024, we estimated that $197,329 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 75.8% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue through 2025, with the remaining balance to be recognized in 2026 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:


	March 31, 2024		December 31, 2023		December 31, 2022

Contract assets - current	$	25,024	$	19,561	$	11,074
Contract liabilities - current	242,058		211,292		256,933
Contract liabilities - non-current	27,845		19,544		19,879

The revenue recognized during the three months ended March 31, 2024 and 2023 that was included in contract liabilities at the beginning of the period amounted to $112,211 and $131,563, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock $1 par value	Additional paid-in capital	Retained earnings	Accumulated other comprehensive earnings (loss)	Treasury stock
Beginning balance at Dec. 31, 2022	$ 4,286,366	$ 259,644	$ 867,560	$ 10,223,070	$ (266,223)	$ (6,797,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	228,574			228,574
Dividends paid	(70,773)			(70,773)
Common stock issued for the exercise of share-based awards	(12,987)	150	(13,137)
Stock-based compensation expense	12,282		12,282
Other comprehensive earnings (loss), net of tax	17,075				17,075
Other, net	24			24
Ending balance at Mar. 31, 2023	4,460,561	259,794	866,705	10,380,895	(249,148)	(6,797,685)
Beginning balance at Dec. 31, 2023	5,106,605	259,842	886,690	10,995,624	(237,866)	(6,797,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	632,221			632,221
Dividends paid	(71,437)			(71,437)
Common stock issued for the exercise of share-based awards	(8,909)	101	(9,010)
Stock-based compensation expense	15,159		15,159
Common stock acquired, including accelerated share repurchase program	(504,250)		(75,000)			(429,250)
Other comprehensive earnings (loss), net of tax	(16,537)				(16,537)
Ending balance at Mar. 31, 2024	$ 5,152,852	$ 259,943	$ 817,839	$ 11,556,408	$ (254,403)	$ (7,226,935)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Stockholders' Equity	3 Months Ended
Stockholders' Equity	Mar. 31, 2024
Equity [Abstract]
Stockholders' Equity	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. The total number of shares ultimately repurchased under the ASR Agreement will be based on the daily volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount. The ASR Program is scheduled to be completed in the third quarter of 2024, subject to postponement or acceleration under the terms of the ASR Agreement. The impact of any shares that may be received at the completion of the ASR Program is anti-dilutive and therefore excluded from the calculation of diluted earnings per share. The actual number of shares repurchased will be determined at the completion of the ASR Program. In the three months ended March 31, 2024 and 2023, exclusive of the ASR Program, there were no share repurchases. As of March 31, 2024, 17,430,161 shares remain authorized for repurchase under the August 2023 share repurchase authorization.

Earnings per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings per Share

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 March 31,
	2024		2023


Net earnings	$	632,221	$	228,574
Basic earnings per common share:


Net earnings	$	4.55	$	1.64

Weighted average shares outstanding	139,051,000		139,757,000
Diluted earnings per common share:


Net earnings	$	4.52	$	1.63

Weighted average shares outstanding	139,869,000		140,616,000

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


	Three Months Ended March 31,
	2024	2023
Weighted average shares outstanding - basic	139,051,000	139,757,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	818,000	859,000
Weighted average shares outstanding - diluted	139,869,000	140,616,000

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 107,000 and 88,000 for the three months ended March 31, 2024 and 2023, respectively.

Credit Losses (Tables)

3 Months Ended

Mar. 31, 2024

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses

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


	2024		2023
Balance at January 1	$	31,512	$	39,399

Provision for expected credit losses, net of recoveries	3,371		1,422
Amounts written off charged against the allowance	(917)		(727)
Other, including foreign currency translation	(484)		235
Balance at March 31	$	33,482	$	40,329

Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consist of the following:


	March 31, 2024		December 31, 2023
Short-term
Commercial paper	$	968,300	$	467,600
Other	672		682

Short-term borrowings	$	968,972	$	468,282

Schedule of Long-term Debt


			Carrying amount (1)
	Principal		March 31, 2024		December 31, 2023
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,905	$	398,737
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	647,410		657,628
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	538,813		547,342
6.65% 30-year debentures due June 1, 2028	$	200,000	199,582		199,557
2.950% 10-year notes due November 4, 2029	$	300,000	297,881		297,787
5.375% 30-year debentures due October 15, 2035	$	300,000	297,120		297,058
6.60% 30-year notes due March 15, 2038	$	250,000	248,420		248,392
5.375% 30-year notes due March 1, 2041	$	350,000	345,327		345,258
Other			27		—


Total long-term debt			$	2,973,485	$	2,991,759

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 929,954	$ 398,561
Receivables, net	1,519,458	1,432,040
Inventories, net	1,245,661	1,225,452
Prepaid and other current assets	214,868	141,538
Assets held for sale	0	192,644
Total current assets	3,909,941	3,390,235
Property, plant and equipment, net	1,024,338	1,031,816
Goodwill	4,959,533	4,881,687
Intangible assets, net	1,525,350	1,483,913
Other assets and deferred charges	567,871	560,862
Total assets	11,987,033	11,348,513
Current liabilities:
Short-term borrowings	968,972	468,282
Accounts payable	969,763	958,542
Accrued compensation and employee benefits	187,515	272,507
Deferred revenue	242,058	211,292
Accrued insurance	89,349	86,174
Other accrued expenses	336,956	315,527
Federal and other income taxes	189,822	36,878
Liabilities held for sale	0	64,568
Total current liabilities	2,984,435	2,413,770
Long-term debt	2,973,485	2,991,759
Deferred income taxes	349,212	346,383
Non-current income tax payable	28,024	28,024
Other liabilities	499,025	461,972
Stockholders' equity:
Total stockholders' equity	5,152,852	5,106,605
Total liabilities and stockholders' equity	$ 11,987,033	$ 11,348,513

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2024
Accounting Changes and Error Corrections [Abstract]
Recently Issued and Adopted Accounting Standard	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. 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 March 31, 2024 and December 31, 2023 amounts due to the SCF financial institution were approximately $181,552 and $193,600, respectively.

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

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	$	659,381	$	1,409,302	$	1,092,960	$	1,208,571	$	511,473	$	4,881,687
Acquisitions	—		97,973		—		—		—		97,973
Measurement period adjustments	—		—		—		227		371		598

Foreign currency translation	(2,117)		(7,328)		(6,699)		(4,186)		(395)		(20,725)
Balance at March 31, 2024	$	657,264	$	1,499,947	$	1,086,261	$	1,204,612	$	511,449	$	4,959,533

During the three months ended March 31, 2024, the Company recognized additions of $97,973 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 — Dispositions for further details.

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


	March 31, 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	$	2,197,032	$	1,117,094	$	1,079,938	$	2,138,788	$	1,094,053	$	1,044,735
Trademarks	277,218		150,594		126,624		274,711		147,212		127,499
Patents	205,955		143,981		61,974		206,871		142,719		64,152
Unpatented technologies	289,883		163,815		126,068		277,198		159,148		118,050
Distributor relationships	81,376		64,169		17,207		82,031		63,343		18,688

Other	27,586		10,633		16,953		24,211		10,053		14,158
Total	3,079,050		1,650,286		1,428,764		3,003,810		1,616,528		1,387,282
Unamortized intangible assets:
Trademarks	96,586		—		96,586		96,631		—		96,631
Total intangible assets, net	$	3,175,636	$	1,650,286	$	1,525,350	$	3,100,441	$	1,616,528	$	1,483,913

For the three months ended March 31, 2024 and 2023, amortization expense was $45,305 and $40,366, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

During the three months ended March 31, 2024, the Company acquired $88,725 of intangible assets through acquisitions. These assets were classified as customer intangibles, unpatented technology and trademarks and included in the Climate & Sustainability Technologies segment. See Note 3 — Acquisitions for further details.

Borrowings - Narrative (Details)		3 Months Ended
Borrowings - Narrative (Details)	Apr. 06, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Interest coverage ratio		19.1
Outstanding letters of credit		$ 160,000,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000
Term of debt	5 years
Interest coverage ratio required		3.0
Borrowings under credit facility		$ 0	$ 0
Revolving Credit Facility \| Credit Facility Maturing April 2024
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 500,000,000
Term of debt	364 days
Borrowings under credit facility		0	$ 0
Commercial paper
Line of Credit Facility [Line Items]
Increase in borrowings		$ 500,700,000
Weighted average interest rate		5.51%	5.51%

Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Short-term Debt [Line Items]
Short-term borrowings	$ 968,972	$ 468,282
Commercial paper
Short-term Debt [Line Items]
Short-term borrowings	968,300	467,600
Other
Short-term Debt [Line Items]
Short-term borrowings	$ 672	$ 682

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Net earnings	$ 632,221	$ 228,574
Basic earnings per common share:
Net earnings (in dollars per share)	$ 4.55	$ 1.64
Weighted average shares outstanding (in shares)	139,051	139,757
Diluted earnings per common share:
Net earnings (in dollars per share)	$ 4.52	$ 1.63
Weighted average shares outstanding (in shares)	139,869	140,616
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	139,051	139,757
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs (in shares)	818	859
Weighted average shares outstanding - Diluted (in shares)	139,869	140,616
Antidilutive securities excluded from computation of earnings per share	107	88

Segment Information (Details) $ in Thousands	3 Months Ended
Segment Information (Details) $ in Thousands	Mar. 31, 2024 USD ($) segment	Mar. 31, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,093,941	$ 2,079,023
Earnings before provision for income taxes	798,882	286,290
Purchase accounting expenses	45,551	42,679
Restructuring and other costs	24,684	14,053
Gain on disposition	(529,943)	0
Interest expense	36,365	34,214
Interest income	(4,757)	(2,091)
Provision for income taxes	166,661	57,716
Net earnings	632,221	228,574
Restructuring	18,655	12,476
Other costs, net	6,029	1,577
Restructuring and other costs	24,684	14,053
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,222,692	1,171,364
Europe
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	432,913	432,841
Asia
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	203,074	214,850
Other Americas
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	164,303	172,185
Other
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	70,959	87,783
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	413,099	415,217
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(1,079)	(1,552)
Corporate expense / other
Reconciliation from Segment Totals to Consolidated [Abstract]
Corporate expense / other	42,317	40,072
Restructuring	17	(114)
Engineered Products \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	543,140	497,549
Earnings before provision for income taxes	103,969	84,275
Restructuring	492	539
Clean Energy & Fueling \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	445,053	430,729
Earnings before provision for income taxes	69,675	73,605
Restructuring	4,965	10,144
Imaging & Identification \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	276,806	283,091
Earnings before provision for income taxes	69,959	68,315
Restructuring	760	339
Pumps & Process Solutions \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	465,729	413,881
Earnings before provision for income taxes	118,737	115,244
Restructuring	1,351	1,326
Climate & Sustainability Technologies \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	364,292	455,325
Earnings before provision for income taxes	50,759	73,778
Restructuring	$ 11,070	$ 242

Other Comprehensive Earnings (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Amounts Reclassified From Accumulated Other Comprehensive Loss to Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three months ended March 31, 2024 and 2023 were as follows:


	Three Months Ended March 31,
	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) loss	$	(474)	$	(641)
Amortization of prior service (credits) costs	(191)		289

Total before tax	(665)		(352)
Tax provision	139		82
Net of tax	$	(526)	$	(270)
Cash flow hedges:
Net (gain) loss reclassified into earnings	$	(593)	$	1,073
Tax provision (benefit)	120		(227)
Net of tax	$	(473)	$	846

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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. The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP, which requires management 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 best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The condensed consolidated financial statements 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.

Segment Information

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segment Information

16. Segment Information

The Company categorizes its operating companies into five reportable segments as follows:

•Engineered Products segment provides a wide range of equipment, components, software, solutions and services to the vehicle aftermarket, waste handling, 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.

•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 March 31,
	2024		2023
Revenue:
Engineered Products	$	543,140	$	497,549
Clean Energy & Fueling	445,053		430,729
Imaging & Identification	276,806		283,091
Pumps & Process Solutions	465,729		413,881
Climate & Sustainability Technologies	364,292		455,325
Intersegment eliminations	(1,079)		(1,552)
Total consolidated revenue	$	2,093,941	$	2,079,023
Net earnings:
Segment earnings:
Engineered Products	$	103,969	$	84,275
Clean Energy & Fueling	69,675		73,605
Imaging & Identification	69,959		68,315
Pumps & Process Solutions	118,737		115,244
Climate & Sustainability Technologies	50,759		73,778
Total segment earnings	413,099		415,217
Purchase accounting expenses (1)	45,551		42,679
Restructuring and other costs (2)	24,684		14,053
Gain on disposition (3)	(529,943)		—
Corporate expense / other (4)	42,317		40,072
Interest expense	36,365		34,214
Interest income	(4,757)		(2,091)
Earnings before provision for income taxes	798,882		286,290
Provision for income taxes	166,661		57,716
Net earnings	$	632,221	$	228,574

(1) Purchase accounting expenses are primarily comprised of amortization of acquired intangible assets.


	Three Months Ended March 31,
	2024		2023
Restructuring	$	18,655	$	12,476
Other costs, net	6,029		1,577
Restructuring and other costs	$	24,684	$	14,053

(3) Gain on disposition due to the sale of De-Sta-Co in the Engineered Products segment.

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	2024		2023
United States	$	1,222,692	$	1,171,364
Europe	432,913		432,841
Asia	203,074		214,850
Other Americas	164,303		172,185
Other	70,959		87,783
Total	$	2,093,941	$	2,079,023

- 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

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 19, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	1-4018
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	53-0257888
Entity Address, Address Line One	3005 Highland Parkway
Entity Address, City or Town	Downers Grove,
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60515
City Area Code	(630)
Local Phone Number	541-1540
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		137,430,160
Entity Registrant Name	DOVER Corp
Entity Central Index Key	0000029905
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common stock $1 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock
Trading Symbol	DOV
Security Exchange Name	NYSE
1.250% Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	1.250% Notes due 2026
Trading Symbol	DOV 26
Security Exchange Name	NYSE
0.750% Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	0.750% Notes due 2027
Trading Symbol	DOV 27
Security Exchange Name	NYSE

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill	$ 4,959,533	$ 4,881,687
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Current assets, net of cash acquired	17,442
Property, plant and equipment	1,823
Goodwill	97,973
Intangible assets	88,725
Other assets and deferred charges	5,559
Current liabilities	(9,512)
Non-current liabilities	(27,710)
Net assets acquired	$ 174,300

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	$ 463,124	$ 432,414
Tax provision	166,661	57,716
Net of tax	(632,221)	(228,574)
Other income, net	(6,416)	(3,808)
Earnings before provision for income taxes	(798,882)	(286,290)
Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency translation:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Selling, general and administrative expenses	13,931	0
Tax provision	0	0
Net of tax	13,931	0
Reclassification out of Accumulated Other Comprehensive Income \| Pension plans:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax provision	139	82
Net of tax	(526)	(270)
Earnings before provision for income taxes	(665)	(352)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of actuarial (gain) loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(474)	(641)
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service (credits) costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	(191)	289
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Tax provision	120	(227)
Net of tax	(473)	846
Earnings before provision for income taxes	$ (593)	$ 1,073

Acquisitions - Goodwill and Intangible Assets (Details) - Series of individually immaterial acquistions $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Business Acquisition [Line Items]
Goodwill - non-deductible	$ 97,973
Intangible assets	88,725
Goodwill and intangible assets	186,698
Customer intangibles
Business Acquisition [Line Items]
Intangible assets	$ 70,698
Customer intangibles \| Minimum
Business Acquisition [Line Items]
Useful life (in years)	11 years
Customer intangibles \| Maximum
Business Acquisition [Line Items]
Useful life (in years)	13 years
Unpatented technologies
Business Acquisition [Line Items]
Intangible assets	$ 14,141
Unpatented technologies \| Minimum
Business Acquisition [Line Items]
Useful life (in years)	6 years
Unpatented technologies \| Maximum
Business Acquisition [Line Items]
Useful life (in years)	8 years
Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 3,886
Useful life (in years)	15 years

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,665,273		$ 2,651,567
Accumulated depreciation	(1,640,935)		(1,619,751)
Property, plant and equipment, net	1,024,338		1,031,816
Depreciation expense	39,404	$ 37,530
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	65,811		66,443
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	650,290		640,654
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,949,172		$ 1,944,470

Acquisitions - Narrative (Details) $ in Thousands			3 Months Ended
Acquisitions - Narrative (Details) $ in Thousands	Jan. 31, 2024 USD ($)	Jan. 17, 2024 USD ($)	Mar. 31, 2024 USD ($) business	Mar. 31, 2023 business	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill recorded in acquisition			$ 4,959,533		$ 4,881,687
Imaging & Identification
Business Acquisition [Line Items]
Goodwill recorded in acquisition			$ 1,086,261		$ 1,092,960
Series of individually immaterial acquistions
Business Acquisition [Line Items]
Number of business acquisitions \| business			3
Net assets acquired			$ 174,300
Contingent consideration			29,428
Goodwill recorded in acquisition			97,973
Intangible assets			$ 88,725
Series of individually immaterial acquistions \| Imaging & Identification
Business Acquisition [Line Items]
Number of business acquisitions \| business			1
Series of individually immaterial acquistions \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets			$ 70,698
Transchem Group
Business Acquisition [Line Items]
Consideration transferred		$ 48,241
Equity interest acquired		100.00%
Goodwill recorded in acquisition		$ 23,723
Transchem Group \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		$ 26,308
Bulloch Technologies, Inc
Business Acquisition [Line Items]
Consideration transferred	$ 122,315
Equity interest acquired	100.00%
Goodwill recorded in acquisition	$ 74,250
Bulloch Technologies, Inc \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets	$ 62,417
2023 Acquisitions
Business Acquisition [Line Items]
Number of business acquisitions \| business				0

Equity Incentive Program - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 15,159	$ 12,282
Tax benefit	(1,668)	(1,364)
Total stock-based compensation expense, net of tax	$ 13,491	$ 10,918

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of Information Used in Computing Basic and Diluted 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 March 31,
	2024		2023


Net earnings	$	632,221	$	228,574
Basic earnings per common share:


Net earnings	$	4.55	$	1.64

Weighted average shares outstanding	139,051,000		139,757,000
Diluted earnings per common share:


Net earnings	$	4.52	$	1.63

Weighted average shares outstanding	139,869,000		140,616,000

Schedule of Reconciliation of Share Amounts Used in Computing Earnings Per Share

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


	Three Months Ended March 31,
	2024	2023
Weighted average shares outstanding - basic	139,051,000	139,757,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	818,000	859,000
Weighted average shares outstanding - diluted	139,869,000	140,616,000

Property, Plant and Equipment, net (Tables)

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, net


	March 31, 2024		December 31, 2023
Land	$	65,811	$	66,443
Buildings and improvements	650,290		640,654
Machinery, equipment and other	1,949,172		1,944,470
Property, plant and equipment, gross	2,665,273		2,651,567
Accumulated depreciation	(1,640,935)		(1,619,751)
Property, plant and equipment, net	$	1,024,338	$	1,031,816

Dispositions (Details) $ in Thousands	3 Months Ended
Dispositions (Details) $ in Thousands	Mar. 31, 2024 USD ($)	Mar. 31, 2023 disposition
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of dispositions \| disposition		0
De-Sta-Co \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration, net of cash transferred	$ 674,727
Contingent consideration receivable	63,000
Pre-tax gain on disposition	529,943
Gain on disposition, net of tax	$ 414,970

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 2,093,941	$ 2,079,023
Cost of goods and services	1,336,686	1,332,004
Gross profit	757,255	747,019
Selling, general and administrative expenses	463,124	432,414
Operating earnings	294,131	314,605
Interest expense	36,365	34,214
Interest income	(4,757)	(2,091)
Gain on disposition	(529,943)	0
Other income, net	(6,416)	(3,808)
Earnings before provision for income taxes	798,882	286,290
Provision for income taxes	166,661	57,716
Net earnings	$ 632,221	$ 228,574
Net earnings per share:
Basic (in dollars per share)	$ 4.55	$ 1.64
Diluted (in dollars per share)	$ 4.52	$ 1.63
Weighted average shares outstanding:
Basic (in shares)	139,051	139,757
Diluted (in shares)	139,869	140,616