0000029905-23-000034 | 10-Q | XBRL Viewer

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
Engineered Products	$	504,271	$	516,501	$	1,475,507	$	1,518,584
Clean Energy & Fueling	466,959		464,022		1,338,854		1,416,492
Imaging & Identification	276,179		282,371		831,202		830,577
Pumps & Process Solutions	431,373		433,558		1,310,880		1,309,880
Climate & Sustainability Technologies	475,911		462,671		1,380,237		1,295,913
Intersegment eliminations	(1,425)		(832)		(4,303)		(2,539)
Total consolidated revenue	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907
Net earnings:
Segment earnings:
Engineered Products	$	101,610	$	90,145	$	258,961	$	242,946
Clean Energy & Fueling	92,483		90,208		249,704		262,204
Imaging & Identification	70,316		74,477		199,967		194,467
Pumps & Process Solutions	117,907		128,573		362,488		413,238
Climate & Sustainability Technologies	84,060		75,190		233,912		192,980
Total segment earnings	466,376		458,593		1,305,032		1,305,835
Purchase accounting expenses (1)	40,320		40,526		123,199		140,831
Restructuring and other costs (2)	12,327		8,613		44,523		27,109
Loss on dispositions (3)	—		—		—		194
Corporate expense / other (4)	30,686		27,876		104,680		93,247
Interest expense	32,389		29,789		100,407		83,330
Interest income	(3,808)		(1,244)		(8,552)		(2,968)
Earnings before provision for income taxes	354,462		353,033		940,775		964,092
Provision for income taxes	64,709		67,007		180,209		162,295
Net earnings	$	289,753	$	286,026	$	760,566	$	801,797

(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.

(2) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Restructuring	$	4,919	$	7,315	$	33,794	$	19,781
Other costs, net	7,408		1,298		10,729		7,328
Restructuring and other costs	$	12,327	$	8,613	$	44,523	$	27,109

(3) Loss on dispositions includes working capital adjustments related to dispositions.

(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 September 30,				Nine Months Ended September 30,
Revenue by geography	2023		2022		2023		2022
United States	$	1,183,245	$	1,252,369	$	3,516,591	$	3,656,930
Europe	433,123		426,007		1,312,271		1,331,835
Asia	235,198		246,750		680,853		705,252
Other Americas	185,825		166,045		526,583		467,365
Other	115,877		67,120		296,079		207,525
Total	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907

Acquisitions - Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Jul. 01, 2022
Business Acquisition [Line Items]
Goodwill	$ 4,607,123	$ 4,669,494
Malema Engineering Corporation
Business Acquisition [Line Items]
Current assets, net of cash acquired			$ 8,985
Property, plant and equipment			2,733
Goodwill			153,082
Intangible assets			84,000
Other assets and deferred charges			1,159
Current liabilities			(4,487)
Non-current liabilities			(22,010)
Net assets acquired			$ 223,462

Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring Activities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,919	$ 7,315	$ 33,794	$ 19,781
Restructuring Reserve [Roll Forward]
Beginning Balance			14,510
Restructuring charges			33,794
Payments			(29,394)
Other, including foreign currency translation			(1,320)
Ending Balance	17,590		17,590
Severance
Restructuring Reserve [Roll Forward]
Beginning Balance			12,007
Restructuring charges			25,461
Payments			(22,386)
Other, including foreign currency translation			(60)
Ending Balance	15,022		15,022
Exit
Restructuring Reserve [Roll Forward]
Beginning Balance			2,503
Restructuring charges			8,333
Payments			(7,008)
Other, including foreign currency translation			(1,260)
Ending Balance	2,568		2,568
Corporate
Restructuring Cost and Reserve [Line Items]
Restructuring charges	476	1,242	1,603	1,537
Cost of goods and services
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,198	2,082	10,353	3,326
Selling, general and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,721	5,233	23,441	16,455
Engineered Products \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,472	2,027	5,949	3,008
Clean Energy & Fueling \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(37)	3,063	15,954	4,682
Imaging & Identification \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	233	516	1,437	2,051
Pumps & Process Solutions \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,637	552	6,266	2,713
Climate & Sustainability Technologies \| Operating Segments
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 1,138	$ (85)	$ 2,585	$ 5,790

Segment Information

9 Months Ended

Sep. 30, 2023

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, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing end-markets.

•Clean Energy & Fueling segment provides components, equipment, software, solutions and services enabling safe and reliable storage, transport and dispensing of traditional and clean fuels (including liquefied natural gas, hydrogen, and electric vehicle charging), cryogenic gases, and other hazardous substances along the supply chain, and safe and efficient operation of convenience retail, retail fueling and vehicle wash establishments.

•Imaging & Identification 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, highly engineered precision components for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, thermal management applications and other end-markets.

•Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment, components and parts for the commercial refrigeration, heating and cooling and beverage can-making equipment markets.

Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue:
Engineered Products	$	504,271	$	516,501	$	1,475,507	$	1,518,584
Clean Energy & Fueling	466,959		464,022		1,338,854		1,416,492
Imaging & Identification	276,179		282,371		831,202		830,577
Pumps & Process Solutions	431,373		433,558		1,310,880		1,309,880
Climate & Sustainability Technologies	475,911		462,671		1,380,237		1,295,913
Intersegment eliminations	(1,425)		(832)		(4,303)		(2,539)
Total consolidated revenue	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907
Net earnings:
Segment earnings:
Engineered Products	$	101,610	$	90,145	$	258,961	$	242,946
Clean Energy & Fueling	92,483		90,208		249,704		262,204
Imaging & Identification	70,316		74,477		199,967		194,467
Pumps & Process Solutions	117,907		128,573		362,488		413,238
Climate & Sustainability Technologies	84,060		75,190		233,912		192,980
Total segment earnings	466,376		458,593		1,305,032		1,305,835
Purchase accounting expenses (1)	40,320		40,526		123,199		140,831
Restructuring and other costs (2)	12,327		8,613		44,523		27,109
Loss on dispositions (3)	—		—		—		194
Corporate expense / other (4)	30,686		27,876		104,680		93,247
Interest expense	32,389		29,789		100,407		83,330
Interest income	(3,808)		(1,244)		(8,552)		(2,968)
Earnings before provision for income taxes	354,462		353,033		940,775		964,092
Provision for income taxes	64,709		67,007		180,209		162,295
Net earnings	$	289,753	$	286,026	$	760,566	$	801,797

(1) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Restructuring	$	4,919	$	7,315	$	33,794	$	19,781
Other costs, net	7,408		1,298		10,729		7,328
Restructuring and other costs	$	12,327	$	8,613	$	44,523	$	27,109

(3) Loss on dispositions includes working capital adjustments related to dispositions.

The following table presents revenue disaggregated by geography based on the location of the Company's customers:


	Three Months Ended September 30,				Nine Months Ended September 30,
Revenue by geography	2023		2022		2023		2022
United States	$	1,183,245	$	1,252,369	$	3,516,591	$	3,656,930
Europe	433,123		426,007		1,312,271		1,331,835
Asia	235,198		246,750		680,853		705,252
Other Americas	185,825		166,045		526,583		467,365
Other	115,877		67,120		296,079		207,525
Total	$	2,153,268	$	2,158,291	$	6,332,377	$	6,368,907

- 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

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+ Details

Equity Incentive Program - Assumptions Used in Determining the Fair Value of the SARs (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	3.91%	1.86%
Dividend yield	1.32%	1.25%
Expected life (years)	5 years 4 months 24 days	5 years 4 months 24 days
Volatility	30.65%	29.46%
Grant price (in dollars per share)	$ 153.25	$ 160.21
Fair value per share at date of grant (in dollars per share)	$ 47.27	$ 42.07
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	4.28%	1.68%
Dividend yield	1.32%	1.25%
Expected life (years)	2 years 10 months 24 days	2 years 10 months 24 days
Volatility	27.30%	31.10%
Grant price (in dollars per share)	$ 153.25	$ 160.21
Fair value per share at date of grant (in dollars per share)	$ 249.48	$ 196.40

- 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.

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+ Details

Goodwill and Other Intangible Assets - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 4,669,494
Acquisitions	529
Measurement period adjustments	(5,103)
Held for sale	(58,337)
Foreign currency translation	540
Ending balance	4,607,123
Engineered Products
Goodwill [Roll Forward]
Beginning balance	712,542
Acquisitions	0
Measurement period adjustments	0
Held for sale	(58,337)
Foreign currency translation	299
Ending balance	654,504
Clean Energy & Fueling
Goodwill [Roll Forward]
Beginning balance	1,391,418
Acquisitions	0
Measurement period adjustments	0
Held for sale	0
Foreign currency translation	1,607
Ending balance	1,393,025
Imaging & Identification
Goodwill [Roll Forward]
Beginning balance	1,078,259
Acquisitions	0
Measurement period adjustments	0
Held for sale	0
Foreign currency translation	(1,253)
Ending balance	1,077,006
Pumps & Process Solutions
Goodwill [Roll Forward]
Beginning balance	979,535
Acquisitions	0
Measurement period adjustments	(5,103)
Held for sale	0
Foreign currency translation	(88)
Ending balance	974,344
Climate & Sustainability Technologies
Goodwill [Roll Forward]
Beginning balance	507,740
Acquisitions	529
Measurement period adjustments	0
Held for sale	0
Foreign currency translation	(25)
Ending balance	$ 508,244

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 283,798	$ 380,868
Receivables, net	1,548,675	1,516,871
Inventories, net	1,279,781	1,366,608
Prepaid and other current assets	154,076	159,118
Assets held for sale	190,548	0
Total current assets	3,456,878	3,423,465
Property, plant and equipment, net	992,157	1,004,825
Goodwill	4,607,123	4,669,494
Intangible assets, net	1,235,643	1,333,735
Other assets and deferred charges	480,304	465,000
Total assets	10,772,105	10,896,519
Current liabilities:
Short-term borrowings	206,956	735,772
Accounts payable	970,671	1,068,144
Accrued compensation and employee benefits	238,426	269,785
Deferred revenue	256,130	256,933
Accrued insurance	88,886	92,876
Other accrued expenses	325,395	318,337
Federal and other income taxes	34,251	31,427
Liabilities held for sale	67,065	0
Total current liabilities	2,187,780	2,773,274
Long-term debt	2,944,747	2,942,513
Deferred income taxes	341,773	375,150
Noncurrent income tax payable	28,024	44,313
Other liabilities	437,281	474,903
Stockholders' equity:
Total stockholders' equity	4,832,500	4,286,366
Total liabilities and stockholders' equity	$ 10,772,105	$ 10,896,519

Revenue - Contract Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Contract assets	$ 15,587	$ 11,074	$ 11,440
Contract liabilities - current	256,130	256,933	227,549
Contract liabilities - non-current	$ 16,435	$ 19,879	$ 21,513

Credit Losses (Tables)

9 Months Ended

Sep. 30, 2023

Credit Loss [Abstract]

Schedule of Rollforward of Allowance for Credit Losses

The following table provides a roll-forward 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.


	2023		2022
Balance at January 1	$	39,399	$	40,126

Provision for expected credit losses, net of recoveries	744		2,791
Amounts written off charged against the allowance	(4,860)		(3,320)
Other, including foreign currency translation	(1,323)		(3,202)
Balance at September 30	$	33,960	$	36,395

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common stock $1 par value	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Treasury stock
Beginning balance at Dec. 31, 2021	$ 4,189,528	$ 259,457	$ 857,636	$ 9,445,245	$ (154,052)	$ (6,218,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	801,797			801,797
Dividends paid	(216,636)			(216,636)
Common stock issued for the exercise of share-based awards	(12,278)	149	(12,427)
Stock-based compensation expense	24,657		24,657
Common stock acquired, including accelerated share repurchase program	(585,000)		(100,000)			(485,000)
Other comprehensive loss, net of tax	(210,642)				(210,642)
Ending balance at Sep. 30, 2022	3,991,426	259,606	769,866	10,030,406	(364,694)	(6,703,758)
Beginning balance at Jun. 30, 2022	4,388,523	259,601	863,717	9,816,960	(247,997)	(6,303,758)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	286,026			286,026
Dividends paid	(72,580)			(72,580)
Common stock issued for the exercise of share-based awards	(172)	5	(177)
Stock-based compensation expense	6,326		6,326
Common stock acquired, including accelerated share repurchase program	(500,000)		(100,000)			(400,000)
Other comprehensive loss, net of tax	(116,697)				(116,697)
Ending balance at Sep. 30, 2022	3,991,426	259,606	769,866	10,030,406	(364,694)	(6,703,758)
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	760,566			760,566
Dividends paid	(212,882)			(212,882)
Common stock issued for the exercise of share-based awards	(12,334)	191	(12,525)
Stock-based compensation expense	25,468		25,468
Other comprehensive loss, net of tax	(14,708)				(14,708)
Other, net	24			24
Ending balance at Sep. 30, 2023	4,832,500	259,835	880,503	10,770,778	(280,931)	(6,797,685)
Beginning balance at Jun. 30, 2023	4,662,105	259,818	875,041	10,552,433	(227,502)	(6,797,685)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	289,753			289,753
Dividends paid	(71,408)			(71,408)
Common stock issued for the exercise of share-based awards	(1,266)	17	(1,283)
Stock-based compensation expense	6,745		6,745
Other comprehensive loss, net of tax	(53,429)				(53,429)
Ending balance at Sep. 30, 2023	$ 4,832,500	$ 259,835	$ 880,503	$ 10,770,778	$ (280,931)	$ (6,797,685)

- Definition

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

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- Definition

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Foreign currency translation adjustments, tax benefit (provision)	$ (7,274)	$ (21,020)	$ (58)	$ (39,990)
Pension and other postretirement benefit plans tax benefit (provision)	82	(195)	247	(605)
Cash flow hedges tax (provision) benefit	$ (273)	$ (61)	$ (660)	$ 458

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Common stock, par value	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1
Dividends paid per share	$ 0.51	$ 0.505	$ 1.52	$ 1.505

Financial Instruments - Gain (Loss) on Net Investment Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Gain on euro-denominated debt	$ 32,773	$ 94,731	$ 262	$ 179,221
Tax expense	(7,274)	(21,020)	(58)	(39,990)
Net gain on net investment hedges, net of tax	$ 25,499	$ 73,711	$ 204	$ 139,231

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Supplier Finance Program [Line Items]
Accounts payable	$ 970,671	$ 1,068,144
SCF Program
Supplier Finance Program [Line Items]
Accounts payable	$ 188,902	$ 194,362

Borrowings - Short Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Short-term Debt [Line Items]
Short-term borrowings	$ 206,956	$ 735,772
Commercial paper
Short-term Debt [Line Items]
Short-term borrowings	206,300	734,936
Other
Short-term Debt [Line Items]
Short-term borrowings	$ 656	$ 836

Goodwill and Other Intangible Assets

9 Months Ended

Sep. 30, 2023

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, 2023	$	712,542	$	1,391,418	$	1,078,259	$	979,535	$	507,740	$	4,669,494
Acquisitions	—		—		—		—		529		529
Measurement period adjustments	—		—		—		(5,103)		—		(5,103)
Held for sale	(58,337)		—		—		—		—		(58,337)
Foreign currency translation	299		1,607		(1,253)		(88)		(25)		540
Balance at September 30, 2023	$	654,504	$	1,393,025	$	1,077,006	$	974,344	$	508,244	$	4,607,123

During the nine months ended September 30, 2023, the Company recognized additions of $529 to goodwill as a result of the acquisition discussed in Note 3 — Acquisitions. During the nine months ended September 30, 2023, the Company recorded measurement period adjustments that decreased goodwill by $5,103, principally related to working capital adjustments for 2022 acquisitions within the Pumps & Process Solutions segment. As noted in Note 4 — Dispositions, the Company classified De-Sta-Co's assets and liabilities as held for sale as of September 30, 2023. As a result, the Engineered Products segment goodwill balance was reduced by $58,337.

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


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,861,661	$	1,050,837	$	810,824	$	1,881,402	$	996,947	$	884,455
Trademarks	261,265		141,236		120,029		265,466		132,791		132,675
Patents	204,897		139,345		65,552		219,199		146,337		72,862
Unpatented technologies	262,966		151,930		111,036		257,428		137,750		119,678
Distributor relationships	79,894		60,807		19,087		79,622		57,299		22,323

Other	22,103		9,542		12,561		46,880		41,682		5,198
Total	2,692,786		1,553,697		1,139,089		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,554		—		96,554		96,544		—		96,544
Total intangible assets, net	$	2,789,340	$	1,553,697	$	1,235,643	$	2,846,541	$	1,512,806	$	1,333,735

For the three months ended September 30, 2023 and 2022, amortization expense was $39,564 and $39,625, respectively. For the nine months ended September 30, 2023 and 2022, amortization expense was $118,881 and $119,534, respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization. During the nine months ended September 30, 2023, the Company acquired certain intellectual property assets through an immaterial asset acquisition. These assets were classified as unpatented technologies and included in the Imaging & Identification segment.

Revenue - Narrative (Details) - USD ($) $ in Thousands	9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Future performance obligation	$ 184,438
Revenue recognized that was included in the contract liability balance at the beginning of the period	$ 212,594	$ 178,098
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation	62.60%
Revenue recognized during the period	15 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Disaggregation of Revenue [Line Items]
Revenue recognized during the period
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation	95.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Remaining performance obligation	5.00%

- 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

Dispositions

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Dispositions

4. Dispositions

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co, an operating company within the Engineered Products segment, for approximately $680,000 enterprise value, net of estimated selling costs and subject to customary post-closing adjustments. The transaction is expected to close in the first half of 2024, subject to customary closing conditions, including receipt of regulatory approvals. As of September 30, 2023, De-Sta-Co met the criteria to be classified as held for sale. The Company classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within the condensed consolidated balance sheets as of September 30, 2023. The Company had no assets or liabilities classified as held for sale as of December 31, 2022.

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of September 30, 2023.


	September 30, 2023
Assets held for sale
Cash and cash equivalents	$	17,300
Receivables, net	36,653
Inventories, net	45,837

Property, plant and equipment, net	18,390
Goodwill	58,337
Other assets held for sale	14,031

Total assets held for sale	$	190,548

Liabilities held for sale
Accounts payable	$	28,023
Accrued expenses and deferred revenue	17,140
Other liabilities held for sale	21,902


Total liabilities held for sale	$	67,065

The sale does not represent a strategic shift that will have a major effect on the Company's operations and financial results and, therefore, did not qualify for presentation as a discontinued operation.

Recent Accounting Pronouncements (Policies)	9 Months Ended
Recent Accounting Pronouncements (Policies)	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standard	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 becomes 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 September 30, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $188,902 and $194,362, respectively.

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
Segment Information (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment	Sep. 30, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			5
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	$ 2,153,268	$ 2,158,291	$ 6,332,377	$ 6,368,907
Earnings before provision for income taxes	354,462	353,033	940,775	964,092
Purchase accounting expenses	40,320	40,526	123,199	140,831
Restructuring and other costs	12,327	8,613	44,523	27,109
Loss on dispositions	0	0	0	194
Interest expense	32,389	29,789	100,407	83,330
Interest income	(3,808)	(1,244)	(8,552)	(2,968)
Provision for income taxes	64,709	67,007	180,209	162,295
Net earnings	289,753	286,026	760,566	801,797
Restructuring	4,919	7,315	33,794	19,781
Other costs, net	7,408	1,298	10,729	7,328
Restructuring and other costs	12,327	8,613	44,523	27,109
United States
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	1,183,245	1,252,369	3,516,591	3,656,930
Europe
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	433,123	426,007	1,312,271	1,331,835
Asia
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	235,198	246,750	680,853	705,252
Other Americas
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	185,825	166,045	526,583	467,365
Other
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	115,877	67,120	296,079	207,525
Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Earnings before provision for income taxes	466,376	458,593	1,305,032	1,305,835
Intersegment eliminations
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	(1,425)	(832)	(4,303)	(2,539)
Corporate expense / other
Reconciliation from Segment Totals to Consolidated [Abstract]
Corporate expense / other	30,686	27,876	104,680	93,247
Restructuring	476	1,242	1,603	1,537
Engineered Products \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	504,271	516,501	1,475,507	1,518,584
Earnings before provision for income taxes	101,610	90,145	258,961	242,946
Restructuring	1,472	2,027	5,949	3,008
Clean Energy & Fueling \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	466,959	464,022	1,338,854	1,416,492
Earnings before provision for income taxes	92,483	90,208	249,704	262,204
Restructuring	(37)	3,063	15,954	4,682
Imaging & Identification \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	276,179	282,371	831,202	830,577
Earnings before provision for income taxes	70,316	74,477	199,967	194,467
Restructuring	233	516	1,437	2,051
Pumps & Process Solutions \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	431,373	433,558	1,310,880	1,309,880
Earnings before provision for income taxes	117,907	128,573	362,488	413,238
Restructuring	1,637	552	6,266	2,713
Climate & Sustainability Technologies \| Operating Segments
Reconciliation from Segment Totals to Consolidated [Abstract]
Revenue	475,911	462,671	1,380,237	1,295,913
Earnings before provision for income taxes	84,060	75,190	233,912	192,980
Restructuring	$ 1,138	$ (85)	$ 2,585	$ 5,790

Equity Incentive Program - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Pre-tax stock-based compensation expense	$ 6,745	$ 6,326	$ 25,468	$ 24,657
Tax benefit	(715)	(591)	(2,666)	(2,437)
Total stock-based compensation expense, net of tax	$ 6,030	$ 5,735	$ 22,802	$ 22,220

Other Comprehensive Earnings (Tables)

9 Months Ended

Sep. 30, 2023

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 and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses	$	—	$	—	$	—	$	5,915
Tax benefit	—		—		—		—
Net of tax	$	—	$	—	$	—	$	5,915
Pension plans:
Amortization of actuarial (gain) loss	$	(632)	$	474	$	(1,912)	$	1,494
Amortization of prior service costs	279		271		851		813

Total before tax	(353)		745		(1,061)		2,307
Tax provision (benefit)	82		(195)		247		(605)
Net of tax	$	(271)	$	550	$	(814)	$	1,702
Cash flow hedges:
Net loss (gain) reclassified into earnings	$	450	$	(1,661)	$	2,568	$	(5,035)
Tax (benefit) provision	(81)		371		(501)		1,124
Net of tax	$	369	$	(1,290)	$	2,067	$	(3,911)

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2023	Oct. 18, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	1-4018
Entity Registrant Name	DOVER Corp
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		139,890,144
Entity Central Index Key	0000029905
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
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

Financial Instruments - Fair Value (Details) - Level 2 - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets:
Foreign currency cash flow hedges	$ 1,980	$ 944
Liabilities:
Foreign currency cash flow hedges	$ 931	$ 2,760

Other Comprehensive Earnings (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses	$ 420,245	$ 402,339	$ 1,286,999	$ 1,270,615
Other income, net	(10,273)	(11,167)	(20,759)	(17,842)
Earnings before provision for income taxes	(354,462)	(353,033)	(940,775)	(964,092)
Tax provision (benefit)	64,709	67,007	180,209	162,295
Net of tax	(289,753)	(286,026)	(760,566)	(801,797)
Reclassification out of Accumulated Other Comprehensive Income \| Foreign currency translation:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses	0	0	0	5,915
Tax provision (benefit)	0	0	0	0
Net of tax	0	0	0	5,915
Reclassification out of Accumulated Other Comprehensive Income \| Pension plans:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	(353)	745	(1,061)	2,307
Tax provision (benefit)	82	(195)	247	(605)
Net of tax	(271)	550	(814)	1,702
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	(632)	474	(1,912)	1,494
Reclassification out of Accumulated Other Comprehensive Income \| Amortization of prior service costs
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Other income, net	279	271	851	813
Reclassification out of Accumulated Other Comprehensive Income \| Cash flow hedges:
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Earnings before provision for income taxes	450	(1,661)	2,568	(5,035)
Tax provision (benefit)	(81)	371	(501)	1,124
Net of tax	$ 369	$ (1,290)	$ 2,067	$ (3,911)

Acquisitions - Goodwill and Intangible Assets (Details) - Malema Engineering Corporation $ in Thousands	Jul. 01, 2022 USD ($)
Business Acquisition [Line Items]
Goodwill - non-deductible	$ 153,082
Intangible assets	84,000
Goodwill and intangible assets	237,082
Customer intangibles
Business Acquisition [Line Items]
Intangible assets	$ 64,000
Useful life (in years)	15 years
Patents
Business Acquisition [Line Items]
Intangible assets	$ 16,000
Useful life (in years)	10 years
Trademarks
Business Acquisition [Line Items]
Intangible assets	$ 4,000
Useful life (in years)	15 years

Acquisitions - Narrative (Details)				3 Months Ended	9 Months Ended
Acquisitions - Narrative (Details)	Aug. 28, 2023 USD ($)	Jul. 01, 2022 USD ($)	May 02, 2022 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($) acquisition	Sep. 30, 2022 USD ($) acquisition	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Number of business acquisitions \| acquisition					1	2
Consideration transferred						$ 231,562,000
Goodwill recorded in acquisition					$ 4,607,123,000		$ 4,669,494,000
Number of business acquisitions with contingent consideration \| acquisition						1
Measurement period adjustments					$ (5,103,000)
Arc Pacific Company Ltd
Business Acquisition [Line Items]
Equity interest acquired	100.00%
Consideration transferred	$ 8,834,000
Goodwill recorded in acquisition	529,000
Intangible assets	$ 7,670,000
FW Murphy Production Controls, LLC \| Forecast
Business Acquisition [Line Items]
Consideration transferred				$ 530,000,000
Malema Engineering Corporation
Business Acquisition [Line Items]
Equity interest acquired		99.70%					0.30%
Consideration transferred		$ 223,462,000
Goodwill recorded in acquisition		153,082,000
Intangible assets		$ 84,000,000
Contingent consideration, earnout financial performance target, each period		12 months
Contingent consideration, earnout financial performance target, maturity period		2 years
Contingent consideration payout maximum		$ 50,000,000
Fair value of contingent liability		0
Measurement period adjustments		1,381,000
Malema Engineering Corporation \| Customer intangibles
Business Acquisition [Line Items]
Intangible assets		64,000,000
Malema Engineering Corporation \| Patents
Business Acquisition [Line Items]
Intangible assets		16,000,000
Malema Engineering Corporation \| Trademarks
Business Acquisition [Line Items]
Intangible assets		$ 4,000,000
AMN DPI
Business Acquisition [Line Items]
Equity interest acquired			100.00%
Consideration transferred			$ 8,100,000
Goodwill recorded in acquisition			1,903,000
Intangible assets			$ 5,625,000

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Preliminary Allocation of Purchase Price

The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Malema acquisition, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	8,985
Property, plant and equipment	2,733
Goodwill	153,082
Intangible assets	84,000
Other assets and deferred charges	1,159
Current liabilities	(4,487)
Non-current liabilities	(22,010)
Net assets acquired	$	223,462

Schedule of Goodwill and Major Intangible Assets Acquired

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	153,082	na
Customer intangibles	64,000		15

Patents	16,000		10
Trademarks	4,000		15

	$	237,082

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	September 30, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	1,980	$	944	Prepaid and other current assets
Foreign currency forward	(931)		(2,760)		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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gain on euro-denominated debt	$	32,773	$	94,731	$	262	$	179,221
Tax expense	(7,274)		(21,020)		(58)		(39,990)
Net gain on net investment hedges, net of tax	$	25,499	$	73,711	$	204	$	139,231

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 September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,980		$	944
Liabilities:
Foreign currency cash flow hedges	931			2,760

Restructuring Activities (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges by Segment

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Engineered Products	$	1,472	$	2,027	$	5,949	$	3,008
Clean Energy & Fueling	(37)		3,063		15,954		4,682
Imaging & Identification	233		516		1,437		2,051
Pumps & Process Solutions	1,637		552		6,266		2,713
Climate & Sustainability Technologies	1,138		(85)		2,585		5,790
Corporate	476		1,242		1,603		1,537
Total	$	4,919	$	7,315	$	33,794	$	19,781

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	1,198	$	2,082	$	10,353	$	3,326
Selling, general and administrative expenses	3,721		5,233		23,441		16,455
Total	$	4,919	$	7,315	$	33,794	$	19,781

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, 2023	$	12,007	$	2,503	$	14,510
Restructuring charges	25,461		8,333		33,794
Payments	(22,386)		(7,008)		(29,394)


Other, including foreign currency translation	(60)		(1,260)		(1,320)
Balance at September 30, 2023	$	15,022	$	2,568	$	17,590

Share Repurchases (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 01, 2022	Dec. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Aug. 31, 2023	Aug. 31, 2022	Nov. 20, 2020
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock					$ 0	$ 585,000
November 2020 Authorization
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased										20,000,000
Number of shares repurchased			0	0	0	641,428
Repurchase price (in dollars per share)						$ 132.52
Repurchase of common stock						$ 85,000
Remaining number of shares authorized to be repurchased			15,283,326		15,283,326
August 2022 ASR Agreement
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	3,201,025	691,270					3,892,295
Payment for ASR agreement	$ 500								$ 500
Repurchase price (in dollars per share)							$ 128.46
August 2023 Authorization
Equity, Class of Treasury Stock [Line Items]
Number of shares authorized to be repurchased								20,000,000

Earnings per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Reconciliation of information used in computing basic and diluted earnings per share [Abstract]
Net earnings	$ 289,753	$ 286,026	$ 760,566	$ 801,797
Basic earnings per common share:
Net earnings (in dollars per share)	$ 2.07	$ 2.01	$ 5.44	$ 5.59
Weighted average shares outstanding (in shares)	139,878	142,506	139,833	143,469
Diluted earnings per common share:
Net earnings (in dollars per share)	$ 2.06	$ 2.00	$ 5.41	$ 5.55
Weighted average shares outstanding (in shares)	140,615	143,257	140,603	144,413
Reconciliation Of Share Amounts Used In Computing Earnings Per Share [Abstract]
Weighted average shares outstanding - basic (in shares)	139,878	142,506	139,833	143,469
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs (in shares)	737	751	770	944
Weighted average shares outstanding - Diluted (in shares)	140,615	143,257	140,603	144,413
Antidilutive securities excluded from computation of earnings per share	39	19	54	28

Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022, these estimated liabilities for environmental and other matters, including private party claims for exposure to hazardous substances that are probable and estimable, were not significant.

The Company and some of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Company’s products,

patent infringement, employment matters and commercial disputes. Management and legal counsel, at least quarterly, review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred and currently accrued to-date and consider the availability and extent of insurance coverage. The Company has estimated liabilities for these other legal matters that are probable and estimable, and at September 30, 2023 and December 31, 2022, these estimated liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

Warranty Accruals

Estimated warranty program claims are provided for at the time of sale of the Company's products. Amounts provided for are based on historical costs and adjusted for new claims and are included within other accrued expenses and other liabilities in the condensed consolidated balance sheets. The changes in the carrying amount of product warranties through September 30, 2023 and 2022, were as follows:


	2023		2022
Balance at January 1	$	48,449	$	48,568
Provision for warranties	47,972		46,096
Settlements made	(46,440)		(46,135)
Other adjustments, including acquisitions and currency translation	(332)		(2,233)
Balance at September 30	$	49,649	$	46,296

Share Repurchases	9 Months Ended
Share Repurchases	Sep. 30, 2023
Equity [Abstract]
Share Repurchases	17. 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. In November 2020, the Company's Board of Directors approved a standing share repurchase authorization whereby the Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023. In the three and nine months ended September 30, 2023, there were no share repurchases. On August 31, 2022, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement") with Bank of America N.A. ("Bank of America") 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 net proceeds from commercial paper. Under the terms of the ASR Agreement, the Company paid Bank of America $500,000 on September 1, 2022 and on that date received initial deliveries of 3,201,025 shares, representing a substantial majority of the shares expected to be retired over the course of the ASR Agreement. In December 2022, Bank of America delivered 691,270 additional shares which completed the ASR Program. During 2022, the Company received a total of 3,892,295 shares upon completion of the ASR Agreement. The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was $128.46 over the term of the ASR Program. In the three months ended September 30, 2022, exclusive of the ASR Program, there were no share repurchases. In the nine months ended September 30, 2022, exclusive of the ASR Program, the Company repurchased 641,428 shares of common stock at a total cost of $85,000, or $132.52 per share. As of September 30, 2023, 15,283,326 shares remain authorized for repurchase under the November 2020 share repurchase authorization.

Borrowings - Long Term Debt (Details) € in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Long-term borrowings [Abstract]
Total long-term debt	$ 2,944,747		$ 2,942,513
Unamortized debt discounts	11,300		12,700
Deferred debt issuance costs	$ 9,400		10,700
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	$ 398,568		398,063
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	$ 632,218		631,522
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	$ 526,189		525,654
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	$ 199,531		199,456
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	$ 297,692		297,408
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	$ 296,996		296,808
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	$ 248,364		248,279
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	345,189		344,982
Other
Long-term borrowings [Abstract]
Total long-term debt	$ 0		$ 341

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net earnings	$ 760,566	$ 801,797
Adjustments to reconcile net earnings to cash provided by operating activities:
Depreciation and amortization	237,002	230,808
Stock-based compensation expense	25,468	24,657
Reclassification of foreign currency translation losses to earnings	0	5,915
Other, net	(1,160)	(35,814)
Cash effect of changes in assets and liabilities:
Accounts receivable, net	(64,891)	(227,831)
Inventories	41,841	(286,437)
Prepaid expenses and other assets	1,207	(14,001)
Accounts payable	(67,441)	121,513
Accrued compensation and employee benefits	(41,063)	(62,208)
Accrued expenses and other liabilities	(8,342)	(19,700)
Accrued and deferred taxes, net	(63,192)	(71,618)
Net cash provided by operating activities	819,995	467,081
Investing Activities:
Additions to property, plant and equipment	(131,582)	(166,039)
Acquisitions, net of cash and cash equivalents acquired	(7,166)	(229,296)
Proceeds from sale of property, plant and equipment	3,430	4,215
Other	(935)	(10,941)
Net cash used in investing activities	(136,253)	(402,061)
Financing Activities:
Repurchase of common stock, including prepayment under accelerated share repurchase program	0	(585,000)
Change in commercial paper and other short-term borrowings, net	(528,816)	682,928
Dividends paid to stockholders	(212,882)	(216,636)
Payments to settle employee tax obligations on exercise of share-based awards	(12,334)	(12,278)
Other	(3,173)	(2,593)
Net cash used in financing activities	(757,205)	(133,579)
Effect of exchange rate changes on cash and cash equivalents	(6,307)	(10,943)
Net decrease in cash and cash equivalents, including cash held for sale	(79,770)	(79,502)
Cash and cash equivalents at beginning of period	380,868	385,504
Cash and cash equivalents, including cash held for sale, at end of period	301,098	306,002
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations [Abstract]
Cash and cash equivalents	283,798	306,002
Cash and cash equivalents held for sale	17,300	0
Cash and cash equivalents, including cash held for sale	$ 301,098	$ 306,002

Dispositions - Narrative (Details) - USD ($)	Oct. 11, 2023	Sep. 30, 2023	Dec. 31, 2022
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale			$ 0
Liabilities held for sale			$ 0
De-Sta-Co \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale		$ 190,548,000
Liabilities held for sale		$ 67,065,000
De-Sta-Co \| Disposal Group, Held-for-Sale, Not Discontinued Operations \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration, net of estimated selling cost	$ 680,000,000

Dispositions (Tables)

9 Months Ended

Sep. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Classified as Held for Sale

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of September 30, 2023.


	September 30, 2023
Assets held for sale
Cash and cash equivalents	$	17,300
Receivables, net	36,653
Inventories, net	45,837

Property, plant and equipment, net	18,390
Goodwill	58,337
Other assets held for sale	14,031

Total assets held for sale	$	190,548

Liabilities held for sale
Accounts payable	$	28,023
Accrued expenses and deferred revenue	17,140
Other liabilities held for sale	21,902


Total liabilities held for sale	$	67,065

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Borrowings (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Short-term Debt

Borrowings consist of the following:


	September 30, 2023		December 31, 2022
Short-term
Commercial paper	$	206,300	$	734,936
Other	656		836

Short-term borrowings	$	206,956	$	735,772

Schedule of Long-term Debt


			Carrying amount (1)
	Principal		September 30, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,568	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	632,218		631,522
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	526,189		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,531		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,692		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	296,996		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,364		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,189		344,982
Other			—		341


Total long-term debt			$	2,944,747	$	2,942,513

(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $11.3 million and $12.7 million as of September 30, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $9.4 million and $10.7 million as of September 30, 2023 and December 31, 2022, respectively.

- 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

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

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:


	September 30, 2023		December 31, 2022		December 31, 2021

Contract assets	$	15,587	$	11,074	$	11,440
Contract liabilities - current	256,130		256,933		227,549
Contract liabilities - non-current	16,435		19,879		21,513

Dispositions - Business Classified as Held for Sale (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets held for sale
Total assets held for sale		$ 0
Liabilities held for sale
Total liabilities held for sale		$ 0
De-Sta-Co \| Disposal Group, Held-for-Sale, Not Discontinued Operations
Assets held for sale
Cash and cash equivalents	$ 17,300,000
Receivables, net	36,653,000
Inventories, net	45,837,000
Property, plant and equipment, net	18,390,000
Goodwill	58,337,000
Other assets held for sale	14,031,000
Total assets held for sale	190,548,000
Liabilities held for sale
Accounts payable	28,023,000
Accrued expenses and deferred revenue	17,140,000
Other liabilities held for sale	21,902,000
Total liabilities held for sale	$ 67,065,000

Earnings per Share

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022


Net earnings	$	289,753	$	286,026	$	760,566	$	801,797
Basic earnings per common share:


Net earnings	$	2.07	$	2.01	$	5.44	$	5.59

Weighted average shares outstanding	139,878,000		142,506,000		139,833,000		143,469,000
Diluted earnings per common share:


Net earnings	$	2.06	$	2.00	$	5.41	$	5.55

Weighted average shares outstanding	140,615,000		143,257,000		140,603,000		144,413,000

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


	Three Months Ended September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average shares outstanding - Basic	139,878,000	142,506,000	139,833,000	143,469,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	737,000	751,000	770,000	944,000
Weighted average shares outstanding - Diluted	140,615,000	143,257,000	140,603,000	144,413,000

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 39,000 and 19,000 for the three months ended September 30, 2023 and 2022, respectively, and 54,000 and 28,000 for the nine months ended September 30, 2023 and 2022, respectively.

Financial Instruments

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and December 31, 2022, the Company had contracts with total notional amounts of $174,906 and $184,565, 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 $110,002 and $102,509 as of September 30, 2023 and December 31, 2022, respectively, that are not designated as hedging instruments. These instruments are used to reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies. Gains and losses on these contracts are recorded in other income, net in the condensed consolidated statements of earnings.

The following table sets forth the fair values of derivative instruments held by the Company as of September 30, 2023 and December 31, 2022 and the balance sheet lines in which they are recorded:


	Fair Value Asset (Liability)
	September 30, 2023		December 31, 2022		Balance Sheet Caption
Foreign currency forward	$	1,980	$	944	Prepaid and other current assets
Foreign currency forward	(931)		(2,760)		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) as a separate component of the condensed consolidated statements of stockholders' equity and is reclassified into revenues, cost of goods and services, or selling, general and administrative expenses in the condensed consolidated statements of earnings during the period in which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not significant, and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to earnings in the next twelve months is not significant; therefore, additional tabular disclosures are not presented. There are no amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to credit risk contingent features were not significant.

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

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

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Gain on euro-denominated debt	$	32,773	$	94,731	$	262	$	179,221
Tax expense	(7,274)		(21,020)		(58)		(39,990)
Net gain on net investment hedges, net of tax	$	25,499	$	73,711	$	204	$	139,231

Fair Value Measurements

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

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

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

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

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022:


	September 30, 2023		December 31, 2022
	Level 2			Level 2
Assets:
Foreign currency cash flow hedges	$	1,980		$	944
Liabilities:
Foreign currency cash flow hedges	931			2,760

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

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

The estimated fair value of long-term debt at September 30, 2023 and December 31, 2022, was $2,761,155 and $2,786,862, respectively. The estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable and short-term borrowings approximate their fair values as of September 30, 2023 and December 31, 2022 due to the short-term nature of these instruments.

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	12. Income Taxes The effective tax rates for the three months ended September 30, 2023 and 2022 were 18.3% and 19.0%, respectively. The decrease in the effective tax rate for the three months ended September 30, 2023 relative to the prior year comparable period was primarily due to favorable audit resolutions. The effective tax rates for the nine months ended September 30, 2023 and 2022 were 19.2% and 16.8%, respectively. The increase in the effective tax rate for the nine months ended September 30, 2023 relative to the prior year comparable period was primarily driven by favorable audit resolutions in 2022, including $22,579 related to the Tax Cuts and Jobs Act. 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 $4,007. The Company believes there is a reasonable possibility that sufficient positive evidence may become available to reach a conclusion that the valuation allowance on certain deferred tax assets will no longer be needed. Releasing the valuation allowance, or a portion thereof, would result in the recognition of previously unrecognized deferred tax assets and a decrease to income tax expense in the period the release is recorded. The exact timing and amount of the valuation allowance release are subject to change.

- 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
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Paragraph 2
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 2,564,461		$ 2,564,461		$ 2,578,497
Accumulated depreciation	(1,572,304)		(1,572,304)		(1,573,672)
Property, plant and equipment, net	992,157		992,157		1,004,825
Depreciation expense	40,751	$ 36,889	118,121	$ 111,274
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	64,015		64,015		62,495
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	608,205		608,205		620,500
Machinery, equipment and other
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,892,241		$ 1,892,241		$ 1,895,502

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 30, 2023
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, 2022, included in the Company's Annual Report on Form 10-K filed with the SEC on February 10, 2023. 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.

Borrowings - Narrative (Details) - USD ($)			9 Months Ended
Borrowings - Narrative (Details) - USD ($)	Apr. 06, 2023	Apr. 05, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Interest coverage ratio			13.8
Outstanding letters of credit			$ 182,500,000
Revolving Credit Facility \| Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000	$ 1,000,000,000
Term of debt	5 years	5 years
Interest coverage ratio required			300.00%
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
Option to extend maturity date, period of extension.	364 days
Commercial paper
Line of Credit Facility [Line Items]
Increase (decrease) in borrowings			$ (528,636,000)
Weighted average interest rate			5.44%			4.61%
Principal				$ 1,500,000,000	$ 1,000,000,000

Credit Losses

9 Months Ended

Sep. 30, 2023

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.


	2023		2022
Balance at January 1	$	39,399	$	40,126

Provision for expected credit losses, net of recoveries	744		2,791
Amounts written off charged against the allowance	(4,860)		(3,320)
Other, including foreign currency translation	(1,323)		(3,202)
Balance at September 30	$	33,960	$	36,395

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Tax Contingency [Line Items]
Effective tax rate	18.30%	19.00%	19.20%	16.80%
Effect of Tax Cuts and Jobs Act			$ 22,579
Minimum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 0		0
Maximum
Income Tax Contingency [Line Items]
Significant change in unrecognized tax benefits is reasonably possible, estimated range of change	$ 4,007		$ 4,007

Borrowings

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

10. Borrowings

Borrowings consist of the following:


	September 30, 2023		December 31, 2022
Short-term
Commercial paper	$	206,300	$	734,936
Other	656		836

Short-term borrowings	$	206,956	$	735,772

During the nine months ended September 30, 2023, commercial paper borrowings decreased $528,636. The borrowings outstanding under the commercial paper program had a weighted average annual interest rate of 5.44% and 4.61% as of September 30, 2023 and December 31, 2022, respectively.


			Carrying amount (1)
	Principal		September 30, 2023		December 31, 2022
Long-term
3.15% 10-year notes due November 15, 2025	$	400,000	$	398,568	$	398,063
1.25% 10-year notes due November 9, 2026 (euro-denominated)	€	600,000	632,218		631,522
0.750% 8-year notes due November 4, 2027 (euro-denominated)	€	500,000	526,189		525,654
6.65% 30-year debentures due June 1, 2028	$	200,000	199,531		199,456
2.950% 10-year notes due November 4, 2029	$	300,000	297,692		297,408
5.375% 30-year debentures due October 15, 2035	$	300,000	296,996		296,808
6.60% 30-year notes due March 15, 2038	$	250,000	248,364		248,279
5.375% 30-year notes due March 1, 2041	$	350,000	345,189		344,982
Other			—		341


Total long-term debt			$	2,944,747	$	2,942,513

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 new $1.0 billion five-year and $500.0 million 364-day unsecured revolving credit facilities ("Credit Agreements") with a syndicate of banks. The new five-year credit facility replaced the previous $1 billion five-year unsecured revolving credit facility, which was set to expire on October 4, 2024 and was terminated by the Company upon execution of the new five-year credit facility. The lenders' commitments under the five-year and 364-day Credit Agreements will terminate and the loans under the Credit Agreements will mature on April 6, 2028 and April 4, 2024, respectively. The Company may elect to extend the maturity date of any loans under the 364-day credit facility until April 4, 2025, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program, which was upsized from $1.0 billion to $1.5 billion during the second quarter of 2023, and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees and impose various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of September 30, 2023 and December 31, 2022, there were no outstanding borrowings under the new Credit Agreements or the previous five-year credit facility.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at September 30, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 13.8 to 1.

Letters of Credit and other Guarantees

As of September 30, 2023, the Company had approximately $182.5 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2031. 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
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

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 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net earnings	$ 289,753	$ 286,026	$ 760,566	$ 801,797

- Definition

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

+ References

+ Details

Inventories, net (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 725,941	$ 812,066
Work in progress	231,993	230,865
Finished goods	453,265	458,881
Subtotal	1,411,199	1,501,812
Less reserves	(131,418)	(135,204)
Total	$ 1,279,781	$ 1,366,608

Inventories, net

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Inventories, net

5. Inventories, net


	September 30, 2023		December 31, 2022
Raw materials	$	725,941	$	812,066
Work in progress	231,993		230,865
Finished goods	453,265		458,881
Subtotal	1,411,199		1,501,812
Less reserves	(131,418)		(135,204)
Total	$	1,279,781	$	1,366,608

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 2,153,268	$ 2,158,291	$ 6,332,377	$ 6,368,907
Cost of goods and services	1,360,253	1,385,541	4,033,507	4,071,680
Gross profit	793,015	772,750	2,298,870	2,297,227
Selling, general and administrative expenses	420,245	402,339	1,286,999	1,270,615
Operating earnings	372,770	370,411	1,011,871	1,026,612
Interest expense	32,389	29,789	100,407	83,330
Interest income	(3,808)	(1,244)	(8,552)	(2,968)
Other income, net	(10,273)	(11,167)	(20,759)	(17,842)
Earnings before provision for income taxes	354,462	353,033	940,775	964,092
Provision for income taxes	64,709	67,007	180,209	162,295
Net earnings	$ 289,753	$ 286,026	$ 760,566	$ 801,797
Net earnings per share:
Basic (in dollars per share)	$ 2.07	$ 2.01	$ 5.44	$ 5.59
Diluted (in dollars per share)	$ 2.06	$ 2.00	$ 5.41	$ 5.55
Weighted average shares outstanding:
Basic (in shares)	139,878	142,506	139,833	143,469
Diluted (in shares)	140,615	143,257	140,603	144,413

Other Comprehensive Earnings

9 Months Ended

Sep. 30, 2023

Equity [Abstract]

Other Comprehensive Earnings

15. Other Comprehensive Earnings

Amounts reclassified from accumulated other comprehensive loss to earnings during the three and nine months ended September 30, 2023 and 2022 were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Foreign currency translation:
Reclassification of foreign currency translation losses to earnings for the substantial liquidation of businesses	$	—	$	—	$	—	$	5,915
Tax benefit	—		—		—		—
Net of tax	$	—	$	—	$	—	$	5,915
Pension plans:
Amortization of actuarial (gain) loss	$	(632)	$	474	$	(1,912)	$	1,494
Amortization of prior service costs	279		271		851		813

Total before tax	(353)		745		(1,061)		2,307
Tax provision (benefit)	82		(195)		247		(605)
Net of tax	$	(271)	$	550	$	(814)	$	1,702
Cash flow hedges:
Net loss (gain) reclassified into earnings	$	450	$	(1,661)	$	2,568	$	(5,035)
Tax (benefit) provision	(81)		371		(501)		1,124
Net of tax	$	369	$	(1,290)	$	2,067	$	(3,911)

Foreign currency translation losses were recognized in selling, general and administrative expenses within the condensed consolidated statement of earnings as a result of the substantial liquidation of certain businesses.

The Company recognizes the amortization of net actuarial gains and losses and prior service costs 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.

Property, Plant and Equipment, net (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Schedule of Components of Property, Plant and Equipment, net


	September 30, 2023		December 31, 2022
Land	$	64,015	$	62,495
Buildings and improvements	608,205		620,500
Machinery, equipment and other	1,892,241		1,895,502
Property, plant and equipment, gross	2,564,461		2,578,497
Accumulated depreciation	(1,572,304)		(1,573,672)
Property, plant and equipment, net	$	992,157	$	1,004,825

Goodwill and Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023	$	712,542	$	1,391,418	$	1,078,259	$	979,535	$	507,740	$	4,669,494
Acquisitions	—		—		—		—		529		529
Measurement period adjustments	—		—		—		(5,103)		—		(5,103)
Held for sale	(58,337)		—		—		—		—		(58,337)
Foreign currency translation	299		1,607		(1,253)		(88)		(25)		540
Balance at September 30, 2023	$	654,504	$	1,393,025	$	1,077,006	$	974,344	$	508,244	$	4,607,123

Schedule of Definite-lived Intangible Assets

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


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,861,661	$	1,050,837	$	810,824	$	1,881,402	$	996,947	$	884,455
Trademarks	261,265		141,236		120,029		265,466		132,791		132,675
Patents	204,897		139,345		65,552		219,199		146,337		72,862
Unpatented technologies	262,966		151,930		111,036		257,428		137,750		119,678
Distributor relationships	79,894		60,807		19,087		79,622		57,299		22,323

Other	22,103		9,542		12,561		46,880		41,682		5,198
Total	2,692,786		1,553,697		1,139,089		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,554		—		96,554		96,544		—		96,544
Total intangible assets, net	$	2,789,340	$	1,553,697	$	1,235,643	$	2,846,541	$	1,512,806	$	1,333,735

Schedule of Indefinite-lived Intangible Assets

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


	September 30, 2023						December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Amortized intangible assets:
Customer intangibles	$	1,861,661	$	1,050,837	$	810,824	$	1,881,402	$	996,947	$	884,455
Trademarks	261,265		141,236		120,029		265,466		132,791		132,675
Patents	204,897		139,345		65,552		219,199		146,337		72,862
Unpatented technologies	262,966		151,930		111,036		257,428		137,750		119,678
Distributor relationships	79,894		60,807		19,087		79,622		57,299		22,323

Other	22,103		9,542		12,561		46,880		41,682		5,198
Total	2,692,786		1,553,697		1,139,089		2,749,997		1,512,806		1,237,191
Unamortized intangible assets:
Trademarks	96,554		—		96,554		96,544		—		96,544
Total intangible assets, net	$	2,789,340	$	1,553,697	$	1,235,643	$	2,846,541	$	1,512,806	$	1,333,735

- 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
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-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: 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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-Paragraph 1A
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-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Equity Incentive Program (Tables)

9 Months Ended

Sep. 30, 2023

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
	2023		2022
Risk-free interest rate	3.91	%	1.86	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	5.4		5.4
Volatility	30.65	%	29.46	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$47.27		$42.07

The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows:


	PSAs
	2023		2022
Risk-free interest rate	4.28	%	1.68	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	2.9		2.9
Volatility	27.30	%	31.10	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$249.48		$196.40

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Pre-tax stock-based compensation expense	$	6,745	$	6,326	$	25,468	$	24,657
Tax benefit	(715)		(591)		(2,666)		(2,437)
Total stock-based compensation expense, net of tax	$	6,030	$	5,735	$	22,802	$	22,220

Revenue

9 Months Ended

Sep. 30, 2023

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.

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 September 30, 2023, we estimated that $184,438 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. The Company expects to recognize approximately 62.6% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue through 2024, with the remaining balance to be recognized in 2025 and thereafter.

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

Contract Balances

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

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


	September 30, 2023		December 31, 2022		December 31, 2021

Contract assets	$	15,587	$	11,074	$	11,440
Contract liabilities - current	256,130		256,933		227,549
Contract liabilities - non-current	16,435		19,879		21,513

The revenue recognized during the nine months ended September 30, 2023 and 2022 that was included in contract liabilities at the beginning of the period amounted to $212,594 and $178,098, 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

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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
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Property, Plant and Equipment, net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment, net

6. Property, Plant and Equipment, net


	September 30, 2023		December 31, 2022
Land	$	64,015	$	62,495
Buildings and improvements	608,205		620,500
Machinery, equipment and other	1,892,241		1,895,502
Property, plant and equipment, gross	2,564,461		2,578,497
Accumulated depreciation	(1,572,304)		(1,573,672)
Property, plant and equipment, net	$	992,157	$	1,004,825

Depreciation expense totaled $40,751 and $36,889 for the three months ended September 30, 2023 and 2022, respectively. For the nine months ended September 30, 2023 and 2022, depreciation expense totaled $118,121 and $111,274, respectively.

Inventories, net (Tables)

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Abstract]

Schedule of Components of Inventory


	September 30, 2023		December 31, 2022
Raw materials	$	725,941	$	812,066
Work in progress	231,993		230,865
Finished goods	453,265		458,881
Subtotal	1,411,199		1,501,812
Less reserves	(131,418)		(135,204)
Total	$	1,279,781	$	1,366,608

Goodwill and Other Intangible Assets - Intangibles and Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 2,692,786	$ 2,749,997
Accumulated Amortization	1,553,697	1,512,806
Net Carrying Amount	1,139,089	1,237,191
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total, Gross Carrying Amount	2,789,340	2,846,541
Accumulated Amortization	1,553,697	1,512,806
Total, Net Carrying Amount	1,235,643	1,333,735
Trademarks
Indefinite-lived Intangible Assets by Major Class [Line Items]
Unamortized intangible assets:	96,554	96,544
Customer intangibles
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,861,661	1,881,402
Accumulated Amortization	1,050,837	996,947
Net Carrying Amount	810,824	884,455
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	1,050,837	996,947
Trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	261,265	265,466
Accumulated Amortization	141,236	132,791
Net Carrying Amount	120,029	132,675
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	141,236	132,791
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	204,897	219,199
Accumulated Amortization	139,345	146,337
Net Carrying Amount	65,552	72,862
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	139,345	146,337
Unpatented technologies
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	262,966	257,428
Accumulated Amortization	151,930	137,750
Net Carrying Amount	111,036	119,678
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	151,930	137,750
Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	79,894	79,622
Accumulated Amortization	60,807	57,299
Net Carrying Amount	19,087	22,323
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	60,807	57,299
Other
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	22,103	46,880
Accumulated Amortization	9,542	41,682
Net Carrying Amount	12,561	5,198
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ 9,542	$ 41,682

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
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

Financial Instruments - Narrative (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Sep. 30, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Estimate of Fair Value Measurement
Derivatives, Fair Value [Line Items]
Fair value of long-term debt	$ 2,761,155		$ 2,786,862
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	174,906		184,565
Designated as Hedging Instrument \| 1.25% 10-year notes due November 9, 2026 (euro-denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 600,000,000
Designated as Hedging Instrument \| 0.750% 8-year notes due November 4, 2027 (euro denominated)
Derivatives, Fair Value [Line Items]
Principal \| €		€ 500,000,000
Not Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional Amount	$ 110,002		$ 102,509

Recent Accounting Pronouncements	9 Months Ended
Recent Accounting Pronouncements	Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	19. Recent Accounting Pronouncements 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 becomes 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 September 30, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately $188,902 and $194,362, 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480016/944-40-65-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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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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+ Details

Commitments and Contingent Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Movement in Standard and Extended Product Warranty, Increase (Decrease) [Roll Forward]
Beginning Balance	$ 48,449	$ 48,568
Provision for warranties	47,972	46,096
Settlements made	(46,440)	(46,135)
Other adjustments, including acquisitions and currency translation	(332)	(2,233)
Ending Balance	$ 49,649	$ 46,296

Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

3. Acquisitions

2023 Acquisitions

During the nine months ended September 30, 2023, the Company completed one acquisition. On August 28, 2023, the Company acquired 100% of the equity interests in the Arc Pacific group ("Arc Pacific"), a leading global supplier of can washers, dry-off, pin and internal bake ovens for the metal packaging industry, for $8,834, net of cash acquired and including contingent consideration. The Arc Pacific acquisition extends the Company's reach into can processing equipment production within the Climate & Sustainability Technologies segment. In connection with this acquisition, the Company recorded goodwill of $529 and intangible assets of $7,670, primarily related to customer intangibles.

On September 29, 2023, the Company entered into a definitive agreement to acquire the business of FW Murphy Production Controls, LLC, a leading provider of control and optimization solutions for the reciprocating compression industry, for approximately $530,000, subject to customary post-closing adjustments. The transaction is subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals, and is expected to close in the fourth quarter of 2023. This acquisition adds complementary offerings within the Pumps & Process Solutions segment.

2022 Acquisitions

During the nine months ended September 30, 2022, the Company acquired two businesses in separate transactions for total consideration of $231,562, net of cash acquired. Of these transactions, one includes additional consideration contingent on achieving certain financial performance targets. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is non-deductible for U.S. income tax purposes for these acquisitions.

Malema

On July 1, 2022, the Company acquired 99.7% of the equity interests in Malema Engineering Corporation and its related foreign entities ("Malema"), a designer and manufacturer of flow measurement and control instruments serving customers in the biopharmaceutical, semiconductor and industrial sectors, for $223,462, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below, subject to contingent consideration. During the fourth quarter of 2022, the Company acquired the remaining 0.3% of equity interests in Malema. The Malema acquisition expands the Company's biopharma single-use production offering within the Pumps & Process Solutions segment. The contingent consideration is based upon meeting certain financial performance targets for each twelve-month period over the next two years from March 31, 2022, with a maximum potential payout of $50,000. No value is attributed to the current estimated fair value of contingent earn-out liability, which will be reassessed quarterly during the performance periods. In connection with this acquisition, the Company recorded goodwill of $153,082 and intangible assets of $64,000 for customer intangibles, $16,000 for patents, and $4,000 for trademarks. The fair value for customer intangibles at the acquisition date was determined using the multi-period excess earnings method under the income approach. The fair value measurements of intangible assets are based on significant unobservable inputs, and thus represent Level 3 inputs. Significant assumptions used in assessing the fair values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. The Company recorded measurement period adjustments primarily related to certain liabilities. These adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in an increase in goodwill of $1,381.

The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Malema acquisition, based on their estimated fair values at acquisition date:


	Total
Current assets, net of cash acquired	$	8,985
Property, plant and equipment	2,733
Goodwill	153,082
Intangible assets	84,000
Other assets and deferred charges	1,159
Current liabilities	(4,487)
Non-current liabilities	(22,010)
Net assets acquired	$	223,462

The amounts assigned to goodwill and major intangible asset classifications were as follows:


	Amount allocated		Useful life (in years)

Goodwill - non-deductible	$	153,082	na
Customer intangibles	64,000		15

Patents	16,000		10
Trademarks	4,000		15

	$	237,082

Other acquisition

On May 2, 2022, the Company acquired 100% of the equity interests in AMN DPI ("AMN"), a designer and manufacturer of polymer pelletizing tools, for $8,100, net of cash acquired. The AMN acquisition extends the Company's reach into polymer processing equipment production within the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $1,903 and intangible assets of $5,625, primarily related to customer intangibles.

Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023 and 2022, were as follows:


	2023		2022
Balance at January 1	$	48,449	$	48,568
Provision for warranties	47,972		46,096
Settlements made	(46,440)		(46,135)
Other adjustments, including acquisitions and currency translation	(332)		(2,233)
Balance at September 30	$	49,649	$	46,296

Credit Losses (Details) - USD ($) $ in Thousands	9 Months Ended
Credit Losses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 39,399	$ 40,126
Provision for expected credit losses, net of recoveries	744	2,791
Amounts written off charged against the allowance	(4,860)	(3,320)
Other, including foreign currency translation	(1,323)	(3,202)
Ending Balance	$ 33,960	$ 36,395

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 289,753	$ 286,026	$ 760,566	$ 801,797
Foreign currency translation adjustments:
Foreign currency translation loss	(54,114)	(117,460)	(16,207)	(216,665)
Reclassification of foreign currency translation losses to earnings	0	0	0	5,915
Total foreign currency translation adjustments (net of $(7,274), $(21,020), $(58) and $(39,990) tax benefit (provision), respectively)	(54,114)	(117,460)	(16,207)	(210,750)
Pension and other post-retirement benefit plans:
Amortization of actuarial (gain) loss included in net periodic pension cost	(516)	327	(1,578)	1,032
Amortization of prior service costs included in net periodic pension cost	245	223	764	670
Total pension and other post-retirement benefit plans (net of $82, $(195), $247 and $(605) tax benefit (provision), respectively)	(271)	550	(814)	1,702
Changes in fair value of cash flow hedges:
Unrealized net gain arising during period	587	1,503	246	2,317
Net loss (gain) reclassified into earnings	369	(1,290)	2,067	(3,911)
Total cash flow hedges (net of $(273), $(61), $(660) and $458 tax (provision) benefit, respectively)	956	213	2,313	(1,594)
Other comprehensive loss, net of tax	(53,429)	(116,697)	(14,708)	(210,642)
Comprehensive earnings	$ 236,324	$ 169,329	$ 745,858	$ 591,155

Earnings per Share (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022


Net earnings	$	289,753	$	286,026	$	760,566	$	801,797
Basic earnings per common share:


Net earnings	$	2.07	$	2.01	$	5.44	$	5.59

Weighted average shares outstanding	139,878,000		142,506,000		139,833,000		143,469,000
Diluted earnings per common share:


Net earnings	$	2.06	$	2.00	$	5.41	$	5.55

Weighted average shares outstanding	140,615,000		143,257,000		140,603,000		144,413,000

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 September 30,		Nine Months Ended September 30,
	2023	2022	2023	2022
Weighted average shares outstanding - Basic	139,878,000	142,506,000	139,833,000	143,469,000
Dilutive effect of assumed exercise of SARs and vesting of performance shares and RSUs	737,000	751,000	770,000	944,000
Weighted average shares outstanding - Diluted	140,615,000	143,257,000	140,603,000	144,413,000

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill acquired			$ 529
Measurement period adjustments			(5,103)
Transfer to assets held for sale			58,337
Amortization of Intangible Assets	$ 39,564	$ 39,625	$ 118,881	$ 119,534

Equity Incentive Program

9 Months Ended

Sep. 30, 2023

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 nine months ended September 30, 2023, the Company issued stock-settled appreciation rights ("SARs") covering 359,715 shares, performance share awards ("PSAs") of 43,656 and restricted stock units ("RSUs") of 88,121. During the nine months ended September 30, 2022, the Company issued SARs covering 335,285 shares, PSAs of 40,087 and RSUs of 79,556.

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
	2023		2022
Risk-free interest rate	3.91	%	1.86	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	5.4		5.4
Volatility	30.65	%	29.46	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$47.27		$42.07

The PSAs granted in 2023 and 2022 are market condition awards as attainment is based on Dover's performance relative to its peer group (companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and vesting period for these awards is three years. These awards were valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model) and are generally recognized ratably over the vesting period, and the fair value is not subject to change based on future market conditions. The assumptions used in determining the fair value of the PSAs granted in the respective periods were as follows:


	PSAs
	2023		2022
Risk-free interest rate	4.28	%	1.68	%
Dividend yield	1.32	%	1.25	%
Expected life (years)	2.9		2.9
Volatility	27.30	%	31.10	%

Grant price	$153.25		$160.21
Fair value per share at date of grant	$249.48		$196.40

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 $153.25 and $160.21 for RSUs granted in 2023 and 2022, 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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Pre-tax stock-based compensation expense	$	6,745	$	6,326	$	25,468	$	24,657
Tax benefit	(715)		(591)		(2,666)		(2,437)
Total stock-based compensation expense, net of tax	$	6,030	$	5,735	$	22,802	$	22,220

Financial Instruments - Balance Sheet Location (Details) - Foreign currency forward - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Prepaid and other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Asset	$ 1,980	$ 944
Other accrued expenses
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value Liability	$ (931)	$ (2,760)

Equity Incentive Program - Narrative (Details) - $ / shares	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Stock Appreciation Rights (SARs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	359,715	335,285
Fair value per share at date of grant (in dollars per share)	$ 47.27	$ 42.07
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	43,656	40,087
Award vesting period	3 years
Fair value per share at date of grant (in dollars per share)	$ 249.48	$ 196.40
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity awards issued during period (in shares)	88,121	79,556
Fair value per share at date of grant (in dollars per share)	$ 153.25	$ 160.21

- 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

Restructuring Activities

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

9. Restructuring Activities

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Engineered Products	$	1,472	$	2,027	$	5,949	$	3,008
Clean Energy & Fueling	(37)		3,063		15,954		4,682
Imaging & Identification	233		516		1,437		2,051
Pumps & Process Solutions	1,637		552		6,266		2,713
Climate & Sustainability Technologies	1,138		(85)		2,585		5,790
Corporate	476		1,242		1,603		1,537
Total	$	4,919	$	7,315	$	33,794	$	19,781

These amounts are classified in the condensed consolidated statements of earnings as follows:
Cost of goods and services	$	1,198	$	2,082	$	10,353	$	3,326
Selling, general and administrative expenses	3,721		5,233		23,441		16,455
Total	$	4,919	$	7,315	$	33,794	$	19,781

The restructuring expenses of $4,919 incurred during the three months ended September 30, 2023 were primarily related to headcount reductions and exit costs in the Pumps & Process Solutions, Engineered Products and Climate & Sustainability Technologies segments. The restructuring expenses of $33,794 incurred during the nine months ended September 30, 2023 were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Pumps & Process Solutions, and Engineered Product segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market conditions. The Company will continue to make proactive adjustments to its cost structure through restructuring and other programs to align with current demand trends.

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


	Severance		Exit		Total
Balance at January 1, 2023	$	12,007	$	2,503	$	14,510
Restructuring charges	25,461		8,333		33,794
Payments	(22,386)		(7,008)		(29,394)


Other, including foreign currency translation	(60)		(1,260)		(1,320)
Balance at September 30, 2023	$	15,022	$	2,568	$	17,590