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Segment Information
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Segment Information
19. Segment Information

The Company categorizes its operating companies into five reportable segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions, and Climate & Sustainability Technologies. The Company's businesses are structured around similar business models, go-to market strategies, manufacturing practices and product categories which increases management efficiency and better aligns Dover's operations with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance. Operating segments are defined as the components of an enterprise for which separate financial information is available, that engage in business activities from which they may recognize revenues and incur expenses, and that are regularly evaluated by the entity's chief operating decision maker or decision-making group, which is composed of Dover's executive leadership team, in making resource allocation decisions and evaluating performance.

The five reportable segments are as follows: 

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

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

•Imaging & Identification 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, specialized instrumentation and digital controls for rotating and reciprocating machines, fluid connecting solutions and plastics and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing, chemical production, plastics and polymer processing, midstream and downstream oil and gas, energy transition, thermal management applications and other end-markets.

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

Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), disposition costs, loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.
Segment financial information and a reconciliation of segment results to consolidated results follows:
 Years Ended December 31,
 202320222021
Revenue:
Engineered Products$2,004,587 $2,043,632 $1,780,827 
Clean Energy & Fueling1,788,277 1,878,507 1,648,153 
Imaging & Identification1,116,732 1,123,815 1,163,367 
Pumps & Process Solutions1,755,691 1,728,235 1,708,634 
Climate & Sustainability Technologies1,778,582 1,737,724 1,608,175 
Intersegment eliminations(5,735)(3,825)(2,075)
Total consolidated revenue$8,438,134 $8,508,088 $7,907,081 
Net earnings:
Segment earnings:
Engineered Products (1)
$377,425 $346,519 $277,852 
Clean Energy & Fueling328,604 352,993 327,186 
Imaging & Identification272,512 268,084 266,932 
Pumps & Process Solutions484,405 533,018 575,593 
Climate & Sustainability Technologies
305,380 254,484 185,517 
Total segment earnings1,768,326 1,755,098 1,633,080 
Purchase accounting expenses (2)
164,943 181,103 141,980 
Restructuring and other costs (3)
63,673 38,990 38,436 
Disposition costs (4)
1,302 — — 
Loss (gain) on dispositions (5)
— 194 (206,338)
Corporate expense / other (6)
150,593 135,280 156,298 
Interest expense131,305 116,456 106,319 
Interest income(13,496)(4,430)(4,441)
Earnings before provision for income taxes1,270,006 1,287,505 1,400,826 
Provision for income taxes213,178 222,129 277,008 
Net earnings$1,056,828 $1,065,376 $1,123,818 
Segment margins:
Engineered Products18.8 %17.0 %15.6 %
Clean Energy & Fueling18.4 %18.8 %19.9 %
Imaging & Identification24.4 %23.9 %22.9 %
Pumps & Process Solutions27.6 %30.8 %33.7 %
Climate & Sustainability Technologies
17.2 %14.6 %11.5 %
Total segments21.0 %20.6 %20.7 %
Net earnings12.5 %12.5 %14.2 %
Depreciation and amortization:   
Other depreciation and amortization (7):
Engineered Products$28,073 $27,745 $27,036 
Clean Energy & Fueling30,117 28,815 25,842 
Imaging & Identification15,293 14,185 14,189 
Pumps & Process Solutions46,344 40,839 39,272 
Climate & Sustainability Technologies27,557 26,204 26,987 
Total other depreciation and amortization147,384 137,788 133,326 
Corporate depreciation and amortization6,040 8,137 7,250 
Depreciation and amortization included in purchase accounting expenses and restructuring and other164,039 161,613 149,547 
Consolidated depreciation and amortization total
$317,463 $307,538 $290,123 
(1) Segment earnings include a fourth quarter benefit of $14,448 as a result of the change from the LIFO method to FIFO method of inventory costing for an immaterial portion of inventories. See Note 1 — Description of Business and Summary of Significant Accounting Policies.
(2) Purchase accounting expenses are primarily comprised of amortization of intangible assets and charges related to fair value step-ups for acquired inventory sold during the period.
(3) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
Years Ended December 31,
202320222021
Restructuring$50,435 $30,480 $26,705 
Other costs, net13,238 8,510 11,731 
Restructuring and other costs $63,673 $38,990 $38,436 
(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024.
(5) Loss (gain) on dispositions includes working capital adjustments related to dispositions.
(6) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital overhead costs, deal related expenses and various administrative expenses relating to the corporate headquarters.
(7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

Selected financial information by segment (continued):
Capital expenditures:202320222021
Engineered Products$26,643 $39,765 $48,453 
Clean Energy & Fueling25,421 33,489 25,167 
Imaging & Identification11,598 14,695 10,671 
Pumps & Process Solutions60,860 82,817 44,578 
Climate & Sustainability Technologies61,790 41,426 34,335 
Corporate6,280 8,770 8,261 
Total capital expenditures
$192,592 $220,962 $171,465 

Total assets at December 31:20232022
Engineered Products (8)
$1,797,242 $1,771,689 
Clean Energy & Fueling3,020,621 3,068,260 
Imaging & Identification1,812,704 1,821,649 
Pumps & Process Solutions (9)
2,654,421 2,161,210 
Climate & Sustainability Technologies1,466,141 1,525,449 
Corporate (10)
597,384 548,262 
Total assets$11,348,513 $10,896,519 
(8) Engineered Products includes De-Sta-Co assets classified as held for sale. See Note 4 — Dispositions for additional information.
(9) Increase primarily driven by 2023 acquisition. See Note 3 — Acquisitions for additional information.
(10) Corporate assets are comprised primarily of cash and cash equivalents.

 Revenue
Long-Lived Assets (11)
 Years Ended December 31,At December 31,
 20232022202120232022
United States$4,711,019 $4,847,321 $4,305,957 $623,693 $629,140 
Europe1,757,118 1,792,020 1,797,138 321,628 291,921 
Asia924,539 939,093 901,141 59,496 57,253 
Other Americas683,573 667,673 612,751 22,936 21,763 
Other361,885 261,981 290,094 4,063 4,748 
Consolidated total$8,438,134 $8,508,088 $7,907,081 $1,031,816 $1,004,825 
(11) Long-lived assets are comprised of net property, plant and equipment.

The U.S. was the largest geographical market for revenue for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment.
Revenue is attributed to regions based on the location of the Company's customer, which in some instances is an intermediary and not necessarily the end user. The Company's businesses serve thousands of customers, none of which individually accounted for more than 10% of consolidated revenue