Discontinued and Disposed Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Discontinued and Disposed Operations

4. Discontinued and Disposed Operations

Management evaluates Dover's businesses periodically for their strategic fit within its operations and may from time to time sell or discontinue certain operations for various reasons.

Discontinued Operations

On October 8, 2024 the Company completed the sale of the ESG business, an operating company within the Engineered Products segment, to Terex Corporation for total consideration, net of cash transferred, of $2.0 billion, an investing activity of discontinued operations within the consolidated statements of cash flows for the year ended December 31, 2024. This sale resulted in a preliminary pre-tax gain on disposition of $1.6 billion ($1.2 billion after-tax), included within earnings from discontinued operations, net in the consolidated statements of earnings for the year ended December 31, 2024. The preliminary total consideration and preliminary pre-tax gain on disposition are subject to standard working capital adjustments. The ESG sale qualifies for discontinued operations reporting because its disposal represented a strategic shift with a major effect on the Company's operations and financial results.

Summarized results of the Company's discontinued operations are as follows:

	Years Ended December 31,
	2024 (1)		2023		2022
Revenue	$	678,415	$	753,658	$	663,914
Cost of goods and services	479,671		536,569		505,311
Gross profit	198,744		217,089		158,603
Selling, general and administrative expenses	68,677		70,086		58,914
Operating earnings	130,067		147,003		99,689
Gain on disposition	(1,640,948)		—		—
Other expense (income), net	704		(3)		2,387
Earnings from discontinued operations before provision for income taxes	1,770,311		147,006		97,302
Provision for income taxes	473,153		34,042		21,838
Earnings from discontinued operations, net	$	1,297,158	$	112,964	$	75,464

(1) Reflects the operating results of the ESG business through the date of disposition on October 8th, 2024.

Assets and liabilities classified as discontinued operations are summarized below:

	December 31, 2023
Assets of discontinued operations
Receivables, net	$	110,933
Inventories, net	81,363
Prepaid and other current assets	2,190
Property, plant and equipment, net	53,344
Goodwill	244,123
Intangible assets, net	38,709
Other assets and deferred charges	5,778
Total assets of discontinued operations	$	536,440
Liabilities of discontinued operations
Accounts payable	$	104,077
Other current liabilities	48,936
Other non-current liabilities	35,058
Total liabilities of discontinued operations	$	188,071

As of December 31, 2024, no assets or liabilities were classified as discontinued operations. As of December 31, 2023, current assets and liabilities of discontinued operations of $194,486 and $153,013, respectively, and non-current assets and liabilities of discontinued operations of $341,954 and $35,058, respectively, are presented in the consolidated balance sheets.

2024 Dispositions

On March 31, 2024, the Company completed the sale of the De-Sta-Co business, an operating company within the Engineered Products segment, for total consideration, net of cash transferred, of $675,885. Of the total consideration, $63,000 was received upon finalization of closing activities in India and China, which occurred during the second quarter. This sale resulted in a pre-tax gain on disposition of $530,349 ($415,376 after-tax) included within the consolidated statements of earnings for the year ended December 31, 2024. The sale did not meet the criteria to be classified as a discontinued operation, as it did not represent a strategic shift that would have a major effect on operations and financial results.

De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. As of December 31, 2023, current assets and liabilities held for sale of $192,644 and $64,568, respectively, are presented in the consolidated balance sheets.

On September 30, 2024, a minority owned equity method investment held within the Climate & Sustainability Technologies segment was sold and the Company received its proportionate share of the proceeds amounting to $92,962. The sale resulted in a preliminary pre-tax gain of $67,449 ($47,008 after-tax), subject to customary post-closing adjustments and included within the consolidated statements of earnings for the year ended December 31, 2024.

2023 Dispositions

There was one immaterial disposition in 2023.

2022 Dispositions

There was one immaterial disposition in 2022.