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Segment Information
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segment Information
16. Segment Information

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

The five reportable segments are as follows:

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

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

•Imaging & Identification segment supplies precision marking and coding, product traceability, brand protection and digital textile printing equipment, as well as related consumables, software and services to the global packaged and consumer goods, pharmaceutical, industrial manufacturing, textile and other end-markets.

•Pumps & Process Solutions segment manufactures specialty pumps and flow meters, fluid transfer connectors, highly engineered precision components, instruments and digital controls for rotating and reciprocating machines, and polymer processing equipment, serving single-use biopharmaceutical production, diversified industrial manufacturing applications, chemical production, plastics and polymer processing, midstream and downstream oil and gas, clean energy markets, thermal management, food and beverage, semiconductor production and medical applications and other end-markets.

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

Management uses segment earnings to evaluate segment performance and allocate resources. Segment earnings is defined as earnings before purchase accounting expenses, restructuring and other costs (benefits), loss (gain) on dispositions, corporate expenses/other, interest expense, interest income and provision for income taxes.
Segment financial information and a reconciliation of segment results to consolidated results were as follows:
 Three Months Ended March 31,
 20252024
Revenue:  
Engineered Products$254,646 $332,820 
Clean Energy & Fueling491,148 445,053 
Imaging & Identification280,090 276,806 
Pumps & Process Solutions493,573 465,729 
Climate & Sustainability Technologies347,888 364,292 
Total segment revenues
1,867,345 1,884,700 
Intersegment eliminations(1,286)(981)
Total consolidated revenue$1,866,059 $1,883,719 
Adjusted cost of goods and services:(1)
Engineered Products$173,080 $220,162 
Clean Energy & Fueling315,194 290,651 
Imaging & Identification123,625 127,825 
Pumps & Process Solutions252,164 260,375 
Climate & Sustainability Technologies244,700 263,693 
Total adjusted segment cost of goods and services
$1,108,763 $1,162,706 
Adjusted selling, general and administrative expenses:(2)
Engineered Products$37,452 $50,126 
Clean Energy & Fueling90,310 84,727 
Imaging & Identification78,890 79,022 
Pumps & Process Solutions90,134 86,617 
Climate & Sustainability Technologies51,069 49,840 
Total adjusted segment selling, general and administrative expenses
$347,855 $350,332 
Earnings from continuing operations: 
Segment earnings:
  
Engineered Products$44,114 $62,532 
Clean Energy & Fueling85,644 69,675 
Imaging & Identification77,575 69,959 
Pumps & Process Solutions151,275 118,737 
Climate & Sustainability Technologies52,119 50,759 
Total segment earnings410,727 371,662 
Purchase accounting expenses (3)
49,104 44,187 
Restructuring and other costs (4)
9,397 23,971 
Gain on dispositions (5)
(2,468)(529,943)
Corporate expense / other (6)
51,959 42,159 
Interest expense27,608 36,365 
Interest income(20,254)(4,756)
Earnings before provision for income taxes295,381 759,679 
Provision for income taxes56,140 157,577 
Earnings from continuing operations$239,241 $602,102 
(1) Adjusted cost of goods and services exclude expenses related to purchase accounting and restructuring and other costs.
(2) Adjusted selling, general and administrative expenses exclude expenses related to purchase accounting, restructuring and other costs, gain on dispositions and include other income, net.
(3) Purchase accounting expenses are primarily comprised of amortization of intangible assets.
(4) Restructuring and other costs relate to actions taken for headcount reductions, facility consolidations and site closures, product line exits, and other asset charges. Restructuring and other costs consist of the following:
Three Months Ended March 31,
20252024
Restructuring$8,310 $18,655 
Other costs, net1,087 5,316 
Restructuring and other costs$9,397 $23,971 
(5) Gain on dispositions, including post-closing adjustments; see Note 4 — Discontinued and Disposed Operations for further details.
(6) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services and digital and IT overhead costs, deal-related expenses and various administrative expenses relating to the corporate headquarters.

Three Months Ended March 31,
20252024
Segment earnings margins:
Engineered Products17.3 %18.8 %
Clean Energy & Fueling17.4 %15.7 %
Imaging & Identification27.7 %25.3 %
Pumps & Process Solutions30.6 %25.5 %
Climate & Sustainability Technologies15.0 %13.9 %
Total segments22.0 %19.7 %
Depreciation and amortization:
Other depreciation and amortization:(7)
Engineered Products$4,800$4,785
Clean Energy & Fueling8,5787,921
Imaging & Identification4,0933,733
Pumps & Process Solutions12,60112,139
Climate & Sustainability Technologies7,3257,275
Total other depreciation and amortization37,39735,853
Corporate depreciation and amortization1,8401,731
Depreciation and amortization included in purchase accounting expenses and restructuring and other48,18144,187
Consolidated depreciation and amortization total$87,418$81,771
(7) Other depreciation and amortization relates to property, plant, and equipment and intangibles, and excludes amounts related to purchase accounting expenses and restructuring and other costs.

Three Months Ended March 31,
Capital expenditures:20252024
Engineered Products$5,822 $5,170 
Clean Energy & Fueling11,093 10,043 
Imaging & Identification9,656 2,786 
Pumps & Process Solutions12,467 9,904 
Climate & Sustainability Technologies8,598 10,973 
Corporate556 1,174 
Total capital expenditures
$48,192 $40,050 
Selected financial information by segment (continued):

Total assets:
March 31, 2025December 31, 2024
Engineered Products
$1,075,309 $1,063,292 
Clean Energy & Fueling
3,623,154 3,601,573 
Imaging & Identification1,787,282 1,749,028 
Pumps & Process Solutions
2,674,855 2,613,405 
Climate & Sustainability Technologies1,361,973 1,293,132 
Corporate (8)
2,125,975 2,188,730 
Total assets$12,648,548 $12,509,160 
(8) Corporate assets are comprised primarily of cash and cash equivalents.

The following table presents revenue disaggregated by geography based on the location of the Company's customers:
Three Months Ended March 31,
Revenue by geography20252024
United States$1,023,117 $1,014,676 
Europe397,291 432,896 
Asia208,732 203,064 
Other Americas159,896 162,123 
Other77,023 70,960 
Total$1,866,059 $1,883,719 

For the three months ended March 31, 2025 and 2024, the U.S. was the largest geographical market for revenue for the Engineered Products, Clean Energy & Fueling, Pumps & Process Solutions, and Climate & Sustainability Technologies segments, and Europe was the largest market for the Imaging & Identification segment.