Dover CORP 10-Q Filing

Ticker: DOV · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 29905

Sentiment: neutral

Filing Stats: 4,548 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-04-25 06:39:01

Filing Documents

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Page Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Statements of Earnings for the three months ended March 31, 2024 and 2023 1 Condensed Consolidated Statements of Comprehensive Earnings for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Note 1 — Basis of Presentation 6 Note 2 — Revenue 6 Note 3 — Acquisitions 7 Note 4 — Dispositions 8 Note 5 — Inventories, net 8 Note 6 — Property, Plant and Equipment, net 9 Note 7 — Credit Losses 9 Note 8 — Goodwill and Other Intangible Assets 9 Note 9 — Restructuring Activities 10 Note 10 — Borrowings 11 Note 11 — Financial Instruments 12 Note 12 — Income Taxes 14 Note 13 — Equity Incentive Program 14 Note 14 — Commitments and Contingent Liabilities 15 Note 15 — Other Comprehensive Earnings 16 Note 16 — Segment Information 17 Note 17 — Stockholders' Equity 19 Note 18 — Earnings per Share 20 Note 19 — Recent Accounting Pronouncements 20 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 38

— OTHER INFORMATION

PART II — OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 40 Item 6. Exhibits 41

SIGNATURES

SIGNATURES 42 Table of Contents

Financial Statements

Item 1. Financial Statements DOVER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenue $ 2,093,941 $ 2,079,023 Cost of goods and services 1,336,686 1,332,004 Gross profit 757,255 747,019 Selling, general and administrative expenses 463,124 432,414 Operating earnings 294,131 314,605 Interest expense 36,365 34,214 Interest income ( 4,757 ) ( 2,091 ) Gain on disposition ( 529,943 ) — Other income, net ( 6,416 ) ( 3,808 ) Earnings before provision for income taxes 798,882 286,290 Provision for income taxes 166,661 57,716 Net earnings $ 632,221 $ 228,574 Net earnings per share: Basic $ 4.55 $ 1.64 Diluted $ 4.52 $ 1.63 Weighted average shares outstanding: Basic 139,051 139,757 Diluted 139,869 140,616 See Notes to Condensed Consolidated Financial Statements 1 Table of Contents DOVER CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (In thousands) (Unaudited) Three Months Ended March 31, 2024 2023 Net earnings $ 632,221 $ 228,574 Other comprehensive (loss) earnings, net of tax Foreign currency translation adjustments: Foreign currency translation (loss) gain ( 29,342 ) 16,572 Reclassification of foreign currency translation losses to earnings 13,931 — Total foreign currency translation adjustments (net of $( 4,386 ) and $ 4,050 tax (provision) benefit, respectively) ( 15,411 ) 16,572 Pension and other post-retirement benefit plans: Amortization of actuarial gain included in net periodic pension cost ( 367 ) ( 534 ) Amortization of prior service (credits) costs included in net periodic pension cost ( 159 ) 264 Total pension and other post-retirement benefit plans (net of $ 139 and $ 82 tax benefit, respectively) ( 526 ) ( 270 ) Changes in fair value of cash flow hedges: Unrealized net loss arising during period ( 127 ) ( 73 ) Net (gain) loss reclassified into earnings ( 473 ) 846 Total

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