Dover DOV · USD

19. Segment InformationThe 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, precision soldering and fluid dispensing end-markets. •Clean Energy & Fueling segment provides components, equipment, software solutions and services enabling safe and reliable storage, transport, dispensing, and remote monitoring 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.

2. Revenue Revenue from Contracts with CustomersA 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.Disaggregation of RevenueRevenue 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 19 — Segment Information for further details.Performance ObligationsA 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. These contracts require judgment in determining the number of performance obligations. The Company has elected to use the practical expedient to not adjust the promised amount of consideration for the effects of a significant financing component if it is expected, at contract inception, that the period between when the Company transfers a promised good or service to a customer, and when the customer pays for that good or service, will be one year or less. Thus, the Company may not consider an advance payment to be a significant financing component, if it is received less than one year before product completion.The majority of the Company's contracts offer assurance-type warranties in connection with the sale of a product to a customer. Assurance-type warranties provide a customer with assurance that the related product will function as the parties intended because it complies with agreed-upon specifications. Such warranties do not represent a separate performance obligation. The Company may also offer service-type warranties that provide services to the customer, in addition to the assurance that the product complies with agreed-upon specifications. If a warranty is determined to be a service-type warranty, it represents a distinct service and is treated as a separate performance obligation.

16. Commitments and Contingent LiabilitiesGuaranteesThe Company has provided typical indemnities in connection with sales of certain businesses and assets, including representations and warranties and related indemnities for environmental, health and safety, tax and employment matters. The Company does not have any material liabilities recorded for these indemnifications and is not aware of any claims or other information that would give rise to material payments under such indemnities.LitigationA 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 December 31, 2025 and December 31, 2024, 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. See Note 10 — Other Accrued Expenses and Other Liabilities for additional details. 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 December 31, 2025 and 2024, these estimated liabilities were immaterial.

14. Income TaxesIncome taxes have been based on the following components of earnings before provision for income taxes and discontinued operations in the consolidated statements of earnings: Years Ended December 31, 202520242023Domestic$844,403 $1,127,389 $608,423 Foreign529,849 629,627 514,577 Total$1,374,252 $1,757,016 $1,123,000 Income tax expense (benefit) related to continuing operations for the years ended December 31, 2025, 2024 and 2023 is comprised of the following: Years Ended December 31, 202520242023Current:U.S. federal$131,881 $233,348 $114,195 State and local18,529 47,199 13,930 Foreign155,029 168,151 143,216 Total current305,439 448,698 271,341 Deferred:U.S. federal(8,707)(35,304)(28,471)State and local1,472 (12,362)4,047 Foreign(21,381)(43,984)(67,781)Total deferred (28,616)(91,650)(92,205)Provision for income taxes$276,823 $357,048 $179,136 Effective January 1, 2025, the Company adopted ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Taxes Disclosures prospectively. The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the year ended December 31, 2025 in accordance with the guidance in ASU No. 2023-09: Year Ended December 31,2025 AmountPercentU.S. federal income tax rate$288,578 21.0 %State and local taxes, net of federal income tax benefit(a)15,611 1.1 Foreign tax effectsSwitzerland:Statutory tax rate differential(15,059)(1.1)Other10,135 0.7 Other jurisdictions25,229 1.8 Enactment of new tax laws4,414 0.3 Effect of cross-border tax lawsForeign-derived intangible income(15,814)(1.2)Other1,467 0.1 Tax credits(7,308)(0.5)Change in valuation allowance— — Non-taxable or non-deductible items(26)— Changes in unrecognized tax benefits4,473 0.3 Other adjustmentsCapital loss(34,853)(2.5)Other(24)— Total tax provision and effective tax rate$276,823 20.1 %(a) State taxes in California, Illinois, Michigan, Minnesota, New Hampshire, and Pennsylvania comprised greater than 50% of the tax effect in this category.The following table is a reconciliation of the U.S. federal statutory rate of 21% to the Company’s effective rate for the years ended December 31, 2024 and 2023 in accordance with the guidance prior to the adoption of ASU No. 2023-09: Years Ended December 31, 20242023U.S. federal income tax rate21.0 %21.0 %State and local taxes, net of federal income tax benefit1.0 1.5 Foreign operations tax effect0.6 0.5 Foreign-derived intangible income(1.0)(1.5)Share awards(0.

7. LeasesThe Company's ROU assets and lease liabilities are discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies.The components of lease costs were as follows:Years Ended December 31, 202520242023Operating Lease Costs:Fixed$66,752 $61,464 $57,409 Variable9,346 8,890 8,243 Short-term 21,718 20,564 20,550 Total(1)$97,816 $90,918 $86,202 (1) Finance lease cost and sublease income were immaterial.Supplemental cash flow information related to leases was as follows:Years Ended December 31, 202520242023Cash paid for amounts included in the measurement of lease liabilities:Operating cash flows for operating leases$65,302 $63,093 $57,607 Operating cash flows for finance leases479 443 318 Financing cash flows for finance leases5,347 4,316 3,231 Total$71,128 $67,852 $61,156 Right-of-use assets obtained in exchange for lease obligations:Operating leases$48,143 $49,021 $50,997 Financing leases3,197 4,469 3,539 Total$51,340 $53,490 $54,536 Supplemental balance sheet information related to leases was as follows: December 31, 2025December 31, 2024Operating LeasesRight-of-use assets: Other assets and deferred charges$229,003 $208,379 Lease liabilities: Other accrued expenses$52,366 $49,646 Other liabilities194,465 174,905 Total operating lease liabilities$246,831 $224,551 Finance LeasesRight-of-use assets:Property, plant and equipment, net (1)$10,422 $9,044 Lease liabilities: Other accrued expenses$4,504 $3,543 Other liabilities5,145 5,603 Total finance lease liabilities$9,649 $9,146 (1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $16,924 and $12,378 for the years ended December 31, 2025 and December 31, 2024, respectively.The aggregate future lease payments for operating and finance leases as of December 31, 2025 were as follows: OperatingFinance2026$61,264 $5,554 202751,905 3,229 202841,714 1,558 202931,026 527 203023,745 145 Thereafter79,795 14 Total lease payments289,449 11,027 Less interest(42,618)(1,378)Present value of lease liabilities$246,831 $9,649 Average lease terms and discount rates were as follows:December 31, 2025December 31, 2024December 31, 2023Weighted-average remaining lease term (years)Operating leases7.06.97.2Finance leases2.52.73.0Weighted-average discount rateOperating leases4.2 %4.1 %4.0 %Finance leases4.2 %4.2 %3.

3. Acquisitions2025 AcquisitionsDuring the year ended December 31, 2025, the Company acquired four businesses in separate transactions for total consideration of $665,270, net of cash acquired and inclusive of contingent consideration of $2,000 (a non-cash financing activity) and measurement period adjustments. These businesses were acquired to complement and expand upon existing operations within the Pumps & Process Solutions and Clean Energy & Fueling segments. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. Goodwill of $16,614 is deductible for income tax purposes and $350,516 is non-deductible for income tax purposes for these acquisitions. The fair values of the assets acquired and liabilities assumed, and the related tax balances, are based on preliminary estimates and assumptions. These preliminary estimates and assumptions could change significantly during the measurement period as the Company finalizes the valuations of the assets acquired and liabilities assumed, and the related tax balances. SikoraOn June 11, 2025, the Company acquired 99.8% of the equity interest in Sikora AG ("Sikora"), a provider of precision measurement, inspection and control solutions for production processes in the wires and cables, hoses, optical fibers and plastic industries for $608,459, net of cash acquired and inclusive of measurement period adjustments. The Sikora acquisition strengthens the Company's offerings in the Pumps & Process Solutions segment. In connection with this acquisition, the Company recorded preliminary goodwill of $340,478 and intangible assets of $219,058 for customer intangibles, $72,942 for unpatented technology and $17,690 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 value of intangible assets include discounted future cash flows, customer attrition rates and discount rates.

We continue to face significant and persistent cybersecurity risks and our business has both an increasing reliance on systems and an increasing digital footprint as a result of changing technologies, connected devices and digital offerings, as well as expanded remote work policies. We regularly assess our threat landscape and monitor our systems and other technical security controls, maintain information security policies and procedures, including a breach response plan, take steps to ensure maintenance of backup and protective systems, and have a team of security personnel managing our efforts and initiatives. We regularly review our policies, practices, and plans with assistance from third party experts and advisors for certification purposes, including with respect to SOC 2 certifications and Payment Card Industry Data Security Standard (PCI-DSS) certifications where relevant, and leverage third party resources to support our cyber risk defense, monitoring and response processes. We conduct security assessments and periodic re-assessments on key third party partners and other service providers with access to information assets of Dover. We review independent audit reports from key third party partners and other service providers with access to information assets at least annually. In addition, our online employees are required to participate in cyber, information security, and privacy training at least annually.From an operational perspective, we use vulnerability scanning tools to assess potential data security risks. We correlate the results and prioritize any key actions based on threat modeling analysis and monitor any such actions in-progress with the system owners based on assigned timelines for remediation. However, patch and vulnerability management, including for products and information assets, remains a complex and key risk that has in the past led to and may in the future lead to exploits, security breaches and service disruption. We also integrate security measures into our digital products and services, although product security risks will continue to evolve and grow more complex.Our product security efforts are informed in part by key tenants of various industry security standards such as ISA 62443, UL 2000-1, and certain standards from the National Institute of Standards & Technology ("NIST"). As part of our efforts, we conduct risk assessments and prioritize security validation for certain of our products.

12. BorrowingsBorrowings consist of the following: December 31, 2025December 31, 2024Short-termCurrent portion of long-term debt$706,677 $399,411 Other— 645 Short-term borrowings and current portion of long-term debt$706,677 $400,056 Carrying amount (1) PrincipalDecember 31, 2025December 31, 2024Long-term3.15% 10-year notes due November 15, 2025$400,000 $— $399,411 1.25% 10-year notes due November 9, 2026 (euro-denominated)€600,000 706,677 622,313 0.750% 8-year notes due November 4, 2027 (euro-denominated)€500,000 588,082 517,863 6.65% 30-year debentures due June 1, 2028$200,000 199,757 199,657 2.950% 10-year notes due November 4, 2029$300,000 298,544 298,166 3.50% 8-year notes due November 12, 2033 (euro-denominated)€550,000 642,927 — 5.375% 30-year debentures due October 15, 2035$300,000 297,557 297,308 6.60% 30-year notes due March 15, 2038$250,000 248,618 248,505 5.375% 30-year notes due March 1, 2041$350,000 345,810 345,534 Total long-term debt$3,327,972 $2,928,757 Less current portion of long-term debt(706,677)(399,411)Net long-term debt$2,621,295 $2,529,346 (1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $8.6 million and $8.5 million as of December 31, 2025 and December 31, 2024, respectively. Total deferred debt issuance costs were $9.7 million and $6.8 million as of December 31, 2025 and December 31, 2024, respectively.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 November 12, 2025, the Company issued €550,000 of 3.50% euro-denominated notes due 2033 ("2033 Notes"). The proceeds of €546,552 from the issuance of the 2033 Notes, net of discounts and issuance costs, were used for general corporate purposes.On November 15, 2025, the outstanding 3.150% notes with a principal value of $400,000 matured. The repayment of the notes at maturity was funded by the Company's existing cash balances.On April 6, 2023, the Company entered into a $1.0 billion five-year unsecured revolving credit facility and on April 3, 2025, the Company entered into a new $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The current 364-day credit facility replaced the previous $500.