Dover

2023 Annual Report

About Dover

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(cid:84)(cid:80)(cid:85)(cid:75)(cid:90)(cid:76)(cid:91)(cid:19)(cid:3)(cid:74)(cid:86)(cid:83)(cid:83)(cid:72)(cid:73)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:74)(cid:92)(cid:90)(cid:91)(cid:86)(cid:84)(cid:76)(cid:89)(cid:90)(cid:3)(cid:91)(cid:86)(cid:3)(cid:89)(cid:76)(cid:75)(cid:76)(cid:196)(cid:85)(cid:76)(cid:3)(cid:94)(cid:79)(cid:72)(cid:91)(cid:187)(cid:90)(cid:3)(cid:87)(cid:86)(cid:90)(cid:90)(cid:80)(cid:73)(cid:83)(cid:76)(cid:21)(cid:3)(cid:47)(cid:76)(cid:72)(cid:75)(cid:88)(cid:92)(cid:72)(cid:89)(cid:91)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)(cid:80)(cid:85)(cid:3)(cid:43)(cid:86)(cid:94)(cid:85)(cid:76)(cid:89)(cid:90)(cid:3)(cid:46)(cid:89)(cid:86)(cid:93)(cid:76)(cid:19)(cid:3)(cid:48)(cid:83)(cid:83)(cid:80)(cid:85)(cid:86)(cid:80)(cid:90)(cid:19)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:91)(cid:89)(cid:72)(cid:75)(cid:76)(cid:90)(cid:3)(cid:86)(cid:85)(cid:3)
(cid:91)(cid:79)(cid:76)(cid:3)(cid:53)(cid:76)(cid:94)(cid:3)(cid:64)(cid:86)(cid:89)(cid:82)(cid:3)(cid:58)(cid:91)(cid:86)(cid:74)(cid:82)(cid:3)(cid:44)(cid:95)(cid:74)(cid:79)(cid:72)(cid:85)(cid:78)(cid:76)(cid:3)(cid:92)(cid:85)(cid:75)(cid:76)(cid:89)(cid:3)(cid:184)(cid:43)(cid:54)(cid:61)(cid:21)(cid:185)(cid:3)(cid:40)(cid:75)(cid:75)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:3)(cid:80)(cid:85)(cid:77)(cid:86)(cid:89)(cid:84)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:80)(cid:90)(cid:3)(cid:72)(cid:93)(cid:72)(cid:80)(cid:83)(cid:72)(cid:73)(cid:83)(cid:76)(cid:3)(cid:72)(cid:91)(cid:3)(cid:75)(cid:86)(cid:93)(cid:76)(cid:89)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21)(cid:74)(cid:86)(cid:84)(cid:21)(cid:3)

Financial Highlights

(cid:15)(cid:75)(cid:86)(cid:83)(cid:83)(cid:72)(cid:89)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:86)(cid:92)(cid:90)(cid:72)(cid:85)(cid:75)(cid:90)(cid:19)(cid:3)(cid:76)(cid:95)(cid:74)(cid:76)(cid:87)(cid:91)(cid:3)(cid:87)(cid:76)(cid:89)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:3)(cid:196)(cid:78)(cid:92)(cid:89)(cid:76)(cid:90)(cid:16) 

2023

2022

2021 

Revenue

(cid:44)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:73)(cid:76)(cid:77)(cid:86)(cid:89)(cid:76)(cid:3)(cid:91)(cid:72)(cid:95)(cid:76)(cid:90)

(cid:44)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)

(cid:44)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:3)(cid:75)(cid:80)(cid:83)(cid:92)(cid:91)(cid:76)(cid:75)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)

(cid:40)(cid:75)(cid:81)(cid:92)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:15)(cid:24)(cid:16)

(cid:40)(cid:75)(cid:81)(cid:92)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:3)(cid:75)(cid:80)(cid:83)(cid:92)(cid:91)(cid:76)(cid:75)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:15)(cid:24)(cid:16)

(cid:43)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:3)(cid:74)(cid:86)(cid:84)(cid:84)(cid:86)(cid:85)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)

(cid:42)(cid:72)(cid:87)(cid:80)(cid:91)(cid:72)(cid:83)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:85)(cid:75)(cid:80)(cid:91)(cid:92)(cid:89)(cid:76)(cid:90)

(cid:40)(cid:74)(cid:88)(cid:92)(cid:80)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:15)(cid:85)(cid:76)(cid:91)(cid:3)(cid:72)(cid:90)(cid:90)(cid:76)(cid:91)(cid:90)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:89)(cid:76)(cid:75)(cid:16)

(cid:42)(cid:72)(cid:90)(cid:79)(cid:3)(cid:197)(cid:86)(cid:94)(cid:90)(cid:3)(cid:77)(cid:89)(cid:86)(cid:84)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)

(cid:57)(cid:76)(cid:91)(cid:92)(cid:89)(cid:85)(cid:3)(cid:86)(cid:85)(cid:3)(cid:72)(cid:93)(cid:76)(cid:89)(cid:72)(cid:78)(cid:76)(cid:3)(cid:76)(cid:88)(cid:92)(cid:80)(cid:91)(cid:96) (cid:15)(cid:25)(cid:16)

(cid:40)(cid:75)(cid:81)(cid:92)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:89)(cid:76)(cid:91)(cid:92)(cid:89)(cid:85)(cid:3)(cid:86)(cid:85)(cid:3)(cid:72)(cid:93)(cid:76)(cid:89)(cid:72)(cid:78)(cid:76)(cid:3)(cid:76)(cid:88)(cid:92)(cid:80)(cid:91)(cid:96) (cid:15)(cid:25)(cid:16)

$   8,438,134 

$   1,270,006

$    1,056,828

$ 

7.52

$    1,236,575

$ 

$ 

$ 

$ 

8.80

2.03

192,592

 533,623(cid:3)(cid:3)

$  1,336,345

22.5%

26.3%

(cid:11) (cid:31)(cid:19)(cid:28)(cid:23)(cid:31)(cid:19)(cid:23)(cid:31)(cid:31)

(cid:11) (cid:3)(cid:24)(cid:19)(cid:25)(cid:31)(cid:30)(cid:19)(cid:28)(cid:23)(cid:28)

(cid:11) (cid:24)(cid:19)(cid:23)(cid:29)(cid:28)(cid:19)(cid:26)(cid:30)(cid:29)

(cid:11)

(cid:30)(cid:21)(cid:27)(cid:25)

(cid:11) (cid:24)(cid:19)(cid:25)(cid:24)(cid:26)(cid:19)(cid:23)(cid:32)(cid:30)

(cid:11)

(cid:11)

(cid:11)

(cid:11)

(cid:11)

(cid:31)(cid:21)(cid:27)(cid:28)

(cid:25)(cid:21)(cid:23)(cid:24)

(cid:25)(cid:25)(cid:23)(cid:19)(cid:32)(cid:29)(cid:25)

(cid:26)(cid:24)(cid:25)(cid:19)(cid:31)(cid:28)(cid:28)

(cid:3)(cid:3)(cid:31)(cid:23)(cid:28)(cid:19)(cid:30)(cid:25)(cid:27)

(cid:25)(cid:28)(cid:21)(cid:24)(cid:12)

(cid:25)(cid:31)(cid:21)(cid:29)(cid:12)

(cid:11) (cid:30)(cid:19)(cid:32)(cid:23)(cid:30)(cid:19)(cid:23)(cid:31)(cid:24)

(cid:11) (cid:24)(cid:19)(cid:27)(cid:23)(cid:23)(cid:19)(cid:31)(cid:25)(cid:29)

(cid:11) (cid:24)(cid:19)(cid:24)(cid:25)(cid:26)(cid:19)(cid:31)(cid:24)(cid:31)

(cid:11)

(cid:30)(cid:21)(cid:30)(cid:27)

(cid:11) (cid:24)(cid:19)(cid:24)(cid:23)(cid:32)(cid:19)(cid:23)(cid:25)(cid:27)

(cid:11)

(cid:11)

(cid:11)(cid:3)

(cid:30)(cid:21)(cid:29)(cid:26)

(cid:24)(cid:21)(cid:32)(cid:32)

(cid:3)(cid:24)(cid:30)(cid:24)(cid:19)(cid:27)(cid:29)(cid:28)

(cid:11) (cid:24)(cid:19)(cid:24)(cid:24)(cid:25)(cid:19)(cid:23)(cid:30)(cid:28)

(cid:11) (cid:3)(cid:24)(cid:19)(cid:24)(cid:24)(cid:28)(cid:19)(cid:31)(cid:29)(cid:28)

(cid:25)(cid:32)(cid:21)(cid:30)(cid:12)

(cid:25)(cid:32)(cid:21)(cid:26)(cid:12)

Revenue & Adjusted Earnings(1)
($ in millions)

Revenue (Left Axis)
Adjusted Earnings (Right Axis) 

Adjusted EPS(1)

Free Cash Flow (3)
($ in millions)

Free Cash Flow (Left Axis)
Free Cash Flow as a % of 
Revenue (Right Axis)

$9,000

6,750

4,500

2,250

0

$1,500

1,125

750

375

0

$9.00

 6.75

4.50

2.25

0

$1,200

900

600

300

0

16%

12

8

4

0

2021  2022 

2023

2021  2022 

2023

2021  2022 

2023

(1(cid:16) (cid:44)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:72)(cid:89)(cid:76)(cid:3)(cid:72)(cid:75)(cid:81)(cid:92)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:73)(cid:96)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:76)(cid:584)(cid:76)(cid:74)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:87)(cid:92)(cid:89)(cid:74)(cid:79)(cid:72)(cid:90)(cid:76)(cid:3)(cid:72)(cid:74)(cid:74)(cid:86)(cid:92)(cid:85)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:85)(cid:90)(cid:76)(cid:90)(cid:19)(cid:3)(cid:89)(cid:76)(cid:90)(cid:91)(cid:89)(cid:92)(cid:74)(cid:91)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:86)(cid:91)(cid:79)(cid:76)(cid:89)(cid:3)(cid:74)(cid:86)(cid:90)(cid:91)(cid:90)(cid:3)(cid:15)(cid:73)(cid:76)(cid:85)(cid:76)(cid:196)(cid:91)(cid:90)(cid:16)(cid:19)(cid:3)(cid:59)(cid:72)(cid:95)(cid:3)(cid:42)(cid:92)(cid:91)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:49)(cid:86)(cid:73)(cid:90)(cid:3)(cid:40)(cid:74)(cid:91)(cid:19)(cid:3)(cid:75)(cid:80)(cid:90)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:90)(cid:91)(cid:90)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)

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(2(cid:16) (cid:57)(cid:76)(cid:91)(cid:92)(cid:89)(cid:85)(cid:3)(cid:86)(cid:85)(cid:3)(cid:72)(cid:93)(cid:76)(cid:89)(cid:72)(cid:78)(cid:76)(cid:3)(cid:76)(cid:88)(cid:92)(cid:80)(cid:91)(cid:96)(cid:3)(cid:80)(cid:90)(cid:3)(cid:74)(cid:72)(cid:83)(cid:74)(cid:92)(cid:83)(cid:72)(cid:91)(cid:76)(cid:75)(cid:3)(cid:73)(cid:96)(cid:3)(cid:75)(cid:80)(cid:93)(cid:80)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3)(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:73)(cid:96)(cid:3)(cid:72)(cid:93)(cid:76)(cid:89)(cid:72)(cid:78)(cid:76)(cid:3)(cid:90)(cid:91)(cid:86)(cid:74)(cid:82)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)(cid:90)(cid:187)(cid:3)(cid:76)(cid:88)(cid:92)(cid:80)(cid:91)(cid:96)(cid:3)(cid:15)(cid:91)(cid:79)(cid:76)(cid:3)(cid:90)(cid:92)(cid:84)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:90)(cid:91)(cid:86)(cid:74)(cid:82)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)(cid:90)(cid:187)(cid:3)(cid:76)(cid:88)(cid:92)(cid:80)(cid:91)(cid:96)(cid:3)(cid:72)(cid:91)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:73)(cid:76)(cid:78)(cid:80)(cid:85)(cid:85)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:76)(cid:85)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3)
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(3(cid:16) (cid:45)(cid:89)(cid:76)(cid:76)(cid:3)(cid:74)(cid:72)(cid:90)(cid:79)(cid:3)(cid:197)(cid:86)(cid:94)(cid:3)(cid:15)(cid:72)(cid:3)(cid:85)(cid:86)(cid:85)(cid:20)(cid:46)(cid:40)(cid:40)(cid:55)(cid:3)(cid:84)(cid:76)(cid:72)(cid:90)(cid:92)(cid:89)(cid:76)(cid:16)(cid:3)(cid:89)(cid:76)(cid:87)(cid:89)(cid:76)(cid:90)(cid:76)(cid:85)(cid:91)(cid:90)(cid:3)(cid:85)(cid:76)(cid:91)(cid:3)(cid:74)(cid:72)(cid:90)(cid:79)(cid:3)(cid:87)(cid:89)(cid:86)(cid:93)(cid:80)(cid:75)(cid:76)(cid:75)(cid:3)(cid:73)(cid:96)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:74)(cid:91)(cid:80)(cid:93)(cid:80)(cid:91)(cid:80)(cid:76)(cid:90)(cid:3)(cid:84)(cid:80)(cid:85)(cid:92)(cid:90)(cid:3)(cid:74)(cid:72)(cid:87)(cid:80)(cid:91)(cid:72)(cid:83)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:85)(cid:75)(cid:80)(cid:91)(cid:92)(cid:89)(cid:76)(cid:90)(cid:21)

Forward-Looking Statements and Non-GAAP Measures:
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(cid:57)(cid:76)(cid:83)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:90)(cid:76)(cid:74)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:94)(cid:76)(cid:73)(cid:90)(cid:80)(cid:91)(cid:76)(cid:3)(cid:92)(cid:85)(cid:75)(cid:76)(cid:89)(cid:3)(cid:40)(cid:85)(cid:85)(cid:92)(cid:72)(cid:83)(cid:3)(cid:57)(cid:76)(cid:87)(cid:86)(cid:89)(cid:91)(cid:90)(cid:21)

 
A Message from the Chairman, 
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(cid:86)(cid:92)(cid:89)(cid:3)(cid:74)(cid:92)(cid:83)(cid:91)(cid:92)(cid:89)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:79)(cid:86)(cid:94)(cid:3)(cid:94)(cid:76)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:76)(cid:3)(cid:72)(cid:90)(cid:3)(cid:72)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:21)(cid:3)(cid:43)(cid:76)(cid:90)(cid:87)(cid:80)(cid:91)(cid:76)(cid:3)(cid:91)(cid:79)(cid:76)

(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:21)

(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:19)(cid:3)(cid:84)(cid:72)(cid:74)(cid:89)(cid:86)(cid:76)(cid:74)(cid:86)(cid:85)(cid:86)(cid:84)(cid:80)(cid:74)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:78)(cid:76)(cid:86)(cid:87)(cid:86)(cid:83)(cid:80)(cid:91)(cid:80)(cid:74)(cid:72)(cid:83)(cid:3)(cid:74)(cid:79)(cid:72)(cid:83)(cid:83)(cid:76)(cid:85)(cid:78)(cid:76)(cid:90)

(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:89)(cid:76)(cid:84)(cid:72)(cid:80)(cid:85)(cid:3)(cid:73)(cid:76)(cid:77)(cid:86)(cid:89)(cid:76)(cid:3)(cid:92)(cid:90)(cid:19)(cid:3)(cid:94)(cid:76)(cid:3)(cid:79)(cid:72)(cid:93)(cid:76)(cid:3)(cid:72)(cid:78)(cid:72)(cid:80)(cid:85)(cid:3)(cid:90)(cid:76)(cid:91)(cid:3)(cid:72)(cid:84)(cid:73)(cid:80)(cid:91)(cid:80)(cid:86)(cid:92)(cid:90)

(cid:59)(cid:79)(cid:76)(cid:3)(cid:55)(cid:92)(cid:84)(cid:87)(cid:90)(cid:3)(cid:13)(cid:3)(cid:55)(cid:89)(cid:86)(cid:74)(cid:76)(cid:90)(cid:90)(cid:3)(cid:58)(cid:86)(cid:83)(cid:92)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:75)(cid:76)(cid:83)(cid:80)(cid:93)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)

(cid:87)(cid:76)(cid:89)(cid:77)(cid:86)(cid:89)(cid:84)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:78)(cid:86)(cid:72)(cid:83)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:72)(cid:89)(cid:76)(cid:3)(cid:74)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:75)(cid:3)(cid:91)(cid:86)

(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:11)(cid:24)(cid:21)(cid:31)(cid:3)(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:72)(cid:91)(cid:3)(cid:72)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:84)(cid:72)(cid:89)(cid:78)(cid:80)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)

(cid:80)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:80)(cid:85)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:87)(cid:86)(cid:89)(cid:91)(cid:77)(cid:86)(cid:83)(cid:80)(cid:86)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:76)(cid:84)(cid:87)(cid:83)(cid:86)(cid:96)(cid:76)(cid:76)(cid:90)(cid:3)(cid:91)(cid:86)(cid:3)(cid:77)(cid:92)(cid:76)(cid:83)

(cid:25)(cid:31)(cid:12)(cid:21)(cid:3)(cid:58)(cid:91)(cid:89)(cid:86)(cid:85)(cid:78)(cid:3)(cid:78)(cid:89)(cid:86)(cid:94)(cid:91)(cid:79)(cid:3)(cid:80)(cid:85)(cid:3)(cid:87)(cid:89)(cid:76)(cid:74)(cid:80)(cid:90)(cid:80)(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:86)(cid:85)(cid:76)(cid:85)(cid:91)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:87)(cid:86)(cid:83)(cid:96)(cid:84)(cid:76)(cid:89)

(cid:86)(cid:92)(cid:89)(cid:3)(cid:77)(cid:92)(cid:91)(cid:92)(cid:89)(cid:76)(cid:3)(cid:72)(cid:74)(cid:79)(cid:80)(cid:76)(cid:93)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:90)(cid:21)

2023 Results

(cid:87)(cid:89)(cid:86)(cid:74)(cid:76)(cid:90)(cid:90)(cid:80)(cid:85)(cid:78)(cid:3)(cid:75)(cid:72)(cid:84)(cid:87)(cid:76)(cid:85)(cid:76)(cid:75)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:76)(cid:584)(cid:76)(cid:74)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)(cid:89)(cid:76)(cid:75)(cid:92)(cid:74)(cid:76)(cid:75)(cid:3)(cid:73)(cid:80)(cid:86)(cid:87)(cid:79)(cid:72)(cid:89)(cid:84)(cid:72)(cid:3)

(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:87)(cid:86)(cid:90)(cid:91)(cid:20)(cid:87)(cid:72)(cid:85)(cid:75)(cid:76)(cid:84)(cid:80)(cid:74)(cid:3)(cid:87)(cid:76)(cid:89)(cid:80)(cid:86)(cid:75)(cid:21)(cid:3)(cid:54)(cid:92)(cid:89)(cid:3)(cid:43)(cid:76)(cid:74)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)

(cid:25)(cid:23)(cid:25)(cid:25)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:62)(cid:80)(cid:91)(cid:91)(cid:76)(cid:3)(cid:87)(cid:92)(cid:84)(cid:87)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:77)(cid:86)(cid:89)(cid:84)(cid:76)(cid:75)(cid:3)(cid:73)(cid:76)(cid:91)(cid:91)(cid:76)(cid:89)(cid:3)(cid:91)(cid:79)(cid:72)(cid:85)

(cid:48)(cid:85)(cid:3)(cid:25)(cid:23)(cid:25)(cid:26)(cid:19)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:75)(cid:76)(cid:83)(cid:80)(cid:93)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)(cid:72)(cid:3)(cid:90)(cid:86)(cid:83)(cid:80)(cid:75)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:87)(cid:76)(cid:89)(cid:77)(cid:86)(cid:89)(cid:84)(cid:72)(cid:85)(cid:74)(cid:76)

(cid:76)(cid:95)(cid:87)(cid:76)(cid:74)(cid:91)(cid:76)(cid:75)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:86)(cid:89)(cid:75)(cid:76)(cid:89)(cid:3)(cid:89)(cid:72)(cid:91)(cid:76)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:73)(cid:80)(cid:86)(cid:87)(cid:79)(cid:72)(cid:89)(cid:84)(cid:72)(cid:3)(cid:80)(cid:85)(cid:197)(cid:76)(cid:74)(cid:91)(cid:76)(cid:75)(cid:3)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:93)(cid:76)(cid:83)(cid:96)

(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:11)(cid:31)(cid:21)(cid:27)(cid:3)(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:80)(cid:85)(cid:3)(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:11)(cid:24)(cid:21)(cid:31)(cid:3)(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)

(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:77)(cid:86)(cid:92)(cid:89)(cid:91)(cid:79)(cid:3)(cid:88)(cid:92)(cid:72)(cid:89)(cid:91)(cid:76)(cid:89)(cid:3)(cid:94)(cid:79)(cid:80)(cid:74)(cid:79)(cid:3)(cid:80)(cid:90)(cid:3)(cid:72)(cid:85)(cid:3)(cid:76)(cid:85)(cid:74)(cid:86)(cid:92)(cid:89)(cid:72)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:90)(cid:80)(cid:78)(cid:85)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)

(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:19)(cid:3)(cid:89)(cid:76)(cid:87)(cid:89)(cid:76)(cid:90)(cid:76)(cid:85)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:84)(cid:72)(cid:89)(cid:78)(cid:80)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:25)(cid:24)(cid:12)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:90)(cid:76)

(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:96)(cid:3)(cid:86)(cid:92)(cid:91)(cid:83)(cid:86)(cid:86)(cid:82)(cid:21)(cid:3)(cid:54)(cid:92)(cid:89)(cid:3)(cid:83)(cid:80)(cid:88)(cid:92)(cid:80)(cid:75)(cid:3)(cid:74)(cid:86)(cid:86)(cid:83)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)(cid:89)(cid:84)(cid:72)(cid:83)(cid:3)(cid:74)(cid:86)(cid:85)(cid:85)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)

(cid:89)(cid:76)(cid:90)(cid:92)(cid:83)(cid:91)(cid:90)(cid:3)(cid:75)(cid:89)(cid:86)(cid:93)(cid:76)(cid:3)(cid:72)(cid:85)(cid:3)(cid:80)(cid:85)(cid:74)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:3)(cid:80)(cid:85)(cid:3)(cid:72)(cid:75)(cid:81)(cid:92)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:3)

(cid:78)(cid:89)(cid:86)(cid:94)(cid:91)(cid:79)(cid:3)(cid:87)(cid:83)(cid:72)(cid:91)(cid:77)(cid:86)(cid:89)(cid:84)(cid:3)(cid:94)(cid:86)(cid:85)(cid:3)(cid:90)(cid:76)(cid:93)(cid:76)(cid:89)(cid:72)(cid:83)(cid:3)(cid:85)(cid:86)(cid:91)(cid:72)(cid:73)(cid:83)(cid:76)(cid:3)(cid:90)(cid:87)(cid:76)(cid:74)(cid:80)(cid:196)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)

(cid:86)(cid:77)(cid:3)(cid:27)(cid:12)(cid:3)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:87)(cid:89)(cid:80)(cid:86)(cid:89)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:21)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:78)(cid:76)(cid:85)(cid:76)(cid:89)(cid:72)(cid:91)(cid:76)(cid:75)(cid:3)(cid:11)(cid:24)(cid:21)(cid:24)(cid:3)(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:80)(cid:85)

(cid:84)(cid:72)(cid:89)(cid:88)(cid:92)(cid:76)(cid:76)(cid:3)(cid:74)(cid:92)(cid:90)(cid:91)(cid:86)(cid:84)(cid:76)(cid:89)(cid:90)(cid:3)(cid:75)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:94)(cid:76)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:74)(cid:91)(cid:3)(cid:90)(cid:91)(cid:89)(cid:86)(cid:85)(cid:78)(cid:3)

(cid:77)(cid:89)(cid:76)(cid:76)(cid:3)(cid:74)(cid:72)(cid:90)(cid:79)(cid:3)(cid:197)(cid:86)(cid:94)(cid:3)(cid:75)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:21)(cid:3)(cid:62)(cid:76)(cid:3)(cid:80)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:11)(cid:24)(cid:32)(cid:26)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)

(cid:75)(cid:76)(cid:84)(cid:72)(cid:85)(cid:75)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:90)(cid:3)(cid:78)(cid:86)(cid:80)(cid:85)(cid:78)(cid:3)(cid:77)(cid:86)(cid:89)(cid:94)(cid:72)(cid:89)(cid:75)(cid:21)

(cid:80)(cid:85)(cid:3)(cid:74)(cid:72)(cid:87)(cid:80)(cid:91)(cid:72)(cid:83)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:85)(cid:75)(cid:80)(cid:91)(cid:92)(cid:89)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:11)(cid:24)(cid:28)(cid:26)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:80)(cid:85)(cid:3)(cid:89)(cid:76)(cid:90)(cid:76)(cid:72)(cid:89)(cid:74)(cid:79)(cid:3)(cid:72)(cid:85)(cid:75)

(cid:75)(cid:76)(cid:93)(cid:76)(cid:83)(cid:86)(cid:87)(cid:84)(cid:76)(cid:85)(cid:91)(cid:21)(cid:3)(cid:40)(cid:75)(cid:75)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:83)(cid:96)(cid:19)(cid:3)(cid:94)(cid:76)(cid:3)(cid:75)(cid:76)(cid:87)(cid:83)(cid:86)(cid:96)(cid:76)(cid:75)(cid:3)(cid:11)(cid:28)(cid:26)(cid:27)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)

(cid:54)(cid:92)(cid:89)(cid:3)(cid:42)(cid:83)(cid:80)(cid:84)(cid:72)(cid:91)(cid:76)(cid:3)(cid:13)(cid:3)(cid:58)(cid:92)(cid:90)(cid:91)(cid:72)(cid:80)(cid:85)(cid:72)(cid:73)(cid:80)(cid:83)(cid:80)(cid:91)(cid:96)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:75)(cid:76)(cid:83)(cid:80)(cid:93)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)

(cid:91)(cid:86)(cid:94)(cid:72)(cid:89)(cid:75)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:85)(cid:76)(cid:94)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:76)(cid:90)(cid:21)(cid:3)(cid:62)(cid:76)(cid:3)(cid:72)(cid:83)(cid:90)(cid:86)(cid:3)(cid:80)(cid:85)(cid:74)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:75)

(cid:86)(cid:77)(cid:3)(cid:11)(cid:24)(cid:21)(cid:31)(cid:3)(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:72)(cid:91)(cid:3)(cid:72)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:84)(cid:72)(cid:89)(cid:78)(cid:80)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:24)(cid:30)(cid:12)(cid:19)(cid:3)(cid:72)(cid:85)

(cid:91)(cid:79)(cid:76)(cid:3)(cid:75)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:3)(cid:87)(cid:72)(cid:96)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:91)(cid:86)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:29)(cid:31)(cid:91)(cid:79)

(cid:80)(cid:85)(cid:74)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:25)(cid:29)(cid:23)(cid:3)(cid:73)(cid:72)(cid:90)(cid:80)(cid:90)(cid:3)(cid:87)(cid:86)(cid:80)(cid:85)(cid:91)(cid:90)(cid:3)(cid:77)(cid:89)(cid:86)(cid:84)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:87)(cid:89)(cid:76)(cid:93)(cid:80)(cid:86)(cid:92)(cid:90)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:21)(cid:3)(cid:59)(cid:79)(cid:80)(cid:90)

(cid:74)(cid:86)(cid:85)(cid:90)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:21)

Segment Results

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(cid:74)(cid:76)(cid:85)(cid:91)(cid:76)(cid:89)(cid:3)(cid:74)(cid:86)(cid:86)(cid:83)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:87)(cid:87)(cid:83)(cid:80)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:19)(cid:3)(cid:72)(cid:90)(cid:3)(cid:94)(cid:76)(cid:83)(cid:83)(cid:3)(cid:72)(cid:90)(cid:3)(cid:76)(cid:85)(cid:93)(cid:80)(cid:89)(cid:86)(cid:85)(cid:84)(cid:76)(cid:85)(cid:91)(cid:72)(cid:83)(cid:83)(cid:96)

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(cid:77)(cid:89)(cid:80)(cid:76)(cid:85)(cid:75)(cid:83)(cid:96)(cid:3)(cid:42)(cid:54)2(cid:3)(cid:89)(cid:76)(cid:77)(cid:89)(cid:80)(cid:78)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:90)(cid:96)(cid:90)(cid:91)(cid:76)(cid:84)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:89)(cid:76)(cid:91)(cid:72)(cid:80)(cid:83)(cid:3)(cid:90)(cid:91)(cid:86)(cid:89)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:83)(cid:80)(cid:78)(cid:79)(cid:91)

(cid:73)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:3)(cid:72)(cid:91)(cid:3)(cid:72)(cid:3)(cid:90)(cid:76)(cid:78)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:86)(cid:87)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:84)(cid:72)(cid:89)(cid:78)(cid:80)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:24)(cid:32)(cid:12)(cid:21)(cid:3)(cid:57)(cid:86)(cid:73)(cid:92)(cid:90)(cid:91)

(cid:80)(cid:85)(cid:75)(cid:92)(cid:90)(cid:91)(cid:89)(cid:80)(cid:72)(cid:83)(cid:3)(cid:77)(cid:72)(cid:74)(cid:80)(cid:83)(cid:80)(cid:91)(cid:80)(cid:76)(cid:90)(cid:21)(cid:3)(cid:41)(cid:86)(cid:91)(cid:79)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:76)(cid:90)(cid:3)(cid:87)(cid:76)(cid:89)(cid:77)(cid:86)(cid:89)(cid:84)(cid:76)(cid:75)(cid:3)(cid:94)(cid:76)(cid:83)(cid:83)(cid:19)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)

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(cid:74)(cid:72)(cid:87)(cid:72)(cid:74)(cid:80)(cid:91)(cid:96)(cid:3)(cid:72)(cid:75)(cid:75)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:87)(cid:89)(cid:86)(cid:78)(cid:89)(cid:76)(cid:90)(cid:90)(cid:80)(cid:93)(cid:76)(cid:83)(cid:96)(cid:3)(cid:74)(cid:86)(cid:84)(cid:80)(cid:85)(cid:78)(cid:3)(cid:86)(cid:85)(cid:83)(cid:80)(cid:85)(cid:76)(cid:3)(cid:75)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)

(cid:75)(cid:76)(cid:84)(cid:72)(cid:85)(cid:75)(cid:3)(cid:74)(cid:86)(cid:85)(cid:75)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:93)(cid:76)(cid:79)(cid:80)(cid:74)(cid:83)(cid:76)(cid:3)(cid:90)(cid:76)(cid:89)(cid:93)(cid:80)(cid:74)(cid:76)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:44)(cid:92)(cid:89)(cid:86)(cid:87)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:40)(cid:90)(cid:80)(cid:72)(cid:21)(cid:3)

(cid:96)(cid:76)(cid:72)(cid:89)(cid:3)(cid:91)(cid:86)(cid:3)(cid:72)(cid:74)(cid:74)(cid:86)(cid:84)(cid:84)(cid:86)(cid:75)(cid:72)(cid:91)(cid:76)(cid:3)(cid:77)(cid:92)(cid:91)(cid:92)(cid:89)(cid:76)(cid:3)(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:3)(cid:75)(cid:76)(cid:84)(cid:72)(cid:85)(cid:75)(cid:21)

Business Portfolio

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(cid:80)(cid:85)(cid:93)(cid:86)(cid:83)(cid:93)(cid:76)(cid:75)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:72)(cid:83)(cid:83)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:91)(cid:79)(cid:76)(cid:96)(cid:3)(cid:79)(cid:72)(cid:93)(cid:76)(cid:3)(cid:74)(cid:86)(cid:85)(cid:91)(cid:89)(cid:80)(cid:73)(cid:92)(cid:91)(cid:76)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:72)(cid:85)(cid:75)

(cid:74)(cid:79)(cid:72)(cid:80)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:40)(cid:92)(cid:75)(cid:80)(cid:91)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:72)(cid:90)(cid:3)(cid:72)(cid:3)(cid:84)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)

(cid:94)(cid:80)(cid:90)(cid:79)(cid:3)(cid:91)(cid:79)(cid:76)(cid:84)(cid:3)(cid:77)(cid:92)(cid:91)(cid:92)(cid:89)(cid:76)(cid:3)(cid:90)(cid:92)(cid:74)(cid:74)(cid:76)(cid:90)(cid:90)(cid:21)(cid:3)(cid:48)(cid:85)(cid:3)(cid:43)(cid:76)(cid:74)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:19)(cid:3)(cid:94)(cid:76)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:89)(cid:76)(cid:75)(cid:3)(cid:91)(cid:79)(cid:76)

(cid:42)(cid:86)(cid:84)(cid:87)(cid:76)(cid:85)(cid:90)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3)(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:90)

(cid:45)(cid:62)(cid:3)(cid:52)(cid:92)(cid:89)(cid:87)(cid:79)(cid:96)(cid:3)(cid:55)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:42)(cid:86)(cid:85)(cid:91)(cid:89)(cid:86)(cid:83)(cid:90)(cid:3)(cid:73)(cid:92)(cid:90)(cid:80)(cid:85)(cid:76)(cid:90)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:11)(cid:28)(cid:25)(cid:29)(cid:3)(cid:84)(cid:80)(cid:83)(cid:83)(cid:80)(cid:86)(cid:85)(cid:21)

(cid:94)(cid:86)(cid:92)(cid:83)(cid:75)(cid:3)(cid:83)(cid:80)(cid:82)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:72)(cid:85)(cid:82)(cid:3)(cid:91)(cid:79)(cid:76)(cid:84)(cid:3)(cid:73)(cid:86)(cid:91)(cid:79)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:80)(cid:89)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:90)(cid:76)(cid:89)(cid:93)(cid:80)(cid:74)(cid:76)(cid:21)

(cid:59)(cid:79)(cid:80)(cid:90)(cid:3)(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:72)(cid:75)(cid:75)(cid:90)(cid:3)(cid:79)(cid:80)(cid:78)(cid:79)(cid:83)(cid:96)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:83)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:72)(cid:89)(cid:96)(cid:3)(cid:86)(cid:584)(cid:76)(cid:89)(cid:80)(cid:85)(cid:78)(cid:90)(cid:3)(cid:91)(cid:86)

(cid:59)(cid:79)(cid:76)(cid:96)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:73)(cid:76)(cid:3)(cid:84)(cid:80)(cid:90)(cid:90)(cid:76)(cid:75)(cid:3)(cid:73)(cid:86)(cid:91)(cid:79)(cid:3)(cid:87)(cid:89)(cid:86)(cid:77)(cid:76)(cid:90)(cid:90)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)(cid:83)(cid:96)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:87)(cid:76)(cid:89)(cid:90)(cid:86)(cid:85)(cid:72)(cid:83)(cid:83)(cid:96)(cid:21)

(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:55)(cid:89)(cid:76)(cid:74)(cid:80)(cid:90)(cid:80)(cid:86)(cid:85)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:86)(cid:85)(cid:76)(cid:85)(cid:91)(cid:90)(cid:187)(cid:3)(cid:15)(cid:43)(cid:55)(cid:42)(cid:16)(cid:3)(cid:42)(cid:86)(cid:86)(cid:82)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:89)(cid:76)(cid:90)(cid:90)(cid:80)(cid:86)(cid:85)

(cid:87)(cid:89)(cid:86)(cid:75)(cid:92)(cid:74)(cid:91)(cid:3)(cid:83)(cid:80)(cid:85)(cid:76)(cid:19)(cid:3)(cid:76)(cid:85)(cid:79)(cid:72)(cid:85)(cid:74)(cid:76)(cid:90)(cid:3)(cid:80)(cid:91)(cid:90)(cid:3)(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:3)(cid:84)(cid:80)(cid:95)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:75)(cid:80)(cid:78)(cid:80)(cid:91)(cid:72)(cid:83)(cid:3)(cid:72)(cid:85)(cid:75)

In Closing

(cid:89)(cid:76)(cid:86)(cid:74)(cid:74)(cid:92)(cid:89)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:89)(cid:76)(cid:93)(cid:76)(cid:85)(cid:92)(cid:76)(cid:3)(cid:90)(cid:91)(cid:89)(cid:76)(cid:72)(cid:84)(cid:90)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:79)(cid:76)(cid:83)(cid:87)(cid:90)(cid:3)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:43)(cid:55)(cid:42)(cid:3)(cid:77)(cid:86)(cid:89)

(cid:25)(cid:23)(cid:25)(cid:26)(cid:3)(cid:94)(cid:72)(cid:90)(cid:3)(cid:72)(cid:3)(cid:90)(cid:92)(cid:74)(cid:74)(cid:76)(cid:90)(cid:90)(cid:77)(cid:92)(cid:83)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21)

(cid:83)(cid:76)(cid:72)(cid:75)(cid:76)(cid:89)(cid:90)(cid:79)(cid:80)(cid:87)(cid:3)(cid:80)(cid:85)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:89)(cid:76)(cid:90)(cid:90)(cid:80)(cid:86)(cid:85)(cid:3)(cid:91)(cid:76)(cid:74)(cid:79)(cid:85)(cid:86)(cid:83)(cid:86)(cid:78)(cid:80)(cid:76)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:74)(cid:83)(cid:76)(cid:72)(cid:85)(cid:3)(cid:76)(cid:85)(cid:76)(cid:89)(cid:78)(cid:96)

(cid:62)(cid:76)(cid:3)(cid:75)(cid:76)(cid:83)(cid:80)(cid:93)(cid:76)(cid:89)(cid:76)(cid:75)(cid:3)(cid:87)(cid:89)(cid:86)(cid:84)(cid:80)(cid:90)(cid:80)(cid:85)(cid:78)(cid:3)(cid:89)(cid:76)(cid:90)(cid:92)(cid:83)(cid:91)(cid:90)(cid:3)(cid:80)(cid:85)(cid:3)(cid:72)(cid:3)(cid:74)(cid:79)(cid:72)(cid:83)(cid:83)(cid:76)(cid:85)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:84)(cid:72)(cid:74)(cid:89)(cid:86)

(cid:72)(cid:87)(cid:87)(cid:83)(cid:80)(cid:74)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:21)(cid:3)(cid:62)(cid:76)(cid:3)(cid:94)(cid:86)(cid:92)(cid:83)(cid:75)(cid:3)(cid:83)(cid:80)(cid:82)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:94)(cid:76)(cid:83)(cid:74)(cid:86)(cid:84)(cid:76)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:76)(cid:84)(cid:87)(cid:83)(cid:86)(cid:96)(cid:76)(cid:76)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)

(cid:76)(cid:85)(cid:93)(cid:80)(cid:89)(cid:86)(cid:85)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:90)(cid:76)(cid:91)(cid:3)(cid:72)(cid:84)(cid:73)(cid:80)(cid:91)(cid:80)(cid:86)(cid:92)(cid:90)(cid:3)(cid:78)(cid:86)(cid:72)(cid:83)(cid:90)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:25)(cid:23)(cid:25)(cid:27)(cid:21)(cid:3)(cid:52)(cid:86)(cid:89)(cid:76)

(cid:45)(cid:62)(cid:3)(cid:52)(cid:92)(cid:89)(cid:87)(cid:79)(cid:96)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:87)(cid:86)(cid:89)(cid:91)(cid:77)(cid:86)(cid:83)(cid:80)(cid:86)(cid:3)(cid:86)(cid:77)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:80)(cid:76)(cid:90)(cid:21)

(cid:80)(cid:84)(cid:87)(cid:86)(cid:89)(cid:91)(cid:72)(cid:85)(cid:91)(cid:83)(cid:96)(cid:19)(cid:3)(cid:91)(cid:79)(cid:89)(cid:86)(cid:92)(cid:78)(cid:79)(cid:3)(cid:73)(cid:86)(cid:91)(cid:79)(cid:3)(cid:86)(cid:89)(cid:78)(cid:72)(cid:85)(cid:80)(cid:74)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:80)(cid:85)(cid:86)(cid:89)(cid:78)(cid:72)(cid:85)(cid:80)(cid:74)(cid:3)

Dover Board of Directors

(cid:80)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:84)(cid:76)(cid:85)(cid:91)(cid:90)(cid:19)(cid:3)(cid:94)(cid:76)(cid:3)(cid:80)(cid:84)(cid:87)(cid:89)(cid:86)(cid:93)(cid:76)(cid:75)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:74)(cid:86)(cid:84)(cid:87)(cid:76)(cid:91)(cid:80)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:80)(cid:85)(cid:78)(cid:3)(cid:72)(cid:85)(cid:75)

(cid:79)(cid:72)(cid:93)(cid:76)(cid:3)(cid:72)(cid:83)(cid:83)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:91)(cid:86)(cid:86)(cid:83)(cid:90)(cid:3)(cid:94)(cid:76)(cid:3)(cid:85)(cid:76)(cid:76)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:74)(cid:86)(cid:85)(cid:91)(cid:80)(cid:85)(cid:92)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:75)(cid:89)(cid:80)(cid:93)(cid:76)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)

(cid:43)(cid:92)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:19)(cid:3)(cid:94)(cid:76)(cid:3)(cid:94)(cid:76)(cid:89)(cid:76)(cid:3)(cid:87)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:94)(cid:76)(cid:83)(cid:74)(cid:86)(cid:84)(cid:76)(cid:3)(cid:52)(cid:80)(cid:82)(cid:76)(cid:3)(cid:52)(cid:72)(cid:85)(cid:83)(cid:76)(cid:96)(cid:19)

(cid:93)(cid:72)(cid:83)(cid:92)(cid:76)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:3)(cid:86)(cid:77)(cid:3)(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:90)(cid:3)(cid:94)(cid:86)(cid:92)(cid:83)(cid:75)(cid:3)(cid:83)(cid:80)(cid:82)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:72)(cid:85)(cid:82)

(cid:43)(cid:72)(cid:85)(cid:80)(cid:91)(cid:72)(cid:3)(cid:54)(cid:90)(cid:91)(cid:83)(cid:80)(cid:85)(cid:78)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:52)(cid:72)(cid:89)(cid:74)(cid:3)(cid:47)(cid:86)(cid:94)(cid:97)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:21)(cid:3)(cid:59)(cid:79)(cid:76)(cid:90)(cid:76)(cid:3)

(cid:96)(cid:86)(cid:92)(cid:19)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)(cid:90)(cid:19)(cid:3)(cid:74)(cid:92)(cid:90)(cid:91)(cid:86)(cid:84)(cid:76)(cid:89)(cid:90)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:76)(cid:84)(cid:87)(cid:83)(cid:86)(cid:96)(cid:76)(cid:76)(cid:90)(cid:19)(cid:3)(cid:77)(cid:86)(cid:89)

(cid:85)(cid:76)(cid:94)(cid:3)(cid:75)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:90)(cid:3)(cid:72)(cid:89)(cid:76)(cid:3)(cid:79)(cid:80)(cid:78)(cid:79)(cid:83)(cid:96)(cid:3)(cid:72)(cid:74)(cid:74)(cid:86)(cid:84)(cid:87)(cid:83)(cid:80)(cid:90)(cid:79)(cid:76)(cid:75)(cid:3)(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:80)(cid:89)(cid:3)(cid:89)(cid:76)(cid:90)(cid:87)(cid:76)(cid:74)(cid:91)(cid:80)(cid:93)(cid:76)

(cid:96)(cid:86)(cid:92)(cid:89)(cid:3)(cid:90)(cid:92)(cid:87)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:74)(cid:86)(cid:85)(cid:196)(cid:75)(cid:76)(cid:85)(cid:74)(cid:76)(cid:21)(cid:3)(cid:62)(cid:76)(cid:3)(cid:73)(cid:76)(cid:83)(cid:80)(cid:76)(cid:93)(cid:76)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:80)(cid:90)

(cid:196)(cid:76)(cid:83)(cid:75)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:73)(cid:89)(cid:80)(cid:85)(cid:78)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:91)(cid:79)(cid:76)(cid:84)(cid:3)(cid:76)(cid:95)(cid:87)(cid:76)(cid:89)(cid:80)(cid:76)(cid:85)(cid:74)(cid:76)(cid:75)(cid:3)(cid:87)(cid:76)(cid:89)(cid:90)(cid:87)(cid:76)(cid:74)(cid:91)(cid:80)(cid:93)(cid:76)(cid:90)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)

(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:76)(cid:75)(cid:3)(cid:94)(cid:76)(cid:83)(cid:83)(cid:3)(cid:77)(cid:86)(cid:89)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:77)(cid:92)(cid:91)(cid:92)(cid:89)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:91)(cid:79)(cid:72)(cid:91)(cid:3)(cid:94)(cid:76)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:74)(cid:86)(cid:85)(cid:91)(cid:80)(cid:85)(cid:92)(cid:76)(cid:3)(cid:91)(cid:86)

(cid:76)(cid:85)(cid:79)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:90)(cid:82)(cid:80)(cid:83)(cid:83)(cid:90)(cid:76)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:75)(cid:80)(cid:93)(cid:76)(cid:89)(cid:90)(cid:80)(cid:91)(cid:96)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:21)(cid:3)(cid:52)(cid:80)(cid:82)(cid:76)(cid:19)

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(cid:58)(cid:80)(cid:85)(cid:74)(cid:76)(cid:89)(cid:76)(cid:83)(cid:96)(cid:19)(cid:3)

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(cid:86)(cid:77)(cid:3)(cid:43)(cid:76)(cid:76)(cid:89)(cid:76)(cid:3)(cid:13)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:96)(cid:3)(cid:94)(cid:79)(cid:86)(cid:90)(cid:76)(cid:3)(cid:83)(cid:76)(cid:72)(cid:75)(cid:76)(cid:89)(cid:90)(cid:79)(cid:80)(cid:87)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:79)(cid:92)(cid:84)(cid:72)(cid:85)

(cid:89)(cid:76)(cid:90)(cid:86)(cid:92)(cid:89)(cid:74)(cid:76)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:76)(cid:84)(cid:87)(cid:83)(cid:86)(cid:96)(cid:76)(cid:76)(cid:3)(cid:79)(cid:76)(cid:72)(cid:83)(cid:91)(cid:79)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:90)(cid:72)(cid:77)(cid:76)(cid:91)(cid:96)(cid:3)(cid:77)(cid:92)(cid:85)(cid:74)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:72)(cid:91)

(cid:57)(cid:80)(cid:74)(cid:79)(cid:72)(cid:89)(cid:75)(cid:3)(cid:49)(cid:21)(cid:3)(cid:59)(cid:86)(cid:73)(cid:80)(cid:85)

(cid:43)(cid:76)(cid:76)(cid:89)(cid:76)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:90)(cid:76)(cid:89)(cid:93)(cid:76)(cid:3)(cid:92)(cid:90)(cid:3)(cid:94)(cid:76)(cid:83)(cid:83)(cid:21)(cid:3)(cid:62)(cid:76)(cid:3)(cid:83)(cid:86)(cid:86)(cid:82)(cid:3)(cid:77)(cid:86)(cid:89)(cid:94)(cid:72)(cid:89)(cid:75)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:93)(cid:72)(cid:83)(cid:92)(cid:72)(cid:73)(cid:83)(cid:76)

(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:19)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

(cid:74)(cid:86)(cid:85)(cid:91)(cid:89)(cid:80)(cid:73)(cid:92)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:91)(cid:79)(cid:76)(cid:96)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:84)(cid:72)(cid:82)(cid:76)(cid:3)(cid:91)(cid:86)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:187)(cid:90)(cid:3)(cid:75)(cid:76)(cid:83)(cid:80)(cid:73)(cid:76)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:21)

(cid:52)(cid:72)(cid:89)(cid:74)(cid:79)(cid:3)(cid:25)(cid:24)(cid:19)(cid:3)(cid:25)(cid:23)(cid:25)(cid:27)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-K

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For fiscal year ended December 31, 2023

Commission File Number: 1-4018
Dover Corporation

(Exact name of registrant as specified in its charter)

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

Delaware

53-0257888

3005 Highland Parkway
Downers Grove, Illinois 60515
(Address of principal executive offices)

Registrant's telephone number: (630) 541-1540

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class
Common Stock, par value $1

1.250% Notes due 2026

0.750% Notes due 2027

Trading Symbol(s)

Name of Each Exchange on Which Registered

DOV

DOV 26

DOV 27

New York Stock Exchange

New York Stock Exchange

New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes þ No o

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has
been subject to such filing requirements for the past 90 days. Yes þ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files.) Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting, or
an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and
"emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ☑

Accelerated filer o

Non-accelerated filer o

Smaller reporting company
Emerging growth company

☐
☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act o

1

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its
internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act by the registered public accounting firm that
prepared or issued its audit report. Yes ☑ No o

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements
of the registrant included in the filing reflect the correction of an error to previously issued financial statements. o

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

The aggregate market value of the voting and non-voting common stock held by non-affiliates of the registrant as of the close of business
on June 30, 2023 was $20,558,274,097. The registrant's closing price as reported on the New York Stock Exchange-Composite
Transactions for June 30, 2023 was $147.65 per share. The number of outstanding shares of the registrant's common stock as of January
29, 2024 was 139,896,670.

Documents Incorporated by Reference: Part III — Certain Portions of the Proxy Statement for Annual Meeting of Shareholders to be held
on May 3, 2024 (the "2024 Proxy Statement").

2

Special Note Regarding Forward-Looking Statements

This Annual Report on Form 10-K, especially "Management's Discussion and Analysis of Financial Condition and Results of
Operations," contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of
1995, as amended. All statements in this document other than statements of historical fact are statements that are, or could be
deemed, "forward-looking" statements. Some of these statements may be indicated by words such as "may", "anticipate",
"expect", "believe", "intend", "continue", "guidance", "estimates", "suggest", "will", "plan", "should", "would", "could",
"forecast" and other words and terms that use the future tense or have a similar meaning. Forward-looking statements are
based on current expectations and are subject to numerous important risks, uncertainties, and assumptions, including those
described in Item 1A, "Risk Factors" in this Annual Report on Form 10-K. Factors that could cause actual results to differ
materially from current expectations include, among other things: general economic conditions and conditions in the
particular markets in which we operate; supply chain constraints and labor shortages that could result in production
stoppages, inflation in material input costs and freight logistics; the impacts of natural or human-induced disasters, acts of
war, terrorism, international conflicts, and public health crises on the global economy and on our customers, suppliers,
employees, business and cash flows; changes in customer demand and capital spending; competitive factors and pricing
pressures; our ability to develop and launch new products in a cost-effective manner; changes in law, including the effect of
tax laws and developments with respect to trade policy and tariffs; our ability to identify and complete acquisitions and
integrate and realize synergies from newly acquired businesses; the impact of interest rate and currency exchange rate
fluctuations; capital allocation plans and changes in those plans, including with respect to dividends, share repurchases,
investments in research and development, capital expenditures and acquisitions; our ability to derive expected benefits from
restructurings, productivity initiatives and other cost reduction actions; the impact of legal compliance risks and litigation,
including with respect to product quality and safety, cybersecurity and privacy; and our ability to capture and protect
intellectual property rights, and various other factors that are described in our periodic reports filed with or furnished to the
Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future events or otherwise, except as required by law. Given these risks
and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.

In this Annual Report on Form 10-K, we refer to measures used by management to evaluate performance, including a number
of financial measures that are not defined under accounting principles generally accepted in the United States of America
("GAAP"). We include reconciliations to provide more details on the use and derivation of these financial measures. Please
see "Non-GAAP Disclosures" at the end of Item 7 for further detail.

3

5
18
24
24
26
26
26
27

28
29
30
50
51
102
102
103
103

104
105

105
106
106

107
111
112

PART I

TABLE OF CONTENTS

Business

Item 1.
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 1C. Cybersecurity
Item 2.
Item 3.
Item 4.

Properties
Legal Proceedings
Mine Safety Disclosures
Information About Our Executive Officers

PART II

Item 5.

Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of
Equity Securities
[Reserved]
Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 6.
Item 7.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Financial Statements and Supplementary Data
Item 8.
Item 9.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

PART III

Item 10.
Item 11.
Item 12.

Item 13.
Item 14.

Directors and Executive Officers and Corporate Governance
Executive Compensation
Security Ownership of certain Beneficial Owners and Management and Related Shareholder
Matters
Certain Relationships and Related Transactions and Director Independence
Principal Accountant Fees and Services

PART IV

Item 15.
Item 16.
SIGNATURES

Exhibits and Financial Statement Schedules
Form 10-K Summary

4

ITEM 1. BUSINESS

Overview

PART I

Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and
components, consumable supplies, aftermarket parts, software and digital solutions and support services through five
operating segments: Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions,
and Climate & Sustainability Technologies. Unless the context indicates otherwise, references herein to "Dover," "the
Company," and words such as "we," "us," or "our" include Dover Corporation and its consolidated subsidiaries. Dover was
incorporated in 1947 in the State of Delaware and became a publicly traded company in 1955. Dover is headquartered in
Downers Grove, Illinois and currently employs over 25,000 people worldwide.

Dover's five segments are structured around businesses with similar business models, go-to-market strategies, product
categories, and manufacturing practices. This structure increases management efficiency and better aligns Dover's operations
with its strategic initiatives and capital allocation priorities, and provides greater transparency about performance to external
stakeholders. Dover's five operating and reportable segments are as follows:

•

•

•

•

•

Our 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.

Our 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.

Our 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.

Our 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.

Our 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.

5

Management Philosophy

Dover is committed to steady shareholder value creation through a combination of sustained long-term profitable growth,
operational excellence, superior free cash flow generation and productive capital re-deployment while adhering to a
conservative financial policy. Dover seeks to be a leader in a diverse set of growing markets where customers are loyal to
trusted partners and suppliers, and value product performance and differentiation driven by superior engineering,
manufacturing precision, total solution development and excellent supply chain performance. Our businesses are long-time
leaders in their respective markets and are known for their innovation, engineering capability and customer service
excellence. We aim to continue growing our businesses from this strong foundation.

Our operating structure of five business segments allows for a differentiated acquisition focus consistent with our portfolio
and capital allocation priorities. We believe our business segment structure, coupled with value-creating functional expertise
at our lean corporate center, presents opportunities to identify and capture operating synergies, such as global sourcing and
supply chain integration, centralized shared services, cross-pollination of manufacturing best practices, and further advances
the development of our executive talent. Our executive management team sets strategic direction, initiatives and goals,
develops effective incentive structures, provides oversight of strategy execution and achievement of these goals for our
business segments, and with oversight from our Board of Directors, makes capital allocation decisions, including with respect
to our
to organic investment
shareholders.

initiatives, major capital projects, acquisitions, divestitures, and the return of capital

Our goal is to foster an operating culture with high ethical and performance standards that values accountability, rigor, trust,
inclusion, respect and open communications, designed to allow individual growth and operational effectiveness. We are also
increasing our focus on maintaining sustainable business practices that reduce environmental impact, and developing
products that help our customers meet their sustainability goals.

Company Goals

We are committed to driving superior shareholder returns through three key tenets of our corporate strategy.

First, we are committed to achieving organic sales growth above that of gross domestic product (4% to 6% annually on
average) over a long-term business cycle, absent prolonged adverse economic conditions, complemented by growth through
strategic acquisitions.

Second, we continue to focus on improving returns on capital, as well as earnings margin by enhancing our operational
capabilities and making investments across the organization in growth capacity expansion, digital capabilities, automation,
operations management, information technology ("IT"), shared services (including Dover Business Services and our India
Innovation Center), and talent. We also focus on continuous, effective cost management and productivity initiatives, such as
supply chain optimization, automation and productivity capital expenditures, e-commerce and digital go-to-market,
restructuring, product complexity reduction, improved footprint utilization, strategic pricing and portfolio management.

Third, we aim to generate growth in free cash flow and earnings per share through strong earnings performance, productivity
improvements and active working capital management, which is enhanced by opportunistic divestitures allowing for
concentration on growing our core platforms. Dover prioritizes deploying free cash flow towards high-return and high-
confidence organic reinvestments aimed at growing, improving and strengthening our businesses, as well as through
inorganic investments that synergistically enhance the quality of our portfolio. Dover's value creation strategy is supported by
a financial policy that includes a prudent approach to financial leverage, and a disciplined approach to capital allocation that
allows for a balance between reinvestment and return of capital to shareholders through growing dividends and opportunistic
share repurchases.

We support achievement of these goals by (1) aligning management compensation with strategic and financial objectives, (2)
actively managing our portfolio to increase enterprise scale, improve business mix over time to markets with secular growth
characteristics, and pursue acquisitions that fit the characteristics of an ideal Dover business and (3) investing in talent
development programs.

6

Characteristics of a Dover Business

For over 65 years, Dover has successfully and profitably operated a diversified portfolio of high-quality businesses serving a
wide variety of industrial and business-to-business end markets with different business models. We believe this diversity is a
strength of our portfolio, providing Dover with multiple avenues for organic and inorganic growth, lower cyclicality, and the
ability to extract synergies of common ownership. While we expect our portfolio to remain diversified, we also strive to
shape the portfolio over time to increase common attractive attributes across our businesses.

Dover is adept at operating businesses within two core operating models:

•

•

Component Businesses: Many of our businesses produce critical components that represent a small portion of a
larger system by cost. For example, our industrial and biopharma pumps, biopharma connectors, engineered
bearings and compression components, clean energy components, and heat exchangers are all part of larger systems
built or employed by our customers. Such components typically serve demanding applications where value-in-use
and costs and risks of switching far exceed the cost of the component itself.
Equipment with Aftermarket Opportunity: Many of our businesses produce complex and highly engineered
equipment and systems that require a significant and predictable volume of parts, consumables, software and
services over their life cycle. For example, our marking and coding equipment, plastics and polymer processing
equipment, aluminum can-making equipment, and refuse collection vehicles all derive a significant share of revenue
and profits from sale of consumables, parts and services into their large installed base. Recurring demand, which
includes parts, consumables, services and software, represents approximately 31% of our revenue.

We see the following commonalities characterizing the majority of Dover businesses:

•

•

•

•

Attractive Markets: Our businesses generally operate in strategically attractive niche industrial markets with
proven and well-understood long-term growth trends, favorable customer and supplier landscapes, mature and
incrementally improving technologies with opportunities for technological differentiation, and highly loyal
customers, suppliers or channel partners.
Leading Positions: Our businesses are long-time leaders in their respective markets and have consistently enjoyed
customer bases that choose products primarily based on their performance, track record, safety and compliance.
Digital Opportunity: Our equipment and components are often complemented by value-added digital applications,
including connected products, sensors, digital controls and industry-specific software that create new sources of
value for our customers.
Attractive Financial Profile: Our businesses exhibit attractive financial profiles, characterized by predictable,
stable revenue, low capital intensity, strong cash-flow and sustainable returns on invested capital well in excess of
our cost of capital.

Business Strategy

Dover seeks to create value for shareholders by combining the global scale and capabilities, as well as access to capital, of a
diversified industrial enterprise with the agility and entrepreneurial dynamism of niche manufacturing businesses. To achieve
our stated goals, we are focused on executing the following pillars of Dover's business strategy:

Capturing growth potential in our end-markets and adjacent market segments

Dover’s business segments are focused on building enduring competitive advantages and leadership positions in markets we
believe are positioned for sustained future growth. We believe our businesses are among the top suppliers in most markets
and niches we serve (as defined by customer applications, geographies or products), which positions us well to capture future
growth. We capitalize on our engineering, technology and design expertise, and maintain an intense focus on meeting the
needs of our customers and on adding significant, and often new, value to their operations through superior product
performance, safety, reliability, and a commitment to aftermarket support. We cultivate and maintain an entrepreneurial
culture to enable business agility, and continuously innovate to address our customers' needs, to help them win in the markets
they serve.

7

In particular, our businesses are well-positioned to capitalize on: growing industrial manufacturing and trade volumes; an
increased global focus on digitization and automation in industrial processes; increasing requirements for sustainability,
safety, energy efficiency and consumer product safety; and growth of the middle class and consumption in emerging
economies.
•

Our Engineered Products segment is capitalizing on global infrastructure investment, secular growth in waste
generation and the increasing sophistication and automation of waste collection operations, increasing global car
parc, average car age and annual miles driven, increasing digitization and sensorization of modern vehicles, as well
as growing defense spending related to signal intelligence and electronic warfare.
Our Clean Energy & Fueling segment benefits from the worldwide growth in environmental safety and compliance
regulations, new infrastructure build-out in emerging economies, transition to clean energy products such as
liquefied natural gas and hydrogen, growth in demand for cryogenic gases and electric vehicle charging,
consolidation in the convenience retail sector, increased digitization of convenience stores and fuel retailing, as well
as secular growth in automated vehicle wash systems and solutions (over manual and do-it-yourself washing).
Our Imaging & Identification segment leverages its unique product offering containing equipment, consumables,
software and services to address market needs and requirements, including conversion to digital textile printing,
increased demand for product traceability and brand protection, and consumer product safety.
Our Pumps & Process Solutions segment is focused on: capturing growth in its installed base; the growing
sophistication of fluid transfer and rotating machinery components, instrumentation, and digital controls; growth in
virgin and recycled plastics and polymers production; growth in biological drug production and the shift toward
single-use manufacturing processes; and energy transition investments into wind power, hydrogen compression, and
carbon capture.
Our Climate & Sustainability Technologies segment is responding to our customers' demand for increased energy
efficiency and sustainability in food retail merchandising solutions, including refrigeration systems using CO2
refrigerant, as well as increasing demand for sustainable heating and cooling solutions, including heat pumps, and
sustainability-driven growing global demand for aluminum beverage cans.

•

•

•

•

We aim to capture growth by making organic investments in capacity expansion, automation and productivity improvement,
research and development, developing new products and technologies, improving digital capabilities and expanding our
geographic coverage. We pursue a disciplined and strategic approach to acquisitions aiming to enhance the quality and
attractiveness of our portfolio over time and position Dover for long-term growth. We evaluate acquisition opportunities
across the portfolio where we see the greatest runway for value-creating inorganic capital deployment. We continually
evaluate how our assets and capabilities can position us to grow in markets adjacent to our core businesses (for example, new
applications, geographies, product segments or adjacent technologies) where we can be advantaged.

In addition to product innovation, we aim to capture growth by developing digital technologies. Our Boston-based Dover
Digital Labs serves as the company-wide hub for our digital initiative. We have continued to invest in this facility and our
team of software developers, data scientists, and product managers to enhance our digital capabilities. The Digital Labs team
is driving digital transformation across our businesses in four areas: (i) enhancing the customer experience through more
efficient and streamlined digital customer interfaces that make it easy to do business with Dover companies; (ii) developing
and improving acquired and organically built connected and software-as-a-service ("SaaS") products, that combine sensors,
software, machine learning and artificial
intelligence; (iii) driving increased efficiency, safety and quality in our
manufacturing operations by employing cutting-edge automation through "connected factory" and "data quality" programs;
and (iv) ensuring security of digital products. We believe the Digital Labs’ contributions in these areas enable us to add
significant value to our products and to capture commercial growth opportunities. By leveraging a central resource for
Commercial Excellence, Industry 4.0, Industrial Internet of Things ("IIoT") and our software products, we are able to capture
efficiencies in our digital transformation efforts, improve product security, and offer better efficiency in providing support
and engineering for our software and connected products to keep our projects cost-competitive.

8

Improving profitability and return on invested capital

We are committed to generating sustainable returns on invested capital well above the cost of capital across all of our
businesses. We continually evaluate and pursue opportunities to improve efficiency, margin and return on capital. We are
intensely focused on driving operational excellence across our businesses. We have implemented numerous productivity
initiatives to maximize our efficiency, such as supply chain integration, shared services, lean manufacturing principles and
production automation, footprint optimization, and product complexity reduction, as well as workplace safety initiatives to
help ensure the health and welfare of our employees. Our businesses place a strong emphasis on continual product quality
improvement and new product development to better serve customers and to facilitate expansion into new products and
geographic markets.

We also focus on margin expansion initiatives designed to reduce our selling, general and administrative cost base and
rationalize our manufacturing and supply chain footprint across the portfolio. We continually expand initiatives to extract
productivity gains across the businesses and realize savings. Our margin expansion initiatives are focused on four core
enterprise capabilities: (1) leverage our Digital Labs team to enhance our internal and market-facing digital capabilities, (2)
improve utilization and optimization of our manufacturing footprint through centralized resources and investment, (3) further
centralize shared services under Dover Business Services, and (4) invest in our India Innovation Center shared services.

Dover Digital. Our Dover Digital Labs consists of a team of approximately 150 software developers, data scientists,
manufacturing engineers and product managers who provide digital capabilities to enhance the customer experience, develop
connected industrial products and artificial intelligence based models that are embedded in SaaS offerings provided to
customers by our operating companies, drive automation and efficiency inside our factories through digital technologies and
in our business processes and focus on the security of our digital products. Our Dover Digital Labs team has built common
platforms which are being deployed on customer facing applications to make it easier to discover, find, configure, buy and
obtain products and services from Dover companies. It has also deployed shared IIoT capability such that many of Dover's
products are remotely configurable and monitored, enabling our businesses to sell aftermarket parts and offer remote
diagnostic services.

Dover Operational Excellence. Our corporate team is composed of functional experts in operational optimization, lean
manufacturing, automation, EHS (Environment, Health, and Safety) and complex project management. This team works
closely with our businesses to drive execution excellence in our operational processes, standards and measurement tools to
identify, prioritize and monitor execution of operational improvement initiatives. With expertise in health and safety, supply
chain management, lean operations, project management, and advanced manufacturing and automation, we continue to focus
on initiatives to improve operational efficiency and enhance and solidify the continuous improvement programs embedded in
our businesses' day-to-day operations. In 2022, we established our advanced manufacturing center of excellence and
expanded it again into 2023.

Dover Business Services. We continue to invest in Dover Business Services shared service centers, consisting of a team of
approximately 600 professionals, to provide important transactional and value-added services to our businesses. Our shared
service model allows us to leverage scale across Dover, increase process efficiencies through technology and specialization,
and reduce risk through centralized controls. Our shared service centers create value by freeing resources within our
businesses that would otherwise be dedicated to transactional services and allowing them to focus on customers, markets and
product excellence. We expect to continue driving efficiencies through Dover Business Services as we increase the level of
service centralization across the portfolio.

India Innovation Center. Our India Innovation Center has a team of approximately 800 engineers and IT professionals that
our businesses rely on to leverage for product engineering, digital solutions development, data and information management,
research and development, and intellectual property services. The scale of this team allows our businesses to access resources
with capabilities and expertise across many disciplines that would be more costly to them as stand-alone companies, and
allows for concurrent engineering on time sensitive projects.

We have been steadily investing in the build out and deployment of the above four enterprise capabilities in the past several
years, including investing over $38.6 million in capital expenditures during 2019-2023, and significantly expanding the staff
of experts and support personnel in key centers of excellence globally.

9

Disciplined capital allocation and continuous portfolio enhancement

We are focused on the most efficient allocation of capital to maximize returns on investment. To do this, we utilize organic
reinvestment to grow and strengthen our existing businesses. We plan to make average annual investments in capital
spending of approximately 2% of revenue with a focus on internal projects designed to expand our market participation and
manufacturing capacity, drive further adoption of e-commerce and digital capabilities, and improve productivity. In addition,
we seek to deploy capital for acquisitions in attractive growth areas across our five segments. Dover focuses primarily on
bolt-on acquisitions, applying strict selection criteria of market attractiveness (including growth, market landscape, and
performance-based competition), business fit (including sustained leading position, revenue visibility, and favorable customer
value-add versus switching cost or risk) and financial return profile (including accretive growth and margins and double-digit
return on invested capital). We opportunistically divest businesses where we see limited runway for future value creation
relative to our aspirations, or where market and business fundamentals change and no longer suit our criteria of business
attractiveness and portfolio fit. Finally, we have consistently returned cash to shareholders by paying dividends, which have
increased annually over each of the last 68 years. We undertake opportunistic share repurchases as part of our capital
allocation strategy. We employ a prudent financial policy to support our capital allocation strategy, which includes
maintaining an investment grade credit rating.

Portfolio Development

Acquisitions

Our acquisition program has two key elements. As a first priority, we seek to acquire attractive add-on businesses with a
strong fit that enhance our existing franchises by increasing their reach and customer access, broadening their product mix or
enhancing technological capabilities and customer value-add. Second, in the right circumstances, we may strategically pursue
larger, stand-alone businesses that complement our existing businesses or provide a path for us to pursue growth in near
adjacencies. With all our acquisitions, we seek businesses that are leaders in their markets or niches, have a strong track
record for innovation, offer differentiated solutions, clearly complement our businesses, have a solid organic growth profile
and attractive and sustainable returns, and offer significant synergy potential to generate double-digit return on capital within
three years after the acquisition is completed.

Over the past three years (2021 through 2023), we have spent approximately $2.0 billion, net of cash acquired and including
contingent consideration, to purchase fourteen businesses. For more details, see Note 3 — Acquisitions in the Consolidated
Financial Statements in Item 8 of this Form 10-K.

Our future growth depends in large part on finding and acquiring successful businesses that expand the scope of our offerings
and make us an even more important supplier to our customers. While we expect to generate annual organic revenue growth
above that of gross domestic product (4% to 6% annually on average) over a long-term business cycle absent extraordinary
adverse economic conditions, our success in consistently growing the portfolio is also dependent on the ability to acquire and
integrate businesses within our existing structure. To track post-merger integration and accountability, we utilize an internal
scorecard and well-defined processes to help ensure expected synergies are realized and value is created.

Dispositions

From time to time, we have sold or divested some of our businesses based on changes in specific market outlook, structural
changes in financial performance, value-creation potential, or for other strategic considerations, which include an effort to
reduce our exposure to cyclical markets or focus on our higher margin and higher growth spaces.

Going forward, we recognize that some businesses in Dover's portfolio may have a greater value-creation potential if owned
by another parent with a larger presence and focus on a given niche. We pragmatically consider such opportunities as part of
our ongoing portfolio management and review processes, and execute divestitures if the value created is determined to be at
an appropriate premium to the value of such business to Dover and the divestitures allow Dover shareholders to participate in
the future value-creation potential from a change in ownership, including through the redeployment of divestiture proceeds
into attractive add-on businesses in higher priority end-markets or through opportunistic return of capital to shareholders.

10

During 2021, we completed the sales of Unified Brands ("UB"), a wholly owned subsidiary of the Company within the
Climate & Sustainability Technologies segment and Race Winning Brands ("RWB"), an equity method investment within the
Engineered Products segment for aggregate cash consideration of $275.0 million. During 2022 and 2023, there were no
material dispositions.

On October 11, 2023, we entered into a definitive agreement to sell De-Sta-Co, an operating company within the Engineered
Products segment, for approximately $680.0 million enterprise value, subject to customary post-closing adjustments. The
transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including receipt of
regulatory approvals.

The aforementioned disposals did not represent strategic shifts in operations and, therefore, did not qualify for presentation as
discontinued operations.

For more details, see Note 4 — Dispositions in the Consolidated Financial Statements in Item 8 of this Form 10-K.

Business Segments

As noted previously, Dover's five segments are structured around businesses with similar business models, go-to-market
strategies and 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 to external stakeholders. Dover's five operating and reportable segments are as follows: Engineered Products,
Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate & Sustainability Technologies.
For financial information about our segments and geographic areas, see Note 19 — Segment Information in the Consolidated
Financial Statements in Item 8 of this Form 10-K.

Engineered Products

Our Engineered Products segment provides a wide range of equipment, components, software, solutions and services that
have broad customer applications across a number of markets, including: solid waste handling, aftermarket vehicle service,
industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing. Our waste handling business is
a leading North American supplier of equipment, software and services for the refuse collection industry and for on-site
processing and compaction of trash and recyclable materials. Our vehicle service business provides products, software and
services used primarily in vehicle repair and maintenance, including light and heavy-duty vehicle lifts, wheel service
equipment, vehicle diagnostics and vehicle collision repair solutions. Our industrial automation business provides a wide
range of modular automation components including manual clamps, power clamps, rotary and linear mechanical indexers,
conveyors, pick and place units, glove ports and manipulators, as well as end-of-arm robotic grippers, slides and end
effectors. Our industrial winch and hoist business provides a range of winches, hoists, bearings, drives, and electric
monitoring systems for infrastructure and other industrial markets. Our aerospace and defense business supplies radio
frequency and microwave filters and switches, as well as signal intelligence solutions, to enable secure communications in
aerospace and defense applications. The segment also includes bench top soldering and fluid dispensing solutions in
electronics and industrial product assembly markets.

Our Engineered Products segment's products are manufactured primarily in the U.S., Europe and Asia and are sold
throughout the world directly and through a network of distributors.

Clean Energy & Fueling

Our Clean Energy & Fueling segment provides components, equipment and software, and service solutions enabling safe
storage, transport, handling and dispensing of clean and traditional fuels, cryogenic gases and other hazardous fluids, as well
as safe and efficient operation of retail fueling and vehicle wash establishments across the globe. Among solutions supplied
by the segment are dispensing equipment and components for gasoline, compressed natural gas (CNG), liquefied natural gas
(LNG) and hydrogen (H2) fueling sites, electric vehicle charging stations, payment systems, hardware and underground
containment systems, vehicle wash systems, as well as asset tracking, monitoring and operational optimization software.

Our Clean Energy & Fueling segment's products are manufactured primarily in North America, Europe, Asia, and South
America and are sold throughout the world directly and through a network of distributors.

11

Imaging & Identification

The companies in our Imaging & Identification segment are global suppliers of precision marking and coding, product
traceability, brand protection, and digital textile printing equipment and solutions, as well as related consumables, software
and services. Our marking and coding businesses primarily design and manufacture equipment and consumables used for
printing variable information (such as bar codes, dates, and serial numbers) on fast-moving consumer goods, provide
serialization solutions for pharmaceutical customers, and develop supply chain traceability solutions capitalizing on
expanding food and product safety, supply chain traceability and brand protection requirements. In addition, our businesses
serving the apparel and textile printing market develop, manufacture and sell equipment, software, consumables and service
solutions used in digital textile, soft signage and specialty materials markets. These businesses are benefiting from a secular
shift from analog to digital printing due to comparative advantages in customization of garments and sustainability (the
digital printing process is significantly more environmentally friendly due to lower water consumption). Businesses within
this segment leverage digital printing capabilities and operate business models that involve initial equipment and software
sales followed by significant consumable, software and service aftermarket revenue streams.

Our Imaging & Identification segment's products are manufactured primarily in North America, Europe and Asia and are sold
throughout the world directly and through a network of distributors.

Pumps & Process Solutions

The businesses in our Pumps & Process Solutions segment manufacture specialty pumps, single-use pumps, connectors and
flow meters, plastics and polymers processing equipment, highly-engineered components, specialized instrumentation and
digital controls for rotating and reciprocating machinery. The segment's products are used in a wide variety of markets,
including plastics and polymers processing, chemicals production, food/sanitary, biopharma, medical,
transportation,
petroleum refining, natural gas compression, power generation and general industrial applications. The products in this
segment are generally used in demanding and specialized operating environments with high performance requirements.
Businesses within this segment share the following commonalities: their products are predominantly components or parts of
larger equipment and production systems with our products often specified by end customers or regulations, they participate
in markets with a diverse and fragmented customer base and where there is a significant demand for aftermarket equipment
and parts from a large installed base, and the route-to-market is a mix of distribution and direct sales.

Our Pumps & Process Solutions segment's products are manufactured primarily in North America, Europe, and Asia and are
sold throughout the world directly and through a network of distributors and original equipment manufacturers.

Climate & Sustainability Technologies

Our Climate & Sustainability Technologies segment is a provider of innovative and energy-efficient equipment and systems
that serve the commercial refrigeration, heating and cooling, and aluminum can-making equipment end-markets. Our
refrigeration business manufactures refrigeration systems (including environmentally friendly systems like CO2),
refrigeration display cases and commercial glass refrigerator and freezer doors for food retail and industrial applications. Our
heat exchanger business manufactures energy-efficient brazed plate heat exchangers used for residential climate control
applications, including heat pumps, as well as industrial heating and cooling applications. The other business in this segment
designs and manufactures machinery and associated spare parts used for aluminum can-making, along with providing turnkey
can line solutions. The majority of the products that are manufactured or serviced by the Climate & Sustainability
Technologies segment are used by the retail food industry, including supermarkets, "big-box" retail and convenience stores,
the commercial/industrial refrigeration industry, food production markets and beverage can-making industries.

Our Climate & Sustainability Technologies segment's products are manufactured primarily in North America, Europe and
Asia and are sold globally, directly and through a network of distributors.

12

Raw Materials

We use a wide variety of raw materials, primarily metals and semi-processed or finished components, which are generally
available from a number of sources. As a result, the loss of any single supplier has not had, and is not likely to have, a
material impact on operating profits at the consolidated level. While the required raw materials are generally available,
commodity pricing can be volatile, particularly for various grades of steel, copper, aluminum and select other commodities.
Although cost increases in commodities may be recovered through increased prices to customers, our operating results are
exposed to such fluctuations. We attempt to control such costs through index based contracts with suppliers and customers
and various other programs, such as our global supply chain activities.

Markets for multiple raw materials saw significant volatility and supply chain disruptions throughout 2021 into 2023.
Although most commodity and logistics costs have returned to historical norms, volatility is still a risk due to economic
uncertainties and supply side dynamics. Additionally, supply chain disruptions have stabilized, but there are still components
with long lead times and scarcity of supply. These situations could still negatively impact profitability of some businesses as
we were required to seek alternative sources of supply at higher costs or interrupt our normal manufacturing process flow
leading to less efficient output and cost.

Research and Development

Our businesses invest to develop innovative new products, as well as to upgrade and improve existing products, to satisfy
customer needs, including demand for energy-efficient products designed to help customers meet sustainability goals, expand
revenue opportunities geographically, maintain or extend competitive advantages, improve product reliability and reduce
production costs.

Our Imaging & Identification segment expends significant effort in research and development because the rate of product
development by their customers is often quite high. Our businesses that develop product identification, printing equipment
and software solutions believe their customers expect a continuing rate of product innovation, performance improvement and
reduction in total cost of ownership. The result has been downward pricing trends that can only be mitigated with the
continuous introduction of innovative product solutions in a market where product life cycles generally average less than
seven years.

Our Clean Energy & Fueling segment invests in research and development to advance innovative traditional and alternative
fuel dispensing equipment and components, payment platforms, fuel site asset management and connectivity solutions, IIoT-
enabled cloud-based connected solutions for retail and commercial fleet fueling settings, components for high-criticality
cryogenic gas storage and transportation applications, including hydrogen and liquefied natural gas. These technology
investments align with our customer's needs and our commitment to delivering to our customers opportunities for operational
cost reductions, increased sales, and an enhanced customer experience for their customers through a combination of
intelligent fueling and retail solutions.

Our Pumps & Process Solutions segment invests in research and development for new product introduction and custom
solutions to drive volume and share in both existing markets and newer/faster growth markets – such as single-use
biopharmaceutical manufacturing and liquid cooling of high performance electronics. These investments will allow us to take
advantage of existing growth trends such as cell and gene therapy applications coming on the market.

Many of our businesses are also involved in important product improvement initiatives. These businesses concentrate on
working closely with customers on specific applications, expanding product lines and market applications and continuously
improving manufacturing processes. Some of these businesses experience a much more rapid rate of change requiring higher
product development capability and new product introduction.

Similarly, our businesses invest in research and development to pursue digital strategies based on customer needs and
leverage the capabilities of the Dover Digital Labs center to deliver on those digital strategies. For example, Vehicle Services
Group, within the Engineered Products segment, launched Constellation, an automated artificial intelligence enabled hail
damage detection system with work completed at the Digital Labs. Constellation is the automotive repair industry's first
automated mobile 3D hail damage scanning system that provides a complete workflow system, tracking hail-damaged
vehicles from the initial damage incident, through the claims process and ultimately to vehicle repair.

13

Human Capital Resources

Our employees are our most valuable asset and are critical to our ability to deliver on our strategic plans. Our success in
delivering high quality and innovative products and solutions for our customers and driving operational excellence is only
achievable through the talent, expertise, and dedication of our global team. We had over 25,000 employees worldwide as of
December 31, 2023.

Attraction, Development, and Retention

We recognize that attracting, developing and retaining skilled talent and promoting a diverse and inclusive culture are
essential to maintaining our leadership positions in the markets we serve. While our operating companies are the hubs of
these activities — an effective model that puts ownership in the businesses and cultures that are the source of opportunities
for employees — we are increasingly leveraging the corporate center to drive talent recruitment and development and
consistent human capital management practices across our businesses. This center-led focus is enabling us to make
development opportunities available across our enterprise which promotes employee advancement, engagement and
retention. We offer employees resources to continuously improve their skills and performance with the goal of further
cultivating the diverse, entrepreneurial talent inside our global businesses to fill key positions. We seek people who are
proactive and dedicated, demonstrate an ownership mindset and share our commitment to the pursuit of operational
excellence. We continue to make significant
the growth and
development of our employees is essential for our continued success.

investments in talent development and recognize that

Diversity and Inclusion

We view the diversity of our employees as a strength to better serve our customers and communities. We also believe the
diversity of our workforce enables us to attract new talent, keeps our employees engaged and productive, and advances
innovation from ideas reflecting the broad diversity of our employees' backgrounds, experiences, and perspectives. To that
end, we have taken various actions to enhance diversity, including partnering with organizations that can support our efforts
to identify and recruit talented and diverse candidates.

We aim to cultivate an inclusive culture that enables employees to feel connected to our business objectives and valued for
their contributions. One of the ways in which we seek to promote an inclusive work environment is by supporting our
operating companies in establishing employee resource groups. These groups allow for collaboration and serve as an open
forum for networking, professional development, and mentoring. We are committed to our efforts to maintain a work
environment that is professional, inclusive, and free from discrimination and harassment. To help educate our workforce on
the benefits of an inclusive environment, and drive awareness, we have invested in training across the organization focused
on diversity and inclusion topics.

Health and Safety

We are committed to providing a healthy environment and safe workplace by operating in accordance with established health
and safety protocols across our facilities and maintaining an enhanced health and safety compliance program. As part of our
continuous improvement process, we have implemented a global EHS information management system designed to track key
metrics and actions pertinent to our health and safety program. This software supports our strategy to proactively reduce
hazards thereby further bettering shop floor safety.

14

Human Capital Investments Related to Strategic Priorities

In line with our strategic priorities, we have additionally invested in the following aspects of human capital resource
management, among other areas:

•

•

•

Dover Digital Labs – We are continuing to leverage our Digital Labs team to improve our digital capabilities. Our
team of software developers, data scientists, manufacturing engineers, and product managers drive digital
transformation across our businesses by enhancing customer experience, developing connected industrial products,
enabling digital manufacturing and securing our digital products.

Operational management – Our operations teams,
continually focuses on improving operational efficiency, such as implementing production automation.

including our management

team at

the corporate center,

Shared services – We are continuing to further centralize shared services under Dover Business Services and our
India Innovation Center. Our shared services capabilities include a wide range of functional areas including
transactional support, human resources, IT, finance and accounting, engineering and product development. These
services enable productivity and growth as well as free up resources at our businesses to focus on customers,
markets and product development.

Intellectual Property and Intangible Assets

Our businesses own many patents, trademarks, licenses and other forms of intellectual property, which have been created,
registered or acquired over a number of years and, to the extent relevant, expire at various times over a number of years. A
large portion of our businesses' intellectual property consists of patents, unpatented technology and proprietary information
constituting trade secrets that we seek to protect in various ways, including confidentiality agreements with employees and
suppliers where appropriate. In addition, a significant portion of our intangible assets relate to customer relationships. While
our intellectual property and customer relationships are important to our success, the loss or expiration of any of these rights
or relationships is not likely to materially affect our results on a consolidated basis. We believe that our commitment to
continuous engineering improvements, new product development and improved manufacturing techniques, as well as strong
sales, marketing and service efforts, are significant to our general leadership positions in the niche markets we serve.

Customers

We serve thousands of customers, none of which accounted for more than 10% of our consolidated revenue in 2023. Given
our diversity of served markets, customer concentrations are not significant. Businesses supplying the environmental
solutions, defense, automotive and commercial refrigeration industries tend to deal with a few large customers that are
significant within those industries. This also tends to be true for businesses supplying the power generation and chemical
industries. In the other markets served, there is usually a much lower concentration of customers, particularly where our
companies provide a substantial number of products and services applicable to a broad range of end-use applications.

Seasonality

In general, while our businesses are not highly seasonal, we do tend to have stronger revenue generation in the second half of
the year, which is driven by customer capital expenditure timing and seasonal activity patterns in our end-markets. Our
businesses serving the retail fueling market tend to increase in the second half of the year based on the historical purchasing
patterns of their customers. Our businesses serving the major equipment markets, such as power generation, chemical and
processing industries, have longer lead times geared to seasonal, commercial, or consumer demands and customers in these
markets tend to delay or accelerate product ordering and delivery to coincide with those market trends which moderates the
aforementioned seasonality patterns. Our food retail refrigeration business tends to face higher levels of demand in the second
and third quarters as retailers avoid construction and remodeling activity during fall/winter holidays.

15

Competition

Our competitive environment is complex because of the wide diversity of our products manufactured and the markets served.
In general, most of our businesses are market leaders that compete with only a few companies, and the key competitive
factors are customer service, product quality, price and innovation. A summary of our key competitors within each of our
segments follows:

Segment

Engineered Products

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability
Technologies

International

Key Competitors

Snap-On Inc. (Challenger Lifts, Car-O-Liner), Hennessey Industries, Oshkosh Corp.
(McNeilus), Labrie Enviroquip Group, Geotab Inc., AMCS Group, PACCAR (Braden),
Teledyne

Vontier (Gilbarco Veeder-Root, DRB), Tatsuno, Verifone, Franklin Electric, Elaflex,
Ingersoll Rand (Emco Wheaton), Dixon Valve & Coupling Company, PDI
Technologies, Inc., Salco, Sonny's Enterprises LLC, National Carwash Solutions,
Washtec AG

Veralto Corporation (Videojet), Brother Industries, Ltd. (Domino Printing), Electronics
for Imaging (Reggiani), SPG Prints, Konica Minolta, Kornit Digital Ltd.
IDEX Corporation, Ingersoll Rand, Millipore, Danaher Corporation (Pall), Avantor
(Masterflex), Nordson Corporation, ITT, SPX Flow Inc. (Waukesha), Spirax Sarco
(Watson Marlow), Kingsbury, Seko, Ecolab, Hoerbiger Holdings AG, Miba AG,
Hillenbrand Inc. (Coperion)

Panasonic (Hussman Corp.), Alfa Laval, Danfoss, Stolle Machinery, Crown Holdings

Consistent with our strategic focus on positioning our businesses for growth, we aim to grow our revenue in international
markets, particularly in developing economies in Asia, the Middle East, Eastern Europe and South America.

Most of our non-U.S. subsidiaries and affiliates are currently based in China, France, Germany, Italy, Sweden, Switzerland,
the United Kingdom, and other locations including Australia, Brazil, Canada, India, Mexico, and the Netherlands.

The following table shows annual revenue derived from customers outside the U.S. as a percentage of total annual revenue
for each of the last three years, by segment and in total:

Percentage of Non-U.S. Revenue
by Segment
Years Ended December 31,
2022

2023

2021

Engineered Products

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability Technologies

Total percentage of revenue derived from customers outside of the United States

22 %

44 %

72 %

53 %

43 %

44 %

25 %

41 %

72 %

51 %

40 %

43 %

27 %

45 %

75 %

53 %

37 %

46 %

Our international operations are subject to certain risks, such as price and exchange rate fluctuations and non-U.S.
governmental restrictions, which are discussed further in Item 1A. "Risk Factors." For additional details regarding our non-
U.S. revenue, impact of foreign currency exchange rates, and the geographic allocation of the assets, see Management's
Discussion and Analysis of Financial Condition and Results of Operations and Note 19 — Segment Information to the
Consolidated Financial Statements in Items 7 and 8, respectively, of this Form 10-K.

16

Environmental Matters

Sustainability

We are committed to creating economic value for shareholders by developing products designed to help our customers meet
their sustainability goals, run their operations more efficiently and satisfy evolving regulatory and environmental standards.
We believe that sustainability-driven innovation in response to customer demand helps us contribute positively to enhanced
resource efficiency and waste reduction while presenting a valuable growth opportunity. Aligned with this commitment, in
2021, we announced science-based targets to reduce our greenhouse gas emissions. These targets include an absolute
reduction of scope 1 and scope 2 market-based greenhouse gas emissions of 30 percent by 2030, from a 2019 baseline year,
and an absolute reduction of scope 3 greenhouse gas emissions of 15 percent by 2030, from a 2019 baseline year.

We highlight key initiatives and performance metrics about our sustainability activities under the "Sustainability" tab on our
website, www.dovercorporation.com.

Other Matters

Our operations are governed by a variety of international, national, state and local environmental laws. We are committed to
continued compliance and believe our operations generally are in substantial compliance with these laws. In a few instances,
particular plants and businesses have been the subject of administrative and legal proceedings with governmental agencies or
private parties relating to the discharge or potential discharge of regulated substances. Where necessary, these matters have
been addressed with specific consent orders to achieve compliance.

There have been no material effects upon our earnings and competitive position resulting from our compliance with laws or
regulations enacted or adopted relating to the protection of the environment. We are aware of a number of existing or
upcoming regulatory initiatives intended to reduce emissions in geographies where our manufacturing and warehouse/
distribution facilities are located and have evaluated the potential impact of these regulations on our businesses. We anticipate
that direct impacts from regulatory actions will not be significant in the short- to medium-term. We expect the regulatory
impacts associated with climate change regulation would be primarily indirect and would result in "pass-through" costs from
energy suppliers, suppliers of raw materials and other services related to our operations.

Other Information

We make available free of charge through the "Investor Information" link on our website, www.dovercorporation.com, our
annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these
reports. We post each of these reports on the website as soon as reasonably practicable after the report is filed with the
Securities and Exchange Commission. The contents of our website are not intended to be incorporated by reference into this
Form 10-K, and any reference to our website is intended to be inactive textual references only.

17

ITEM 1A. RISK FACTORS

The risk factors discussed in this section should be considered together with information included elsewhere in this Form 10-
K and should not be considered the only risks to which we are exposed. In general, we are subject to the same general risks
and uncertainties that impact many other industrial companies such as general economic, industry and/or market conditions
and growth rates; the impact of natural disasters and their effect on global markets; and changes in laws or accounting rules.
Additional risks and uncertainties not currently known to us or that we currently believe are immaterial also may impair our
businesses, including our results of operations, liquidity and financial condition.

Business and Operational Risks

• Our businesses or operations may be adversely affected by natural or human-induced disasters, acts of war, terrorism,

international conflicts, and public health crises.

Our businesses or operations may be adversely affected by natural or human-induced disasters including, but not limited
to, earthquakes; tsunamis; floods; hurricanes, cyclones or typhoons; fires; other extreme weather conditions; power or
water shortages; telecommunications failures; materials scarcity; terrorist acts, civil unrest, conflicts or wars; and health
epidemics or pandemics. The occurrence of any such event, and the measures taken in response thereto, may disrupt the
global economy and adversely impact our operations, including demand for our products across multiple end-markets as
well as our supply chain and operations. Existing insurance coverage may not provide protection for all of the costs that
may arise from such events. Additionally, concerns over the economic impact of such events could cause increased
volatility in financial and other capital markets, adversely impacting our stock price, our ability to access the capital
markets, and our ability to fund liquidity needs.

The impacts of any such unexpected event are difficult to predict but could have a material adverse effect on our
businesses, financial condition, or operations.

•

Recessions, adverse market conditions or downturns in the markets we serve could adversely affect our operations.

In the past, our operations have been exposed to volatility due to changes in general economic conditions or consumer
preferences, recessions or adverse conditions in the markets we serve. In the future, similar changes could adversely
impact overall sales, operating results (including potential impairment charges for goodwill or other long-lived assets)
and cash flows. Moreover, during economic downturns we may undertake more extensive restructuring actions,
including workforce reductions, global facility consolidations, centralization of certain business support activities, and
other cost reduction initiatives, and incur higher costs. As these plans and actions can be complex, the anticipated
operational improvements, efficiencies and other benefits might be delayed or not realized. We are unable to determine
the impact that recessions, adverse market conditions or downturns will have on our financial position, operating results
and cash flows in future periods.

•

Increases in labor costs, potential labor disputes and work stoppages or an inability to hire skilled personnel could
adversely affect our business.

We have a number of collective bargaining units in the U.S. and various collective labor arrangements outside the U.S.
We are subject to potential work stoppages, union and works council campaigns and other labor disputes, any of which
could adversely impact our productivity, reputation, results of operations, financial condition and cash flows.

Furthermore, the competition for skilled personnel is often intense in the regions in which our manufacturing facilities
are located. A sustained labor shortage or increased turnover rates within our employee base, increases in the salaries and
wages paid by competing employers, as a result of general macroeconomic factors or otherwise, could lead to increased
costs, such as increased overtime to meet demand and potentially further increase salaries and wage rates to attract and
retain employees, and could negatively affect our ability to efficiently operate our manufacturing facilities and overall
business. If we are unable to hire and retain employees capable of performing at a high level, our business, financial
condition and results of operations could be adversely affected.

18

•

Our reputation, ability to do business and results of operations may be impaired by improper conduct by any of our
employees, agents, or business partners.

While we strive to maintain high standards, we cannot provide assurance that our internal controls and compliance
systems will always protect us from acts committed by our employees, agents, or business partners that would violate the
laws of the jurisdictions where we do business, including the laws governing payments to government officials, bribery,
fraud, anti-kickback and false claims, competition, export and import compliance, environmental compliance, money
laundering and data privacy, as well as the improper use of proprietary information or social media. Any such violations
of law or improper actions could: subject us to civil or criminal investigations; lead to substantial civil or criminal,
monetary and non-monetary penalties and related shareholder lawsuits; lead to increased costs of compliance; and
damage our reputation, our consolidated results of operations, financial condition and cash flows.

• We are subject to risks relating to our existing international operations and expansion into new geographical

markets.

Approximately 44% and 43% of our revenues for 2023 and 2022, respectively, were derived outside the United States
and we expect international sales to continue to represent a significant portion of our revenues given our global growth
strategy. As a result of our international operations and our global expansion strategy, we are subject to various risks,
including:

o political, social and economic instability and disruptions;

o government import and export controls, economic sanctions, embargoes or trade restrictions;

o the imposition of duties and tariffs and other trade barriers and retaliatory countermeasures;

o limitations on ownership and dividend of earnings;

o transportation delays and interruptions;

o risk to theft of proprietary information and/or intellectual property;

o labor unrest and current and changing regulatory environments;

o widespread public health crises, such as a pandemic or epidemic;

o increased compliance costs, including costs associated with disclosure requirements and related due diligence;

o the impact of loss of a single-source manufacturing facility;

o difficulties in staffing and managing multi-national operations;

o limitations on our ability to enforce legal rights and remedies;

o potentially adverse tax consequences; and

o access to or control of networks and confidential information due to local government controls and vulnerability

of local networks to cyber risks.

If we are unable to successfully manage the risks associated with expanding our global business or adequately manage
operational risks of our existing international operations, the risks could have a material adverse effect on our growth in
geographic markets, our reputation, our consolidated results of operations, financial position and cash flows.

•

Our operations, businesses, products and business strategy are subject to cybersecurity risks.

Although we have several processes and procedures in place designed to manage and mitigate cybersecurity risk, our
business is still subject to certain risks. We depend on our own and third party information systems, including cloud-
based systems and managed service providers, to store, process and protect our information and support our business
activities. We also use third party systems to support employee data processing for our global workforce and to support
customer business activities, such as transmitting payment information, providing mobile monitoring services, and
capturing operational data. Additionally, some of our products contain integrated hardware and software and offer the
ability to connect to networks. While we have measures in place that are designed to protect these systems, these systems
have been and are expected to continue to be the target of cyber attacks. Although we conduct security assessments and

19

periodic re-assessments of third party partners and other service providers, our systems may also experience
vulnerabilities from third-party or open source software code that may be incorporated into our own or our vendors’
systems. Any prolonged system disruption in our systems or third-party services could negatively impact
the
coordination of our sales, planning, and manufacturing activities, which could harm our business.

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. If these technologies,
systems, products or services are damaged, cease to function properly, are compromised due to employee or third-party
contractor error, user error, malfeasance, system errors, or other vulnerabilities, or are subject to cybersecurity attacks,
such as those involving denial of service attacks, unauthorized access, malicious software, ransomware, or other
intrusions, including by criminals, nation states or insiders, our business may be adversely impacted. The impacts could
include production downtimes, operational delays, and other impacts on our operations and ability to provide products
and services to our customers; compromise of confidential, proprietary or otherwise protected information, including
personal information and customer confidential data; destruction, corruption, or theft of data or intellectual property;
manipulation, disruption, or improper use of these technologies, systems, products or services; financial losses from
fraudulent transactions, remedial actions, loss of business or potential liability; adverse media coverage; legal claims or
legal proceedings, including regulatory investigations, actions and fines; and damage to our reputation. 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, ensure maintenance of backup and protective systems, and
have a team of security personnel managing our efforts and initiatives. However, there has been a rise in the number of
cyberattacks targeting confidential business information generally and in the manufacturing industry specifically, as well
as an increase in cyberattacks targeting managed service providers, by both state-sponsored and criminal organizations.
Moreover, there has been a rise in the number of cyberattacks that depend on human error or manipulation, including
phishing attacks or schemes that use social engineering to gain access to systems or perpetuate wire transfer or other
frauds.

These trends increase the likelihood of such events occurring as well as the costs associated with protecting against such
events. It is possible for vulnerabilities in our systems to remain undetected for an extended period of time up to and
including several years. We attempt to mitigate these risks by employing a number of measures, including employee
training, systems monitoring and other technical security controls, vulnerability scanning, risk assessments, a breach
response plan, maintenance of backup and protective systems, and security personnel. Notwithstanding those measures,
our systems, networks, products and services remain potentially vulnerable to known or unknown cybersecurity attacks
and other threats, any of which could have a material adverse effect on our consolidated results of operations, financial
condition and cash flows. We continuously monitor and develop our systems to protect our technology infrastructure and
data from misappropriation or corruption. However, a cybersecurity attack could persist for an extended period of time
before being detected, and, following detection, it could take considerable time for us to obtain full and reliable
information about the extent, amount and type of information compromised. During the course of an investigation, we
may not know the full impact of the event and how to remediate it, and actions, decisions and mistakes that are taken or
made may further increase the negative effects of the event on our business, results of operations and reputation. While
we maintain insurance coverage that is intended to address certain aspects of cybersecurity risks, such insurance
coverage may not cover all losses or all types of claims that arise. As cyber threats continue to evolve, cybersecurity and
data protection laws and regulations continue to develop in the U.S. and globally, and our business continues to move
towards increased online connectivity within our information systems and through more Internet-enabled products and
offerings, we expect to expend additional resources to continue to build out our compliance programs, strengthen our
information security, data protection and business continuity measures, and investigate and remediate vulnerabilities. For
additional information on our cybersecurity risk management, strategy and governance, see Item 1C. "Cybersecurity."

•

Unforeseen developments in contingencies such as litigation and product recalls could adversely affect our
consolidated results of operations, financial condition and cash flows.

We and certain of our subsidiaries are, and from time to time may become, parties to a number of legal proceedings
incidental to our businesses, including alleged injuries arising out of the use of products or exposure to hazardous
substances, or claims related to patent infringement, employment matters and commercial disputes. The defense of these
lawsuits may require significant expenses and divert management's attention, and we may be required to pay damages
that could adversely affect our consolidated results of operations, financial condition and cash flows. In addition, any

20

insurance or indemnification rights that we may have may be insufficient or unavailable to protect us against potential
loss exposures.

We may be exposed to product recalls and adverse public relations if our products are alleged to have defects, to cause
property damage, to cause injury or illness, or if we are alleged to have violated governmental regulations. A product
recall could result in substantial and unexpected expenditures, which would reduce operating profit and cash flow. In
addition, a product recall may require significant management attention. Product recalls may hurt the value of our brands
and lead to decreased demand for our products. Product recalls also may lead to increased scrutiny by federal, state or
international regulatory agencies of our operations and increased litigation and could have a material adverse effect on
our consolidated results of operations, financial condition and cash flows.

•

Our revenue, operating profits and cash flows could be adversely affected if our businesses are unable to protect or
obtain patent and other intellectual property rights.

Our businesses own patents, trademarks, licenses and other forms of intellectual property related to their products and
continuously invest in research and development that may result in innovations and general intellectual property rights.
Our businesses employ various measures to develop, maintain and protect their intellectual property rights. These
measures may not be effective in capturing intellectual property rights, and they may not prevent their intellectual
property from being challenged, invalidated, or circumvented, particularly in countries where intellectual property rights
are not highly developed or protected. Unauthorized use of our businesses' intellectual property rights could adversely
impact the competitive position of our businesses and could have a negative impact on our consolidated results of
operations, financial condition and cash flows.

• We could be negatively impacted by environmental, social and governance (ESG) and sustainability matters.

Governments, shareholders, customers, employees and other stakeholders are increasingly focusing on corporate ESG
practices and disclosures, and expectations in this area are rapidly evolving and growing. We have announced certain
initiatives, including goals, regarding our focus areas, which include greenhouse gas emissions reductions, health and
safety, diversity and inclusion, talent attraction and development, and innovation for sustainable products. The criteria by
which our ESG practices are assessed may change due to the evolution of the sustainability landscape, which could result
in greater expectations of us and may cause us to undertake costly initiatives to satisfy new criteria. Moreover, the
increasing attention to sustainability could also result in reduced demand for certain of our products or services and/or
reduced profits. If we are unable to respond effectively, investors may conclude that our policies and/or actions with
respect to ESG matters are inadequate. If we fail or are perceived to have failed to achieve previously announced
initiatives or goals or to accurately disclose our progress on such initiatives or goals, our reputation, business, financial
condition and results of operations could be adversely impacted.

Industry Risks

•

Increasing product, service and price competition by international and domestic competitors, including new entrants,
and our inability to introduce new and competitive products could cause our businesses to generate lower revenue,
operating profits and cash flows.

Our competitive environment is complex because of the wide diversity of the products that our businesses manufacture
and the markets they serve. In general, most of our businesses compete with only a few companies. Our ability to
compete effectively depends on how successfully we anticipate and respond to various competitive factors, including
new products, digital solutions and support services that may be introduced by competitors, changes in customer
preferences, evolving regulations, new business models and technologies and pricing pressures. If our businesses are
unable to anticipate their competitors' developments or identify customer needs and preferences on a timely basis,
successfully introduce new products, digital solutions and support services in response to such competitive factors, or
adopt to market changes relating to climate change related policies, they could lose customers to competitors. If
our businesses do not compete effectively, we may experience lower revenue, operating profits and cash flows.

21

•

Our operating results depend in part on the timely development and commercialization, and customer acceptance, of
new and enhanced products, digital solutions and support services based on technological innovation.

The success of new and improved products, digital solutions and support services depends on their initial and continued
acceptance by our customers. Certain of our businesses sell in markets that are characterized by rapid technological
changes, frequent new product introductions, changing industry standards and corresponding shifts in customer demand,
which may result in unpredictable product transitions, shortened life cycles and increased importance of being first to
market. Failure to correctly identify and predict customer needs and preferences, to deliver high quality, innovative and
competitive products to the market, to adequately protect our intellectual property rights or to acquire rights to third-
party technologies, to provide adequate data security and privacy protections and to stimulate customer demand for, and
convince customers to adopt new products, digital solutions and support services could adversely affect our consolidated
results of operations, financial condition and cash flows. In addition, we may experience difficulties or delays in the
research, development, production or marketing of new products, digital solutions and support services which may
prevent us from recouping or realizing a return on the investments required to continue to bring new products and
services to market.

• We could lose customers or generate lower revenue, operating profits and cash flows if there are significant increases
in the cost of our raw materials or components, or if suppliers are not able to meet our quality and delivery
requirements.

We purchase raw materials, sub-assemblies and components for use in our manufacturing operations. Factors such as
freight costs, transportation availability, inventory levels, the level of imports, the imposition of duties, tariffs and other
trade barriers and general economic conditions may affect the price of these raw materials, sub-assemblies and
components. Significant price increases for certain commodities, other raw materials or components could adversely
affect operating profits of our businesses. While we generally attempt to mitigate the impact of increased raw material
prices by hedging or passing along the increased costs to customers, there may be a time delay between the increased raw
material prices and the ability to increase the prices of products, or we may be unable to increase the prices of products
due to a competitor's pricing pressure or other factors.

We use a wide range of raw materials and components in our manufacturing operations that come from numerous
suppliers. While we believe that sources of supply for raw materials and components are generally adequate, it is
difficult to predict what effects of extended lead times or shortages may have in the future. In addition, some of the raw
materials and components may be available only from limited or single source suppliers. If a single source or limited
source supplier were to cease or interrupt production for any reason or otherwise fail to supply those raw materials or
components to us on favorable purchase terms, including at favorable prices, in sufficient quantities and with adequate
lead times needed for efficient manufacturing, our ability to meet customer commitments, and satisfy market demands
for affected products could be negatively affected. The disruption of our global supply chain for any reason, including
for issues such as COVID-19 or other health epidemics or pandemics, labor disputes, loss of single source or limited
source supplier, inability to procure sufficient raw materials, quality control issues, ethical sourcing issues, a supplier's
financial distress, natural disasters, looting, vandalism or acts of war or terrorism, trade sanctions or other external
factors over which we have no control, could interrupt product supply and, if not effectively managed and remedied,
have a material adverse impact on our business operations, financial condition and results of operations.

22

Legal and Regulatory Risks

•

Our businesses are subject to regulation and their profitability and reputation could be adversely affected by domestic
and foreign governmental and public policy changes, risks associated with emerging markets, changes in statutory
tax rates and unanticipated outcomes with respect to tax audits.

Our businesses' domestic and international sales and operations must comply with a wide variety of laws, regulations and
policies (including environmental, employment and health and safety regulations, data security laws, data privacy laws,
export/import laws, tax policies such as export subsidy programs and research and experimentation credits, carbon
emission regulations, energy efficiency and design regulations and other similar programs). These laws, regulations and
policies are complex, change frequently, have tended to become more stringent over time and may be inconsistent across
jurisdictions. Failure to comply (or any alleged or perceived failure to comply) with any of the foregoing could result in
civil and criminal, monetary and non-monetary penalties as well as potential damage to our reputation and disruption to
our business. We cannot provide assurance that our costs of complying with new and evolving regulatory reporting
requirements and current or future laws will not exceed our estimates. Any of these factors could adversely affect
customer demand, our relationships with customers and suppliers, and our business and financial position.

Certain of our businesses have sales or operations in countries, including Brazil, India and China, and may in the future
invest in other countries, any of which may carry high levels of currency, political, compliance, or economic risk. While
these risks or the impact of these risks are difficult to predict, any one or more of them could adversely affect our
businesses and reputation.

Our effective tax rate is impacted by the mix of earnings among countries with differing statutory tax rates, changes in
the valuation allowance of deferred tax assets and changes in income tax laws. The amount of income taxes and other
taxes paid can be adversely impacted by changes in statutory tax rates and laws and are subject to ongoing audits by
governmental authorities. If these audits result in assessments different from amounts estimated, then our consolidated
results of operations, financial position and cash flows may be adversely affected by unfavorable tax adjustments.

Financial and Strategic Risks

•

Our exposure to exchange rate fluctuations on cross-border transactions and the translation of local currency results
into U.S. dollars could negatively impact our results of operations.

We conduct business through our subsidiaries in many different countries, and fluctuations in currency exchange rates
could have a significant impact on our reported consolidated results of operations, financial condition and cash flows,
which are presented in U.S. dollars. Cross-border transactions, both with external parties and intercompany relationships,
result in increased exposure to foreign exchange effects. Accordingly, significant changes in currency exchange rates,
particularly the euro, Chinese renminbi (yuan), Swedish krona, pound sterling, Indian rupee, Singapore dollar, Danish
krone, and Canadian dollar, could cause fluctuations in the reported results of our businesses' operations that could
negatively affect our results of operations. Additionally, the strengthening of certain currencies such as the euro and
U.S. dollar potentially exposes us to competitive threats from lower cost producers in other countries. Our sales are
translated into U.S. dollars for reporting purposes. The strengthening of the U.S. dollar could result in unfavorable
translation effects as the results of foreign locations are translated into U.S. dollars.

23

•

Our growth and results of operations may be adversely affected if we are unsuccessful in our capital allocation and
acquisition program.

We expect to continue our strategy of seeking to acquire value creating add-on businesses that broaden our existing
position and global reach as well as, in the right circumstances, strategically pursue larger acquisitions that could have
the potential to either complement our existing businesses or allow us to pursue a new platform. However, there can be
no assurance that we will be able to continue to find suitable businesses to purchase, that we will be able to acquire such
businesses on acceptable terms, or that all closing conditions will be satisfied with respect to any pending acquisition. In
addition, we face the risk that a completed acquisition may underperform relative to expectations. We may not achieve
the synergies originally anticipated, may become exposed to unexpected liabilities or may not be able to sufficiently
integrate completed acquisitions into our current business and growth model. Further, if we fail to allocate our capital
appropriately, in respect of either our acquisition program or organic growth in our operations, we could be overexposed
in certain markets and geographies and unable to expand into adjacent products or markets. These factors could
potentially have an adverse impact on our consolidated results of operations, financial condition and cash flows.

•

The indemnification provisions of acquisition and disposition agreements by which we have acquired or sold or
disposed of companies may not fully protect us and may result in unexpected liabilities.

Certain of the acquisition agreements by which we have acquired companies require the former owners to indemnify us
against certain liabilities related to the operation of those companies before we acquired them. In most of these
agreements, however, the liability of the former owners is limited and certain former owners may be unable to meet their
indemnification responsibilities. Similarly, the purchasers of our disposed operations may from time to time agree to
indemnify us for operations of such businesses after the closing. We cannot be assured that any of these indemnification
provisions will fully protect us, and as a result we may face unexpected liabilities that adversely affect our consolidated
results of operations, financial condition and cash flows. In addition, we have retained certain liabilities directly or
through indemnifications made to the buyers of businesses we have sold or disposed against known and unknown
contingent liabilities such as tax liabilities and environmental matters.

There can be no assurance that the indemnity agreements will be sufficient to protect us against the full amount of any
liabilities that may arise, or that the indemnitors will be able to fully satisfy their indemnification obligations. The failure
to receive amounts for which we are entitled to indemnification could adversely affect our results of operations, cash
flows and financial condition.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable.

ITEM 1C. CYBERSECURITY

Risk Management and Strategy

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, 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 System and Organization Controls 2 (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 third party
partners and other service providers with access to information assets of Dover. In addition, we review independent audit
reports from key third party partners and other service providers with access to information assets at least annually.

24

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 can lead to exploits, security breaches and service
disruption. In addition, our online employees are required to participate in cyber, information security, and privacy training at
least annually. We also integrate security measures into our digital products and services.

Our product security efforts are informed in part by 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. For example, we conduct security testing and
remediation on a risk-based prioritized basis prior to releasing certain products into the market, as well as periodically post-
release to discover potential issues in code, firmware, and protocols and to consider potential security patches or future
version updates. We have received SOC 2 certifications for some of our products and software offerings and continue to
strive to meet similar requirements for other digital offerings.

Our enterprise risk management program, led by a team of senior executives, includes the performance of an annual risk
assessment made at the corporate center and operating company levels, and is designed to identify enterprise level risks we
may face, including cybersecurity risk at a high level. Each quarter, this team reassesses the identified enterprise risks, the
severity of these risks, and the status of efforts to mitigate them. We also engage consultants and other third parties for
periodic risk and vulnerability testing and assessment.

We also maintain insurance coverage that is intended to address certain aspects of cybersecurity risks.

Notwithstanding any of these measures, our systems, networks, products and services remain potentially vulnerable to known
or unknown cybersecurity attacks and other threats, any of which could have a material adverse effect on our consolidated
results of operations, financial condition and cash flows. We have experienced, and will continue to experience, cyber
incidents in the normal course of our business. As of the date of this report, we have not identified any risks from
cybersecurity threats, including those from any previous cybersecurity incidents, that have materially affected us, our
business strategy, results of operation or financial condition. However, there can be no assurances that a cybersecurity threat
or incident that could have a material impact on us will not occur in the future. For additional information on the risks we
face from cyber security threats, please see the risk factor titled, "Our operations, businesses, products, and business strategy
are subject to cybersecurity risks,"in Item 1A. "Risk Factors."

Governance

Our Board has established a risk management process to identify and manage material risks at the enterprise level, including
the potential impact of key cybersecurity threats. The full Board meets with the Senior Vice President & Chief Digital Officer
(CDO) and our Chief Information Security Officer (CISO) on at least an annual basis to discuss our cybersecurity posture.
The Board also periodically receives targeted briefings related to cybersecurity and reviews our incident response
capabilities.

Our CDO and CISO work to protect the Company’s information systems from cybersecurity threats and to promptly assist in
coordinating a response to any cybersecurity incidents in accordance with the Company’s cybersecurity incident response and
recovery plans and processes as described above. The CDO is responsible for corporate-wide data security, and the CISO is
responsible for developing, implementing and enforcing security policies to manage our overall cybersecurity risks. The
CDO and CISO are informed about and monitor the prevention, mitigation, detection, and remediation of cybersecurity
incidents through their management of the cybersecurity incident response and recovery plans and processes, as described
above. The CDO and CISO also periodically meet with certain corporate officers, such as the Company’s Chief Financial
Officer and General Counsel to review and discuss cybersecurity issues.

25

The CDO has over 30 years of information technology experience, including at several Fortune 500 companies and including
experience with cybersecurity initiatives that address governance, operational practices, cyber-awareness and technology.
The CISO has over two decades of information technology risk management experience, including experience with
information security testing at several Fortune 500 companies. The CDO holds an undergraduate degree in electrical and
electronics engineering, a master’s degree in computer science and a master’s degree in business administration, and the
CISO holds an undergraduate degree in electrical and computer engineering.

The CDO and CISO annually brief our full Board of Directors on enterprise-wide cybersecurity risk management and our
overall cybersecurity risk environment.

ITEM 2. PROPERTIES

The number, type, location and size of the properties used by our operations as of December 31, 2023 are shown in the
following charts, by segment:

Number and nature of facilities

Square footage (in 000s)

Manufacturing Warehouse Sales / Service

Total

Owned

Leased

Engineered Products
Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability
Technologies

Engineered Products

Clean Energy & Fueling

Imaging & Identification

Pumps & Process Solutions
Climate & Sustainability
Technologies

29
42

13

37

24

10
9

5

18

9

10
31

45

24

19

49
82

63

79

52

North America Europe

Asia

Other

Total

Locations

23

31

9

34

16

15

19

28

19

11

3

8

17

14

9

1

3

4

1

2

42

61

58

68

38

2,880
1,680

625

2,735

760
1,955

779

1,427

1,691

2,578

Expiration dates of
leased facilities (in years)
Minimum Maximum

1

1

1

1

1

9

11

10

11

10

Our owned and leased facilities are well-maintained and suitable for our operations.

ITEM 3. LEGAL PROCEEDINGS

See Note 16 — Commitments and Contingent Liabilities in the Consolidated Financial Statements in Item 8 of this Form 10-
K.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

26

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

All of our officers are elected annually at the first meeting of the Board of Directors following our annual meeting of
shareholders, and are subject to removal at any time by the Board of Directors. Our executive officers as of February 9, 2024,
and their positions with Dover (and, where relevant, prior business experience) for the past five years, are as follows:

Name
Richard J. Tobin

Kimberly K. Bors

Ivonne M. Cabrera

Brad M. Cerepak

Girish Juneja

James M. Moran

Ryan W. Paulson

Age
60

Positions Held and Prior Business Experience
President and Chief Executive Officer (since May 2018) and Director (since
August 2016) of Dover; prior thereto Chief Executive Officer (from 2013 to
2018) of CNH Industrial NV.

63

57

64

54

58

50

Senior Vice President and Chief Human Resources Officer (since January 2020)
of Dover; prior thereto Senior Vice President and Chief Human Resources
Officer of The Mosaic Company (from July 2017 to December 2018); prior
thereto Senior Vice President, Human Resources and Administration for
Schneider, North America at Schneider Electric (September 2014 to June 2017).

Senior Vice President, General Counsel and Secretary (since January 2013) of
Dover.

Senior Vice President and Chief Financial Officer (since May 2011) of Dover.

Senior Vice President and Chief Digital Officer (since May 2017) of Dover;
prior thereto Senior Vice President/Chief Technology Officer and General
Manager of the Marketplace Solutions Business of Altisource (from January
2014 to April 2017).

Vice President, Treasurer (since November 2015) of Dover; prior thereto Senior
Vice President and Treasurer (from June 2013 to August 2015) of Navistar
International Corporation ("NIC"); prior thereto Vice President and Treasurer
(from 2008 to June 2013) of NIC; also served as Senior Vice President and
Treasurer of Navistar, Inc. (from June 2013 to August 2015).

Vice President and Controller (from July 2019) of Dover; prior thereto Assistant
Controller, Global Consolidations and Operations Accounting (from August
2017 to July 2019); prior thereto partner at PricewaterhouseCoopers LLP (from
July 2012 to June 2017).

27

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES

PART II

Market Information and Dividends

The principal market in which Dover common stock is traded is the New York Stock Exchange.

Holders

As of January 29, 2024, there were 1,161 holders of record of Dover common stock.

Securities Authorized for Issuance Under Equity Compensation Plans

Information relating to securities authorized for issuance under our equity compensation plans is contained in Part III, Item
12 of this Form 10-K.

Recent Sales of Unregistered Securities

None.

Issuer Purchases of Equity Securities

In August 2023, the Company's Board of Directors approved a new standing share repurchase authorization whereby the
Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026. This share
repurchase authorization replaced the November 2020 share repurchase authorization. Upon expiration of the November
2020 share repurchase authorization on December 31, 2023, 15,283,326 shares remained unused. During the year ended
December 31, 2023, there were no share repurchases.

28

Performance Graph

This performance graph does not constitute soliciting material, is not deemed filed with the Securities and Exchange
Commission ("SEC"), and is not incorporated by reference in any of our filings under the Securities Act of 1933 or the
Exchange Act of 1934, whether made before or after the date of this Form 10-K and irrespective of any general
incorporation language in any such filing, except to the extent we specifically incorporate this performance graph by
reference therein.

Comparison of Five-Year Cumulative Total Return +
Dover Corporation, S&P 500 Index, S&P 500 Industrials Index

Total Shareholder Returns

Data Source: Research Data Group, Inc.

_______________________
+Total return assumes reinvestment of dividends.

This graph assumes $100 invested on December 31, 2018 in Dover common stock, the S&P 500 Index and the S&P 500
Industrials Index.

ITEM 6.

[RESERVED]

Not required.

29

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

The following Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is
intended to help the reader understand our results of operations and financial condition for the year ended December 31,
2023. The MD&A should be read in conjunction with our Consolidated Financial Statements and Notes included in Item 8 of
this Form 10-K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results
could differ materially from those anticipated in these forward-looking statements as a result of various factors, including
those discussed elsewhere in this Form 10-K, particularly in Item 1A. "Risk Factors" and in the "Special Note Regarding
Forward-Looking Statements" preceding Part I of this Form 10-K. For more information regarding our consolidated results,
segment results, and liquidity and capital resources for the year ended December 31, 2022 as compared to the year ended
December 31, 2021 refer to Part II Item 7 "Management's Discussion and Analysis of Financial Condition and Results of
Operations" in the Company's 2022 Annual Report on Form 10-K.

Throughout this MD&A, we refer to measures used by management to evaluate performance, including a number of financial
measures that are not defined under accounting principles generally accepted in the United States of America ("GAAP").
Please see "Non-GAAP Disclosures" at the end of this Item 7 for further detail on these financial measures. We believe these
measures provide investors with important information that is useful in understanding our business results and trends.
Reconciliations within this MD&A provide more details on the use and derivation of these measures.

OVERVIEW

Dover Corporation is a diversified global manufacturer and solutions provider delivering innovative equipment and
components, consumable supplies, aftermarket parts, software and digital solutions and support services.

For the year ended December 31, 2023, consolidated revenue was $8.4 billion, a decrease of $70.0 million or 0.8%, as
compared to the prior year. The decrease is due to a 1.5% organic revenue decline and an unfavorable impact from foreign
currency translation of 0.2%, partially offset by acquisition-related growth of 0.9%. The 1.5% organic revenue decline was
due to decreases of 4.0%, 3.3%, and 1.9% in our Clean Energy & Fueling, Pumps & Process Solutions, and Engineered
Products segments, respectively. The decline was partially offset by the Climate & Sustainability Technologies and Imaging
& Identification segments which grew 2.4% and 0.2%, respectively. Pricing and productivity initiatives continued during the
year to offset the impact of lower volumes across some of the Company's businesses.

From a geographic perspective, organic revenue for the U.S., our largest market, declined 3.0% as compared to the prior year.
The decrease was primarily due to our Clean Energy & Fueling and Pumps & Process Solutions segments. Revenue in
Europe and Asia declined 5.7% and 0.2%, respectively, while revenue in Other Americas grew 3.4%. All other geographic
markets grew 38.5% organically year over year.

Gross profit was $3.1 billion for the year ended December 31, 2023, an increase of $21.1 million, or 0.7%, as compared to
the prior year. Gross profit margin increased to 36.6% for the year ended December 31, 2023 compared to 36.0% for the prior
year. For further discussion related to our consolidated and segment results, see "Consolidated Results of Operations" and
"Segment Results of Operations," respectively, within this Item 7.

Bookings decreased 4.4% over the prior year to $8.0 billion for the year ended December 31, 2023. This included an organic
bookings decline of 4.6% and an unfavorable impact due to foreign currency translation of 0.4%, partially offset by an
increase of 0.6% in acquisition-related bookings. Overall, our book-to-bill was 0.95. See definition of bookings, organic
bookings and book-to-bill within "Segment Results of Operations"of this item 7.

During the year ended December 31, 2023, we executed restructuring and other costs programs to further optimize
operations. Restructuring and other costs of $63.7 million included restructuring charges of $50.4 million and other costs of
$13.2 million. The restructuring expenses were primarily related to headcount reductions and exit costs in the Clean Energy
& Fueling, Engineered Products and Pumps & Process Solutions segments. These restructuring programs were initiated in
2022 and 2023 and were undertaken in light of current market conditions. Other costs were primarily due to an asset
impairment in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in
our Clean Energy & Fueling segment. For further discussion related to our restructuring and other costs, see "Restructuring
and Other Costs (Benefits)," within this Item 7.

30

During the year ended December 31, 2023, we made two business acquisitions totaling $535.3 million, net of cash acquired
and inclusive of contingent consideration. See Note 3 — Acquisitions in the Consolidated Financial Statements in Item 8 of
this Form 10-K for further details regarding the businesses acquired during the year.

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co, an operating company within the
to customary post-closing
Engineered Products segment, for approximately $680 million enterprise value, subject
adjustments. The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions,
including receipt of regulatory approvals. See Note 4 — Dispositions in the Consolidated Financial Statements in Item 8 of
this Form 10-K for further details.

In January 2024, we made two business acquisitions totaling approximately $140.6 million, net of cash acquired, plus
potential contingent consideration of up to approximately $33.4 million. See Note 22 — Subsequent Events in the
Consolidated Financial Statements in Item 8 of this Form 10-K for further details.

CONSOLIDATED RESULTS OF OPERATIONS

Years Ended December 31,

% / Point
Change

2023
$ 8,438,134
5,353,501
3,084,633

2022
$ 8,508,088
5,444,532
3,063,556

2023 vs. 2022
(0.8)%
(1.7)%
0.7 %

36.6 %

36.0 %

1,718,290

1,684,226

(dollars in thousands, except per share figures)
Revenue
Cost of goods and services
Gross profit

Gross profit margin

Selling, general and administrative expenses

0.60

2.0 %

0.60
(0.9)%
12.8 %
204.7 %
6.3 %
(1.4)%
(4.0)%
(0.50)
(0.8)%

1.3 %

Selling, general and administrative expenses as a percent of revenue

20.4 %

19.8 %

Operating earnings
Interest expense
Interest income
Other income, net
Earnings before provision for income taxes
Provision for income taxes

Effective tax rate

Net earnings

Net earnings per common share - diluted

Revenue

1,366,343
131,305
(13,496)
(21,472)
1,270,006
213,178

1,379,330
116,456
(4,430)
(20,201)
1,287,505
222,129

16.8 %

17.3 %

$ 1,056,828

$ 1,065,376

$

7.52

$

7.42

Revenue for the year ended December 31, 2023 decreased $70.0 million, or 0.8% to $8.4 billion compared with 2022.
Organic revenue decline of 1.5% is primarily due to general reduction in our customers' and distribution channels' inventory
levels that resulted from lead time normalization and higher inventory carrying costs driven by interest rate increases.
Acquisition-related growth increased by 0.9% primarily driven by our Pumps & Process Solutions segment, offset by an
unfavorable impact from foreign currency translation of 0.2%. Customer pricing favorably impacted revenue in 2023 by
approximately 3.8% and by 6.9% in the prior year.

Gross Profit

Gross profit for the year ended December 31, 2023, increased $21.1 million, or 0.7%, to $3.1 billion compared with 2022,
primarily driven by positive market conditions in certain secular growth-exposed businesses, as well as pricing, productivity
initiatives and restructuring actions, partially offset by lower volumes across some end markets. Gross profit margin
increased 60 basis points to 36.6% as compared to the prior year driven by benefits from pricing, productivity and
restructuring actions, partially offset by lower volumes across some of the Company's businesses.

31

Selling, General and Administrative Expenses

Selling, general and administrative expenses for the year ended December 31, 2023 increased $34.1 million, or 2.0% to $1.7
billion compared with 2022, primarily driven by increased restructuring, employee compensation and benefits and transaction
and integration costs, partially offset by lower contract labor costs. As a percentage of revenue, selling, general and
administrative expenses increased 60 basis points to 20.4%, reflecting a decrease in the revenue base.

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to
$153.1 million and $163.3 million for the years ended December 31, 2023 and 2022, respectively. These costs as a percent of
revenue were 1.8% and 1.9% for the years December 31, 2023 and 2022, respectively.

Non-Operating Items

Interest Expense, net

For the year ended December 31, 2023, interest expense, net of interest income, increased $5.8 million, or 5.2%, to $117.8
million compared with 2022 primarily driven by increased higher average interest rates since the prior year, partially offset
by decreased commercial paper borrowings.

Other Income, net

Other income, net includes non-service pension benefit, deferred compensation plan investments gain or loss, earnings or
charges from equity method investments, foreign exchange gain or loss, and various other items. Other income, net for the
years ended December 31, 2023 and 2022, was $21.5 million and $20.2 million, respectively. For the year ended December
31, 2023, other income increased compared to 2022 primarily driven by increased non-operational income and increased
earnings from our equity method investments, partially offset by the decrease in non-service pension benefit.

Income Taxes

Our businesses have a global presence with 40.5% and 43.2% of our pre-tax earnings in 2023 and 2022, respectively,
generated in foreign jurisdictions. Foreign earnings are generally subject to local country tax rates that differ from the 21.0%
U.S. statutory tax rate.

Our effective tax rate was 16.8% for the year ended December 31, 2023, compared to 17.3% for the year ended December 31,
2022, respectively. The 2023 rate was primarily due to the release of a $69.7 million net valuation allowance against non-
U.S. tax loss carryforwards mainly related to an internal reorganization, partially offset by a $30.4 million accrual of
withholding taxes on current and future repatriation of certain foreign earnings. The 2022 rate was primarily driven by
favorable audit resolutions, including a reduction to income taxes previously recorded related to the Tax Cut and Jobs Act.

The Company is monitoring the potential changes in tax laws resulting from the Organization for Economic Cooperation and
Development’s multi-jurisdictional plan of action to address base erosion and profit shifting. We do not expect this to have a
material impact on our effective tax rate.

See Note 14 — Income Taxes in the Consolidated Financial Statements in Item 8 of this Form 10-K for additional details.

Net Earnings

For the year ended December 31, 2023, net earnings decreased $8.5 million, or 0.8%, to $1.1 billion, or $7.52 per share,
compared with net earnings of $1.1 billion, or $7.42 per share, for the year ended December 31, 2022. Earnings decreased
primarily due to lower volumes across some of the Company's businesses, increased selling, general and administrative
expenses, partially offset by customer pricing actions and benefits from productivity initiatives.

32

SEGMENT RESULTS OF OPERATIONS

The summary that follows provides a discussion of the results of operations of each of our five reportable operating segments
(Engineered Products, Clean Energy & Fueling, Imaging & Identification, Pumps & Process Solutions and Climate &
Sustainability Technologies). Each of these segments is comprised of various product and service offerings that serve
multiple markets. We evaluate our operating segment performance based on segment earnings as defined in Note 19 —
Segment Information in the Consolidated Financial Statements in Item 8 of this Form 10-K. See "Non-GAAP Disclosures" at
the end of this Item 7 for further details.

Additionally, we use the following operational metrics in monitoring the performance of the business. We believe the
operational metrics are useful to investors and other users of our financial information in assessing the performance of our
segments:
•

Bookings represent total orders received from customers in the current reporting period and exclude de-bookings
related to orders received in prior periods, if any. This metric is an important measure of performance and an
indicator of order trends.

•

•

Organic bookings represent bookings excluding the impact of foreign currency exchange rates and the impact of
acquisitions and dispositions. This metric is an important measure of performance and an indicator of order trends.

Book-to-bill is a ratio of the amount of bookings received from customers during a period divided by the amount of
revenue recorded during that same period. This metric is a useful indicator of demand trends.

33

Engineered Products

Our 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.

(dollars in thousands)

Revenue

Segment earnings

Segment margin

Operational metric:

Bookings

Components of revenue decline:

Organic decline

Foreign currency translation

Total revenue decline

2023 Versus 2022

Years Ended December 31, % Change

2023

2022

2023 vs.
2022

$2,004,587

$2,043,632

(1.9)%

$ 377,425

$ 346,519

8.9 %

18.8 %

17.0 %

$2,096,772

$2,004,326

4.6 %

(1.9)%

— %

(1.9)%

Engineered Products segment revenue for the year ended December 31, 2023 decreased $39.0 million, or 1.9% organic
revenue decline. Customer pricing favorably impacted revenue in 2023 by approximately 2.6% and by 10.4% in the prior
year.

The organic revenue decline was primarily due to lower volumes in our vehicle service business in Europe and Asia, as well
as transient disruptions in North America from an ERP upgrade in this business that reduced volumes in the second and third
quarter. Our other businesses saw robust demand, including in our waste handling business as large national waste haulers
and municipal governments invest to upgrade their refuse collection vehicle fleets and implement our leading digital
technologies to improve waste collection process efficiencies, and from key defense customers in our aerospace and defense
business. We expect organic growth to be positive in 2024, driven by strong order demand trends in several of our key end
markets, most notably in our waste handling and in our aerospace and defense businesses. Additionally, we expect revenue
growth in our vehicle service business against prior year comparable periods.

Engineered Products segment earnings for the year ended December 31, 2023 increased $30.9 million, or 8.9%, compared to
the prior year. The increase included a fourth quarter benefit of $14.4 million as a result of the change from LIFO to FIFO
method for an immaterial portion of inventories, customer pricing actions, productivity and cost reduction initiatives, and
favorable business mix, partially offset by lower volumes and increased material and labor costs. As a result, segment margin
increased to 18.8% from 17.0% in the prior year. See Note 1 — Description of Business and Summary of Significant
Accounting Policies in the Consolidated Financial Statements in Item 8 of this Form 10-K for additional details regarding the
change from LIFO to FIFO.

Bookings for the year ended December 31, 2023 increased 4.6% compared to the prior year, comprised of organic growth of
4.7% and an unfavorable impact from foreign currency translation of 0.1%. The organic bookings growth was primarily
driven by robust demand in our waste handling business as large waste haulers upgrade their vehicle fleets. Segment book-to-
bill was 1.05.

34

Clean Energy & Fueling

Our 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.

(dollars in thousands)

Revenue

Segment earnings

Segment margin

Operational metric:
Bookings

Components of revenue decline:

Organic decline

Foreign currency translation

Total revenue decline

2023 Versus 2022

Years Ended December 31, % Change

2023

2022

2023 vs.
2022

$1,788,277

$1,878,507

(4.8)%

$ 328,604

$ 352,993

(6.9)%

18.4 %

18.8 %

$1,745,521

$1,821,025

(4.1)%

(4.0)%

(0.8)%

(4.8)%

Clean Energy & Fueling segment revenue for the year ended December 31, 2023 decreased $90.2 million, or 4.8%, compared
to the prior year, attributable to an organic decline of 4.0% and an unfavorable impact from foreign currency translation of
0.8%. Customer pricing favorably impacted revenue in 2023 by approximately 4.3% and by 6.0% in the prior year.

The organic revenue decline was primarily due to reduced year-over-year demand in above ground retail fueling equipment,
due to the expected roll-off of EMV-related demand in the first half of the year, as well as general reduction in our customers'
inventory across our distribution channels, as higher interest rates increased its carrying costs. This was partially offset by
pricing actions aimed at mitigating material cost inflation and strong demand in our fluid transfer solutions and hydrogen and
liquefied natural gas clean energy businesses. We have made and will continue to make proactive adjustments to our cost
structure through restructuring and other programs to align with current demand trends. We expect shipments to remain lower
in the first half of 2024 improving progressively for the remainder of the year.

Clean Energy & Fueling segment earnings for the year ended December 31, 2023 decreased $24.4 million, or 6.9%,
compared to the prior year. The decrease was primarily due to reduced organic volumes, unfavorable foreign currency
translation, and increased material, logistics and labor costs, partially offset by pricing, productivity initiatives, and the
benefits from ongoing restructuring actions. The benefits from these restructuring actions are significant and will carry into
2024. See "Restructuring and Other Costs (Benefits)" section within this Item 7 for further information. Segment margin
decreased to 18.4% from 18.8% in the prior year.

Bookings for the year ended December 31, 2023 decreased 4.1% compared to the prior year, due to organic decline of 3.1%
and an unfavorable impact from foreign currency translation of 1.0%. The organic bookings decline was primarily due to
decreased year over year demand in above ground fueling equipment and vehicle wash solutions as higher interest rates have
impacted ability to finance equipment purchases. Segment book-to-bill was 0.98.

35

Imaging & Identification

Our 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.

(dollars in thousands)

Revenue

Segment earnings

Segment margin

Operational metric:

Bookings

Components of revenue decline:

Organic growth

Foreign currency translation

Total revenue decline

2023 Versus 2022

Years Ended December 31, % Change

2023

2022

2023 vs.
2022

$1,116,732

$1,123,815

(0.6)%

$ 272,512

$ 268,084

1.7 %

24.4 %

23.9 %

$1,121,229

$1,154,199

(2.9)%

0.2 %

(0.8)%

(0.6)%

Imaging & Identification segment revenue for the year ended December 31, 2023 decreased $7.1 million, or 0.6% compared
to the prior year, comprised of an unfavorable impact from foreign currency translation of 0.8%, partially offset by organic
growth of 0.2%. Customer pricing favorably impacted revenue in 2023 by approximately 5.0% and by 4.1% in the prior year.

The organic revenue growth was primarily driven by customer pricing and growth in serialization software, partially offset by
reduced customer investments in new marking and coding equipment, along with lower textile printer shipments caused by
high energy prices and macro uncertainty in textile producing regions. We expect positive organic growth in 2024, driven
primarily by customer pricing and increased demand for serialization software, along with a rebound in textile printer
demand.

Imaging & Identification segment earnings for the year ended December 31, 2023 increased $4.4 million, or 1.7%, compared
to the prior year. This increase was primarily driven by pricing initiatives and productivity actions, partially offset by an
unfavorable impact from foreign currency translation, organic volume reductions, and material and labor cost inflation.
Segment margin increased to 24.4% from 23.9% in the prior year.

Bookings for the year ended December 31, 2023 decreased 2.9%, comprised of an organic decline of 2.1% and an
unfavorable impact from foreign currency translation of 0.8%. The organic bookings decline was primarily due to reduced
order intake for equipment in our marking and coding and digital textile printing businesses. Segment book-to-bill was 1.00.

36

Pumps & Process Solutions

Our 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.

(dollars in thousands)

Revenue

Segment earnings

Segment margin

Operational metric:

Bookings

Components of revenue growth:

Organic decline

Acquisitions growth

Foreign currency translation

Total revenue growth

2023 Versus 2022

Years Ended December 31, % Change

2023

2022

2023 vs.
2022

$1,755,691

$1,728,235

1.6 %

$ 484,405

$ 533,018

(9.1)%

27.6 %

30.8 %

$1,677,115

$1,709,204

(1.9)%

(3.3)%

4.4 %

0.5 %

1.6 %

Pumps & Process Solutions segment revenue for the year ended December 31, 2023 increased $27.5 million, or 1.6%,
compared to the prior year, attributable to acquisition-related growth of 4.4% and a favorable impact from foreign currency
translation of 0.5%, partially offset by an organic decline of 3.3%. Acquisition-related growth was driven by the acquisitions
of Witte Pumps & Technology GmbH, Malema Engineering Corporation, and AMN DPI in 2022, along with FW Murphy
Production Controls business in the fourth quarter of 2023. Customer pricing favorably impacted revenue by approximately
4.1% in 2023 and by 3.9% in the prior year.

The organic revenue decline was due to reduced shipments for single-use components used in biopharmaceutical
manufacturing, as well as a decline in connector demand in core medical and industrial end markets, due to channel and end
customer focus on inventory reductions. This was partially offset by customer pricing, along with continued demand strength
in thermal connectors, hygienic dosing systems, plastics and polymer processing solutions equipment, and bearings and
compression components. We expect segment revenue growth in 2024, mostly driven by the acquisition of FW Murphy, with
stable organic revenue performance year-over-year. We expect positive demand trends in connectors supported by recent
specification wins in high performance computing applications and improving customer sentiment in bioprocessing, as well
as continued solid demand in hygienic dosing systems and bearings and compression components, offset by slower expected
demand in our polymer processing equipment business after several very strong years.

Pumps & Process Solutions segment earnings for the year ended December 31, 2023 decreased $48.6 million, or 9.1%,
compared to the prior year. The decrease was primarily due to the unfavorable volume and product mix impact of reduced
revenues relating to biopharmaceutical components along with labor and material cost increases, partially offset by pricing
initiatives and productivity and cost reduction actions. Segment margin decreased to 27.6% from 30.8% in the prior year.

37

Bookings for the year ended December 31, 2023 decreased 1.9% as compared to the prior year, due to an organic decline of
4.7%, partially offset by acquisition-related growth of 2.8%. The organic bookings decline was due to reduced orders in our
polymer processing equipment and biopharmaceutical components businesses, partially offset by continued order strength in
hygienic dosing systems, industrial pumps and bearings and compression components, along with specification wins in high
performance computing applications in our thermal connector business. Segment book-to-bill was 0.96.

Climate & Sustainability Technologies

Our 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.

(dollars in thousands)

Revenue

Segment earnings

Segment margin

Operational metric:
Bookings(1)

Components of revenue growth:

Organic growth

Acquisitions growth

Foreign currency translation

Total revenue growth

Years Ended December 31, % Change

2023

2022

2023 vs.
2022

$1,778,582

$1,737,724

2.4 %

$ 305,380

$ 254,484

20.0 %

17.2 %

14.6 %

$1,348,653

$1,669,916

(19.2)%

2.4 %

0.2 %

(0.2)%

2.4 %

(1) For comparability, prior period was revised to exclude non-binding orders and previously disclosed de-bookings.

2023 Versus 2022

Climate & Sustainability Technologies segment revenue for the year ended December 31, 2023 increased $40.9 million, or
2.4%, compared to the prior year, reflecting an organic revenue growth of 2.4%, acquisition-related growth of 0.2%, partially
offset by an unfavorable impact from foreign currency translation of 0.2%. Customer pricing favorably impacted revenue in
2023 by approximately 3.7% and by 9.2% in the prior year.

The organic revenue growth was principally driven by strong demand and pricing initiatives in most markets. Our heat
exchanger business grew in U.S. commercial HVAC and industrial markets, and growth in Europe as regulation-driven
efforts to shift from fossil fuel to electric energy drove demand for heat pump applications. Retail refrigeration revenue also
increased from the prior year, driven by customer pricing actions, large system refurbishment programs and growing demand
for low-GWP (global warming potential) CO2 refrigerant systems, partially offset by lower shipments in the interest rate
sensitive convenience store market. Beverage can-making business revenues modestly decreased from the prior year due to
expected year over year revenue reductions beginning in the fourth quarter driven by project timing and reduced demand for
beverage can-making equipment as large can-maker customers focus on scaling production and growing utilization of recent
capacity additions. We expect overall segment organic revenues to decline in 2024 despite continued growth in retail
refrigeration, particularly growth in new natural refrigerant system installations. We anticipate continued headwinds in new
beverage can-making equipment as customers reduce near-term capacity investments, and some near-term slowing in heat
exchangers driven by HVAC OEMs efforts to reduce component inventories; however, the long-term demand trends for
decarbonization of heating remain intact. We expect gradual improvement in volumes into the second half of 2024.

38

Climate & Sustainability Technologies segment earnings for the year ended December 31, 2023 increased $50.9 million, or
20.0%, compared to the prior year. The segment earnings increase was driven by customer pricing actions, product mix and
significant benefits from productivity initiatives, partially offset by higher labor costs. Segment margin increased to 17.2%
from 14.6% in the prior year.

Bookings for the year ended December 31, 2023 decreased 19.2% compared to the prior year, reflecting an organic decline of
19.1% and an unfavorable impact from foreign currency translation of 0.3%, partially offset by acquisition-related growth of
0.2%. The organic bookings decline was principally due to moderating demand with key customers in beverage can-making
equipment, transient disruptions from adverse economic conditions for heat exchangers and customer order timing returning
to historical seasonal patterns in refrigeration. Segment book-to-bill was 0.76.

Reconciliation of Segment Earnings to Net Earnings

(dollars in thousands)
Net earnings:
Segment earnings:

Years Ended December 31,

2023

2022

$

$

377,425
328,604
272,512
484,405
305,380
1,768,326
164,943
63,673
1,302
—
150,593
131,305
(13,496)
1,270,006
213,178
1,056,828

Engineered Products (1)
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies

346,519
352,993
268,084
533,018
254,484
1,755,098
Total segment earnings
Purchase accounting expenses (2)
181,103
Restructuring and other costs (3)
38,990
Disposition costs (4)
—
Loss on dispositions (5)
194
Corporate expense / other (6)
135,280
116,456
Interest expense
(4,430)
Interest income
1,287,505
Earnings before provision for income taxes
222,129
Provision for income taxes
Net earnings
1,065,376
(1) Segment earnings include a fourth quarter benefit of $14.4 million 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 in the Consolidated Financial Statements in Item 8 of this Form 10-K.
(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.
(4) Disposition costs related to the sale of De-Sta-Co which is expected to close in Q1 2024.
(5) Loss 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.

$

$

39

Restructuring and Other Costs (Benefits)

Restructuring and other costs are not presented in our segment earnings because these costs are excluded from the segment
operating performance measure reviewed by management. During the year ended December 31, 2023, restructuring charges
of $50.4 million were primarily related to headcount reductions and exit costs in the Clean Energy & Fueling, Engineered
Products and Pumps & Process Solutions segments. These restructuring programs were initiated in 2022 and 2023 and were
undertaken in light of current market conditions. Other costs, net of $13.2 million, were primarily due to an asset impairment
in our Climate & Sustainability Technologies segment and product line rationalization and footprint reduction in our Clean
Energy & Fueling segment. These restructuring and other charges were recorded in cost of goods and services and selling,
general and administrative expenses in the consolidated statement of earnings. Additional programs beyond the scope of the
announced programs may be implemented during 2024 with related restructuring charges.

We recorded the following restructuring and other costs for the year ended December 31, 2023:

Year Ended December 31, 2023

(dollars in thousands)

Restructuring

Other costs, net

Restructuring and other costs

Engineered
Products

Clean
Energy &
Fueling

Imaging &
Identification

Pumps &
Process
Solutions

Climate &
Sustainability
Technologies Corporate

$

$

9,510

267

9,777

$

$

20,336

4,330

24,666

$

$

5,918

1,183

7,101

$

$

7,686

233

7,919

$

$

4,541

4,758

9,299

$

$

2,444

2,467

4,911

$

$

Total

50,435

13,238

63,673

During the year ended December 31, 2022, restructuring charges of $30.5 million were primarily due to headcount reductions
and facility consolidations resulting from restructuring programs initiated in 2021 and 2022, including non-cash foreign
currency translation losses due to substantial liquidation of businesses. Other costs (benefits), net of $8.5 million, were
primarily due to an asset impairment in our Engineered Products segment and write-off of assets in connection with an exit
from certain Latin America countries in our Climate & Sustainability Technologies segment. These restructuring and other
charges were recorded in cost of goods and services and selling, general and administrative expenses in the consolidated
statement of earnings.

We recorded the following restructuring and other costs (benefits) for the year ended December 31, 2022:

Year Ended December 31, 2022

(dollars in thousands)
Restructuring

Other costs (benefits), net

Restructuring and other costs

Engineered
Products

Clean
Energy &
Fueling

Imaging &
Identification

Pumps &
Process
Solutions

Climate &
Sustainability
Technologies Corporate

$

$

3,194

3,260

6,454

$

$

9,571

(13)

9,558

$

$

4,702

1,740

6,442

$

$

4,685

(2)

4,683

$

$

6,007

3,263

9,270

$

$

2,321

262

2,583

$

$

Total

30,480

8,510

38,990

See Note 11 — Restructuring Activities in the Consolidated Financial Statements in Item 8 of this Form 10-K for additional
details regarding our recent restructuring activities.

40

Purchase Accounting Expenses

Purchase accounting expenses primarily relate to amortization of acquired assets and charges related to fair value step-ups for
acquired inventory sold during the period. These expenses are not presented in our segment earnings because they are
excluded from the segment operating performance measure reviewed by management. These expenses reconcile to segment
earnings as follows:

(dollars in thousands)
Purchase accounting expenses

Engineered Products
Clean Energy & Fueling (1)
Imaging & Identification

Pumps & Process Solutions

Climate & Sustainability Technologies

Years Ended December 31,

2023

2022

$

19,720 $

78,261

23,089

24,278

19,595

20,617

96,655

22,179

22,332

19,320

Total
181,103
(1) Purchase accounting expenses in our Clean Energy & Fueling segment decreased by $18,394 for the year ended December 31, 2023
from the prior year comparable period, which included $18,995 of charges related to fair value step-ups for inventory from the Q4 2021
acquisition of RegO and Acme Cryogenics.

164,943 $

$

41

FINANCIAL CONDITION

We assess our liquidity in terms of our ability to generate cash to fund our operating, investing and financing activities.
Significant factors affecting liquidity are cash flows generated from operating activities, capital expenditures, acquisitions,
dispositions, dividends, repurchase of outstanding shares, adequacy of available commercial paper and bank lines of credit
and the ability to attract long-term capital with satisfactory terms. We generate substantial cash from the operations of our
businesses and remain in a strong financial position, with sufficient liquidity available for reinvestment in existing businesses
and strategic acquisitions.

Cash Flow Summary

The following table is derived from our consolidated statements of cash flows:

Cash Flows from Operations (in thousands)
Net cash flows provided by (used in):

Operating activities
Investing activities
Financing activities

Operating Activities

Years Ended December 31,

2023

2022

$

$ 1,336,345
(726,630)
(568,056)

805,724
(540,924)
(260,265)

Cash flow from operating activities for the year ended December 31, 2023 increased by $530.6 million compared to 2022.
This increase was primarily driven by improvements in the management of working capital.

Adjusted Working Capital: We believe adjusted working capital (a non-GAAP measure calculated as accounts receivable,
plus inventory, less accounts payable) provides a meaningful measure of liquidity by showing changes caused by operational
results. The following table provides a calculation of adjusted working capital:

Adjusted Working Capital (in thousands)
Accounts receivable
Inventories
Less: Accounts payable
Adjusted working capital

December 31, 2023 December 31, 2022
$

$

1,432,040
1,225,452
958,542
1,698,950

$

$

1,516,871
1,366,608
1,068,144
1,815,335

Adjusted working capital decreased by $116.4 million, or 6.4%, to $1.7 billion at December 31, 2023, which reflected a
decrease in accounts receivable of $84.8 million, a decrease in inventory of $141.2 million and a decrease in accounts
payable of $109.6 million. These amounts include the effects of acquisitions, dispositions and foreign currency translation.
The decrease in inventories is due to reduced purchasing of inventories as supply chains have normalized. The change in
accounts receivable and payable reflect the timing of payments and collections.

Investing Activities

Cash flow from investing activities is derived from cash outflows for capital expenditures and acquisitions, partially offset by
cash inflows from proceeds from the sale of businesses, and property, plant and equipment. The majority of the activity in
investing activities was comprised of the following:

•

•

Acquisitions: In 2023, we deployed $533.6 million, net of cash acquired, to acquire two businesses. In comparison,
we acquired three businesses in 2022 for an aggregate purchase price of approximately $312.9 million, net of cash
acquired and inclusive of measurement period adjustments. See Note 3 — Acquisitions in the Consolidated
Financial Statements in Item 8 of this Form 10-K for additional information with respect to recent acquisitions.

Capital spending: Capital expenditures, primarily to support growth initiatives, productivity and new product
launches, were $192.6 million in 2023 and $221.0 million in 2022. Our capital expenditures decreased $28.4 million
in 2023 in line with our planned expenditures for the year.

42

We anticipate that capital expenditures and any additional acquisitions we make in 2024 will be funded from available cash
and internally generated funds and, if necessary, through the issuance of commercial paper, or by accessing the public debt or
equity markets. We estimate capital expenditures in 2024 to range from $160.0 million to $170.0 million.

Financing Activities

Cash flow from financing activities generally relates to the use of cash for purchases of our common stock and payment of
dividends, offset by net borrowing activity. The majority of financing activity was attributed to the following:

•

•

•

Repurchase of common stock, including accelerated share repurchase program: During 2023, the Company
repurchased no shares. During the year ended December 31, 2022, we used $85.0 million to repurchase 641,428
shares and $500.0 million to repurchase 3,892,295 shares through an accelerated share repurchase transaction.

Commercial paper and other short-term borrowings, net: During 2023, we paid down $267.5 million of short term
borrowings, primarily commercial paper. During 2022, we received net proceeds of $629.9 million from commercial
paper and other short-term borrowings used to partially fund our accelerated share repurchase transaction and the
acquisition of Malema.

Dividend payments: Total dividend payments to common shareholders were $284.3 million in 2023 and $287.6
million in 2022. Our dividends paid per common share increased 1% to $2.03 per share in 2023 compared to $2.01
per share in 2022.

Liquidity and Capital Resources

Free Cash Flow

In addition to measuring our cash flow generation and usage based upon the operating, investing and financing classifications
included in the consolidated statements of cash flows, we also measure free cash flow (a non-GAAP measure) which
represents net cash provided by operating activities minus capital expenditures. We believe that free cash flow is an important
measure of liquidity because it provides management and investors a measurement of cash generated from operations that
may be available for mandatory payment obligations and investment opportunities, such as funding acquisitions, paying
dividends, repaying debt and repurchasing our common stock.

The following table reconciles our free cash flow to cash flow provided by operating activities:

Free Cash Flow (dollars in thousands)

Cash flow provided by operating activities
Less: Capital expenditures

Free cash flow

Cash flow from operating activities as a percentage of revenue

Cash flow from operating activities as a percentage of net earnings

Free cash flow as a percentage of revenue

Free cash flow as a percentage of net earnings

Years Ended December 31,

2023

2022

$

$

1,336,345
(192,592)

1,143,753

$

$

805,724
(220,962)

584,762

15.8 %

126.4 %

13.6 %

108.2 %

9.5 %

75.6 %

6.9 %

54.9 %

For 2023, we generated free cash flow of $1.1 billion, representing 13.6% of revenue and 108.2% of net earnings. Free cash
flow in 2022 was $584.8 million, or 6.9% of revenue and 54.9% of earnings. Free cash flow increased from 2022 to 2023
driven by higher operating cash flow, primarily as a result of improvements in cash flows related to working capital and a
decrease in capital expenditures compared to the prior year. Additionally, the year ended December 31, 2022 includes a $43.5
million income tax payment related to the gain on sale of UB in the fourth quarter of 2021 and a $13.4 million tax payment in
2022 related to an internal reorganization.

43

Capitalization

We use commercial paper borrowings for general corporate purposes, including the funding of acquisitions and the
repurchase of our common stock. As of December 31, 2023, we maintained $1.0 billion five-year and $500.0 million 364-day
unsecured revolving credit facilities ("Credit Agreements") with a syndicate of banks which expire April 6, 2028 and April 4,
2024, respectively. The five-year credit facility replaced the previous $1.0 billion five-year unsecured revolving credit
facility, which was set to expire on October 4, 2024 and was terminated by the Company upon execution of the current five-
year credit facility. We may elect to extend the maturity date of any loans under the 364-day credit facility until April 4,
2025, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the
Company's commercial paper program, which was upsized from $1.0 billion to $1.5 billion during the second quarter of
2023, and also are available for general corporate purposes.

The Company may elect to have loans under the Credit Agreements which bear interest at a base rate plus a specified
applicable margin. Under these facilities, we are required to pay a facility fee and to maintain an interest coverage ratio of
consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. We were in compliance with this
covenant and our other long-term debt covenants at December 31, 2023 and had a coverage ratio of 14.5 to 1. We are not
aware of any potential impairment to our liquidity and expect to remain in compliance with all of our debt covenants.
Additionally, our earliest material long-term debt maturity is in 2025.

We also have a current shelf registration statement filed with the SEC that allows for the issuance of additional debt securities
that may be utilized in one or more offerings on terms to be determined at the time of the offering. Net proceeds of any
offering would be used for general corporate purposes, including repayment of existing indebtedness, capital expenditures
and acquisitions.

At December 31, 2023, our cash and cash equivalents totaled $398.6 million, of which approximately $269.6 million was
held outside the United States. At December 31, 2022, our cash and cash equivalents totaled $380.9 million, of which $261.4
million was held outside the United States. Cash and cash equivalents are held primarily in bank deposits with highly rated
banks. We regularly hold cash in excess of near-term requirements in bank deposits or invest the funds in government money
market instruments or short-term investments, which consist of investment grade time deposits with original maturity dates at
the time of purchase of no greater than three months.

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co for approximately $680.0 million
enterprise value, subject to customary post-closing adjustments. This transaction is expected to close in the first quarter of
2024. See Note 4 — Dispositions in the Consolidated Financial Statements in Item 8 of this Form 10-K for further details.

In January 2024, we made two business acquisitions totaling approximately $140.6 million, net of cash acquired, plus
potential contingent consideration of up to approximately $33.4 million. See Note 22 — Subsequent Events in the
Consolidated Financial Statements in Item 8 of this Form 10-K for further details.

44

We utilize the net debt to net capitalization calculation (a non-GAAP measure) to assess our overall financial leverage and
capacity and believe the calculation is useful to investors for the same reason. Net debt represents total debt minus cash and
cash equivalents, including cash held for sale. Net capitalization represents net debt plus stockholders' equity. The following
table provides a reconciliation of net debt to net capitalization to the most directly comparable GAAP measures:

Net Debt to Net Capitalization Ratio (dollars in thousands)

December 31, 2023 December 31, 2022

Commercial paper

Other

Total short-term borrowings

Long-term debt

Total debt

Less: Cash and cash equivalents, including cash held for sale

Net debt

Add: Stockholders' equity

Net capitalization
Net debt to net capitalization

$

467,600

$

682

468,282

2,991,759

3,460,041

(415,861)

3,044,180

5,106,605

$

8,150,785

$

734,936

836

735,772

2,942,513

3,678,285

(380,868)

3,297,417

4,286,366

7,583,783

37.3 %

43.5 %

Our net debt to net capitalization ratio decreased to 37.3% at December 31, 2023 compared to 43.5% at December 31, 2022.
Net debt decreased $253.2 million primarily due to a decrease in commercial paper borrowings and greater cash and cash
equivalents, including cash held for sale. Stockholders' equity increased for the period as a result of current earnings of $1.1
billion, offset by $284.3 million of dividends paid.

Our ability to obtain debt financing at comparable risk-based interest rates is partly a function of our existing cash flow-to-
debt and debt-to-capitalization levels as well as our current credit standing. Set forth below are our credit ratings, as of
December 31, 2023, which were independently developed by the respective credit agencies. The Moody's rating and outlook
were issued in December 2018, and the Standard & Poor's rating was issued in December 2017 and the outlook was most
recently revised in May 2021. The ratings and outlooks from both agencies were affirmed in 2023.

Moody's

Standard & Poor's

Short-Term
Rating

Long-Term
Rating

P-2

A-2

Baa1

BBB+

Outlook

Stable

Stable

As of December 31, 2023, we had approximately $180.0 million outstanding in letters of credit, surety bonds, and
performance and other guarantees with financial institutions, which primarily expire on various dates through 2031. These
letters of credit and bonds are primarily issued as security for insurance, warranty and other performance obligations. In
general, we would only be liable for the amount of these guarantees in the event of default in the performance of our
obligations, the probability of which we believe is remote.

Our estimate of future interest payments on long-term debt is $941.4 million based on the interest rates in effect as of
December 31, 2023.

Operating cash flow and access to capital markets are expected to satisfy our various cash flow requirements, including
acquisitions, capital expenditures, purchase obligations, and lease obligations. See Note 7 — Leases in the Consolidated
Financial Statements in Item 8 of this Form 10-K for additional details on lease obligations. Acquisition spending and/or
share repurchases could potentially increase our debt.

We believe that existing sources of liquidity are adequate to meet anticipated funding needs at current risk-based interest rates
for the foreseeable future.

45

Financial Instruments and Risk Management

The diverse nature of our businesses' activities necessitates the management of various financial and market risks, including
those related to changes in interest rates, foreign currency exchange rates and commodity prices. We periodically use
derivative financial instruments to manage some of these risks. We do not hold or issue derivative instruments for trading or
speculative purposes. We are exposed to credit loss in the event of nonperformance by counterparties to our financial
instrument contracts; however, nonperformance by these counterparties is considered unlikely as our policy is to contract
with highly-rated, diversified counterparties.

Interest Rate Exposure

As of December 31, 2023, and for the years ended December 31, 2023 and 2022, we did not have any open interest rate swap
contracts; however, we may in the future enter into interest rate swap agreements to manage our exposure to interest rate
changes. We issue commercial paper, which exposes us to changes in variable interest rates; however, maturities are typically
three months or less so a change in rates over this period would not have a material impact on our pre-tax earnings.

We consider our current risk related to market fluctuations in interest rates to be minimal since our debt is largely long-term
and fixed rate in nature. Generally, the fair market value of fixed-interest rate debt will increase as interest rates fall and
decrease as interest rates rise. A 100 basis point increase in market interest rates would decrease the 2023 year-end fair value
of our long-term debt by approximately $155.9 million. However, since we have no plans to repurchase our outstanding
fixed-rate instruments before their maturities, the impact of market interest rate fluctuations on our long-term debt does not
affect our results of operations or financial position.

Foreign Currency Exposure

We conduct business in various non-U.S. countries, including Canada, substantially all of the European countries, Mexico,
Brazil, China, India and other Asian countries. Therefore, we have foreign currency risk relating to receipts from customers,
payments to suppliers and intercompany transactions denominated in foreign currencies. We will occasionally use derivative
financial instruments to offset such risks, when it is believed that the exposure will not be limited by our normal operating
and financing activities. We have formal policies to mitigate risk in this area by using fair value and/or cash flow hedging
programs.

Changes in the value of the currencies of the countries in which we operate affect our results of operations, financial position
and cash flows when translated into U.S. dollars, our reporting currency. The strengthening of the U.S. dollar could result in
unfavorable translation effects as the results of foreign operations are translated into U.S. dollars. We have generally accepted
the exposure to exchange rate movements relative to our investment in non-U.S. operations. We may, from time to time, for a
specific exposure, enter into fair value hedges.

Additionally, we have designated the €600 million and €500 million of euro-denominated notes issued November 9, 2016
and November 4, 2019, respectively, as a hedge of our net investment in euro-denominated operations. Due to the high
degree of effectiveness between the hedging instruments and the exposure being hedged, fluctuations in the value of the euro-
denominated debt due to exchange rate changes are offset by changes in the net investment. Accordingly, changes in the
value of the euro-denominated debt are recognized in the cumulative translation adjustment section of other comprehensive
income to offset changes in the value of the net investment in euro-denominated operations. Due to the fluctuations of the
euro relative to the U.S. dollar, the U.S. dollar equivalent of this debt increases or decreases, resulting in the recognition of a
pre-tax loss of $45.8 million and pre-tax gain of $80.3 million in other comprehensive income for the years ended December
31, 2023 and 2022 respectively.

Commodity Price Exposure

Some of our businesses are exposed to volatility in the prices of certain commodities, such as aluminum, steel, copper and
various precious metals, among others. Our primary exposure to commodity pricing volatility relates to the use of these
materials in purchased component parts or the purchase of raw materials. Markets for multiple raw materials saw significant
cost increases throughout 2021 and into 2023, which we partially offset through price increases and other levers. In some
cases, we maintain longer-term index based contracts on raw materials and component parts and centrally drive an ongoing
effort to minimize risk proactively. However, we are prone to exposure as these contracts expire.

46

Critical Accounting Estimates

Revenue Recognition

Description
The majority of our revenue is generated through the manufacture and sale of a broad range of specialized products and
components, with revenue recognized upon transfer of title and risk of loss, which is generally upon shipment. In limited
cases, our revenue arrangements with customers require delivery, installation, testing, certification, or other promises to
deliver goods or services that may impact the timing or pattern of revenue recognized. The remainder of our revenue is
recognized over time, which is primarily related to services performed and specialized goods manufactured.

Judgments and uncertainties involved in the estimate
A significant level of judgment is involved in the identification of performance obligations for contracts with multiple-
element arrangements and the allocation of the transaction price based on the relative stand-alone selling price. The
identification requires judgment to identify all distinct goods or services and also the appropriate timing of revenue
recognition for each distinct good or service based on the transfer of control to the customer. We estimate the relative stand-
alone selling price for performance obligations if not directly observable. A significant level of judgment is also involved in
the selection of the appropriate method to recognize revenue over time.

Effect if actual results differ from assumptions
To the extent the judgments and estimates used or the method selected to recognize revenue over time differ or change in a
future period, a change to revenue and the related assets and liabilities could impact our financial position or results of
operations. The judgments, estimates, and methods used have been applied consistently over the last three fiscal years.

Valuation of Acquired Intangible Assets

Description
Intangible assets represent a significant portion of our consolidated balance sheet as a result of current and past acquisitions.
Intangible assets primarily include customer intangibles, trademarks, unpatented technologies, and patents. The fair value of
acquired intangible assets is determined using widely accepted valuation techniques, and the Company may engage third-
party appraisal firms to assist with the determination of fair values of significant intangible assets. The valuation of intangible
assets is performed at the time of acquisition and may change during the acquisition measurement period until the valuation is
finalized. The fair value of finite-lived intangible assets is subsequently amortized over the estimated useful life.

Judgments and uncertainties involved in the estimate
The significant assumptions used in the valuation of customer intangibles include future cash flows, customer attrition rate,
and discount rate. The significant assumptions for the valuation of trademarks include future revenues, royalty rate, and
discount rate. The significant assumptions for the valuation of unpatented technologies and patents include future revenues,
obsolescence rate, royalty rate, and discount rate. The assumptions and estimates used in the valuation of these intangible
assets are based on several factors, including historical experience with similar businesses and industries and information
obtained from operating company management.

Effect if actual results differ from assumptions
While we believe the assumptions used in our valuation of intangible assets are reasonable and representative of expected
results, actual results may differ from these assumptions. While the assumptions used for each acquisition are dependent on
the acquired company, the assumptions have been applied using a consistent methodology over the last three fiscal years.

47

Goodwill Impairment

Description
Goodwill is the difference between the consideration transferred and the fair value of net assets acquired. Goodwill is tested
for impairment on an annual basis during the fourth quarter, or more frequently when indicators of impairment exist, or when
a change in the composition of reporting units for goodwill occurs for other reasons, such as a disposition or a change in
segments. The impairment test involves a comparison of the fair value of each reporting unit with its carrying value. Fair
value reflects the price a potential market participant would be willing to pay for the reporting unit in an arms-length
transaction.

Judgments and uncertainties involved in the estimate
The significant assumptions in the fair value analysis of goodwill are the estimated future cash flows and the discount rate.
The determination of future cash flows involves significant judgment and is primarily driven by forecasted revenue growth
rates and EBITDA margins for the reporting unit. These assumptions are developed based on the reporting unit’s expected
future performance, which considers historical performance. We use a discount rate commensurate with the inherent risks in
our internally developed forecasts of future cash flows. The discount rate may also fluctuate due to market conditions such as
rising interest rates.

Effect if actual results differ from assumptions
While we believe the assumptions used in our annual impairment analysis are reasonable and representative of expected
results and reflective of a market participant, actual results may differ from these assumptions. The methodology used for the
goodwill impairment test has remained consistent over the last three fiscal years.

Valuation of Pension Benefit Obligation

Description
The pension benefit obligation is actuarially determined in accordance with GAAP and is impacted by assumptions used to
estimate the obligation, namely the discount rate. Annually, we review the actuarial assumptions used and compare the
assumptions to third-party benchmarks to ensure that the selected assumptions accurately account for our future pension
benefit obligations.

Judgments and uncertainties involved in the estimate
Our discount rate assumptions are determined by developing a yield curve based on high quality corporate bonds with
maturities matching the plans’ expected benefit payment streams. The plans’ expected cash flows are then discounted by the
resulting year-by-year spot rates. The 2023 weighted-average discount rate used to measure our pension benefit obligations
ranged from 2.80% to 5.20%, a general decrease from the 2022 rates, which ranged from 3.57% to 5.55%, due to decreases in
corporate bond yields over this period.

Effect if actual results differ from assumptions
A 25-basis point decrease in the discount rates used for these plans would have increased pension benefit obligations by
approximately $16.6 million from the amount recorded at December 31, 2023. The methodology used for the valuation of the
pension benefit obligation has remained consistent over the last three fiscal years.

Recoverability of Deferred Income Tax Assets and Unrecognized Tax Benefits

Description
We operate in and are subject to income taxes in various jurisdictions and are subject to ongoing audits by federal, state, and
non-U.S. tax authorities. Significant judgment is required in determining the realizability of deferred tax assets and evaluating
unrecognized tax benefits.

We have significant amounts of deferred tax assets that are evaluated for recoverability and valued accordingly. Management
evaluates the realizability of deferred income tax assets for each jurisdiction in which the Company operates. We record
valuation allowances to reduce the carrying value of deferred tax assets to amounts that we expect are more likely than not to
be realized.

48

The provision for unrecognized tax benefits provides a recognition threshold and measurement attribute for determining the
financial statement tax benefits taken or expected to be taken in a tax return and disclosure requirements regarding
uncertainties in income tax positions. The tax position is measured at the largest amount of benefit that is greater than 50%
likely of being realized upon ultimate settlement.

Judgments and uncertainties involved in the estimate
In assessing the adequacy of a recorded valuation allowance, we consider all positive and negative evidence, including the
scheduled reversal of deferred tax liabilities, historical and projected future taxable income, and tax planning strategies.
Additionally, significant judgment is required in the identification and measurement of unrecognized tax benefits. Our
liability for unrecognized tax benefits contains uncertainties because management is required to make assumptions and to
apply judgment to estimate the exposures associated with our various filing positions.

Effect if actual results differ from assumptions
Although we believe that our judgments and estimates are reasonable, actual results could differ and result in additional tax
expense or benefit. If we determine a valuation allowance should be recognized to reduce the carrying value of a deferred tax
asset or a liability for an unrecognized tax benefit needs to be recorded, the adjustment would result in a change to tax
expense in the period such determination is made. We have not made any material changes in the process we use to assess
valuation allowances and unrecognized tax benefits over the last three fiscal years.

Contingencies

Description
Liabilities are established for environmental and legal contingencies at both the business and corporate levels. A significant
amount of judgment and the use of estimates are required to quantify our ultimate exposure in these matters.

Judgments and uncertainties involved in the estimate
The valuation of liabilities for these contingencies is reviewed on a quarterly basis to ensure that we have accrued the proper
level of expense. The liability balances are adjusted to account for changes in circumstances for ongoing issues and the
establishment of additional liabilities for emerging issues. Estimates used in the valuations include 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. Such liability balances contain uncertainties due to new developments
regarding the facts and circumstances of each proceeding, changes in applicable laws and regulations, and other future events
and decisions by third parties that may impact the ultimate resolution of a proceeding.

Effect if actual results differ from assumptions
Although we believe that the amount accrued to-date is adequate, future changes in circumstances could impact these
determinations, and we may be exposed to a material loss. For example, to the extent we prevail in matters for which a
liability has been established or are required to pay amounts in excess of our established liability, our contingent liability in a
given financial statement period could be materially affected. However, the Company does not believe that it is currently
involved in any legal proceedings which, individually or in the aggregate, could have a material effect on its financial
position, results of operations, or cash flows.

Recent Accounting Standards

See Note 1 — Description of Business and Summary of Significant Accounting Policies in the Consolidated Financial
Statements in Item 8 of this Form 10-K for a discussion of recent accounting pronouncements and recently adopted
accounting standards.

49

Non-GAAP Disclosures

In an effort to provide investors with additional information regarding our results as determined by GAAP, we also disclose
non-GAAP information, which we believe provides useful information to investors. Free cash flow, free cash flow as a
percentage of revenue, free cash flow as a percentage of net earnings, net debt, net capitalization, net debt to net capitalization
ratio, adjusted working capital, and organic revenue growth are not financial measures under GAAP and should not be
considered as a substitute for cash flows from operating activities, debt or equity, working capital or revenue as determined in
accordance with GAAP, and they may not be comparable to similarly titled measures reported by other companies.

We believe the net debt to net capitalization ratio and free cash flow are important measures of liquidity. Net debt to net
capitalization is helpful in evaluating our capital structure and the amount of leverage we employ. Free cash flow and free
cash flow ratios provide both management and investors a measurement of cash generated from operations that is available to
fund acquisitions, pay dividends, repay debt and repurchase our common stock. Free cash flow as a percentage of revenue
equals free cash flow divided by revenue. Free cash flow as a percentage of net earnings equals free cash flow divided by net
earnings. We believe that reporting adjusted working capital provides a meaningful measure of liquidity by showing changes
caused by operational results. We believe that reporting organic revenue growth, which excludes the impact of foreign
currency exchange rates and the impact of acquisitions and divestitures, provides a useful comparison of our revenue
performance and trends between periods.

Reconciliations and comparisons of GAAP to non-GAAP measures can be found above in this Item 7, MD&A.

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The information required by this section is incorporated by reference to the section, "Financial Instruments and Risk
Management", included within the MD&A in Item 7.

50

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND
FINANCIAL STATEMENT SCHEDULE

Page
52
53
55
56
57
58
59
60
60
65
67
74
75
75
75
77
78
79
80
81
82
84
87
90
90
96
97
100
100
101

101

Management's Report on Internal Control Over Financial Reporting
Report of Independent Registered Public Accounting Firm (PCAOB ID 238)
Consolidated Statements of Earnings
Consolidated Statements of Comprehensive Earnings
Consolidated Balance Sheets
Consolidated Statements of Stockholders' Equity
Consolidated Statements of Cash Flows
Notes to Consolidated Financial Statements
Note 1 - Description of Business and Summary of Significant Accounting Policies
Note 2 - Revenue
Note 3 - Acquisitions
Note 4 - Dispositions
Note 5 - Inventories, net
Note 6 - Property, Plant and Equipment, net
Note 7 - Leases
Note 8 - Credit Losses
Note 9 - Goodwill and Other Intangible Assets
Note 10 - Other Accrued Expenses and Other Liabilities
Note 11 - Restructuring Activities
Note 12 - Borrowings
Note 13 - Financial Instruments
Note 14 - Income Taxes
Note 15 - Equity and Cash Incentive Program
Note 16 - Commitments and Contingent Liabilities
Note 17 - Employee Benefit Plans
Note 18 - Accumulated Other Comprehensive Earnings (Loss)
Note 19 - Segment Information
Note 20 - Earnings per Share
Note 21 - Stockholders' Equity

Note 22 - Subsequent Events

Financial Statement Schedule - Schedule II, Valuation and Qualifying Accounts

(All other schedules are not required and have been omitted)

51

MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

The management of the Company is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rule 13a-15(f).

The Company's management assessed the effectiveness of the Company's internal control over financial reporting as of
December 31, 2023. In making this assessment, the Company's management used the criteria set forth by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013).

Based on its assessment under the criteria set forth in Internal Control — Integrated Framework (2013), management
concluded that, as of December 31, 2023, the Company's internal control over financial reporting was effective to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. GAAP.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2023 has been audited by
PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their report which appears
herein.

52

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Stockholders of Dover Corporation

Opinions on the Financial Statements and Internal Control over Financial Reporting

We have audited the accompanying consolidated balance sheets of Dover Corporation and its subsidiaries (the "Company")
as of December 31, 2023 and 2022, and the related consolidated statements of earnings, of comprehensive earnings, of
stockholders’ equity and of cash flows for each of the three years in the period ended December 31, 2023, including the
related notes and financial statement schedule listed in the accompanying index (collectively referred to as the "consolidated
financial statements"). We also have audited the Company's internal control over financial reporting as of December 31,
2023, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring
Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of
the three years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the
United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2023, based on criteria established in Internal Control - Integrated Framework
(2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal
control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting,
included in the accompanying Management’s Report on Internal Control over Financial Reporting. Our responsibility is to
express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial
reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform
the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material
misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in
all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material
misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond
to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the
consolidated financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our
audit of internal control over financial reporting included obtaining an understanding of internal control over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness
of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered
necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures
that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to
permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of management and directors of the

53

company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective,
or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Goodwill Impairment Test

As described in Notes 1 and 9 to the consolidated financial statements, the Company’s consolidated goodwill balance was
$4.882 billion as of December 31, 2023. Management performs a goodwill impairment test annually in the fourth quarter, or
more frequently if events or circumstances indicate that goodwill may be impaired, when some portion but not all of a
reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of reporting units
occurs for other reasons. The quantitative test compares the fair value of a reporting unit with its carrying amount, including
goodwill. Management uses an income-based valuation method, determining the present value of estimated future cash flows,
to estimate the fair value of a reporting unit. As disclosed by management, the significant assumptions in the fair value
analysis of goodwill are the estimated future cash flows, which are primarily driven by forecasted revenue growth rates,
EBITDA margins, and the discount rate. These assumptions are developed by management based on the reporting unit’s
expected future performance, which considers historical performance.

The principal considerations for our determination that performing procedures relating to the goodwill impairment test is a
critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the reporting
units and (ii) a high degree of auditor judgment, subjectivity, and effort
in performing procedures and evaluating
management’s significant assumption related to forecasted revenue growth rates for certain reporting units.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to
management’s goodwill impairment test, including controls over the valuation of the reporting units. These procedures also
included, among others (i) testing management’s process for developing the fair value estimate of the reporting units; (ii)
evaluating the appropriateness of the income-based valuation method; (iii) testing the completeness and accuracy of
underlying data used in the income-based valuation method; and (iv) evaluating the reasonableness of the significant
assumption used by management related to forecasted revenue growth rates for certain reporting units. Evaluating the
reasonableness of management’s assumption related to forecasted revenue growth rates for certain reporting units involved
considering (i) the current and prior period performance of those reporting units and (ii) the consistency of those forecasted
revenue growth rates with external market and/or industry data.

/s/ PricewaterhouseCoopers LLP
Chicago, Illinois
February 9, 2024

We have served as the Company's auditor since 1995.

54

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)

Revenue
Cost of goods and services
Gross profit
Selling, general and administrative expenses
Operating earnings
Interest expense
Interest income
Gain on dispositions
Other income, net
Earnings before provision for income taxes
Provision for income taxes
Net earnings

Net earnings per share:

Basic
Diluted

Weighted average shares outstanding:

Basic
Diluted

Years Ended December 31,

2023
$ 8,438,134
5,353,501
3,084,633
1,718,290
1,366,343
131,305
(13,496)
—
(21,472)
1,270,006
213,178
$ 1,056,828

2022
$ 8,508,088
5,444,532
3,063,556
1,684,226
1,379,330
116,456
(4,430)
—
(20,201)
1,287,505
222,129
$ 1,065,376

2021
$ 7,907,081
4,937,295
2,969,786
1,688,278
1,281,508
106,319
(4,441)
(206,338)
(14,858)
1,400,826
277,008
$ 1,123,818

$
$

7.56
7.52

$
$

7.47
7.42

$
$

7.81
7.74

139,848
140,599

142,681
143,595

143,923
145,273

See Notes to Consolidated Financial Statements

55

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In thousands)

Net earnings
Other comprehensive earnings (loss), net of tax
Foreign currency translation adjustments:

Foreign currency translation gains (losses)
Reclassification of foreign currency translation losses to earnings
Total foreign currency translation adjustments (net of $10,438, $(17,824) and
$(20,976) tax benefit (provision), respectively)
Pension and other post-retirement benefit plans:

Actuarial (losses) gains
Prior service (costs) credit
Amortization of actuarial (gains) losses included in net periodic pension
cost
Amortization of prior service costs included in net periodic pension cost
Settlement and curtailment impact

Total pension and other post-retirement benefit plans (net of $3,569, $(2,230)
and $(9,868) tax benefit (provision), respectively)
Changes in fair value of cash flow hedges:

Unrealized net gains (losses) arising during period
Net losses (gains) reclassified into earnings

Years Ended December 31,
2022
$ 1,065,376

2021
$ 1,123,818

2023
$ 1,056,828

38,893
—

(119,010)
5,915

(39,819)
—

38,893

(113,095)

(39,819)

(14,820)
(53)

(1,982)
852
2,831

(2,658)
1,370

1,903
888
3,688

26,960
(1,433)

9,451
1,023
1,167

(13,172)

5,191

37,168

682
1,954

(535)
(3,732)

6,724
(4,871)

Total cash flow hedges (net of $(778), $1,217 and $(532) tax (provision) benefit,
respectively)
Other comprehensive earnings (loss), net of tax
Comprehensive earnings

2,636
28,357
$ 1,085,185

(4,267)
(112,171)
953,205

1,853
(798)
$ 1,123,020

$

See Notes to Consolidated Financial Statements

56

DOVER CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)

December 31, 2023 December 31, 2022

ASSETS
Current assets:

Cash and cash equivalents
Receivables, net
Inventories, net
Prepaid and other current assets
Assets held for sale

Total current assets

Property, plant and equipment, net
Goodwill
Intangible assets, net
Other assets and deferred charges
Total assets

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:

Short-term borrowings
Accounts payable
Accrued compensation and employee benefits
Deferred revenue
Accrued insurance
Other accrued expenses
Federal and other income taxes
Liabilities held for sale

Total current liabilities

Long-term debt
Deferred income taxes
Noncurrent income tax payable
Other liabilities
Stockholders' equity:

$

$

$

$

$

$

398,561
1,432,040
1,225,452
141,538
192,644
3,390,235
1,031,816
4,881,687
1,483,913
560,862
11,348,513

468,282
958,542
272,507
211,292
86,174
315,527
36,878
64,568
2,413,770
2,991,759
346,383
28,024
461,972

380,868
1,516,871
1,366,608
159,118
—
3,423,465
1,004,825
4,669,494
1,333,735
465,000
10,896,519

735,772
1,068,144
269,785
256,933
92,876
318,337
31,427
—
2,773,274
2,942,513
375,150
44,313
474,903

Preferred stock - $100 par value; 100,000 shares authorized; none issued

—

—

Common stock - $1 par value; 500,000,000 shares authorized;
259,841,534 and 259,643,756 shares issued at December 31, 2023 and
2022
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury stock, at cost: 119,945,271 and 119,945,271 shares at
December 31, 2023 and 2022
Total stockholders' equity

Total liabilities and stockholders' equity

259,842
886,690
10,995,624
(237,866)

(6,797,685)
5,106,605
11,348,513

$

$

259,644
867,560
10,223,070
(266,223)

(6,797,685)
4,286,366
10,896,519

See Notes to Consolidated Financial Statements

57

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands, except per share data)

Balance at December 31, 2020

$

258,982

$

868,882

Common
Stock $1 Par
Value

Additional
Paid-In
Capital

Retained
Earnings
$ 8,608,284

—

—

1,123,818

(286,896)

Net earnings

Dividends paid ($1.99 per share)

Common stock issued for the
exercise of share-based awards

Stock-based compensation expense

Common stock acquired
Other comprehensive loss, net of
tax

Other
Balance at December 31, 2021

Net earnings

Dividends paid ($2.01 per share)

Common stock issued for the
exercise of share-based awards

Stock-based compensation expense

Common stock acquired, including
accelerated share repurchase
program

Other comprehensive loss, net of
tax
Balance at December 31, 2022

Net earnings

Dividends paid ($2.03 per share)

Common stock issued for the
exercise of share-based awards

Stock-based compensation expense

Other comprehensive earnings, net
of tax

Other

—

—

475

—

—

—

—
259,457

—

—

187

—

(42,399)

31,111

—

—

42
857,636

—

—

(14,824)

30,821

—

(6,073)

—
259,644

—

—

198

—

—

—

—
867,560

—

—

(12,335)

31,465

—

—

Accumulated
Other
Comprehensive
Earnings (Loss)
$

Treasury
Stock

Total
Stockholders'
Equity
3,385,773

(153,254) $ (6,197,121) $

—

—

—

—

—

(798)

—
(154,052)

—

—

—

—

—

—

—

—

—

(21,637)

—

—
(6,218,758)

—

—

—
—

1,123,818

(286,896)

(41,924)

31,111

(21,637)

(798)

81
4,189,528

1,065,376

(287,551)

(14,637)

30,821

(578,927)

(585,000)

(112,171)
(266,223)

—
(6,797,685)

—

—

—

—

28,357

—

—

—

—

—

—

—

(112,171)
4,286,366

1,056,828

(284,297)

(12,137)

31,465

28,357

23

—

—

—

—

39
9,445,245

1,065,376

(287,551)

—

—

—

—
10,223,070

1,056,828

(284,297)

—

—

—

23

Balance at December 31, 2023

$

259,842

$

886,690

$ 10,995,624

$

(237,866) $ (6,797,685) $

5,106,605

See Notes to Consolidated Financial Statements

58

DOVER CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)

Operating Activities:
Net earnings
Adjustments to reconcile net earnings to cash provided by operating activities:

Depreciation and amortization
Stock-based compensation
Gain on dispositions
Provision for losses on accounts receivable (net of recoveries)
Deferred income taxes
Employee benefit plan expense
Other, net

Cash effect of changes in assets and liabilities (excluding effects of acquisitions,
dispositions and foreign exchange):

Accounts receivable
Inventories
Prepaid expenses and other assets
Accounts payable
Accrued compensation and employee benefits
Accrued expenses and other liabilities
Accrued taxes
Contributions to employee benefit plans

Net cash provided by operating activities
Investing Activities:

Additions to property, plant and equipment
Acquisitions, net of cash and cash equivalents acquired
Proceeds from sale of property, plant and equipment
Proceeds from dispositions
Other

Net cash used in investing activities
Financing Activities:

Change in commercial paper and other short-term borrowings, net
Dividends paid to stockholders
Repurchase of common stock, including payment under accelerated share repurchase
program
Payments to settle employee tax obligations on exercise of share-based awards
Other

Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net increase (decrease) in cash and cash equivalents, including cash held for sale
Cash and cash equivalents at beginning of year
Cash and cash equivalents, including cash held for sale, at end of year
Supplemental information - cash paid during the year for:

Income taxes
Interest

Cash and cash equivalents
Cash and cash equivalents held for sale
Cash and cash equivalents, including cash held for sale

Years Ended December 31,
2022

2021

2023

$

1,056,828

$

1,065,376

$

1,123,818

317,463
31,465
—
2,881
(99,286)
5,679
(12,385)

86,501
145,451
10,158
(104,576)
4,222
(75,160)
(16,798)
(16,098)
1,336,345

(192,592)
(533,623)
4,234
—
(4,649)
(726,630)

(267,490)
(284,297)

—
(12,137)
(4,132)
(568,056)
(6,666)
34,993
380,868
415,861

332,192
126,704

$

$

307,538
30,821
—
5,552
(28,138)
3,096
(18,218)

(209,021)
(199,033)
(3,494)
15,422
(34,803)
(54,067)
(62,417)
(12,890)
805,724

(220,962)
(312,855)
6,061
—
(13,168)
(540,924)

629,891
(287,551)

(585,000)
(14,637)
(2,968)
(260,265)
(9,171)
(4,636)
385,504
380,868

354,468
112,469

$

$

290,123
31,111
(206,338)
5,053
(48,322)
11,897
(7,368)

(201,540)
(297,623)
(14,303)
229,334
65,482
60,734
88,190
(14,383)
1,115,865

(171,465)
(1,112,075)
7,070
274,982
8,735
(992,753)

105,000
(286,896)

(21,637)
(41,924)
(4,423)
(249,880)
(803)
(127,571)
513,075
385,504

233,631
102,139

Years Ended December 31,

2023

2022

2021

398,561
17,300
415,861

$

$

380,868
—
380,868

$

$

385,504
—
385,504

$

$

$

$

See Notes to Consolidated Financial Statements

59

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

1. Description of Business and Summary of Significant Accounting Policies

Description of Business

Dover Corporation ("Dover" or "Company") is a diversified global manufacturer and solutions provider delivering innovative
equipment and components, consumable supplies, aftermarket parts, software and digital solutions and support services. The
Company's businesses are based primarily in the United States and Europe with manufacturing and other operations
throughout the world. The Company operates through five business segments that are structured around similar business
models, go-to market strategies and manufacturing practices: Engineered Products, Clean Energy & Fueling, Imaging &
Identification, Pumps & Process Solutions and Climate & Sustainability Technologies. For additional information on the
Company's segments, see Note 19 — Segment Information.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. Intercompany
accounts and transactions have been eliminated in consolidation. The results of operations of acquired businesses are
included from the dates of acquisitions.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States
requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial
Statements and accompanying disclosures. These estimates may be adjusted due to changes in future economic, industry, or
customer financial conditions, as well as changes in technology or demand. Estimates are used for, but not limited to,
allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, warranty reserves,
pension and post-retirement plans, stock-based compensation, useful lives for depreciation and amortization of long-lived
assets including finite-lived intangibles, future cash flows associated with impairment testing for goodwill, indefinite-lived
intangible assets and other long-lived assets, deferred tax assets, unrecognized tax benefits and contingencies. Actual results
may ultimately differ from these estimates, although management does not believe such differences would materially affect
the consolidated financial statements in any individual year. Estimates and assumptions are periodically reviewed and the
effects of changes in these estimates and assumptions are reflected in the Consolidated Financial Statements in the period that
they are determined.

Cash and Cash Equivalents

Cash and cash equivalents include cash on hand, demand deposits and short-term investments, which are highly liquid in
nature and have original maturities at the time of purchase of three months or less. The carrying value of cash and cash
equivalents approximates fair value.

Accounts Receivable and Allowance for Credit Losses

Accounts receivable are recorded at face amounts less an allowance for credit losses. The allowance is an estimate based on
historical collection experience, current and future economic and market conditions and a review of the current status of each
customer's trade accounts receivable. Management evaluates the aging of the accounts receivable balances and the financial
condition of its customers and all other forward-looking information that is reasonably available to estimate the amount of
accounts receivable that may not be collected in the future and records the appropriate provision. See Note 8 — Credit Losses
for additional information.

60

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Inventories

Inventories are stated at the lower of cost, determined on the first-in, first-out ("FIFO") basis, or net realizable value. As of
December 31, 2022 and through the third quarter of 2023, approximately 4% of inventories were stated at the lower of cost,
determined on the last-in, first-out ("LIFO") basis, or market. During the fourth quarter of 2023, the Company changed the
method of accounting for these remaining LIFO inventories to FIFO. The Company believes the FIFO method is preferable
because it better reflects the current value of inventories in the consolidated balance sheet and results in a uniform method
across our businesses, which in turn provides more useful financial information to the Company's investors and creditors.

The change in accounting method, which was effected in the fourth quarter of 2023, did not have a material impact on any
prior periods’ consolidated financial statements and therefore, the Company did not apply the change retrospectively. The
cumulative effect of the change resulted in a fourth quarter pre-tax benefit of $14,448 ($10,796 after-tax) recognized as a
reduction in costs of goods and services within the consolidated statement of earnings for the year ended December 31, 2023
and a corresponding increase in inventories within the consolidated balance sheet as of December 31, 2023.

Property, Plant and Equipment

Property, plant and equipment includes the historical cost of land, buildings, machinery and equipment, purchased and
internally developed software, finance lease assets and significant improvements to existing plant and equipment or, in the
case of acquisitions, the fair value of acquired assets. Expenditures for maintenance, repairs and minor renewals are expensed
as incurred. When property or equipment is sold or otherwise disposed of, the related cost and accumulated depreciation are
removed from the respective accounts and the gain or loss realized on disposition is reflected in earnings. The Company
depreciates its assets on a straight-line basis over their estimated useful lives as follows: buildings and improvements 5 to
31.5 years; machinery and equipment 3 to 15 years; furniture and fixtures 3 to 7 years; vehicles 3 to 7 years; and software 3
to 10 years.

Derivative Financial Instruments

The Company uses derivative financial instruments to hedge its exposures to various risks, including foreign currency
exchange rate risk. The Company does not enter into derivative financial instruments for speculative purposes and does not
have a material portfolio of derivative financial instruments. Derivative financial instruments used for hedging purposes must
be designated and effective as a hedge of the identified risk exposure at inception of the contract. The Company recognizes
all derivatives as either assets or liabilities on the consolidated balance sheet and measures those instruments at fair value. For
derivatives designated as hedges of the fair value of assets or liabilities, the changes in fair value of both the derivatives and
of the hedged items are recorded in current earnings. For derivatives designated as cash flow hedges, the change in the fair
value of the derivatives is recorded as a component of other comprehensive earnings and subsequently recognized in net
earnings when the hedged items impact earnings.

Goodwill and Other Intangible Assets

Goodwill represents the excess of purchase price over the fair value of net assets acquired. Goodwill and certain other
intangible assets deemed to have indefinite lives (primarily trademarks) are not amortized. For goodwill, impairment tests are
required at least annually, or more frequently if events or circumstances indicate that it may be impaired, when some portion
but not all of a reporting unit is disposed of or classified as assets held for sale, or when a change in the composition of
reporting units occurs for other reasons, such as a change in segments. Based on its current organizational structure, the
Company identified reporting units for which cash flows are determinable and to which goodwill was allocated.

The Company performs its goodwill impairment test annually in the fourth quarter. A quantitative test is used to determine
existence of goodwill impairment and the amount of the impairment loss at the reporting unit level. The quantitative test
compares the fair value of a reporting unit with its carrying amount, including goodwill. The Company uses an income-based
valuation method, determining the present value of estimated future cash flows, to estimate the fair value of a reporting unit.
If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is not impaired. If the carrying
amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess,
limited to the total amount of goodwill allocated to that reporting unit. Factors used in the impairment analysis require
significant judgment, and actual results may differ from assumed and estimated amounts. The Company uses its own market
assumptions including internal projections of future cash flows, discount rates and other assumptions considered reasonable

61

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

in the analysis and reflective of market participant assumptions. These forecasts are based on historical performance and
future estimated results. The discount rates utilized are based on a capital asset pricing model and published relevant industry
rates, which take into consideration the risks and uncertainties inherent to the reporting units and in the internally developed
forecasts. See Note 9 — Goodwill and Other Intangible Assets for further discussion of the Company's annual goodwill
impairment test and results. No impairment of goodwill was required for the years ended December 31, 2023, 2022, or 2021.

The Company uses an income-based valuation method to annually test its indefinite-lived intangible assets for impairment.
The fair value of the intangible asset is compared to its carrying value. This method uses the Company's own market
assumptions, which are considered reasonable. Any excess of carrying value over the estimated fair value is recognized as an
impairment loss. No impairment of indefinite-lived intangible assets was required for the years ended December 31, 2023,
2022, or 2021.

Other intangible assets with determinable lives primarily consist of customer intangibles, unpatented technologies, patents
and trademarks. The other intangible assets are amortized over their estimated useful lives, ranging from 5 to 20 years.

Long-lived assets (including definite-lived intangible assets) are reviewed for impairment whenever events or changes in
circumstances indicate that the carrying amount of an asset may not be recoverable, such as a significant sustained change in
the business climate. If an indicator of impairment exists for any grouping of assets, an estimate of undiscounted future cash
flows is prepared and compared to its carrying value. If an asset group is determined to be impaired, the loss is measured by
the excess of the carrying amount of the asset group over its fair value, as determined by an estimate of discounted future
cash flows.

Leases

The Company determines if an arrangement is a lease at inception of a contract. The Company has operating and finance
leases for corporate offices, manufacturing plants, research and development facilities, shared services facilities, vehicle
fleets and certain office and manufacturing equipment. Operating lease right-of-use ("ROU") assets are included in other
assets and deferred charges and operating lease liabilities are included in other accrued expenses and other liabilities in the
consolidated balance sheet. Finance lease ROU assets are included in property, plant and equipment, and the related lease
liabilities are included in other accrued expenses and other liabilities in the consolidated balance sheet. Leases with an initial
term of 12 months or less are not recorded in the balance sheet.

The Company accounts for each separate lease component of a contract and its associated non-lease components as a single
lease component, thus causing all fixed payments to be capitalized. Variable lease payment amounts that cannot be
determined at the commencement of the lease, such as increases in lease payments based on changes in index rates or usage,
are not included in the ROU assets or lease liabilities. These are expensed as incurred and recorded as variable lease expense.

ROU assets represent the Company's right to use an underlying asset during the lease term and lease liabilities represent the
Company's obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the
commencement date based on the net present value of fixed lease payments over the lease term. The lease term includes
options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. ROU assets
also include any advance lease payments made and exclude lease incentives. As most of the Company's operating leases do
not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the
commencement date in determining the present value of lease payments. Finance lease agreements include an interest rate
that is used to determine the present value of future lease payments. Fixed operating lease expense and finance lease
depreciation expense are recognized on a straight-line basis over the lease term.

Supply Chain Financing

The Company facilitates the opportunity for suppliers to participate in a voluntary supply chain financing ("SCF") program
with a third-party financial institution. Participating suppliers are paid directly by the SCF financial institution and, in
addition, may elect to sell receivables due from the Company to the SCF financial institution for early payment. Thus,
participating suppliers have additional potential flexibility in managing their liquidity by accelerating, at their option and cost,
the collection of receivables due from the Company.

62

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The Company and its suppliers agree on commercial terms, including payment terms, for the goods and services the
Company procures, regardless of whether the supplier participates in SCF. For participating suppliers, the Company’s
responsibility is limited to making all payments to the SCF financial institution on the terms originally negotiated with the
supplier, irrespective of whether the supplier elects to sell receivables to the SCF financial institution. The Company does not
determine the terms or conditions of the arrangement between the SCF financial institution and the Company's suppliers. The
SCF financial institution pays the supplier on the invoice due date for any invoices that were not previously sold by the
supplier. The agreement between the Company and the SCF financial institution does not require the Company to provide
assets pledged as security or other forms of guarantees.

Outstanding payments related to the SCF program are recorded within accounts payable in our consolidated balance sheets.
As of December 31, 2023 and December 31, 2022, amounts due to the SCF financial institution were approximately
$193,600 and $194,362, respectively.

Restructuring Accruals

The Company takes actions to reduce headcount, close facilities, or otherwise exit operations. Such restructuring activities at
an operation are recorded when management has committed to an exit or reorganization plan and when termination benefits
are probable and can be reasonably estimated based on circumstances at the time the restructuring plan is approved by
management or when termination benefits are communicated. Exit costs may include contractual terminations and asset
impairments as a result of an approved restructuring plan. The accrual of both severance and exit costs requires the use of
estimates. Though the Company believes that its estimates accurately reflect the anticipated costs, actual results may be
different from the original estimated amounts.

Foreign Currency

Assets and liabilities of non-U.S. subsidiaries, where the functional currency is not the U.S. dollar, have been translated at
year-end exchange rates and profit and loss accounts have been translated using weighted-average monthly exchange
rates. Foreign currency translation gains and losses are included in the consolidated statements of comprehensive earnings as
a component of other comprehensive earnings (loss). Assets and liabilities of an entity that are denominated in currencies
other than an entity's functional currency are re-measured into the functional currency using end of period exchange rates,
where applicable to certain balances. Gains and losses related to these re-measurements are recorded within the consolidated
statements of earnings as a component of other income, net. Gains and losses arising from intercompany foreign currency
transactions that are of a long-term investment in nature are reported in the same manner as translation adjustments.

Revenue Recognition

The majority of the Company's revenue is generated through the manufacture and sale of a broad range of specialized
products and components, with revenue recognized upon transfer of control, title and risk of loss, which is generally upon
shipment. Service revenue represents approximately 5% of total revenue and is recognized as the services are performed. In
limited cases, revenue arrangements with customers require delivery, installation, testing, certification, or other acceptance
provisions to be satisfied before revenue is recognized. The Company includes shipping costs billed to customers in revenue
and the related shipping costs in cost of goods and services.

Stock-Based Compensation

The principal awards issued under the Company's stock-based compensation plans include non-qualified stock appreciation
rights ("SARs"), restricted stock units ("RSUs") and performance share awards ("PSAs"). The cost for such awards is
measured at the grant date based on the fair value of the award. At the time of grant, the Company estimates forfeitures,
based on historical experience, in order to estimate the portion of the award that will ultimately vest. The value of the portion
of the award that is expected to ultimately vest is recognized as expense on a straight-line basis, generally over the explicit
service period of three years (except for retirement-eligible employees) and is included in selling, general and administrative
expenses in the consolidated statements of earnings. Expense for awards granted to retirement-eligible employees is recorded
over the period from the date of grant through the date the employee first becomes eligible to retire and is no longer required
to provide service. See Note 15 — Equity and Cash Incentive Program for additional information related to the Company's
stock-based compensation.

63

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Income Taxes

The provision for income taxes includes federal, state, local and non-U.S. taxes. Tax credits, primarily for research and
experimentation, are recognized as a reduction of the provision for income taxes in the year in which they are available for
tax purposes. Deferred taxes are provided using enacted rates on the future tax consequences of temporary differences.
Temporary differences include the differences between the financial statement carrying amounts of assets and liabilities and
their respective tax basis and the tax benefit of carryforwards. A valuation allowance is established for deferred tax assets for
which it is more likely than not that some portion or all of the deferred tax benefit will not be realized. In assessing the need
for a valuation allowance, management considers all available evidence, including the future reversal of existing taxable
temporary differences, taxable income in carryback periods, prudent and feasible tax planning strategies and estimated future
taxable income. The valuation allowance can be affected by changes to tax regulations, interpretations and rulings, changes to
enacted statutory tax rates and changes to future taxable income estimates.

Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be
sustained on examination by the taxing authorities, based on the technical merits of the position in consideration of applicable
tax statutes and related interpretations and precedents. Tax benefits recognized in the financial statements from such a
position are measured based on the largest benefit that has a greater than 50% likelihood of being realized on ultimate
settlement.

Research and Development Costs

Research and development costs, including qualifying engineering costs, are expensed when incurred and amounted to
$153,111 in 2023, $163,300 in 2022 and $157,826 in 2021. These costs as a percent of revenue were 1.8% in 2023, 1.9% in
2022 and 2.0% in 2021. Research and development costs are reported within selling, general and administrative expenses in
the consolidated statements of earnings.

Advertising Costs

Advertising costs are expensed when incurred and amounted to $23,860 in 2023, $25,905 in 2022 and $23,685 in 2021.
Advertising costs are reported within selling, general and administrative expenses in the consolidated statements of earnings.

Risk, Retention, Insurance

The Company's insurance programs contain various deductibles that, based on the Company's experience, are typical and
customary for a company of its size and risk profile. The Company does not consider any of the deductibles to represent a
material risk to the Company. The Company generally maintains insurance policies with deductibles for claims and liabilities
related primarily to workers' compensation, health and welfare claims, general liability, product and automobile liability,
cybersecurity risks, property damage and business interruption resulting from certain events. The Company accrues for claim
exposures that are probable of occurrence and can be reasonably estimated.

Recent Accounting Pronouncements

Recently Issued Accounting Standards

The following accounting standards updates ("ASU"), issued by the Financial Accounting Standards Board ("FASB"), will,
or are expected to, result in a change in practice and/or have a financial impact to the Company's Consolidated Financial
Statements:

In December 2023,
the FASB issued ASU No. 2023-09 Income Taxes (Topic 740): Improvements to Income Tax
Disclosures, which expands the disclosures required in an entity’s income tax rate reconciliation table and requires disclosure
of income taxes paid both in U.S. and foreign jurisdictions. The amendments are effective for fiscal years beginning after
December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine its impact on
the Company's disclosures.

64

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures. The amendment requires disclosure of significant segment expenses that are regularly provided to the chief
operating decision maker and included within each reported measure of segment profit or loss, an amount and description of
its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The
amendments are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years
beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating this ASU to determine
its impact on the Company's disclosures.

In October 2023, the FASB issued ASU No. 2023-06 Disclosure Improvements: Codification Amendments in Response to
the Securities and Exchange Commission’s ("SEC") Disclosure Update and Simplification Initiative. The amendments in this
update require modification of certain disclosure and presentation requirements for a variety of ASU topics in response to the
SEC’s Release No. 33-10532. The effective date for each amended topic in the ASC is the date on which the SEC’s removal
of the related disclosure requirement from Regulation S-X or Regulation S-K becomes effective. However, if by June 30,
2027, the SEC has not removed the related disclosure from its regulations, the amendments will be removed from the
Codification and not become effective. Early adoption is prohibited. The Company does not expect the adoption of this
standard to have a material impact on the Company's disclosures.

Recently Adopted Accounting Standards

In September 2022, the FASB issued ASU No. 2022-04 Liabilities-Supplier Finance Programs (Topic 405-50): Disclosure of
Supplier Finance Program Obligations. The amendments in this update require a buyer in a supplier finance program to
disclose information about the program's nature, activity during the period, changes from period to period, and potential
magnitude. The Company adopted the guidance when it became effective on January 1, 2023, except for the rollforward
requirement, which becomes effective January 1, 2024. The adoption did not have a material impact on the Company's
consolidated financial statements. See required disclosure within the Supply Chain Financing section of Note 1 — Basis of
Presentation.

In October 2021, the FASB issued ASU No. 2021-08 Business Combinations (Topic 805)-Accounting for Contract Assets
and Contract Liabilities from Contracts with Customers. The amendments in this update require that an acquirer recognize
and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606,
Revenue from Contracts with Customers, as if the acquirer had originated the contracts. The amendments in this update are
effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The
amendments in this update should be applied prospectively to business combinations occurring on or after the effective date
of the amendments. The Company early adopted the guidance as of January 1, 2022, which did not have a material impact on
the Company's Consolidated Financial Statements.

2. Revenue

Revenue from Contracts with Customers

A 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 Revenue

Revenue 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 Obligations

A 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.

65

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

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.

Estimates are used to determine the amount of variable consideration in contracts, the standalone selling price among separate
performance obligations and the measure of progress for contracts where revenue is recognized over time. The Company
reviews and updates these estimates regularly.

Some contracts with customers include variable consideration primarily related to volume rebates. The Company estimates
variable consideration at the most likely amount to determine the total consideration which the Company expects to be
entitled. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of
cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.
The Company's estimates of variable consideration and determination of whether to include estimated amounts in the
transaction price are based largely on an assessment of anticipated performance and all information (historical, current and
forecasted) that is reasonably available.

For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance
obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services
underlying each performance obligation. The Company uses an observable price to determine the standalone selling price for
separate performance obligations or a cost plus margin approach when one is not available.

Approximately 95% of the Company's revenue is recognized at a point in time, rather than over time, as the Company
completes its performance obligations. Specifically, revenue is recognized when control transfers to the customer, typically
upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under
the contract. Approximately 5% of the Company's revenue is recognized over time and relates to the sale of equipment or
services, including software solutions and services, in which the Company transfers control of a good or service over time
and the customer simultaneously receives and consumes the benefits provided by the Company's performance as the
Company performs, or the Company's performance creates or enhances an asset the customer controls as the asset is created
or enhanced, or the Company's performance does not create an asset with an alternative use to the Company and the
Company has an enforceable right to payment for its performance to date plus a reasonable margin.

For revenue recognized over time, there are two types of methods for measuring progress and both are relevant to the
Company: (1) input methods and (2) output methods. Although this may vary by business, input methods generally are based
on costs incurred relative to estimated total costs. Output methods generally are based on a measurement of progress, such as
milestone achievement. The businesses use the method and measure of progress that best depicts the transfer of control to the
customer of the goods or services to date relative to the remaining goods or services promised under the contract.

Transaction Price Allocated to the Remaining Performance Obligations

At December 31, 2023, we estimated that $202,762 in revenue is expected to be recognized in the future related to
performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to
recognize approximately 48.2% of the Company's unsatisfied (or partially unsatisfied) performance obligations as revenue in
2024, with the remaining balance to be recognized in 2025 and thereafter.

66

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Remaining consideration, including variable consideration, from contracts with customers is included in the amounts
presented in the preceding paragraph and pertains to contracts with multiple performance obligations, extended warranties on
products and multi-year agreements, which are typically recognized as the performance obligation is satisfied.

The Company applied the standard's practical expedient that permits the omission of unsatisfied performance obligations for
(i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue
at the amount to which the Company has the right to invoice for services performed.

Contract Balances

The following table provides information about contract assets and contract liabilities from contracts with customers:

Contract assets
Contract liabilities - current
Contract liabilities - non-current

December 31, 2023
19,561
$
211,292
19,544

December 31, 2022
$

11,074 $
256,933
19,879

December 31, 2021
11,440
227,549
21,513

Contract assets primarily relate to the Company's right to consideration for work completed but not billed at the reporting
date and are recorded in prepaid and other current assets in the consolidated balance sheets. Contract assets are transferred to
receivables when the right to consideration becomes unconditional. Contract liabilities relate to advance consideration
received from customers or advance billings for which revenue has not been recognized. Current contract liabilities are
recorded in deferred revenue and non-current contract liabilities are recorded in other liabilities in the consolidated balance
sheets. Contract liabilities are reduced when the associated revenue from the contract is recognized.

The revenue recognized during 2023 and 2022 that was included in the contract liabilities at the beginning of the respective
periods amounted to $238,842 and $196,891, respectively.

Contract Costs

Costs incurred to obtain a customer contract are not material to the Company. The Company elected to apply the practical
expedient to not capitalize contract costs to obtain contracts with a duration of one year or less, which are expensed and
included within cost of goods and services in the consolidated statements of earnings.

3. Acquisitions

2023 Acquisitions

During the year ended December 31, 2023, the Company acquired two businesses in separate transactions for total
consideration of $535,290, net of cash acquired and inclusive of contingent consideration. These businesses were acquired to
complement and expand upon existing operations within the Pumps & Process Solutions and Climate & Sustainability
Technologies 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 $224,771 is deductible for income tax
purposes and $2,990 is non-deductible for income tax purposes for these acquisitions.

67

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

FW Murphy

On December 4, 2023, the Company acquired 100% of the assets, and assumed certain liabilities, of the FW Murphy
Production Controls business ("FW Murphy"), a provider of control and optimization solutions for the reciprocating
compression industry, for $526,457. The FW Murphy acquisition strengthens the Company's position in compression
technologies for natural gas and clean energy applications, and adds complementary offerings within the Pumps & Process
Solutions segment. In connection with this acquisition, the Company recorded goodwill of $224,771 and intangible assets of
$254,000 for customer intangibles, $11,100 for unpatented technology and $10,400 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 values of intangible assets include discounted future cash
flows, customer attrition rates and discount rates. The fair values of the assets acquired and liabilities assumed 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.

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed in the FW
Murphy acquisition, based on their estimated fair values at acquisition date:

Current assets
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Other Acquisitions

Total

26,564
224,771
275,500
9,508
(1,316)
(8,570)
526,457

$

$

On August 28, 2023, the Company acquired 100% of the equity interests in the Arc Pacific group ("Arc Pacific"), a global
supplier of can washers, dry-off, pin and internal bake ovens for the metal packaging industry, for $8,833, net of cash
acquired and including contingent consideration. The Arc Pacific acquisition extends the Company's reach into can
processing equipment production within the Climate & Sustainability Technologies segment. In connection with this
acquisition, the Company recorded goodwill of $2,990 and intangible assets of $7,670, primarily related to customer
intangibles.

The amounts assigned to goodwill and major intangible asset classifications for all 2023 acquisitions were as follows:

Goodwill
Goodwill - non-deductible
Customer intangibles
Unpatented technology
Trademarks

Amount
allocated

224,771
2,990
259,700
12,510
10,960
510,931

$

$

Useful life
(in years)
na
na
- 15
-
8
15

9
7

68

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

2022 Acquisitions

During the year ended December 31, 2022, the Company acquired three businesses in separate transactions for total
consideration of $309,504, net of cash acquired and inclusive of measurement period adjustments. Of these transactions, one
includes additional consideration contingent on achieving certain financial performance targets. These businesses were
acquired to complement and expand upon existing operations within the Pumps & Process Solutions segment. The goodwill
recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line
expansions and operational synergies. The goodwill is non-deductible for income tax purposes for these acquisitions.

Malema

On July 1, 2022, the Company acquired 99.7% of the equity interests in Malema Engineering Corporation and its related
foreign entities ("Malema"), a designer and manufacturer of flow measurement and control instruments serving customers in
the biopharmaceutical, semiconductor and industrial sectors, for $223,462, net of cash acquired and inclusive of the impact of
measurement period adjustments discussed below, subject to contingent consideration. During the fourth quarter of 2022, the
Company acquired the remaining 0.3% of equity interests in Malema. The Malema acquisition expands the Company's
biopharma single-use production offering within the Pumps & Process Solutions segment. The contingent consideration is
based upon meeting certain financial performance targets by March 31, 2024 with a maximum potential payout of $50,000.
As of December 31, 2023, the estimated payout is zero as no payment is expected to be required. In connection with this
acquisition, the Company recorded goodwill of $153,082 and intangible assets of $64,000 for customer intangibles, $16,000
for patents, and $4,000 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
values of intangible assets include discounted future cash flows, customer attrition rates and discount rates. During the year
ended December 31, 2023 the Company recorded measurement period adjustments primarily related to its treatment of
certain liabilities. These adjustments are based on facts and circumstances that existed, but were not known, as of the
acquisition date which resulted in an increase in goodwill of $1,381.

The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Malema
acquisition, based on their estimated fair values at acquisition date:

Current assets, net of cash acquired
Property, plant and equipment
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Total

8,985
2,733
153,082
84,000
1,159
(4,487)
(22,010)
223,462

$

$

69

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Other acquisitions

On December 14, 2022, the Company acquired 100% of the equity interests in Witte Pumps & Technology GmbH ("Witte"),
a manufacturer of precision gear pumps, for $77,942, net of cash acquired. The Witte acquisition expands the Company's
reach into gear pump manufacturing and associated spare parts and services for the chemical, plastics and polymer
processing, food and beverage, and pharmaceutical industries within the Pumps & Process Solutions segment. In connection
with this acquisition, the Company recorded goodwill of $41,779 and intangible assets of $34,812, primarily related to
customer intangibles. The Company recorded measurement period adjustments primarily related to current assets. These
adjustments are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted
in a decrease in goodwill of $3,749.

On May 2, 2022, the Company acquired 100% of the equity interests in AMN DPI ("AMN"), a designer and manufacturer of
polymer pelletizing tools, for $8,100, net of cash acquired. The AMN acquisition extends the Company's reach into polymer
processing equipment production within the Pumps & Process Solutions segment. In connection with this acquisition, the
Company recorded goodwill of $1,903 and intangible assets of $5,625, primarily related to customer intangibles.

The following presents, for the two acquisitions other than Malema, the allocation of purchase price to the assets acquired
and liabilities assumed, based on their estimated fair values at acquisition date:

Current assets, net of cash acquired
Property, plant and equipment
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Total

28,435
4,222
43,682
40,437
3,580
(19,172)
(15,142)
86,042

$

$

The amounts assigned to goodwill and major intangible asset classifications for all 2022 acquisitions were as follows:

Goodwill - non-deductible
Customer intangibles
Patents
Unpatented technology
Trademarks

2021 Acquisitions

Amount
allocated

196,764
90,742
16,000
10,302
7,393
321,201

$

$

Useful life
(in years)
na
10 - 15
10
8
15

During the year ended December 31, 2021, the Company acquired nine businesses in separate transactions for total
consideration of $1,125,786, net of cash acquired of $18,475,
including contingent consideration of $13,002 and
measurement period adjustments discussed below. These businesses were acquired to complement and expand upon existing
operations within the Clean Energy & Fueling, Engineered Products, Imaging & Identification, and Pumps & Process
Solutions 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 $200,117 is deductible for income tax purposes
and $384,269 is non-deductible for income tax purposes for these acquisitions.

70

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

RegO

On December 28, 2021, the Company acquired 100% of the voting stock of ECI Holding Company, LLC ("RegO"), a
provider of highly-engineered components and services that facilitate the production, storage, and distribution of cryogenic
gases, for $626,618, net of cash acquired and inclusive of the impact of measurement period adjustments discussed below.
The RegO acquisition strengthens the Company's offering for the hydrogen ("H2"), liquefied natural gas ("LNG"), and
liquefied petroleum gas ("LPG") applications, as well as Dover's participation in the attractive cryogenic industrial gases end
market within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of
$170,800 deductible for income tax purposes and $110,363 non-deductible for income tax purposes and intangible assets of
$173,000 for customer intangibles, $40,000 for patents and $21,000 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 values of intangible assets include discounted future cash flows, customer attrition
rates and discount rates. The fair value of assets acquired also includes trade receivables of $33,900. The gross amount is
$34,606, of which $706 is expected to be uncollectible. During the year ended December 31, 2022, the Company recorded
measurement period adjustments primarily related to deferred taxes and changes in net working capital. These adjustments
are based on facts and circumstances that existed, but were not known, as of the acquisition date which resulted in an increase
in goodwill of $4,187.

The following presents the allocation of purchase price, net of cash acquired of $10,382, to the assets acquired and liabilities
assumed under the RegO acquisition, based on their estimated fair values at acquisition date:

Accounts receivable
Inventories
Other current assets
Property, plant and equipment
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Acme Cryogenics

Total

33,900
71,529
2,958
50,027
281,163
234,000
884
(20,150)
(27,693)
626,618

$

$

On December 16, 2021, the Company acquired 100% of the voting stock of Acme Cryo Intermediate Inc. ("Acme
Cryogenics"), a provider of highly-engineered components and services that facilitate the production, storage, and
distribution of cryogenic gases, for $292,306, net of cash acquired and inclusive of the impact of measurement period
adjustments discussed below. The Acme Cryogenics acquisition strengthens the Company's offering for the H2, LNG, and
LPG applications, as well as Dover's participation in the attractive cryogenic industrial gases end market within the Clean
Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $167,291 non-deductible
for income tax purposes and intangible assets of $99,000 for customer intangibles, $21,800 for unpatented technology and
$6,500 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 values of intangible
assets include discounted future cash flows, customer attrition rates and discount rates. The fair value of assets acquired also
includes trade receivables of $14,644. The gross amount is $14,912, of which $268 is expected to be uncollectible. During the
year ended December 31, 2022, the Company recorded measurement period adjustments primarily related to deferred taxes
and changes in net working capital. These adjustments are based on facts and circumstances that existed, but were not known,
as of the acquisition date which resulted in a decrease in goodwill of $1,918.

71

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The following presents the allocation of purchase price to the assets acquired and liabilities assumed under the Acme
Cryogenics acquisition, based on their estimated fair values at acquisition date:

Current assets, net of cash acquired
Property, plant and equipment
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Other acquisitions

Total

25,932
8,640
167,291
127,300
5,057
(7,286)
(34,628)
292,306

$

$

On October 15, 2021, the Company acquired 100% of the voting stock of LIQAL B.V. ("LIQAL"), a turnkey supplier of
LNG, hydrogen refueling equipment and solutions, and micro liquefaction solutions, for $27,701, net of cash acquired and
including contingent consideration. The LIQAL acquisition strengthens the Company's offering of LNG and hydrogen
products and solutions, as well as significant innovation capabilities and proprietary technologies, within the Clean Energy &
Fueling segment. In connection with this acquisition, the Company recorded goodwill of $23,473 and intangible assets of
$8,235, primarily related to customer intangibles.

On September 15, 2021, the Company acquired 100% of the voting stock of The Espy Corporation ("Espy"), a manufacturer
of advanced electronic radio frequency sensor systems, for $60,457, net of cash acquired. The Espy acquisition strengthens
the Company's offering of complete signal intelligence systems with integrated software within the Engineered Products
segment. In connection with this acquisition, the Company recorded goodwill of $29,317 and intangible assets of $21,100,
primarily related to customer intangibles. The Espy acquisition was treated as an asset acquisition for U.S. income tax
purposes, resulting in the goodwill and intangibles being classified as tax deductible.

On July 23, 2021, the Company acquired 100% of the voting stock of CDS Visual, Inc. ("CDS Visual"), a provider of 3D
visualization solutions tailored for industrial applications, for $29,147, net of cash acquired. The CDS Visual acquisition
extends the Company's reach of customer-facing digital capabilities within the Engineered Products segment. In connection
with this acquisition, the Company recorded goodwill of $20,863 and intangible assets of $9,930, primarily related to
technology.

On June 24, 2021, the Company acquired 100% of the voting stock of Blue Bite LLC ("Blue Bite"), a provider of consumer
engagement and brand protection software solutions, for $30,143, net of cash acquired and including contingent
consideration. The Blue Bite acquisition strengthens the Company's offering of product traceability and authentication
solutions within the Imaging & Identification segment. In connection with this acquisition, the Company recorded goodwill
of $20,458 and intangible assets of $13,250, primarily related to technology.

On June 23, 2021, the Company acquired 100% of the voting stock of Quantex Arc Limited ("Quantex"), a provider of
single-use, recyclable pumps, for $23,747, net of cash acquired and including contingent consideration. The Quantex
acquisition enhances the offering of single-use pumps for biopharma and other hygienic applications within the Pumps &
Process Solutions segment. In connection with this acquisition, the Company recorded goodwill of $14,327 and intangible
assets of $11,034, primarily related to patented technology.

On April 19, 2021,
the Company acquired 100% of the voting stock of AvaLAN Wireless Systems Incorporated
("AvaLAN"), a provider of secure wireless communications solutions for the convenience and fuel retail industry, for
$34,144, net of cash acquired. The AvaLAN acquisition extends the Company's reach into the systems and software offering
within the Clean Energy & Fueling segment. In connection with this acquisition, the Company recorded goodwill of $26,803
and intangible assets of $14,630, primarily related to customer intangibles.

One other immaterial acquisition was completed during the year ended December 31, 2021, within the Pumps & Process
Solutions segment.

72

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The following presents, for the seven acquisitions other than RegO and Acme Cryogenics, the allocation of purchase price to
the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:

Current assets, net of cash acquired
Property, plant and equipment
Goodwill
Intangible assets
Other assets and deferred charges
Current liabilities
Non-current liabilities
Net assets acquired

Total

12,751
8,272
135,932
78,179
4,485
(15,368)
(17,389)
206,862

$

$

The amounts assigned to goodwill and major intangible asset classifications for all 2021 acquisitions were as follows:

Goodwill - tax deductible
Goodwill - non deductible
Customer intangibles
Patents
Unpatented technology
Trademarks

Pro forma Information (Unaudited)

Amount
allocated

200,117
384,269
310,819
49,056
44,180
35,424
1,023,865

$

$

Useful life
(in years)

na
na
12 - 15
- 12
7
- 12
7
15 - 16

The following unaudited pro forma results of operations reflect the 2021 acquisitions of RegO and Acme Cryogenics as if
they had occurred on January 1, 2021. The pro forma information is not necessarily indicative of the results that actually
would have occurred, nor does it indicate future operating results of the combined companies. The pro forma earnings are
adjusted to reflect the comparable impact of additional depreciation and amortization expense, net of tax, resulting from the
fair value measurement of tangible and intangible assets; nonrecurring acquisition-related costs, net of tax, of $5,855; and
inventory step-up charges, net of tax, of $15,082. These unaudited pro forma adjustments are based upon purchase price
allocations. The actual revenues and earnings for RegO and Acme Cryogenics from the date of acquisition on December 28,
2021 and December 16, 2021, respectively, to December 31, 2021 were not material.

Revenue:

As reported
Pro forma (unaudited)

Earnings:

As reported
Pro forma (unaudited)

Year Ended
December 31, 2021

$

$

7,907,081
8,163,185

1,123,818
1,145,106

The pro forma results for the remaining seven acquisitions in 2021, as well as the acquisitions in 2022 and 2023 are not
presented as they are not considered material.

73

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

4. Dispositions

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.

2023

On October 11, 2023, the Company entered into a definitive agreement to sell De-Sta-Co, an operating company within the
Engineered Products segment, for approximately $680,000 enterprise value, subject to customary post-closing adjustments.
The transaction is expected to close in the first quarter of 2024, subject to customary closing conditions, including receipt of
regulatory approvals. De-Sta-Co met the criteria to be classified as held for sale beginning September 30, 2023. The
Company classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within
the consolidated balance sheets as of December 31, 2023. The Company had no assets or liabilities classified as held for sale
as of December 31, 2022.

The following table presents the assets and liabilities associated with the De-Sta-Co business classified as held for sale as of
December 31, 2023.

Assets held for sale
Cash and cash equivalents
Receivables, net
Inventories, net
Property, plant and equipment, net
Goodwill
Other assets held for sale
Total assets held for sale

Liabilities held for sale
Accounts payable
Accrued expenses and deferred revenue
Other liabilities held for sale
Total liabilities held for sale

December 31, 2023

$

$

$

$

17,300
30,442
46,159
21,035
58,897
18,811
192,644

20,080
17,000
27,488
64,568

The sale does not represent a strategic shift that will have a major effect on the Company's operations and financial results
and, therefore, did not qualify for presentation as a discontinued operation.

There was one additional immaterial disposition in 2023.

2022

There was one immaterial disposition in 2022.

2021

On December 1, 2021, the Company completed the sale of UB, a wholly owned subsidiary of the Company within the
Climate & Sustainability Technologies segment. The Company recognized total consideration of $229,024. This sale resulted
in a pre-tax gain on disposition of $181,615 included within the consolidated statements of earnings for the year ended
December 31, 2021. The sale did not represent a strategic shift that had a major effect on operations and financial results and,
therefore, did not qualify for presentation as a discontinued operation.

On November 16, 2021, the Company disposed RWB, an equity method investment within the Engineered Products segment
for a total consideration of $45,958, resulting in a recognized gain of $24,723 included within the consolidated statements of
earnings for the year ended December 31, 2021.

74

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

5. Inventories, net

Raw materials
Work in progress
Finished goods
Subtotal
Less reserves
Total

$

December 31, 2023 December 31, 2022
812,066
$
230,865
458,881
1,501,812
(135,204)
1,366,608

696,220
223,655
425,561
1,345,436
(119,984)
1,225,452

$

$

At December 31, 2022, approximately 4%, of the Company's total inventories were accounted for using the LIFO method.
During the fourth quarter of 2023, the Company changed the method of accounting for the inventories previously accounted
for under LIFO to FIFO. As of December 31, 2023 no inventories are accounted for under the LIFO method. See Note 1 —
Description of Business and Summary of Significant Accounting Policies.

6. Property, Plant and Equipment, net

Land
Buildings and improvements
Machinery, equipment and other
Property, plant and equipment, gross
Accumulated depreciation
Property, plant and equipment, net

$

December 31, 2023 December 31, 2022
62,495
$
620,500
1,895,502
2,578,497
(1,573,672)
1,004,825

66,443
640,654
1,944,470
2,651,567
(1,619,751)
1,031,816

$

$

Depreciation expense totaled $157,347, $148,910 and $147,309 for the years ended December 31, 2023, 2022 and 2021,
respectively.

7. Leases

The Company's ROU assets and lease liabilities are discussed in detail in Note 1 — Description of Business and Summary of
Significant Accounting Policies.

The components of lease costs were as follows:

Operating Lease Costs:
Fixed
Variable
Short-term
Total(1)
(1) Finance lease cost and sublease income were immaterial.

Years Ended December 31,

2023

2022

2021

$

$

58,665 $
8,318
22,392
89,375 $

53,428 $
7,512
22,097
83,037 $

54,397
6,281
17,847
78,525

75

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Supplemental cash flow information related to leases was as follows:

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flows for operating leases

Operating cash flows for finance leases

Financing cash flows for finance leases

Total

Right-of-use assets obtained in exchange for lease obligations:

Operating leases

Financing leases

Total

Supplemental balance sheet information related to leases were as follows:

Years Ended December 31,

2023

2022

2021

$

$

$

$

58,846

$

54,268

$

318

3,231

62,395

50,997

3,539

54,536

$

$

$

335

2,917

57,520

57,190

3,149

60,339

$

$

$

55,921

357

3,073

59,351

47,666

2,016

49,682

Operating Leases
Right-of-use assets:
Other assets and deferred charges

Lease liabilities:
Other accrued expenses
Other liabilities
Total operating lease liabilities

Finance Leases
Right-of-use assets:

Property, plant and equipment, net (1)

Lease liabilities:

December 31,
2023

December 31,
2022

$

$

$

$

209,729 $

197,058

48,790 $
172,983
221,773 $

42,649
165,741
208,390

7,992 $

7,846

Other accrued expenses
Other liabilities

2,554
6,189
Total finance lease liabilities
8,743
(1) Finance lease right-of-use assets are recorded net of accumulated depreciation of $10,302 and $8,017 for the years ended
December 31, 2023 and December 31, 2022, respectively.

3,070 $
5,897
8,967 $

$

$

The aggregate future lease payments for operating and finance leases as of December 31, 2023 were as follows:

2024
2025
2026
2027
2028
Thereafter
Total lease payments
Less interest
Present value of lease liabilities

Operating

Finance

$

$

55,883
46,650
34,209
28,089
21,688
76,345
262,864
(41,091)
221,773

$

$

3,397
2,885
2,249
1,222
118
26
9,897
(930)
8,967

76

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Average lease terms and discount rates were as follows:

Weighted-average remaining lease term (years)

Operating leases
Finance leases

Weighted-average discount rate

Operating leases
Finance leases

8. Credit Losses

December 31,
2023

December 31,
2022

December 31,
2021

7.2
3.0

4.0 %
3.9 %

7.8
3.6

3.5 %
3.4 %

5.8
4.2

2.7 %
3.4 %

The Company is exposed to credit losses primarily through sales of products and services. Due to the short-term nature of
such receivables, the estimate of amount of accounts receivable that may not be collected is based on aging of the accounts
receivable balances and other historical and forward-looking information on the financial condition of the customers.
Balances are written off when determined to be uncollectible.

Estimates are used to determine the allowance, based on assessment of anticipated payment and all other historical, current
and forward-looking information that is reasonably available.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis
of accounts receivable to present the net amount expected to be collected.

Balance at January 1
Provision for expected credit losses, net of recoveries
Amounts written off charged against the allowance
Other, including dispositions and foreign currency translation
Balance at December 31

2023

2022

2021

$

$

39,399 $
2,881
(10,395)
(373)
31,512 $

40,126 $
5,552
(4,462)
(1,817)
39,399 $

40,474
5,053
(5,307)
(94)
40,126

77

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

9. Goodwill and Other Intangible Assets

Goodwill

The changes in the carrying value of goodwill by reportable operating segments were as follows:

Engineered
Products

Clean
Energy &
Fueling

Imaging &
Identification

Pumps &
Process
Solutions

Climate &
Sustainability
Technologies

Total

$

733,874 $ 1,427,691 $ 1,106,202 $

852,809 $

508,807 $ 4,629,383

Goodwill
Accumulated impairment loss (1)
Balance at January 1, 2022

Acquisitions

Measurement period adjustments

(10,591)

—

—

723,283

1,427,691

1,106,202

—

(286)

—

2,432

—

(1,544)

(26,399)

Foreign currency translation

(10,455)

(38,705)

Balance at December 31, 2022

712,542

1,391,418

1,078,259

Acquisitions
Measurement period adjustments

Held for sale

Foreign currency translation

—
—

(58,897)

5,736

—
—

—

—
—

—

17,884

14,701

(59,970)

792,839

200,513

968

(14,785)

979,535

224,771
(5,103)

—

9,368

—

(70,561)

508,807

4,558,822

—

—

200,513

1,570

(1,067)

(91,411)

507,740

4,669,494

2,990
—

—

743

227,761
(5,103)

(58,897)

48,432

511,473 $ 4,881,687

Balance at December 31, 2023
(1) Accumulated impairment loss as of December 31, 2023 is not subject to foreign currency translation.

659,381 $ 1,409,302 $ 1,092,960 $ 1,208,571 $

$

During 2023 and 2022, the Company recognized additions of $227,761 and $200,513, respectively, to goodwill as a result of
acquisitions as discussed in Note 3 — Acquisitions. During the year ended December 31, 2023, the Company recorded
measurement period adjustments that decreased goodwill by $5,103, principally related to working capital adjustments for
2022 acquisitions within the Pumps & Process Solutions segment. As noted in Note 4 — Dispositions, the Company
classified De-Sta-Co's assets and liabilities separately as current assets and current liabilities held for sale within the
consolidated balance sheets as of December 31, 2023. As a result, the Engineered Products segment goodwill balance was
reduced by $58,897. There were no dispositions of goodwill during 2023 or 2022.

Annual impairment testing

The Company tests goodwill for impairment annually in the fourth quarter of each year, whenever events or circumstances
indicate an impairment may have occurred, or when a change in the composition of reporting units occurs for other reasons,
such as a change in segments.

The Company performed its annual goodwill impairment test during the fourth quarter of 2023 using a discounted cash flow
analysis as discussed in Note 1 — Description of Business and Summary of Significant Accounting Policies. The Company
performed a quantitative goodwill impairment test for each of its reporting units, concluding that the fair values of all of its
reporting units were in excess of their carrying values. No impairment of goodwill was required. The discounted cash flow
analysis includes management's current assumptions as to future cash flows and long-term growth rates. The discount rates
utilized are based on a capital asset pricing model and published relevant industry rates, which take into consideration the
risks and uncertainties inherent to the reporting units and in the internally developed forecasts. The discount rate used in the
2023 reporting unit valuations was 10.6%. Further, the Company assessed the current market capitalization, forecasts and the
amount of headroom in the 2023 impairment test.

While the Company believes the assumptions used in the 2023 impairment analysis are reasonable and representative of
expected results, actual results may differ from expectations.

78

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Intangible Assets

The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:

December 31, 2023

December 31, 2022

Amortized intangible assets:

Customer intangibles
Trademarks
Patents

Unpatented technologies

Distributor relationships
Other

Total
Unamortized intangible assets:

Trademarks

Total intangible assets, net

Gross
Amount

Accumulated
Amortization

Net
Carrying
Amount

Gross
Amount

Accumulated
Amortization

$2,138,788
274,711
206,871

277,198

82,031
24,211
3,003,810

$

1,094,053
147,212
142,719

$1,044,735
127,499
64,152

$1,881,402
265,466
219,199

$

159,148

118,050

257,428

63,343
10,053
1,616,528

18,688
14,158
1,387,282

79,622
46,880
2,749,997

996,947
132,791
146,337

137,750

57,299
41,682
1,512,806

Net
Carrying
Amount

$ 884,455
132,675
72,862

119,678

22,323
5,198
1,237,191

96,631
$3,100,441

$

—
1,616,528

96,631
$1,483,913

96,544
$2,846,541

$

—
1,512,806

96,544
$1,333,735

The Company recorded $283,170 of acquired intangible assets in 2023. See Note 3 — Acquisitions for further information.
In addition, during the year ended December 31, 2023, the Company acquired certain intellectual property assets through an
immaterial asset acquisition. These assets were classified as unpatented technologies and included in the Imaging &
Identification segment.

For the years ended December 31, 2023, 2022 and 2021, amortization expense was $160,116, $158,628 and $142,814
respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.

Estimated future amortization expense related to intangible assets held at December 31, 2023 for the next five years is as
follows:

2024
2025
2026
2027
2028

10. Other Accrued Expenses and Other Liabilities

The following table details the major components of other accrued expenses:

Operating lease liabilities
Accrued rebates and volume discounts
Warranty
Taxes other than income
Restructuring and exit costs
Accrued interest
Accrued commissions (non-employee)
Other
Total other accrued expenses

79

Estimated Amortization
173,935
$
170,536
161,908
158,340
126,227

$

December 31, 2023 December 31, 2022
42,649
$
47,660
43,351
33,782
14,510
20,591
15,808
99,986
318,337

48,790
43,941
43,747
31,439
21,759
20,723
15,370
89,758
315,527

$

$

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The following table details the major components of other liabilities (non-current):

Operating lease liabilities
Defined benefit and other post-retirement benefit plans
Deferred compensation
Unrecognized tax benefits
Legal and environmental
Deferred revenue
Warranty
Other
Total other liabilities

$

December 31, 2023 December 31, 2022
165,741
$
92,630
82,479
34,361
30,139
19,879
5,098
44,576
474,903

172,983
86,066
79,268
27,307
26,991
19,544
7,117
42,696
461,972

$

$

Warranty
Estimated warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs
and adjusted for new claims. The changes in the carrying amount of product warranties were as follows:

Beginning Balance, January 1,
Provision for warranties
Settlements made
Other adjustments, including acquisitions and currency translation
Ending Balance, December 31

11. Restructuring Activities

The Company's restructuring charges by segment as follows:

Years Ended December 31,
2022

2021

2023

$

$

48,449
65,003
(62,911)
323
50,864

$

$

48,568
60,758
(59,612)
(1,265)
48,449

$

$

51,088
67,212
(65,498)
(4,234)
48,568

Years Ended December 31,
2022

2021

2023

Engineered Products
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies
Corporate
Total
These amounts are classified in the consolidated statements of earnings as follows:
Cost of goods and services
Selling, general and administrative expenses
Total

$

$

$

$

9,510
20,336
5,918
7,686
4,541
2,444
50,435

19,352
31,083
50,435

$

$

$

$

3,194
9,571
4,702
4,685
6,007
2,321
30,480

6,855
23,625
30,480

$

$

$

$

9,507
3,609
4,589
1,911
5,068
2,021
26,705

12,895
13,810
26,705

The restructuring expenses of $50,435 incurred during the year ended December 31, 2023 were primarily related to
headcount reductions and exit costs in the Clean Energy & Fueling, Engineered Products and Pumps & Process Solutions
segments. These restructuring programs were initiated in 2022 and 2023 and were undertaken in light of current market
conditions. The expected costs related to these announced restructuring programs have been incurred primarily through 2023.
However, the Company will continue to make proactive adjustments to its cost structure to align with current demand trends
and additional programs, beyond the scope of the announced programs, may be implemented during 2024 with related
restructuring charges.

Restructuring expenses incurred in 2022 and 2021 also included headcount reductions, exit costs, asset charges related to a
product line exit, and substantial liquidation of businesses in certain Latin America countries.

80

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The Company's severance and exit accrual activities were as follows:

Balance at January 1, 2021
Restructuring charges
Payments
Other, including foreign currency translation
Balance at December 31, 2021
Restructuring charges
Payments
Other, including foreign currency translation
Balance at December 31, 2022
Restructuring charges
Payments
Other, including foreign currency translation
Balance at December 31, 2023

Severance

Exit

Total

$

$

10,547
11,561
(10,951)
(427)
10,730
15,388
(13,975)
(136)
12,007
37,433
(31,364)
570
18,646

$

$

4,366
15,144
(6,171)
(10,272)
3,067
15,092
(8,159)
(7,497)
2,503
13,002
(9,945)
(2,447)
3,113

$

$

14,913
26,705
(17,122)
(10,699)
13,797
30,480
(22,134)
(7,633)
14,510
50,435
(41,309)
(1,877)
21,759

The restructuring accrual balances at December 31, 2023 primarily reflect restructuring plans initiated during the year.

12. Borrowings

Borrowings consist of the following:

Short-term
Commercial paper
Other
Short-term borrowings

December 31, 2023 December 31, 2022

$

$

467,600
682
468,282

$

$

734,936
836
735,772

During the year ended December 31, 2023, commercial paper borrowings decreased $267,336. The borrowings outstanding
under the commercial paper program had a weighted average annual interest rate of 5.51% and 4.61% as of December 31,
2023 and December 31, 2022, respectively.

Carrying amount (1)

Principal

December 31,
2023

December 31,
2022

$

Long-term
3.15% 10-year notes due November 15, 2025
1.25% 10-year notes due November 9, 2026 (euro-denominated)
0.750% 8-year notes due November 4, 2027 (euro denominated)
6.65% 30-year debentures due June 1, 2028
2.950% 10-year notes due November 4, 2029
5.375% 30-year debentures due October 15, 2035
6.60% 30-year notes due March 15, 2038
5.375% 30-year notes due March 1, 2041
Other
Total long-term debt
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $10.9
million and $12.7 million as of December 31, 2023 and December 31, 2022, respectively. Total deferred debt issuance costs were $8.9
million and $10.7 million as of December 31, 2023 and December 31, 2022, respectively.

398,737
657,628
547,342
199,557
297,787
297,058
248,392
345,258
—
2,991,759

398,063
631,522
525,654
199,456
297,408
296,808
248,279
344,982
341
2,942,513

400,000
600,000
500,000
200,000
300,000
300,000
250,000
350,000

$
€
€
$
$
$
$
$

$

$

$

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.

81

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

On April 6, 2023, the Company entered into new $1.0 billion five-year and $500.0 million 364-day unsecured revolving
credit facilities ("Credit Agreements") with a syndicate of banks. The new five-year credit facility replaced the previous
$1 billion five-year unsecured revolving credit facility, which was set to expire on October 4, 2024 and was terminated by the
Company upon execution of the new five-year credit facility. The lenders' commitments under the five-year and 364-day
Credit Agreements will terminate and the loans under the Credit Agreements will mature on April 6, 2028 and April 4, 2024,
respectively. The Company may elect to extend the maturity date of any loans under the 364-day credit facility until April 4,
2025, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the
Company's commercial paper program, which was upsized from $1.0 billion to $1.5 billion during the second quarter of
2023, and also are available for general corporate purposes. At the Company's election, loans under the Credit Agreements
will bear interest at a base rate plus an applicable margin. The Credit Agreements require the Company to pay facility fees
and impose various restrictions on the Company such as, among other things, a requirement to maintain a minimum interest
coverage ratio of consolidated EBITDA to consolidated net interest expense of not less than 3.0 to 1. As of December 31,
2023 and December 31, 2022, there were no outstanding borrowings under the new Credit Agreements or the previous five-
year credit facility.

The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at
December 31, 2023 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 14.5
to 1.

As of December 31, 2023, the future maturities of long-term debt were as follows:

2024
2025
2026
2027
2028
2029 and thereafter
Total

Letters of Credit and other Guarantees

Future Maturities

—
400,000
660,866
550,721
200,000
1,200,000
3,011,587

$

$

As of December 31, 2023, the Company had approximately $180.0 million outstanding in letters of credit, surety bonds, and
performance and other guarantees which primarily expire on various dates through 2031. These letters of credit and bonds are
primarily issued as security for insurance, warranty and other performance obligations. In general, we would only be liable
for the amount of these guarantees in the event of default in the performance of our obligations, the probability of which is
believed to be remote.

13. Financial Instruments

Derivatives

The Company is exposed to market risk for changes in foreign currency exchange rates due to the global nature of its
operations and certain commodity risks. In order to manage these risks, the Company has hedged portions of its forecasted
sales and purchases, which occur within the next twelve months that are denominated in non-functional currencies, with
currency forward contracts designated as cash flow hedges. At December 31, 2023 and 2022, the Company had contracts
with total notional amounts of $171,425 and $184,565, respectively, to exchange currencies, principally euro, pound sterling,
Swedish krona, Canadian dollar, Chinese yuan, and Swiss franc. The Company believes it is probable that all forecasted cash
flow transactions will occur.

In addition, the Company had outstanding contracts with a total notional amount of $84,867 and $102,509 as of December
31, 2023 and December 31, 2022, respectively, that are not designated as hedging instruments. These instruments are used to
reduce the Company's exposure for operating receivables and payables that are denominated in non-functional currencies.
Gains and losses on these contracts are recorded in other income, net in the consolidated statements of earnings.

82

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The following table sets forth the fair values of derivative instruments held by the Company as of December 31, 2023 and
2022 and the balance sheet lines in which they are recorded:

Foreign currency forward
Foreign currency forward

$

$

1,675
(874)

Fair Value Asset (Liability)
2022
2023

,

,

Balance Sheet Caption
944 Prepaid and other current assets

(2,760) Other accrued expenses

For a cash flow hedge, the change in estimated fair value of a hedging instrument is recorded in accumulated other
comprehensive earnings (loss), net of tax as a separate component of the consolidated statements of stockholders' equity and
is reclassified into revenues or cost of goods and services in the consolidated statements of earnings during the period in
which the hedged transaction is settled. The amount of gains or losses from hedging activity recorded in earnings is not
significant and the amount of unrealized gains and losses from cash flow hedges that are expected to be reclassified to
earnings in the next twelve months, is not significant; therefore, additional tabular disclosures are not presented. There are no
amounts excluded from the assessment of hedge effectiveness, and the Company's derivative instruments that are subject to
credit risk contingent features were not significant.

The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts
held by the Company; however, nonperformance by these counterparties is considered unlikely as the Company's policy is to
contract with highly-rated, diversified counterparties.

The Company has designated the €600,000 and €500,000 of euro-denominated notes issued November 9, 2016 and
November 4, 2019, respectively, as hedges of a portion of its net investment in euro-denominated operations. Changes in the
value of the euro-denominated debt are recognized in foreign currency translation adjustments within other comprehensive
earnings (loss) of the consolidated statements of comprehensive earnings to offset changes in the value of the net investment
in euro-denominated operations. Changes in the value of the euro-denominated debt resulting from exchange rate differences
are offset by changes in the net investment due to the high degree of effectiveness between the hedging instruments and the
exposure being hedged.

Amounts recognized in other comprehensive earnings for the gains (losses) on net investment hedges were as follows:

(Loss) gain on euro-denominated debt
Tax benefit (expense)
Net (loss) gain on net investment hedges, net of tax

Fair Value Measurements

2023

$ (45,805) $
10,438
$ (35,367) $

2022
80,301
(17,824)
62,477

$

$

2021
94,003
(20,976)
73,027

ASC 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy that requires the Company to
maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial
instrument's categorization within the hierarchy is based on the lowest level of input that is significant to the fair value
measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 inputs include inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in
active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not
active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of
assets or liabilities.

Level 3 inputs are unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own
assumptions.

83

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The following table presents the Company’s assets and liabilities measured at fair value on a recurring basis as of December
31, 2023 and 2022:

December 31, 2023

December 31, 2022

Level 2

Level 2

Assets:

Foreign currency cash flow hedges

$

1,675

$

Liabilities:

Foreign currency cash flow hedges

874

944

2,760

The derivative contracts are measured at fair value using models based on observable market inputs such as foreign currency
exchange rates and interest rates; therefore, they are classified within Level 2 of the fair value hierarchy.

In addition to fair value disclosure requirements related to financial instruments carried at fair value, accounting standards
require disclosures regarding the fair value of all of the Company's financial instruments.

The estimated fair value of long-term debt at December 31, 2023 and 2022 was $2,950,401 and $2,786,862, respectively. The
estimated fair value of long-term debt is based on quoted market prices for similar instruments and is, therefore, classified as
Level 2 within the fair value hierarchy.

The carrying values of cash and cash equivalents, trade receivables, accounts payable and short-term borrowings approximate
their fair values as of December 31, 2023 and 2022 due to the short-term nature of these instruments.

14. Income Taxes

Income taxes have been based on the following components of earnings before provision for income taxes in the consolidated
statements of earnings:

Domestic
Foreign
Total

Years Ended December 31,
2022
731,796
555,709
$ 1,287,505

2021
835,773
565,053
$ 1,400,826

2023
755,429
514,577
$ 1,270,006

$

$

$

Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 is comprised of the following:

Years Ended December 31,
2022

2021

2023

Current:

U.S. federal
State and local
Foreign
Total current
Deferred:

U.S. federal
State and local
Foreign
Total deferred
Total expense

$

$

143,294
18,873
143,216
305,383

(28,471)
4,047
(67,781)
(92,205)
213,178

$

$

106,768
1,450
140,696
248,914

(4,760)
303
(22,328)
(26,785)
222,129

$

$

150,990
28,106
154,147
333,243

(14,143)
3,165
(45,257)
(56,235)
277,008

84

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Differences between the effective income tax rate and the U.S. federal income statutory tax rate are as follows:

Years Ended December 31,
2022

2021

2023

U.S. federal income tax rate
State and local taxes, net of federal income tax benefit
Foreign operations tax effect
Foreign-derived intangible income
Share awards
Withholding tax
Change in valuation allowance
Dispositions
Audit resolutions
Other
Effective tax rate

21.0 %
1.6
0.4
(1.3)
(0.4)
2.4
(5.5)
—
(0.6)
(0.8)
16.8 %

21.0 %
1.6
0.1
(1.3)
(0.2)
0.1
(0.7)
—
(3.2)
(0.1)
17.3 %

21.0 %
1.8
(0.2)
(0.8)
(0.8)
0.1
—
0.3
(1.4)
(0.2)
19.8 %

The tax effects of temporary differences that give rise to deferred tax assets and liabilities are as follows:

Deferred Tax Assets:
Accrued compensation, postretirement and other employee benefits
Accrued expenses
Net operating loss and other carryforwards

Inventories
Allowance for credit losses
Accrued insurance
Long-term liabilities, warranty and environmental costs
Lease obligations
Capitalized research and development
Total gross deferred tax assets
Valuation allowance
Total deferred tax assets, net of valuation allowances
Deferred Tax Liabilities:

Intangible assets
Property, plant and equipment
Lease right-of-use assets
Other liabilities
Total deferred tax liabilities
Net deferred tax liability

Classified as follows in the Consolidated Balance Sheets:
Other assets and deferred charges
Deferred income taxes

December 31, 2023 December 31, 2022

$

$

$

$

$

$

46,068
20,154
326,437

28,729
7,679
4,574
1,864
55,634
54,397
545,536
(209,931)
335,605

$

$

(405,504) $
(78,668)
(52,769)
(34,642)
(571,583)
(235,978) $

$

110,405
(346,383)
(235,978) $

46,008
20,608
317,186

30,569
9,224
3,978
2,851
47,887
26,548
504,859
(271,203)
233,656

(417,809)
(82,658)
(45,202)
(27,447)
(573,116)
(339,460)

35,690
(375,150)
(339,460)

As of December 31, 2023, the Company has $271,255 of deferred tax assets recorded related to non-U.S. tax loss
carryforwards primarily resulting from non-operating activities and tax credit carryforwards. The non-U.S. losses and credits
as of December 31, 2023 are available to be carried forward, with $59,816 expiring during the years 2024 through 2043, and
the remaining $211,439 carried forward indefinitely.

85

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

As of December 31, 2023, the Company has $55,182 of deferred tax assets recorded related to U.S. federal and state tax loss
and tax credit carryforwards. The U.S. federal and state tax losses and credits as of December 31, 2023 are available to be
carried forward, with $52,206 expiring during the years 2024 through 2043, and the remaining $2,976 carried forward
indefinitely.

The Company maintains valuation allowances by jurisdiction against the deferred tax assets related to certain of these
carryforwards for which it is more likely than not that some portion or all will not be realized. For the year ended December
31, 2023, the Company recorded a net valuation allowance release of $69,716 against non-U.S. tax loss carryforwards mainly
related to an internal reorganization on the basis of management’s reassessment of the amount of its deferred tax assets that
are more likely than not to be realized.

In 2023, the Company recorded $30,413 of withholding taxes on current and future distributions from certain foreign
subsidiaries. If management decides to repatriate additional foreign earnings, the Company would need to adjust the income
tax provision in the period that management makes that decision.

Unrecognized Tax Benefits

The Company files U.S federal, state, local and non-U.S. tax returns. The Company is routinely audited by the tax authorities
in these jurisdictions, and a number of audits are currently underway. It is reasonably possible during the next twelve months
that uncertain tax positions may be settled, which could result in a decrease in the gross amount of unrecognized tax benefits.
This decrease may result in an income tax benefit. Due to the potential for resolution of U.S federal, state and non-U.S.
examinations, and the expiration of various statutes of limitation, the Company's gross unrecognized tax benefits balance may
change within the next twelve months by a range of zero to $4,578. All significant U.S. federal, state, local and non-U.S.
matters have been concluded through 2020. The Company believes adequate provision has been made for all income tax
uncertainties.

The following table is a reconciliation of the beginning and ending balances of the Company's unrecognized tax benefits:

Total

$

Unrecognized tax benefits at January 1, 2021

Unrecognized tax benefits at December 31, 2021 (1)

Additions based on tax positions related to the current year
Additions for tax positions of prior years
Reductions for tax positions of prior years
Cash settlements
Lapse of statutes

Additions based on tax positions related to the current year
Additions for tax positions of prior years
Reductions for tax positions of prior years
Cash settlements
Lapse of statutes

72,338
5,859
3,784
(13,008)
(1,490)
(2,831)
64,652
3,315
3,421
(39,439)
(411)
(3,352)
28,186
1,235
2,223
(3,361)
(1,791)
(3,983)
Unrecognized tax benefits at December 31, 2023 (1)
22,509
(1) If recognized, the net amount of potential tax benefits as of December 31, 2023 that would impact the Company's effective tax rate is
$18,367. During the years ended December 31, 2023, 2022 and 2021, the Company recorded income of $1,378, $8,931 and $2,654,
respectively, as a component of provision for income taxes related to the accrued interest and penalties on net reductions to unrecognized
tax benefits. The Company had accrued interest and penalties of $4,798 at December 31, 2023 and $6,175 at December 31, 2022, which are
not included in the above table.

Additions based on tax positions related to the current year
Additions for tax positions of prior years
Reductions for tax positions of prior years
Cash settlements
Lapse of statutes

Unrecognized tax benefits at December 31, 2022 (1)

$

86

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

15. Equity and Cash Incentive Program

The Company typically makes its annual grants of equity awards pursuant to actions taken by the Compensation Committee
of the Board of Directors at its regularly scheduled first quarter meeting. For the years presented herein, employee awards
were made pursuant to the terms of the Company's 2021 Omnibus Incentive Plan (the "2021 Plan") and 2012 Equity and
Cash Incentive Plan (the "2012 Plan").

On May 7, 2021, the shareholders approved the 2021 Plan, to replace the 2012 Plan, which otherwise would have terminated
according to its terms on May 3, 2022. Upon approval of the 2021 Plan, no additional awards could be granted under the
2012 Plan, and the remaining 4,888,197 shares available for additional award grant purposes became available for issuance
under the 2021 Plan. The 2021 Plan provides for stock options and SARs, RSUs, PSAs, cash performance awards, directors'
shares and deferred stock units. Under the 2021 Plan, a total of 8,300,000 newly authorized shares of common stock are
reserved for issuance, resulting in a total of 13,188,197 authorized shares available for issuance. These shares are subject to
adjustments resulting from stock dividends, stock splits, recapitalizations, reorganizations and other similar changes.

Officers and other key employees, as well as non-employee directors, are eligible to participate in the 2021 Plan, and were
also eligible under the 2012 Plan which had a ten-year term between May 3, 2012 to May 3, 2022.

Stock-based compensation costs are reported within selling, general and administrative expenses in the consolidated
statements of earnings. The following table summarizes the Company's compensation expense relating to all stock-based
incentive plans:

Pre-tax stock-based compensation expense
Tax benefit
Total stock-based compensation expense, net of tax

$

$

SARs

Years Ended December 31,
2022
30,821
(2,993)
27,828

2023
31,465
(3,266)
28,199

2021
31,111
(2,859)
28,252

$

$

$

$

The exercise price per share for SARs is equal to the closing price of the Company's stock on the New York Stock Exchange
on the date of grant. New common shares are issued when SARs are exercised. The period during which SARs are
exercisable is fixed by the Company's Compensation Committee at the time of grant. Generally, the SARs vest after three
years of service and expire at the end of ten years.

In 2023, 2022 and 2021, the Company issued SARs covering 359,715, 335,285 and 413,173 shares, respectively. The fair
value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following
assumptions:

Risk-free interest rate
Dividend yield
Expected life (years)
Volatility
Grant price
Fair value per share at date of grant

2021

2022

2023
3.91 % 1.86 % 0.59 %
1.32 % 1.25 % 1.62 %
5.5
30.65 % 29.46 % 30.49 %
$122.73
$160.21
$153.25
$29.08
$42.07
$47.27

5.4

5.4

Expected volatilities are based on Dover's stock price history, including implied volatilities from traded options on Dover
stock. The Company uses historical data to estimate SAR exercises and employee termination patterns within the valuation
model. The expected life of SARs granted is derived from the output of the option valuation model and represents the average
period of time that SARs granted are expected to be outstanding. The interest rate for periods within the contractual life of the
awards is based on the U.S. Treasury yield curve in effect at the time of grant.

87

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

A summary of activity relating to SARs granted under the 2021 Plan and the 2012 Plan for the year ended December 31,
2023 is as follows:

SARs

Outstanding at January 1, 2023
Granted
Forfeited / expired
Exercised
Outstanding at December 31, 2023

Number of
Shares

2,444,542
359,715
(65,178)
(329,469)
2,409,610

Weighted
Average
Exercise Price
98.70
$
153.25
142.25
69.93
109.65

Weighted
Average
Remaining
Contractual
Term (Years)

Aggregate
Intrinsic Value

5.8 $

108,242

Exercisable at December 31, 2023

1,446,739

$

86.31

4.3 $

97,651

Unrecognized compensation expense related to SARs not yet exercisable was $10,967 at December 31, 2023. This cost is
expected to be recognized over a weighted average period of 1.5 years.

Other information regarding the exercise of SARs is listed below:

Fair value of SARs that became exercisable
Aggregate intrinsic value of SARs exercised

PSAs

2023

2022

$
$

7,492
26,041

$
$

8,939
11,992

$
$

2021
10,199
62,895

PSAs granted are expensed over the three-year requisite performance and service period. Awards become vested if (1) the
Company achieves certain market conditions and (2) the employee remains continuously employed by the Company during
the performance period. Partial vesting may occur after separation from service in the case of certain terminations not for
cause and for retirements.

In 2023, 2022 and 2021, the Company issued PSAs covering 43,656, 40,087 and 50,371 shares, respectively.

The PSAs granted are market condition awards as attainment is based on Dover's performance relative to its peer group
(companies listed under the S&P 500 Industrials sector) for the relevant performance period. The performance period and
vesting period for these awards is approximately three years. These awards were valued on the date of grant using the Monte
Carlo simulation model (a binomial lattice-based valuation model), and are generally recognized ratably over the vesting
period. The fair value is not subject to change based on future market conditions. The assumptions used in determining the
fair value of the PSAs granted were as follows:

Risk-free interest rate
Dividend yield
Expected life (years)
Volatility
Grant price
Fair value per share at date of grant

2023

2022

2021

4.28 %
1.32 %
2.9
27.30 %
$153.25
$249.48

1.68 %
1.25 %
2.9
31.10 %
$160.21
$196.40

0.19 %
1.62 %
2.9
31.90 %
$122.73
$148.29

88

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

A summary of activity for PSAs for the year ended December 31, 2023 is as follows:

Unvested at January 1, 2023
Granted
Forfeited
Vested
Unvested at December 31, 2023

Weighted
Average
Grant-Date
Fair Value
170.03
$
249.48
197.65
148.29
224.42

$

Number of
Shares

85,807
43,656
(7,360)
(44,342)
77,761

Unrecognized compensation expense related to unvested PSAs as of December 31, 2023 was $9,599, which will be
recognized over a weighted average period of 1.8 years.

RSUs

The Company also has restricted stock authorized for grant. Common stock of the Company may be granted at no cost to
certain officers and key employees. In general, restrictions limit the sale or transfer of these shares during a three-year period,
and restrictions lapse proportionately over the three-year period. The Company granted 91,439, 79,556 and 87,177 of RSUs
in 2023, 2022 and 2021, respectively. The fair value of these awards was determined using Dover's closing stock price on the
date of grant, which was $153.25, $160.21, and $122.73 in 2023, 2022 and 2021, respectively.

A summary of activity for RSUs for the year ended December 31, 2023 is as follows:

Unvested at January 1, 2023
Granted
Forfeited
Vested
Unvested at December 31, 2023

Weighted
Average
Grant-Date
Fair Value
135.98
$
153.25
148.95
133.83
145.45

$

Number of
Shares

147,676
91,439
(12,513)
(73,628)
152,974

Unrecognized compensation expense relating to unvested RSUs as of December 31, 2023 was $10,387, which will be
recognized over a weighted average period of 1.4 years.

Directors' Shares

The Company issued the following shares to its non-employee directors as partial compensation for serving as directors of the
Company:

Years ended December 31,
2022

2021

2023

Aggregate shares granted
Deferred stock units
Net shares issued

11,309
(7,487)
3,822

10,730
(7,247)
3,483

7,917
(5,322)
2,595

89

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

16. Commitments and Contingent Liabilities

Guarantees

The 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.

Litigation

A 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, 2023 and December 31, 2022, 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, 2023 and 2022, these estimated
liabilities were immaterial. While it is not possible at this time to predict the outcome of these legal actions, in the opinion of
management, based on the aforementioned reviews, the Company is not currently involved in any legal proceedings which,
individually or in the aggregate, could have a material effect on its financial position, results of operations, or cash flows.

17. Employee Benefit Plans

The Company offers defined contribution retirement plans which cover the majority of its U.S. employees, as well as
employees in certain other countries. The Company’s expense relating to defined contribution plans was $61,032, $57,543
and $59,719 for the years ended December 31, 2023, 2022 and 2021, respectively.

The Company sponsors qualified defined benefit pension plans covering certain employees of the Company and its
subsidiaries. The plans' benefits are generally based on years of service and employee compensation. The Company also
provides to certain management employees, through non-qualified plans, supplemental retirement benefits in excess of
qualified plan limits imposed by federal tax law.

The U.S. qualified and non-qualified defined benefit plans were closed to new employees after December 31, 2013. All
pension-eligible employees as of December 31, 2013 continued to earn a pension benefit through December 31, 2023 as long
as they remained employed by the Company participating in the impacted plans. Effective January 1, 2024, the plans will be
frozen for any future benefit accruals.

The Company also maintains other post-retirement benefit plans. These plans are closed to new entrants and are not
considered to be significant. The supplemental and other post-retirement benefit plans are supported by the general assets of
the Company.

90

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Obligations and Funded Status

The following tables summarize the change in benefit obligations, change in plan assets, and funded status associated with
the Company's significant defined benefit plans and the amounts recognized in the consolidated balance sheets at December
31, 2023 and 2022:

Change in benefit obligation:
Benefit obligation at beginning of year
Service cost
Interest cost
Plan participants' contributions
Benefits paid
Actuarial loss (gain)(1)
Amendments
Settlements and curtailments
Currency translation and other
Benefit obligation at end of year
Change in plan assets:

Fair value of plan assets at beginning of
year
Actual return on plan assets
Company contributions
Plan participants' contributions
Benefits paid
Settlements and curtailments
Currency translation and other
Fair value of plan assets at end of year
Funded (Unfunded) status
Amounts recognized in the consolidated
balance sheets consist of:
Assets and Liabilities:

Other assets and deferred charges
Accrued compensation and employee
benefits
Liabilities held for sale (2)
Defined benefit and other post-
retirement benefit plans

Total assets (liabilities)
Accumulated Other Comprehensive Loss
(Earnings):

Net actuarial losses (gains)
Prior service cost (credit)
Tax (benefit) expense

Qualified Defined Benefits

U.S. Plan

Non-U.S. Plans

Non-Qualified
Supplemental Benefits

2023

2022

2023

2022

2023

2022

$

$

319,901
2,867
17,203
—
(17,701)
22,384
—
(25,348)
—
319,306

394,053
40,633
—
—
(17,701)
(24,466)
—
392,519
73,213

$

$

478,346
5,703
13,745
—
(17,680)
(126,985)
—
(33,228)
—
319,901

573,100
(125,011)
—
—
(17,680)
(36,356)
—
394,053
74,152

$

$

$

215,317
3,712
10,591
2,251
(11,953)
16,884
41
(1,116)
14,302
250,029

152,860
11,935
9,516
2,251
(11,953)
(298)
11,454
175,765
(74,264) $

$

314,715
4,675
5,220
2,186
(9,756)
(72,977)
(2,291)
(8,849)
(17,606)
215,317

219,677
(48,147)
9,059
2,186
(9,756)
(8,640)
(11,519)
152,860
(62,457) $

$

32,503
970
1,636
—
(6,582)
662
—
—
—
29,189

—
—
6,582
—
(6,582)
—
—
—
(29,189) $

42,905
1,426
1,215
—
(3,831)
(9,596)
384
—
—
32,503

—
—
3,831
—
(3,831)
—
—
—
(32,503)

$

73,213

$

74,152

$

1,938

$

1,863

$

— $

—

—
—

—
73,213

—
—

—
74,152

57,870
—
(12,075)

55,227
—
(11,474)

(731)
(18,044)

(57,427)
(74,264)

42,926
(2,222)
(8,947)

(1,774)
—

(62,546)
(62,457)

31,607
(3,006)
(6,434)

(5,477)
—

(23,712)
(29,189)

(24,435)
—
5,313

(7,243)
—

(25,260)
(32,503)

(28,304)
1,874
5,768

Total accumulated other comprehensive loss
(earnings), net of tax
Net amount recognized at December 31,

$

45,795
119,008

$

43,753
117,905

$

31,757
(42,507) $

22,167
(40,290) $

(19,122)
(48,311) $

(20,662)
(53,165)

$
$
Accumulated benefit obligations
(1) The actuarial loss (gain) were primarily due to discount rate fluctuations and plan experience.
(2) De-Sta-Co assets and liabilities are classified as held for sale as of December 31, 2023. See Note 4 — Dispositions for further details.

210,259

319,306

242,619

318,275

29,189

$

$

$

$

31,523

91

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The Company's net unfunded status at December 31, 2023 and 2022 includes net liabilities of $74,264 and $62,457,
respectively, relating to the Company's significant
is not
economically advantageous to pre-fund the plans due to local regulations. The majority of the international obligations relate
to defined pension plans operated by the Company's businesses in Germany, France, the United Kingdom, and Italy.

international qualified plans, some in locations where it

The accumulated benefit obligation for all defined benefit pension plans was $591,114 and $560,057 at December 31, 2023
and 2022, respectively.

Non-U.S. pension plans with accumulated benefit obligations in excess of plan assets consist of the following at December
31, 2023 and 2022:

Accumulated benefit obligation
Fair value of plan assets

$

2023
227,442
158,653

$

2022
124,082
64,112

Non-U.S. pension plans with projected benefit obligations in excess of plan assets consist of the following at December 31,
2023 and 2022:

Projected benefit obligation
Fair value of plan assets

Net Periodic Benefit Cost

$

2023
234,854
158,653

$

2022
200,671
136,351

The operating expense component of net periodic benefit cost (service cost) is reported with similar compensation costs in the
Company's consolidated statement of earnings. The non-operating components (all other components of net periodic benefit
expense, including interest cost, amortization of prior service cost, curtailments and settlements, etc.) are reported outside of
operating income in other income, net in the consolidated statement of earnings.

Components of the net periodic benefit cost were as follows:

Defined Benefit Plans

Qualified Defined Benefits

2023
$ 2,867
17,203
(26,208)

U.S. Plan
2022
$ 5,703
13,745
(29,104)

2021
$ 7,134
13,605
(28,980)

Non-U.S. Plans
2022
$ 4,675
5,220
(7,191)

2023
$ 3,712
10,591
(7,331)

2021
$ 5,749
3,590
(7,188)

2023

Non-Qualified
Supplemental Benefits
2022
$ 1,426
1,215
—

2021
$ 1,561
1,232
—

970
1,636
—

$

212
—
110
10,012
— 2,300
2,031
6,276
$ (1,704) $ (970) $ 4,014

4,434

(717)
656
(801)
$ 6,110

(526)
1,747
(393)
$ 3,532

(453)
3,938
194
$ 5,830

1,874
(3,207)
—
$ 1,273

1,490
(2,016)
—
$ 2,115

1,531
(1,672)
(743)
$ 1,909

Service cost
Interest cost
Expected return on plan assets
Amortization of:

Prior service cost (credit)
Actuarial loss (gain)

Settlement and curtailment loss (gain)
Net periodic (benefit) expense

Assumptions

The Company determines actuarial assumptions on an annual basis. The weighted average assumptions used in determining
the benefit obligations were as follows:

Discount rate
Average wage increase

Qualified Defined Benefits

U.S. Plan

2023
5.20 %
4.00 %

2022
5.55 %
4.00 %

Non-U.S. Plans
2022
2023
3.57 %
2.80 %
1.70 %
1.65 %

Non-Qualified
Supplemental
Benefits

2023
5.15 %
4.50 %

2022
5.50 %
4.50 %

92

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The weighted average assumptions used in determining the net periodic benefit cost were as follows:

Qualified Defined Benefits

U.S. Plan
2022

2023

2021

Non-U.S. Plans
2022

2021

2023

Non- Qualified
Supplemental Benefits
2022

2021

2023

Discount rate

5.55 % 2.95 % 2.65 %

3.57 % 1.18 % 0.79 % 5.50 % 2.90 % 2.45 %

Average wage increase

4.00 % 4.00 % 4.00 %

1.67 % 1.53 % 1.51 % 4.50 % 4.50 % 4.50 %

Expected return on plan assets

5.60 % 5.60 % 5.60 %

4.69 % 3.47 % 3.40 %

na

na

na

The Company's discount rate assumption is determined by developing a yield curve based on high quality corporate bonds
with maturities matching the plans' expected benefit payment streams. The plans' expected cash flows are then discounted by
the resulting year-by-year spot rates.

Plan Assets

The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the
plans' financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and
supporting financial objectives are established in conjunction with a review of current and projected plan financial
requirements.

As it relates to the funded defined benefit pension plans, the Company's funding policy is consistent with the funding
requirements of the Employment Retirement Income Security Act ("ERISA") and applicable international laws. The
Company is responsible for overseeing the management of the investments of the plans' assets and otherwise ensuring that
the plans'
legislation and the related plan
documents. Where relevant, the Company has retained professional investment managers to manage the plans' assets and
implement the investment process. The investment managers, in implementing their investment processes, have the authority
and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or
investment manager agreements with the plans.

investment programs are in compliance with ERISA, other

relevant

The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The
plans' long-term investment objective is to generate investment returns that provide adequate assets to meet all benefit
obligations in accordance with applicable regulations. The expected return on assets assumption used for net periodic benefit
cost is developed through analysis of historical and forecasted market returns, statistical analysis, current market conditions
and the past experience of plan asset investments.

The Company's actual and target weighted average asset allocation for our U.S. Qualified Defined Benefits Plan was as
follows:

Return-seeking investments
Liability hedging investments
Other
Total

2023

2022

28 %
72 %
— %
100 %

27 %
73 %
— %
100 %

Current
Target

30 %
70 %
— %
100 %

Return-seeking investments include diversified foreign and domestic equities, U.S. high yield fixed income investments, and
emerging market debt. Liability hedging investments primarily include a diversified portfolio of U.S. long duration fixed
income assets. While the non-U.S. investment policies are different for each country, the long-term objectives are generally
the same as for the U.S. pension assets.

93

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The fair values of both U.S. and non-U.S. pension plan assets by asset category within the fair value hierarchy (as defined in
Note 13 — Financial Instruments) were as follows:

Corporate bonds
Government securities
Interest-bearing cash and short-term investments
Total investments at fair value
Investments measured at net asset value*

Collective funds
Short-term investment funds

Total investments

U.S. Qualified Defined Benefits Plan

December 31, 2023

December 31, 2022

Level 1

Level 2

$

$

— $ 215,631
52,862
—
—
3,901
$ 268,493
3,901

Total Fair
Value
$ 215,631
52,862
3,901
272,394

110,582
9,543
$ 392,519

Level 1

Level 2
— $ 201,203
56,978
—
—
2,900
$ 258,181
2,900

$

$

Total Fair
Value
$ 201,203
56,978
2,900
261,081

106,273
26,699
$ 394,053

December 31, 2023

December 31, 2022

Non-U.S. Plans

Common stocks
Fixed income investments
Mutual funds
Cash and cash equivalents
Other
Total investments at fair value
Investments measured at net asset value*

Level 1
$ 54,557
—
20,628
2,237
—
$ 77,422

Collective funds
Other

Total investments

Level 2
$

— $

32,421
—
—
499
$ 32,920

Level 3

Total Fair
Value

— $
—
—
—
18,652
$ 18,652

54,557
32,421
20,628
2,237
19,151
128,994

Level 1
$ 46,618
—
20,031
909
—
$ 67,558

Level 2
$

— $

25,168
—
—
996
$ 26,164

Level 3

Total Fair
Value

— $
—
—
—
16,294
$ 16,294

46,618
25,168
20,031
909
17,290
110,016

41,502
5,269
$ 175,765

39,675
3,169
$ 152,860

* In accordance with Fair Value Measurement Topic 820 (Subtopic 820-10), certain investments that are measured at fair value using the
net asset value per share (or its equivalent) as a practical expedient were not classified in the fair value hierarchy. These are included to
permit reconciliation of the fair value hierarchy to the aggregate pension plan assets.

Common stocks represent investments in domestic and foreign equities, which are publicly traded on active exchanges and
are valued based on quoted market prices.

Fixed income investments include bonds and notes, which are valued based on quoted market prices, as well as investments
in other government and municipal securities and corporate bonds, which are valued based on yields currently available on
comparable securities of issuers with similar credit ratings.

Mutual funds are categorized as either Level 1, 2 or Net Asset Value ("NAV") as a practical expedient depending on the
nature of the observable inputs. Collective funds and short-term investment funds are valued using NAV as a practical
expedient as of the last business day of the year. The NAV is based on the underlying value of the assets owned by the fund,
minus its liabilities, and then divided by the number of shares outstanding.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or
reflective of future fair values. Furthermore, while the Company believes its valuation methods are appropriate and consistent
with other market participants, the use of different methodologies or assumptions to determine the fair value of certain
financial instruments could result in a different fair value measurement at the reporting date.

94

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

The availability of observable data is monitored by plan management to assess appropriate classification of financial
instruments within the fair value hierarchy. Depending upon the availability of such inputs, specific securities may transfer
between levels. In such instances, the transfer is reported at the end of the reporting period.

The fair value measurement of plan assets using significant unobservable inputs (Level 3) changed during 2022 and 2023,
due to the following:

Balance at December 31, 2021
Actual return on plan assets:

Relating to assets still held at December 31, 2022
Relating to assets sold during the period

Purchases
Sales and settlements
Foreign currency translation
Balance at December 31, 2022
Actual return on plan assets:

Relating to assets still held at December 31, 2023
Relating to assets sold during the period

Purchases
Sales and settlements
Foreign currency translation
Balance at December 31, 2023

Future Estimates

Benefit Payments

Level 3

$

20,252

(382)
—
1,852
(4,808)
(620)
16,294

(417)
(17)
1,746
(346)
1,392
18,652

$

Estimated future benefit payments to retirees, which reflect expected future service except to the extent frozen, are as follows:

2024
2025
2026
2027
2028
2029 - 2033

Contributions

Qualified Defined Benefits

U.S. Plan

Non-U.S. Plans

Non-Qualified
Supplemental
Benefits

$

$

30,930
29,031
27,631
26,842
25,629
115,629

$

11,964
11,379
12,489
15,279
14,037
71,276

5,616
2,366
4,626
1,841
5,795
10,268

In 2024, the Company expects to make payments of approximately $8.2 million to its non-US plans and $5.6 million to its
non-qualified U.S. plan. No payments are expected for the qualified U.S. plan in 2024.

95

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

18. Accumulated Other Comprehensive Earnings (Loss)

The components of accumulated other comprehensive earnings (loss) are as follows:

Cumulative foreign currency translation adjustments
Pension and other postretirement benefit plans
Changes in fair value of cash flow hedges and other

December 31, 2023 December 31, 2022
(220,224)
$
(45,258)
(741)
(266,223)

(181,331) $
(58,430)
1,895
(237,866) $

$

Amounts reclassified from accumulated other comprehensive earnings (loss) to earnings (loss) during the year ended
December 31, 2023, 2022 and 2021 were as follows:

Foreign currency translation:
Reclassification of foreign currency translation losses to earnings
Tax benefit
Net of tax
Pension and other postretirement benefit plans:

Amortization of actuarial (gains) losses
Amortization of prior service costs and transition obligation
Settlement and curtailment

Total before tax
Tax benefit
Net of tax
Cash flow hedges:
Net losses (gains) reclassified into earnings
Tax (benefit) expense
Net of tax

Years Ended December 31,
2022

2023

2021

$

$

$

$

$

$

— $
—
— $

(2,551) $
1,157
3,633
2,239
(538)
1,701

$

2,437
(483)
1,954

$

$

5,915
—
5,915

2,965
1,074
4,282
8,321
(1,842)
6,479

$

$

$

$

(4,797) $
1,065
(3,732) $

—
—
—

12,278
1,304
1,482
15,064
(3,423)
11,641

(6,271)
1,400
(4,871)

Foreign currency translation losses were recognized in selling, general and administrative expenses within the consolidated
statement of earnings as a result of the substantial liquidation of certain businesses.

The Company recognizes the amortization of net actuarial gains and losses and prior service costs in other income, net within
the consolidated statements of earnings.

Cash flow hedges consist mainly of foreign currency forward contracts. The Company recognizes the realized gains and
losses on its cash flow hedges in the same line item as the hedged transaction, such as revenue, cost of goods and services, or
selling, general and administrative expenses in the consolidated statements of earnings.

96

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

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.

is a provider of innovative and energy-efficient equipment,
Climate & Sustainability Technologies segment
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.

97

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

Segment financial information and a reconciliation of segment results to consolidated results follows:

Revenue:

Engineered Products
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies

Intersegment eliminations
Total consolidated revenue
Net earnings:
Segment earnings:

Engineered Products (1)
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies

Total segment earnings
Purchase accounting expenses (2)
Restructuring and other costs (3)
Disposition costs (4)
Loss (gain) on dispositions (5)
Corporate expense / other (6)
Interest expense
Interest income
Earnings before provision for income taxes
Provision for income taxes
Net earnings
Segment margins:

Engineered Products
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies

Total segments
Net earnings
Depreciation and amortization:
Other depreciation and amortization (7):

Engineered Products
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies

Total other depreciation and amortization
Corporate depreciation and amortization
Depreciation and amortization included in purchase accounting expenses
and restructuring and other
Consolidated depreciation and amortization total

Years Ended December 31,
2022

2021

2023

$ 2,004,587
1,788,277
1,116,732
1,755,691
1,778,582
(5,735)
$ 8,438,134

$ 2,043,632
1,878,507
1,123,815
1,728,235
1,737,724
(3,825)
$ 8,508,088

$ 1,780,827
1,648,153
1,163,367
1,708,634
1,608,175
(2,075)
$ 7,907,081

$

377,425
328,604
272,512
484,405
305,380
1,768,326
164,943
63,673
1,302
—
150,593
131,305
(13,496)
1,270,006
213,178
$ 1,056,828

$

346,519
352,993
268,084
533,018
254,484
1,755,098
181,103
38,990
—
194
135,280
116,456
(4,430)
1,287,505
222,129
$ 1,065,376

$

277,852
327,186
266,932
575,593
185,517
1,633,080
141,980
38,436
—
(206,338)
156,298
106,319
(4,441)
1,400,826
277,008
$ 1,123,818

18.8 %
18.4 %
24.4 %
27.6 %
17.2 %
21.0 %
12.5 %

17.0 %
18.8 %
23.9 %
30.8 %
14.6 %
20.6 %
12.5 %

15.6 %
19.9 %
22.9 %
33.7 %
11.5 %
20.7 %
14.2 %

$

28,073
30,117
15,293
46,344
27,557
147,384
6,040

$

27,745
28,815
14,185
40,839
26,204
137,788
8,137

$

27,036
25,842
14,189
39,272
26,987
133,326
7,250

164,039
317,463

$

161,613
307,538

$

149,547
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.

98

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

(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:

Restructuring

$

50,435

$

30,480

$

26,705

Years Ended December 31,
2022

2021

2023

13,238
Other costs, net
Restructuring and other costs
63,673
(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.

11,731
38,436

8,510
38,990

$

$

$

Selected financial information by segment (continued):
Capital expenditures:

Engineered Products
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions
Climate & Sustainability Technologies
Corporate

Total capital expenditures

Total assets at December 31:

Engineered Products (8)
Clean Energy & Fueling
Imaging & Identification
Pumps & Process Solutions (9)
Climate & Sustainability Technologies
Corporate (10)

2023

2022

2021

26,643
25,421
11,598
60,860
61,790
6,280
192,592

$

$

39,765
33,489
14,695
82,817
41,426
8,770
220,962

$

$

48,453
25,167
10,671
44,578
34,335
8,261
171,465

$

$

$

2023
1,797,242
3,020,621
1,812,704
2,654,421
1,466,141
597,384
$ 11,348,513

$

2022
1,771,689
3,068,260
1,821,649
2,161,210
1,525,449
548,262
$ 10,896,519

Total assets
(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.

United States
Europe
Asia
Other Americas
Other
Consolidated total
(11) Long-lived assets are comprised of net property, plant and equipment.

Revenue
Years Ended December 31,
2022
4,847,321
1,792,020
939,093
667,673
261,981
8,508,088

2023
4,711,019
1,757,118
924,539
683,573
361,885
8,438,134

$

$

$

$

$

$

Long-Lived Assets (11)
At December 31,

2021
4,305,957
1,797,138
901,141
612,751
290,094
7,907,081

$

$

2023

623,693
321,628
59,496
22,936
4,063
1,031,816

$

$

2022

629,140
291,921
57,253
21,763
4,748
1,004,825

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.

99

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

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.

20. Earnings per Share

The following table sets forth a reconciliation of the information used in computing basic and diluted earnings per share:

Net earnings
Basic earnings per common share:
Net earnings
Weighted average basic shares outstanding
Diluted earnings per common share:
Net earnings
Weighted average shares outstanding

Years Ended December 31,
2022
$ 1,065,376

2021
$ 1,123,818

2023
$ 1,056,828

$
7.56
139,848,000

$
7.47
142,681,000

$
7.81
143,923,000

$
7.52
140,599,000

$
7.42
143,595,000

$
7.74
145,273,000

The following table is a reconciliation of the share amounts used in computing earnings per share:

Weighted average shares outstanding - Basic

Years Ended December 31,
2022
142,681,000

2023
139,848,000

2021
143,923,000

Dilutive effect of assumed exercise of SARs and vesting of PSAs and RSUs
Weighted average shares outstanding - Diluted

751,000
140,599,000

914,000
143,595,000

1,350,000
145,273,000

Diluted earnings per share amounts are computed using the weighted average number of common shares outstanding and, if
dilutive, potential common shares outstanding during the period. Potential common shares consist of the incremental
common shares issuable upon the exercise of SARs and vesting of PSAs and RSUs, as determined using the treasury stock
method. For the years ended December 31, 2023, 2022 and 2021, the weighted average number of anti-dilutive potential
common shares excluded from the calculation above totaled 48,000, 21,173 and 1,072, respectively.

21. Stockholders' Equity

Share Repurchases

In November 2020, the Company's Board of Directors approved a standing share repurchase authorization whereby the
Company may repurchase up to 20 million shares beginning on January 1, 2021 through December 31, 2023.

On August 31, 2022, the Company entered into a $500,000 accelerated share repurchase agreement (the "ASR Agreement")
with Bank of America N.A. ("Bank of America") to repurchase its shares in an accelerated share repurchase program (the
initially recorded at fair value with no subsequent
"ASR Program"). The ASR Program is classified as equity,
remeasurement. The Company conducted the ASR Program under the November 2020 share repurchase authorization. The
Company funded the ASR Program with net proceeds from commercial paper.

Under the terms of the ASR Agreement, the Company paid Bank of America $500,000 on September 1, 2022 and on that
date received initial deliveries of 3,201,025 shares, representing a substantial majority of the shares expected to be retired
over the course of the ASR Agreement. In December 2022, Bank of America delivered 691,270 additional shares which
completed the ASR Program. During 2022, the Company received a total of 3,892,295 shares upon completion of the ASR
Agreement. The total number of shares ultimately repurchased under the ASR Agreement was based on the volume-weighted
average share price of Dover's common stock during the calculation period of the ASR Program, less a discount, which was
$128.46 over the term of the ASR Program.

100

DOVER CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated)

During the year ended December 31, 2023, the Company had no share repurchases. During the years ended 2022, and 2021,
exclusive of the ASR Program, the Company repurchased 641,428, and 182,951 shares of common stock at a total cost of
$85,000, and $21,637 or $132.52, and $118.27 per share, respectively.

Upon expiration of the November 2020 share repurchase authorization on December 31, 2023, 15,283,326 shares remained
unused.

In August 2023, the Company's Board of Directors approved a new standing share repurchase authorization whereby the
Company may repurchase up to 20 million shares beginning on January 1, 2024 through December 31, 2026.

22. Subsequent Events

On January 17, 2024, the Company completed the acquisition of Transchem Group ("Transchem"), a supplier of car wash
chemicals and associated solutions, for approximately $29.6 million, net of cash acquired, plus potential contingent
consideration of up to approximately $18.6 million and subject to customary post-closing adjustments. Transchem will
expand the Company's chemical product offerings in the Clean Energy & Fueling segment, specializing in wash performance
and water reclaim technology that reduces water usage and lowers operators' costs.

On January 31, 2024, the Company completed the acquisition of Bulloch Technologies, Inc. ("Bulloch"), a provider of point-
of-sale ("POS"), forecourt controller and electronic payment server solutions to the convenience retail
industry, for
approximately $111.0 million, net of cash acquired, plus potential contingent consideration of up to approximately
$14.8 million and subject to customary post-closing adjustments. The acquisition of Bulloch expands our offering in North
America with highly complementary POS and forecourt solutions within the Clean Energy & Fueling segment.

SCHEDULE II

VALUATION AND QUALIFYING ACCOUNTS
Years Ended December 31, 2023, 2022 and 2021
(In thousands)

Deferred Tax Valuation Allowance

Balance at
Beginning of Year

Additions

Reductions

Balance at
End of Year

Year Ended December 31, 2023

Year Ended December 31, 2022

Year Ended December 31, 2021

$

$

$

271,203

306,066

287,679

31,388

4,960

38,514

(92,660) $

209,931

(39,823) $

271,203

(20,127) $

306,066

LIFO Reserve

Balance at
Beginning of Year

Charged to Cost
and Expense

Reductions

Balance at
End of Year

Year Ended December 31, 2023(1)

Year Ended December 31, 2022

$

$

14,151

13,155

316

2,329

(14,467) $

—

(1,333) $

14,151

Year Ended December 31, 2021

13,155
(1) During the fourth quarter of 2023, the Company changed the method of accounting for the inventories previously accounted for under
LIFO to FIFO. See Note 1 — Description of Business and Summary of Significant Accounting Policies.

(1,214) $

7,149

7,220

$

101

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE

None.

ITEM 9A. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Based on an evaluation under the supervision and with the participation of the Company's management, the Company's Chief
Executive Officer and Chief Financial Officer have concluded that the Company's disclosure controls and procedures as
defined in Rule 13a-15(e) under the Exchange Act were effective as of December 31, 2023 to ensure that information
required to be disclosed by the Company in reports that it files or submits under the Exchange Act is (i) recorded, processed,
summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms and
(ii) accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial
Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Controls

During the fourth quarter of 2023, there were no changes in the Company's internal control over financial reporting that have
materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Inherent Limitations Over Internal Controls

The Company's internal control over financial reporting is designed to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles. The Company's internal control over financial reporting includes those policies and procedures that:

i.

pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the Company's assets;

ii. provide reasonable assurance that

transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that the Company's receipts and
expenditures are being made only in accordance with authorizations of the Company's management and directors;
and

iii. provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or

disposition of the Company's assets that could have a material effect on the financial statements.

Management's report on the effectiveness of the Company's internal control over financial reporting is included in Item 8 of
this Form 10-K. Management, including the Company's Chief Executive Officer and Chief Financial Officer, does not expect
that the Company's internal controls will prevent or detect all errors and all fraud. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.
Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls
must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of internal
controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, any
evaluation of the effectiveness of controls in future periods is subject to the risk that those internal controls may become
inadequate because of changes in business conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

102

ITEM 9B. OTHER INFORMATION

a. None.
b. During the three months ended December 31, 2023, no director or Section 16 officer adopted or terminated any Rule
10b5-1 trading arrangements or non-Rule 10b5-1 trading arrangements as defined in Item 408 of Regulation S-K.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

Not applicable.

103

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The information with respect to the corporate governance matters required to be included pursuant to this Item 10 will be
included in the 2024 Proxy Statement that will be filed with the Securities and Exchange Commission pursuant to Rule 14a-6
under the Exchange Act in accordance with applicable SEC deadlines, and is incorporated in this Item 10 by reference.

As set forth below is a list of the members of our Board of Directors as of February 9, 2024.

Deborah L. DeHaas 1,3
Former Vice Chairman of Deloitte and Managing Partner of the Center for Board Effectiveness

H. John Gilbertson, Jr.3,4
Retired Managing Director, Goldman Sachs Group Inc.

Kristiane C. Graham2,3
Private Investor

Marc A. Howze1
Senior Advisor, Office of the Chairman at Deere & Company

Michael F. Johnston, Chairman of the Board2,3
Retired Chief Executive Officer, Visteon Corporation

Michael Manley1,4
Chief Executive Officer of AutoNation, Inc.

Danita K. Ostling1
Former Partner and Senior Leader at Ernst & Young LLP

Eric A. Spiegel1,4
Former President and CEO of Siemens USA

Richard J. Tobin
President and Chief Executive Officer, Dover Corporation

Stephen M. Todd1
Former Global Vice Chairman of Assurance Professional Practice of Ernst & Young Global Limited

Keith E. Wandell2,4
Retired President and Chief Executive Officer, Harley-Davidson, Inc.

1 Members of Audit Committee
2 Members of Compensation Committee
3 Members of Governance & Nominating Committee
4 Members of Finance Committee

The information with respect to Section 16(a) reporting compliance required to be included in this Item 10 will be included in
our 2024 Proxy Statement and is incorporated in this Item 10 by reference.

The Company has adopted a code of ethics that applies to its chief executive officer and senior financial officers. A copy of
this code of ethics can be found on our website at www.dovercorporation.com. In the event of any amendment to, or waiver
from, the code of ethics, we will publicly disclose the amendment or waiver by posting the information on our website.

104

ITEM 11. EXECUTIVE COMPENSATION

The information with respect to executive compensation and the compensation committee required to be included pursuant to
this Item 11 will be included in our 2024 Proxy Statement and is incorporated in this Item 11 by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED SHAREHOLDER MATTERS

The information regarding security ownership of certain beneficial owners and management that is required to be included
pursuant to this Item 12 will be included in our 2024 Proxy Statement and is incorporated in this Item 12 by reference.

Equity Compensation Plans

The Equity Compensation Plan Table below presents information regarding our equity compensation plans at December 31,
2023:

(a)

(b)

Number of
Securities to be
Issued Upon
Exercise of
Outstanding
Options,
Warrants and
Rights (1)

Weighted-
Average
Exercise Price
of Outstanding
Options,
Warrants and
Rights

2,640,345
—
2,640,345

$

$

109.65
—
109.65

(c)
Number of
Securities
Remaining
Available for
Future Issuance
Under Equity
Compensation
Plans (Excluding
Securities Reflected
in Column (a)) (2)
11,926,888
—
11,926,888

Plan Category
Equity compensation plans approved by stockholders
Equity compensation plans not approved by stockholders
Total

1. Column (a) includes shares issuable pursuant to outstanding stock appreciation rights ("SARs"), restricted stock units
("RSUs") and performance share awards ("PSAs") under the Company's 2021 Omnibus Incentive Plan (the "2021 Plan")
and 2012 Equity and Cash Incentive Plan (the "2012 Plan"). PSAs are subject to satisfaction of the applicable
performance criteria over a three-year performance period. RSUs and PSAs are not reflected in the weighted exercise
price in column (b) as these awards do not have an exercise price.

2. Column (c) consists of shares available for future issuance under the Company's 2021 Plan. Under the 2021 Plan, the
Company may grant stock options, SARs, restricted stock, RSUs, PSAs, director shares, or deferred stock units. Under
the 2021 Plan, the number of shares available for issuance will be reduced (i) by one share for each share issued pursuant
to options or SARs and (ii) by three shares for each share of stock issued pursuant to restricted stock, RSUs, PSAs,
director share, or deferred stock unit awards.

As of December 31, 2023, equity securities have been authorized for issuance to employees and/or non-employee directors
under the 2021 Plan and its predecessor plan (the "2012 Plan"). Although the 2012 Plan has expired and no further awards
may be granted under the Plan, there remain outstanding SARs, RSUs, and PSAs under the 2012 Plan, which are reflected in
Column (a) of the table.

105

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE

The information with respect to any director independence, related party transaction policies and any reportable transaction,
business relationship, or indebtedness between the Company and the beneficial owners of more than 5% of the Common
Stock, the directors or nominees for director of the Company, the executive officers of the Company, or the members of the
immediate families of such individuals that are required to be included pursuant to this Item 13 will be included in the 2024
Proxy Statement and is incorporated in this Item 13 by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The information with respect to the Company's relationship with its independent registered public accounting firm and fees
paid thereto required to be included pursuant to this Item 14 will be included in the 2024 Proxy Statement and is incorporated
in this Item 14 by reference.

The information with respect to audit committee pre-approval policies and procedures required to be included pursuant to this
Item 14 will be included in the 2024 Proxy Statement and is incorporated in this Item 14 by reference.

106

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

a) The following documents are filed as part of this report:

PART IV

(1) Financial Statements. The financial statements are set forth under "Item 8. Financial Statements and Supplementary

Data" of this Form 10-K.

(2) Schedules. The following financial statement schedule is set forth under "Item 8. Financial Statements and
Supplementary Data" of this Form 10-K. All other schedules have been omitted because they are not required, are not
applicable or the required information is included in the financial statements or the notes thereto.

•

Schedule II – Valuation and Qualifying Accounts

(3) Exhibits. The exhibits below are filed or incorporated by reference as part of this Form 10-K. The exhibits will be

filed with the SEC but will not be included in the printed version of the Annual Report to Shareholders.

EXHIBIT INDEX

(3)(i) Fifth Restated Certificate of Incorporation of the Company, filed as Exhibit 3(i)(a) to the Company's Current

Report on Form 8-K filed May 7, 2019 (SEC File No. 001-04018), is incorporated by reference.

(3)(ii) Amended and Restated By-Laws of the Company, effective as of February 10, 2023, filed as Exhibit 3.1 to the

Company's Current Report on Form 8-K filed on February 16, 2023 (SEC File No. 001-04018), are incorporated
by reference.

(4.1) Indenture, dated as of June 8, 1998 between the Company and The First National Bank Chicago, as trustee, filed

as Exhibit 4.1 to the Company's Current Report on Form 8-K filed June 12, 1998 (SEC File No. 001-04018), is
incorporated by reference.

(4.2) Form of 6.65% Debentures due June 1, 2028 ($200,000,000 aggregate principal amount), filed as Exhibit 4.4 to
the Company's Current Report on Form 8-K filed June 12, 1998 (SEC File No. 001-04018), is incorporated by
reference.

(4.3) Indenture, dated as of February 8, 2001 between the Company and BankOne Trust Company, N.A., as trustee,

filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed February 13, 2001 (SEC File
No. 001-04018), is incorporated by reference.

(4.4) First Supplemental Indenture, dated as of October 13, 2005, among the Company, J.P. Morgan Trust Company,
National Association, as original trustee, and The Bank of New York, as trustee, filed as Exhibit 4.1 to the
Company's Current Report on Form 8-K filed October 13, 2005 (SEC File No. 001-04018), is incorporated by
reference.

(4.5) Form of 5.375% Debentures due October 15, 2035 ($300,000,000 aggregate principal amount), filed as

Exhibit 4.3 to the Company's Current Report on Form 8-K filed October 13, 2005 (SEC File No. 001-04018), is
incorporated by reference.

(4.6) Second Supplemental Indenture, dated as of March 14, 2008, between the Company and The Bank of New York,
as trustee, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed March 14, 2008 (SEC File
No. 001-04018), is incorporated by reference.

(4.7) Form of Global Note representing 6.60% Notes due March 15, 2038 ($250,000,000 aggregate principal amount),

filed as Exhibit 4.3 to the Company's Current Report on Form 8-K filed March 14, 2008 (SEC File
No. 001-04018), is incorporated by reference.

(4.8) Third Supplemental Indenture, dated as of February 22, 2011, between the Company and The Bank of New York

Mellon, as trustee, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed February 22, 2011
(SEC File No. 001-04018), is incorporated by reference.

(4.9) Form of 5.375% Notes due March 1, 2041 ($350,000,000 aggregate principal amount), filed as Exhibit 4.3 to the

Company's Current Report on Form 8-K filed February 22, 2011 (SEC File No. 001-04018), is incorporated by
reference.

(4.10) Fourth Supplemental Indenture, dated as of December 2, 2013, between the Company and The Bank of New

York Mellon, as trustee and The Bank of New York Mellon, London Branch, as paying agent, filed as Exhibit 4.1
to the Company's Current Report on Form 8-K filed December 3, 2013 (SEC File No. 001-04018), is
incorporated by reference.

(4.11) Fifth Supplemental Indenture, dated as of November 3, 2015, between the Company and J.P. Morgan Trust

Company National Association, as trustee, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K
filed on November 3, 2015 (SEC File No. 001-04018), is incorporated by reference.

107

(4.12) Form of Global Note representing the 3.150% Notes due 2025 ($400,000,000 aggregate principal amount)

(included as Exhibit A to the Fifth Supplemental Indenture), filed as Exhibit 4.1 to the Company's Current Report
on Form 8-K filed on November 3, 2015 (SEC File No. 001-04018), is incorporated by reference.

(4.13) Sixth Supplemental Indenture, dated as of November 9, 2016, between the Company and J.P. Morgan Trust

Company National Association, as trustee, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K
filed on November 9, 2016 (SEC File No. 001-04018), is incorporated by reference.

(4.14) Form of Global Note representing the 1.250% Notes due 2026 (€600,000,000 aggregate principal amount)
(included as Exhibit A to the Sixth Supplemental Indenture), filed as Exhibit 4.1 to the Company's Current
Report on Form 8-K filed on November 9, 2016 (SEC File No. 001-04018), is incorporated by reference.

(4.15) Seventh Supplemental Indenture, dated as of November 4, 2019, between the Company and the Bank of New
York Mellon, filed as Exhibit 4.1 to the Company's Current Report on Form 8-K filed on November 4, 2019
(SEC File No. 001-04018), is incorporated by reference.

(4.16) Form of Global Note representing the 0.750% Notes due 2027 (€500,000,000 aggregate principal amount)

(included as Exhibit A to the Seventh Supplemental Indenture), filed as Exhibit 4.1 to the Company's Current
Report on Form 8-K filed on November 4, 2019 (SEC File No. 001-04018), is incorporated by reference.
(4.17) Eighth Supplemental Indenture, dated as of November 4, 2019, between the Company and the Bank of New York
Mellon, as trustee, filed as Exhibit 4.3 to the Company's Current Report on Form 8-K filed on November 4, 2019
(SEC File No. 001-04018), is incorporated by reference.

(4.18) Form of Global Note representing the 2.950% Notes due 2029 ($300,000,000 aggregate principal amount)

(included as Exhibit A to the Eighth Supplemental Indenture), filed as Exhibit 4.3 to the Company's Current
Report on Form 8-K filed on November 4, 2019 (SEC File No. 001-04018), is incorporated by reference.

(4.19) Description of Dover Corporation's securities registered pursuant to Section 12 of the Exchange Act, filed as

Exhibit 4.19 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019 (SEC File
No. 001-04018), is incorporated by reference.

The Company agrees to furnish to the Securities and Exchange Commission upon request, a copy of any
instrument with respect to long-term debt under which the total amount of securities authorized does not exceed
10 percent of the total consolidated assets of the Company.

(10.1) Five-Year Credit Agreement dated as of April 6, 2023 among Dover Corporation, the Lenders party thereto, the

Issuing Banks party thereto, the Borrowing Subsidiaries party thereto from time to time and JPMorgan Chase
Bank, N.A. as Administrative Agent, filed as Exhibit 10.1 to the Company's Current Report on Form 8-K filed
April 11, 2023 (SEC File No. 001-04018), is incorporated by reference.

(10.2) 364-Day Credit Agreement dated as of April 6, 2023 among Dover Corporation, the Lenders party thereto, the

Borrowing Subsidiaries party thereto from time to time and JPMorgan Chase Bank, N.A. as Administrative
Agent, filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed April 11, 2023 (SEC File No.
001-04018), is incorporated by reference.

(10.3) Tax Matters Agreement, dated May 9, 2018, by and between Dover Corporation and Apergy Corporation, filed as

Exhibit 10.2 to the Company's Current Report on Form 8-K filed May 11, 2018 (SEC File No. 001-04018), is
incorporated by reference.

(10.4) Dover Corporation Executive Officer Annual Incentive Plan, as amended and restated as of January 1, 2009, filed

as Exhibit 10.2 to the Company's Current Report on Form 8-K filed May 13, 2009 (SEC File No. 001-04018), is
incorporated by reference.*

(10.5) First Amendment to the Dover Corporation Executive Officer Annual Incentive Plan, as amended November 14,
2019, filed as Exhibit 10.3 to the Company's Annual Report on Form 10-K for the year ended December 31, 2019
(SEC File No. 001-04018), is incorporated by reference.*

(10.6) Dover Corporation Deferred Compensation Plan, as amended and restated as of September 21, 2020, filed as

Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2020 (SEC
File No. 001-04018), is incorporated by reference.*

(10.7) First Amendment, dated as of November 23, 2021, to the Dover Corporation Deferred Compensation Plan, filed
as Exhibit 10.6 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (SEC File
No. 001-04018), is incorporated by reference.*

(10.8) Dover Corporation Pension Replacement Plan (formerly the Supplemental Executive Retirement Plan), as

amended and restated as of January 1, 2010, filed as Exhibit 10.11 to the Company's Annual Report on Form 10-
K for the year ended December 31, 2009 (SEC File No. 001-04018), is incorporated by reference.*

(10.9) First Amendment to the Dover Corporation Pension Replacement Plan, as amended and restated as of January 1,
2010, filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended September 30,
2013 (SEC File No. 001-04018), is incorporated by reference.*

108

(10.10) Second Amendment, dated as of November 28, 2016, to the Dover Corporation Pension Replacement Plan, as

amended and restated as of January 1, 2010, filed as Exhibit 10.19 to the Company's Annual Report on Form 10-
K for the period ended December 31, 2016 (SEC File No. 001-04018), is incorporated by reference.*
(10.11) Third Amendment, dated as of May 8, 2018, to the Dover Corporation Pension Replacement Plan, as amended

and restated as of January 1, 2010, filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the
period ended June 30, 2018 (SEC File No. 001-04018), is incorporated by reference.*

(10.12) Dover Corporation Executive Severance Plan (as amended and restated effective August 5, 2021), filed as Exhibit
10.1 to the Company's Current Report on Form 8-K filed August 11, 2021 (SEC File No. 001-04018) is
incorporated by reference.*

(10.13) Dover Corporation Senior Executive Change-in-Control Severance Plan (as amended and restated effective

August 5, 2021), filed as Exhibit 10.2 to the Company's Current Report on Form 8-K filed August 11, 2021 (SEC
File No. 001-04018) is incorporated by reference.*

(10.14) Dover Corporation 2012 Equity and Cash Incentive Plan, effective as of May 3, 2012, filed as Exhibit 10.1 to the

Company's Quarterly Report on Form 10-Q for the period ended June 30, 2012 (SEC File No. 001-04018), is
incorporated by reference.*

(10.15) Amendment No. 1 to the Dover Corporation 2012 Equity and Cash Incentive Plan, filed as Exhibit 10.25 to the
Company's Annual Report on Form 10-K for the year ended December 31, 2013 (SEC File No. 001-04018), is
incorporated by reference.*

(10.16) Amendment No. 2, adopted and effective as of August 6, 2014, to the Dover Corporation 2012 Equity and Cash

Incentive Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended
September 30, 2014 (SEC File No. 001-04018), is incorporated by reference.*

(10.17) Amendment Number 3, adopted and effective as of February 12, 2021, to the Dover Corporation 2012 Equity and
Cash Incentive Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended
March 31, 2021 (SEC File No. 001-04018), is incorporated by reference.*

(10.18) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2014
(SEC File No. 001-04018), is incorporated by reference.*

(10.19) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive
Plan, filed as Exhibit 10.25 to the Company's Annual Report on Form 10-K for the period ended December 31,
2014 (SEC File No. 001-04018), is incorporated by reference.*

(10.20) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2016
(SEC File No. 001-04018), is incorporated by reference.*

(10.21) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2017
(SEC File No. 001-04018), is incorporated by reference.*

(10.22) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2018
(SEC File No. 001-04018), is incorporated by reference.*

(10.23) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2019
(SEC File No. 001-04019), is incorporated by reference.*

(10.24) Form of award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash Incentive

Plan, filed as Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2020
(SEC File No. 001-04019), is incorporated by reference.*

(10.25) Form of 2021 award grant letter for SSAR grants made under the Dover Corporation 2012 Equity and Cash

Incentive Plan filed as Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the period ended March
31, 2021 (SEC File No. 001-04018), is incorporated by reference.*

(10.26) Form of award grant letter for performance share awards made under the Dover Corporation 2012 Equity and

Cash Incentive Plan, filed as Exhibit 10.3 to the Company's Quarterly Report on Form 10-Q for the period ended
March 31, 2020 (SEC File No. 001-04018), is incorporated by reference.*

(10.27) Form of 2021 award grant letter for performance share awards made under the Dover Corporation 2012 Equity
and Cash Incentive Plan filed as Exhibit 10.4 to the Company's Quarterly Report on Form 10-Q for the period
ended March 31, 2021 (SEC File No. 001-04018), is incorporated by reference.*

(10.28) Form of 2021 award grant letter for RSU awards made under the Dover Corporation 2012 Equity and Cash

Incentive Plan filed as Exhibit 10.5 to the Company's Quarterly Report on Form 10-Q for the period ended March
31, 2021 (SEC File No. 001-04018), is incorporated by reference.*

109

(10.29) Dover Corporation 2021 Omnibus Incentive Plan, filed as Exhibit 10.1 to the Company's Current Report on Form

8-K filed May 10, 2021 (SEC File No. 001-04018), is incorporated by reference.*

(10.30) Form of 2021 award grant letter for SSAR grants made under the Dover Corporation 2021 Omnibus Incentive

Plan filed as Exhibit 10.40 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021
(SEC File No. 001-04018), is incorporated by reference.*

(10.31) Form of 2021 award grant letter for RSU awards made under the Dover Corporation 2021 Omnibus Incentive

Plan.filed as Exhibit 10.41 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021
(SEC File No. 001-04018), is incorporated by reference.*

(10.32) Form of 2022 award grant letter for SSAR grants made under the Dover Corporation 2021 Omnibus Incentive

Plan filed as Exhibit 10.43 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021
(SEC File No. 001-04018), is incorporated by reference.*

(10.33) Form of 2022 award grant letter for RSU awards made under the Dover Corporation 2021 Omnibus Incentive

Plan filed as Exhibit 10.44 to the Company's Annual Report on Form 10-K for the year ended December 31, 2021
(SEC File No. 001-04018), is incorporated by reference.*

(10.34) Form of 2022 award grant letter for performance share awards made under the Dover Corporation 2021 Omnibus
Incentive Plan filed as Exhibit 10.46 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2021 (SEC File No. 001-04018), is incorporated by reference.*

(10.35) Form of 2023 award grant letter for SSAR grants made under the Dover Corporation 2021 Omnibus Incentive

Plan filed as Exhibit 10.37 to the Company's Annual Report on Form 10-K for the year ended December 31, 2022
(SEC File No. 001-04018), is incorporated by reference.*

(10.36) Form of 2023 award grant letter for RSU awards made under the Dover Corporation 2021 Omnibus Incentive
Plan filed as Exhibit 10.38 to the Company's Annual Report on Form 10-K for the year ended December 31,
2022 (SEC File No. 001-04018), is incorporated by reference.*

(10.37) Form of 2023 award grant letter for performance share awards made under the Dover Corporation 2021 Omnibus
Incentive Plan filed as Exhibit 10.39 to the Company's Annual Report on Form 10-K for the year ended
December 31, 2022 (SEC File No. 001-04018), is incorporated by reference.*

(10.38) Form of 2024 award grant letter for SSAR grants made under the Dover Corporation 2021 Omnibus Incentive

Plan*(1)

(10.39) Form of 2024 award grant letter for RSU awards made under the Dover Corporation 2021 Omnibus Incentive

Plan*(1)

(10.40) Form of 2024 award grant letter for performance share awards made under the Dover Corporation 2021 Omnibus

Incentive Plan *(1)

(10.41) Employment Agreement of Richard J. Tobin dated March 16, 2018, filed as Exhibit 10.1 to the Company's

Current Report on Form 8-K filed March 20, 2018 (SEC File No. 001-04018), is incorporated by reference.*

(10.42) Amendment to Employment Agreement of Richard J. Tobin, dated as of February 19, 2021, filed as Exhibit 10.1

to the Company's Current Report on Form 8-K filed February 19, 2021 (SEC File No. 001-04018), is
incorporated by reference.*

(21) Subsidiaries of Dover. (1)

(23) Consent of Independent Registered Public Accounting Firm. (1)

(24) Power of Attorney (included in signature page). (1)

(31.1) Certification pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934, as amended, signed and dated

by Brad M. Cerepak. (1)

(31.2) Certification pursuant to Rule 13a-14 of the Securities and Exchange Act of 1934, as amended, signed and dated

by Richard J. Tobin. (1)

(32) Certification pursuant to 18 U.S.C. Section 1350, signed and dated by Richard J. Tobin and Brad M. Cerepak. (1)

(97.1) Dover Corporation Clawback Policy (1)

(101) The following materials from Dover Corporation's Annual Report on Form 10-K for the year ended December
31, 2023 formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) Consolidated Statements of
Earnings, (ii) Consolidated Statements of Comprehensive Earnings (iii) Consolidated Balance Sheets, (iv)
Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to
the Consolidated Financial Statements. (1)

(104) Cover Page formatted in Inline XBRL and contained in Exhibit 101. (1)

110

* Executive compensation plan or arrangement.

(1) Filed herewith.

ITEM 16. FORM 10-K SUMMARY

None.

111

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has
duly caused this Annual Report on Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized.

Signatures

DOVER CORPORATION

/s/ Richard J. Tobin
Richard J. Tobin
President and Chief Executive Officer

Date: February 9, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report on Form 10-K has been
signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated. Each of the
undersigned, being a director or officer of Dover Corporation (the "Company"), hereby constitutes and appoints Richard J.
Tobin, Brad M. Cerepak and Ivonne M. Cabrera and each of them (with full power to each of them to act alone), his or her
true and lawful attorney-in-fact and agent for him or her and in his or her name, place and stead in any and all capacities, to
sign the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the Securities Exchange
Act of 1934, as amended, and any and all amendments thereto, and to file the same with all exhibits thereto and other
documents in connection therewith with the Securities and Exchange Commission and any other appropriate authority,
granting unto such attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every
act and thing required and necessary to be done in and about the premises in order to effectuate the same as fully to all intents
and purposes as he or she might or could do if personally present, hereby ratifying and confirming all that such attorneys-in-
fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

Signature

Title

Date

/s/ Michael F. Johnston
Michael F. Johnston

/s/ Richard J. Tobin
Richard J. Tobin

/s/ Brad M. Cerepak
Brad M. Cerepak

/s/ Ryan W. Paulson
Ryan W. Paulson

/s/ Deborah L. DeHaas
Deborah L. DeHaas

/s/ H. John Gilbertson, Jr.
H. John Gilbertson, Jr.

/s/ Kristiane C. Graham

Kristiane C. Graham

Chairman, Board of Directors

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

Chief Executive Officer,
President and Director
(Principal Executive Officer)

Senior Vice President and
Chief Financial Officer
(Principal Financial Officer)

Vice President, Controller
(Principal Accounting Officer)

Director

Director

Director

112

Signature

/s/ Marc A. Howze
Marc A. Howze

/s/ Michael Manley
Michael Manley

/s/ Danita K. Ostling
Danita K. Ostling

/s/ Eric A. Spiegel
Eric A. Spiegel

/s/ Stephen M. Todd
Stephen M. Todd

/s/ Keith E. Wandell
Keith E. Wandell

Title

Director

Director

Director

Director

Director

Director

Date

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

February 9, 2024

113

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Board of Directors

Deborah L. DeHaas(cid:3)(cid:24)(cid:19)(cid:3)(cid:26) 
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89) (cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:3)
(cid:43)(cid:76)(cid:83)(cid:86)(cid:80)(cid:91)(cid:91)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:52)(cid:72)(cid:85)(cid:72)(cid:78)(cid:80)(cid:85)(cid:78)
(cid:55)(cid:72)(cid:89)(cid:91)(cid:85)(cid:76)(cid:89)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:42)(cid:76)(cid:85)(cid:91)(cid:76)(cid:89)(cid:3)(cid:77)(cid:86)(cid:89)
(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:3)(cid:44)(cid:584)(cid:76)(cid:74)(cid:91)(cid:80)(cid:93)(cid:76)(cid:85)(cid:76)(cid:90)(cid:90)

H. John Gilbertson Jr.(cid:3)(cid:26)(cid:19)(cid:3)(cid:27)  
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:52)(cid:72)(cid:85)(cid:72)(cid:78)(cid:80)(cid:85)(cid:78)(cid:3)(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:19)(cid:3)(cid:89)(cid:89)
(cid:46)(cid:86)(cid:83)(cid:75)(cid:84)(cid:72)(cid:85)(cid:3)(cid:58)(cid:72)(cid:74)(cid:79)(cid:90)(cid:3)(cid:46)(cid:89)(cid:86)(cid:92)(cid:87)(cid:3)(cid:48)(cid:85)(cid:74)(cid:21) 

Kristiane C. Graham (cid:25)(cid:19) 3
(cid:55)(cid:89)(cid:80)(cid:93)(cid:72)(cid:91)(cid:76)(cid:3)(cid:48)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)

Marc A. Howze 1
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)(cid:3)(cid:40)(cid:75)(cid:93)(cid:80)(cid:90)(cid:86)(cid:89)(cid:19)(cid:3)
(cid:54)(cid:585)(cid:74)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)
(cid:72)(cid:91)(cid:3)(cid:43)(cid:76)(cid:76)(cid:89)(cid:76)(cid:3)(cid:13)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:72)(cid:85)(cid:96)

Michael F. Johnston(cid:3)(cid:25)(cid:19)3
(cid:51)(cid:76)(cid:72)(cid:75)(cid:3)(cid:48)(cid:85)(cid:75)(cid:76)(cid:87)(cid:76)(cid:85)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:86)(cid:89)(cid:19)
(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:34)
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:19)(cid:3)(cid:61)(cid:80)(cid:90)(cid:91)(cid:76)(cid:86)(cid:85)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)

Danita K. Ostling 1
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:55)(cid:72)(cid:89)(cid:91)(cid:85)(cid:76)(cid:89)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)
(cid:51)(cid:76)(cid:72)(cid:75)(cid:76)(cid:89)(cid:3)(cid:72)(cid:91)(cid:3)(cid:44)(cid:89)(cid:85)(cid:90)(cid:91)(cid:3)(cid:13)(cid:3)(cid:64)(cid:86)(cid:92)(cid:85)(cid:78)(cid:3)(cid:51)(cid:51)(cid:55)

Michael Manley(cid:3)(cid:24)(cid:19)(cid:3)(cid:27)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:19)
(cid:40)(cid:92)(cid:91)(cid:86)(cid:53)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:19)(cid:3)(cid:48)(cid:85)(cid:74)(cid:21)

Eric A. Spiegel(cid:3)(cid:24)(cid:19)(cid:3)(cid:27)
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:19)
(cid:58)(cid:80)(cid:76)(cid:84)(cid:76)(cid:85)(cid:90)(cid:3)(cid:60)(cid:58)(cid:40)

Richard J. Tobin   
(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:19)
(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:19)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85) 

Stephen M. Todd 1
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:46)(cid:83)(cid:86)(cid:73)(cid:72)(cid:83)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:19)
(cid:40)(cid:90)(cid:90)(cid:92)(cid:89)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:86)(cid:77)(cid:76)(cid:90)(cid:90)(cid:80)(cid:86)(cid:85)(cid:72)(cid:83)
(cid:55)(cid:89)(cid:72)(cid:74)(cid:91)(cid:80)(cid:74)(cid:76)(cid:19)(cid:3)(cid:44)(cid:89)(cid:85)(cid:90)(cid:91)(cid:3)(cid:13)(cid:3)(cid:64)(cid:86)(cid:92)(cid:85)(cid:78)
(cid:46)(cid:83)(cid:86)(cid:73)(cid:72)(cid:83)(cid:3)(cid:51)(cid:80)(cid:84)(cid:80)(cid:91)(cid:76)(cid:75) 

Keith E. Wandell(cid:3)(cid:25)(cid:19)(cid:3)(cid:27)
(cid:45)(cid:86)(cid:89)(cid:84)(cid:76)(cid:89)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)(cid:19)
(cid:47)(cid:72)(cid:89)(cid:83)(cid:76)(cid:96)(cid:20)(cid:43)(cid:72)(cid:93)(cid:80)(cid:75)(cid:90)(cid:86)(cid:85)(cid:19)(cid:3)(cid:48)(cid:85)(cid:74)(cid:21)

Committees 
1 (cid:52)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:40)(cid:92)(cid:75)(cid:80)(cid:91)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)(cid:3)(cid:3) 2 (cid:52)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:42)(cid:86)(cid:84)(cid:87)(cid:76)(cid:85)(cid:90)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)(cid:3)(cid:3) 3 (cid:52)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:46)(cid:86)(cid:93)(cid:76)(cid:89)(cid:85)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:13)(cid:3)(cid:53)(cid:86)(cid:84)(cid:80)(cid:85)(cid:72)(cid:91)(cid:80)(cid:85)(cid:78)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)(cid:3)(cid:3) (cid:27) (cid:52)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:90)(cid:3)(cid:86)(cid:77)(cid:3)(cid:45)(cid:80)(cid:85)(cid:72)(cid:85)(cid:74)(cid:76)(cid:3)(cid:42)(cid:86)(cid:84)(cid:84)(cid:80)(cid:91)(cid:91)(cid:76)(cid:76)

Management Team

Richard J. Tobin
(cid:42)(cid:79)(cid:72)(cid:80)(cid:89)(cid:84)(cid:72)(cid:85)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:41)(cid:86)(cid:72)(cid:89)(cid:75)(cid:19)
(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)
(cid:44)(cid:95)(cid:76)(cid:74)(cid:92)(cid:91)(cid:80)(cid:93)(cid:76)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Kimberly K. Bors
(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:47)(cid:92)(cid:84)(cid:72)(cid:85)(cid:3)(cid:57)(cid:76)(cid:90)(cid:86)(cid:92)(cid:89)(cid:74)(cid:76)(cid:90)
(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Ivonne M. Cabrera
(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)
(cid:46)(cid:76)(cid:85)(cid:76)(cid:89)(cid:72)(cid:83)(cid:3)(cid:42)(cid:86)(cid:92)(cid:85)(cid:90)(cid:76)(cid:83)(cid:3)(cid:13)(cid:3)(cid:58)(cid:76)(cid:74)(cid:89)(cid:76)(cid:91)(cid:72)(cid:89)(cid:96)

Brad M. Cerepak
(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:45)(cid:80)(cid:85)(cid:72)(cid:85)(cid:74)(cid:80)(cid:72)(cid:83)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

Girish Juneja
(cid:58)(cid:76)(cid:85)(cid:80)(cid:86)(cid:89)(cid:3)(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)
(cid:42)(cid:79)(cid:80)(cid:76)(cid:77)(cid:3)(cid:43)(cid:80)(cid:78)(cid:80)(cid:91)(cid:72)(cid:83)(cid:3)(cid:54)(cid:585)(cid:74)(cid:76)(cid:89)

James M. Moran
(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:19)(cid:3)(cid:59)(cid:89)(cid:76)(cid:72)(cid:90)(cid:92)(cid:89)(cid:76)(cid:89)

Ryan W. Paulson
(cid:61)(cid:80)(cid:74)(cid:76)(cid:3)(cid:55)(cid:89)(cid:76)(cid:90)(cid:80)(cid:75)(cid:76)(cid:85)(cid:91)(cid:3)(cid:13)(cid:3)(cid:42)(cid:86)(cid:85)(cid:91)(cid:89)(cid:86)(cid:83)(cid:83)(cid:76)(cid:89)

Shareholder Information

Investor Inquiries and 
Corporate News:
(cid:45)(cid:86)(cid:89)(cid:3)(cid:88)(cid:92)(cid:72)(cid:89)(cid:91)(cid:76)(cid:89)(cid:83)(cid:96)(cid:3)(cid:76)(cid:72)(cid:89)(cid:85)(cid:80)(cid:85)(cid:78)(cid:90)
(cid:89)(cid:76)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:90)(cid:19)(cid:3)(cid:80)(cid:85)(cid:77)(cid:86)(cid:89)(cid:84)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)
(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:85)(cid:77)(cid:76)(cid:89)(cid:76)(cid:85)(cid:74)(cid:76)(cid:3)(cid:74)(cid:72)(cid:83)(cid:83)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)
(cid:94)(cid:76)(cid:73)(cid:74)(cid:72)(cid:90)(cid:91)(cid:90)(cid:19)(cid:3)(cid:87)(cid:89)(cid:76)(cid:90)(cid:90)(cid:3)(cid:89)(cid:76)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:90)(cid:19)
(cid:72)(cid:85)(cid:85)(cid:92)(cid:72)(cid:83)(cid:3)(cid:89)(cid:76)(cid:87)(cid:86)(cid:89)(cid:91)(cid:90)(cid:19)(cid:3)(cid:58)(cid:44)(cid:42)(cid:3)(cid:196)(cid:83)(cid:80)(cid:85)(cid:78)(cid:90)
(cid:80)(cid:85)(cid:74)(cid:83)(cid:92)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3)(cid:86)(cid:92)(cid:89)(cid:3)(cid:45)(cid:86)(cid:89)(cid:84)(cid:3)(cid:24)(cid:23)(cid:20)(cid:50)(cid:19)
(cid:72)(cid:74)(cid:88)(cid:92)(cid:80)(cid:90)(cid:80)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:19)(cid:3)(cid:90)(cid:92)(cid:87)(cid:87)(cid:83)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:72)(cid:83)
(cid:196)(cid:85)(cid:72)(cid:85)(cid:74)(cid:80)(cid:72)(cid:83)(cid:3)(cid:75)(cid:80)(cid:90)(cid:74)(cid:83)(cid:86)(cid:90)(cid:92)(cid:89)(cid:76)(cid:19)(cid:3)(cid:72)(cid:85)(cid:75)
(cid:72)(cid:83)(cid:83)(cid:3)(cid:86)(cid:91)(cid:79)(cid:76)(cid:89)(cid:3)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:76)(cid:3)(cid:85)(cid:76)(cid:94)(cid:90)
(cid:89)(cid:76)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:90)(cid:19)(cid:3)(cid:87)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:3)(cid:93)(cid:80)(cid:90)(cid:80)(cid:91)(cid:3)(cid:86)(cid:92)(cid:89)
(cid:94)(cid:76)(cid:73)(cid:90)(cid:80)(cid:91)(cid:76)(cid:3)(cid:72)(cid:91)(cid:33)
(cid:75)(cid:86)(cid:93)(cid:76)(cid:89)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21)(cid:74)(cid:86)(cid:84)(cid:21)

Dividends:
(cid:56)(cid:92)(cid:72)(cid:89)(cid:91)(cid:76)(cid:89)(cid:83)(cid:96)(cid:3)(cid:75)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:90)(cid:3)(cid:86)(cid:85)(cid:3)(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)
(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:3)(cid:74)(cid:86)(cid:84)(cid:84)(cid:86)(cid:85)(cid:3)(cid:90)(cid:91)(cid:86)(cid:74)(cid:82)
(cid:72)(cid:89)(cid:76)(cid:3)(cid:91)(cid:96)(cid:87)(cid:80)(cid:74)(cid:72)(cid:83)(cid:83)(cid:96)(cid:3)(cid:87)(cid:72)(cid:80)(cid:75)(cid:3)(cid:86)(cid:85)(cid:3)(cid:86)(cid:89)(cid:3)(cid:72)(cid:73)(cid:86)(cid:92)(cid:91)
(cid:91)(cid:79)(cid:76)(cid:3)(cid:24)(cid:28)(cid:91)(cid:79)(cid:3)(cid:86)(cid:77)(cid:3)(cid:52)(cid:72)(cid:89)(cid:74)(cid:79)(cid:19)(cid:3)(cid:49)(cid:92)(cid:85)(cid:76)(cid:19)
(cid:58)(cid:76)(cid:87)(cid:91)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:43)(cid:76)(cid:74)(cid:76)(cid:84)(cid:73)(cid:76)(cid:89)(cid:21)(cid:3)
(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:79)(cid:72)(cid:90)(cid:3)(cid:87)(cid:72)(cid:80)(cid:75)(cid:3)(cid:72)(cid:85)(cid:3)(cid:80)(cid:85)(cid:74)(cid:89)(cid:76)(cid:72)(cid:90)(cid:76)(cid:75)
(cid:75)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:3)(cid:76)(cid:72)(cid:74)(cid:79)(cid:3)(cid:96)(cid:76)(cid:72)(cid:89)(cid:3)(cid:90)(cid:80)(cid:85)(cid:74)(cid:76)
(cid:24)(cid:32)(cid:28)(cid:28)(cid:21)

Dover’s Ticker Symbol: 
(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:187)(cid:90)(cid:3)(cid:91)(cid:80)(cid:74)(cid:82)(cid:76)(cid:89)(cid:3)(cid:90)(cid:96)(cid:84)(cid:73)(cid:86)(cid:83)(cid:3)(cid:80)(cid:90)(cid:3)(cid:43)(cid:54)(cid:61)(cid:21)(cid:3)(cid:3)(cid:3)
(cid:59)(cid:79)(cid:76)(cid:3)(cid:90)(cid:91)(cid:86)(cid:74)(cid:82)(cid:3)(cid:91)(cid:89)(cid:72)(cid:75)(cid:76)(cid:90)(cid:3)(cid:86)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:53)(cid:76)(cid:94)(cid:3)
(cid:64)(cid:86)(cid:89)(cid:82)(cid:3)(cid:58)(cid:91)(cid:86)(cid:74)(cid:82)(cid:3)(cid:44)(cid:95)(cid:74)(cid:79)(cid:72)(cid:85)(cid:78)(cid:76)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:80)(cid:90)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)
(cid:86)(cid:85)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:83)(cid:80)(cid:90)(cid:91)(cid:76)(cid:75)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)
(cid:80)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:58)(cid:13)(cid:55)(cid:3)(cid:28)(cid:23)(cid:23)(cid:21)

Annual Shareholders  
Meeting:
(cid:45)(cid:89)(cid:80)(cid:75)(cid:72)(cid:96)(cid:19)(cid:3)(cid:52)(cid:72)(cid:96)(cid:3)(cid:26)(cid:19)(cid:3)(cid:25)(cid:23)(cid:25)(cid:27)
(cid:32)(cid:33)(cid:23)(cid:23)(cid:72)(cid:84)(cid:3)(cid:42)(cid:76)(cid:85)(cid:91)(cid:89)(cid:72)(cid:83)(cid:3)(cid:59)(cid:80)(cid:84)(cid:76)
(cid:59)(cid:79)(cid:76)(cid:3)(cid:62)(cid:76)(cid:90)(cid:91)(cid:80)(cid:85)(cid:3)(cid:42)(cid:79)(cid:80)(cid:74)(cid:72)(cid:78)(cid:86)(cid:3)(cid:51)(cid:86)(cid:84)(cid:73)(cid:72)(cid:89)(cid:75)
(cid:30)(cid:23)(cid:3)(cid:64)(cid:86)(cid:89)(cid:82)(cid:91)(cid:86)(cid:94)(cid:85)(cid:3)(cid:42)(cid:76)(cid:85)(cid:91)(cid:76)(cid:89)
(cid:51)(cid:86)(cid:84)(cid:73)(cid:72)(cid:89)(cid:75)(cid:19)(cid:3)(cid:48)(cid:51)(cid:3)(cid:29)(cid:23)(cid:24)(cid:27)(cid:31)

Independent Accountants:
(cid:55)(cid:89)(cid:80)(cid:74)(cid:76)(cid:94)(cid:72)(cid:91)(cid:76)(cid:89)(cid:79)(cid:86)(cid:92)(cid:90)(cid:76)(cid:42)(cid:86)(cid:86)(cid:87)(cid:76)(cid:89)(cid:90)(cid:3)(cid:51)(cid:51)(cid:55)
(cid:42)(cid:79)(cid:80)(cid:74)(cid:72)(cid:78)(cid:86)(cid:19)(cid:3)(cid:48)(cid:51)

(cid:40)(cid:91)(cid:72)(cid:70)(cid:88)(cid:87)(cid:76)(cid:89)(cid:72)(cid:3)(cid:50)(cid:964)(cid:70)(cid:72)(cid:86)(cid:29)
(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)
(cid:26)(cid:23)(cid:23)(cid:28)(cid:3)(cid:47)(cid:80)(cid:78)(cid:79)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:55)(cid:72)(cid:89)(cid:82)(cid:94)(cid:72)(cid:96)
(cid:43)(cid:86)(cid:94)(cid:85)(cid:76)(cid:89)(cid:90)(cid:3)(cid:46)(cid:89)(cid:86)(cid:93)(cid:76)(cid:19)(cid:3)(cid:48)(cid:51)(cid:3)(cid:29)(cid:23)(cid:28)(cid:24)(cid:28)
(cid:15)(cid:29)(cid:26)(cid:23)(cid:16)(cid:3)(cid:28)(cid:27)(cid:24)(cid:20)(cid:24)(cid:28)(cid:27)(cid:23)
(cid:61)(cid:80)(cid:90)(cid:80)(cid:91)(cid:3)(cid:92)(cid:90)(cid:3)(cid:86)(cid:85)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:94)(cid:76)(cid:73)(cid:3)(cid:72)(cid:91)(cid:33)
(cid:75)(cid:86)(cid:93)(cid:76)(cid:89)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21)(cid:74)(cid:86)(cid:84)

(cid:59)(cid:79)(cid:80)(cid:90)(cid:3)(cid:89)(cid:76)(cid:87)(cid:86)(cid:89)(cid:91)(cid:3)(cid:15)(cid:80)(cid:85)(cid:74)(cid:83)(cid:92)(cid:75)(cid:80)(cid:85)(cid:78)(cid:3)(cid:196)(cid:85)(cid:72)(cid:85)(cid:74)(cid:80)(cid:72)(cid:83)
(cid:90)(cid:91)(cid:72)(cid:91)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:90)(cid:3)(cid:72)(cid:85)(cid:75)(cid:3)(cid:196)(cid:85)(cid:72)(cid:85)(cid:74)(cid:80)(cid:72)(cid:83)
(cid:90)(cid:91)(cid:72)(cid:91)(cid:76)(cid:84)(cid:76)(cid:85)(cid:91)(cid:3)(cid:90)(cid:74)(cid:79)(cid:76)(cid:75)(cid:92)(cid:83)(cid:76)(cid:90)(cid:16)(cid:3)(cid:94)(cid:80)(cid:83)(cid:83)(cid:3)(cid:73)(cid:76)
(cid:87)(cid:89)(cid:86)(cid:93)(cid:80)(cid:75)(cid:76)(cid:75)(cid:3)(cid:77)(cid:89)(cid:76)(cid:76)(cid:3)(cid:86)(cid:77)(cid:3)(cid:74)(cid:79)(cid:72)(cid:89)(cid:78)(cid:76)(cid:3)(cid:92)(cid:87)(cid:86)(cid:85)
(cid:94)(cid:89)(cid:80)(cid:91)(cid:91)(cid:76)(cid:85)(cid:3)(cid:89)(cid:76)(cid:88)(cid:92)(cid:76)(cid:90)(cid:91)(cid:3)(cid:91)(cid:86)(cid:3)(cid:48)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)
(cid:57)(cid:76)(cid:83)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:90)(cid:3)(cid:72)(cid:91)(cid:3)(cid:91)(cid:79)(cid:76)(cid:3)(cid:72)(cid:73)(cid:86)(cid:93)(cid:76)
(cid:72)(cid:75)(cid:75)(cid:89)(cid:76)(cid:90)(cid:90)(cid:21)

Shareholder Services:
(cid:45)(cid:86)(cid:89)(cid:3)(cid:79)(cid:76)(cid:83)(cid:87)(cid:3)(cid:94)(cid:80)(cid:91)(cid:79)(cid:3)(cid:72)(cid:85)(cid:96)(cid:3)(cid:86)(cid:77)(cid:3)(cid:91)(cid:79)(cid:76)
(cid:77)(cid:86)(cid:83)(cid:83)(cid:86)(cid:94)(cid:80)(cid:85)(cid:78)(cid:19)(cid:3)(cid:87)(cid:83)(cid:76)(cid:72)(cid:90)(cid:76)(cid:3)(cid:74)(cid:86)(cid:85)(cid:91)(cid:72)(cid:74)(cid:91)(cid:33)
Computershare 
Shareowner Services: 
  (cid:81)(cid:3)(cid:3)(cid:40)(cid:75)(cid:75)(cid:89)(cid:76)(cid:90)(cid:90)(cid:3)(cid:74)(cid:79)(cid:72)(cid:85)(cid:78)(cid:76)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:43)(cid:80)(cid:89)(cid:76)(cid:74)(cid:91)(cid:3)(cid:75)(cid:76)(cid:87)(cid:86)(cid:90)(cid:80)(cid:91)(cid:3)(cid:86)(cid:77)(cid:3)
    dividends
(cid:81)(cid:3)(cid:3)(cid:43)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:3)(cid:89)(cid:76)(cid:80)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:84)(cid:76)(cid:85)(cid:91)
(cid:81)(cid:3)(cid:3)(cid:51)(cid:86)(cid:90)(cid:91)(cid:3)(cid:75)(cid:80)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:75)(cid:3)(cid:74)(cid:79)(cid:76)(cid:74)(cid:82)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:51)(cid:86)(cid:90)(cid:91)(cid:3)(cid:90)(cid:91)(cid:86)(cid:74)(cid:82)(cid:3)(cid:74)(cid:76)(cid:89)(cid:91)(cid:80)(cid:196)(cid:74)(cid:72)(cid:91)(cid:76)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:53)(cid:72)(cid:84)(cid:76)(cid:3)(cid:74)(cid:79)(cid:72)(cid:85)(cid:78)(cid:76)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:58)(cid:79)(cid:72)(cid:89)(cid:76)(cid:79)(cid:86)(cid:83)(cid:75)(cid:76)(cid:89)(cid:3)(cid:89)(cid:76)(cid:74)(cid:86)(cid:89)(cid:75)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:58)(cid:91)(cid:86)(cid:74)(cid:82)(cid:3)(cid:91)(cid:89)(cid:72)(cid:85)(cid:90)(cid:77)(cid:76)(cid:89)(cid:90)
(cid:81)(cid:3)(cid:3)(cid:48)(cid:57)(cid:58)(cid:3)(cid:45)(cid:86)(cid:89)(cid:84)(cid:3)(cid:24)(cid:23)(cid:32)(cid:32)

Computershare Shareowner          
Services can be reached at 
the following address:

By Regular Mail:
(cid:42)(cid:86)(cid:84)(cid:87)(cid:92)(cid:91)(cid:76)(cid:89)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:3)(cid:48)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)
(cid:58)(cid:76)(cid:89)(cid:93)(cid:80)(cid:74)(cid:76)(cid:90)
(cid:55)(cid:21)(cid:54)(cid:21)(cid:3)(cid:41)(cid:86)(cid:95)(cid:3)(cid:27)(cid:26)(cid:23)(cid:23)(cid:29)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)(cid:3)
(cid:55)(cid:89)(cid:86)(cid:93)(cid:80)(cid:75)(cid:76)(cid:85)(cid:74)(cid:76)(cid:3)(cid:57)(cid:48)(cid:3)(cid:23)(cid:25)(cid:32)(cid:27)(cid:23)(cid:20)(cid:26)(cid:23)(cid:23)(cid:29)
(cid:60)(cid:85)(cid:80)(cid:91)(cid:76)(cid:75)(cid:3)(cid:58)(cid:91)(cid:72)(cid:91)(cid:76)(cid:90)

By Overnight Delivery:
(cid:42)(cid:86)(cid:84)(cid:87)(cid:92)(cid:91)(cid:76)(cid:89)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:3)(cid:48)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)
(cid:58)(cid:76)(cid:89)(cid:93)(cid:80)(cid:74)(cid:76)(cid:90)
(cid:24)(cid:28)(cid:23)(cid:3)(cid:57)(cid:86)(cid:96)(cid:72)(cid:83)(cid:83)(cid:3)(cid:58)(cid:91)(cid:21)(cid:19)(cid:3)(cid:58)(cid:92)(cid:80)(cid:91)(cid:76)(cid:3)(cid:24)(cid:23)(cid:24)
(cid:42)(cid:72)(cid:85)(cid:91)(cid:86)(cid:85)(cid:19)(cid:3)(cid:52)(cid:40)(cid:3)(cid:23)(cid:25)(cid:23)(cid:25)(cid:24)
(cid:60)(cid:85)(cid:80)(cid:91)(cid:76)(cid:75)(cid:3)(cid:58)(cid:91)(cid:72)(cid:91)(cid:76)(cid:90)

Toll Free: 
(cid:15)(cid:31)(cid:31)(cid:31)(cid:16)(cid:3)(cid:28)(cid:29)(cid:30)(cid:20)(cid:31)(cid:26)(cid:27)(cid:24)

Toll: 
(cid:18)(cid:24)(cid:3)(cid:15)(cid:25)(cid:23)(cid:24)(cid:16)(cid:3)(cid:29)(cid:31)(cid:23)(cid:20)(cid:29)(cid:28)(cid:30)(cid:31)

(cid:74)(cid:86)(cid:84)(cid:87)(cid:92)(cid:91)(cid:76)(cid:89)(cid:90)(cid:79)(cid:72)(cid:89)(cid:76)(cid:21)(cid:74)(cid:86)(cid:84)(cid:22)(cid:80)(cid:85)(cid:93)(cid:76)(cid:90)(cid:91)(cid:86)(cid:89)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(cid:43)(cid:86)(cid:93)(cid:76)(cid:89)(cid:3)(cid:42)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)
(cid:26)(cid:23)(cid:23)(cid:28)(cid:3)(cid:47)(cid:80)(cid:78)(cid:79)(cid:83)(cid:72)(cid:85)(cid:75)(cid:3)(cid:55)(cid:72)(cid:89)(cid:82)(cid:94)(cid:72)(cid:96)
(cid:43)(cid:86)(cid:94)(cid:85)(cid:76)(cid:89)(cid:90)(cid:3)(cid:46)(cid:89)(cid:86)(cid:93)(cid:76)(cid:19)(cid:3)(cid:48)(cid:51)(cid:3)(cid:29)(cid:23)(cid:28)(cid:24)(cid:28)

(cid:75)(cid:86)(cid:93)(cid:76)(cid:89)(cid:74)(cid:86)(cid:89)(cid:87)(cid:86)(cid:89)(cid:72)(cid:91)(cid:80)(cid:86)(cid:85)(cid:21)(cid:74)(cid:86)(cid:84)