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10-Q Filing

DOVER CORP CIK: 29905 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000029905-23-000014
Period End Date 20230331
Filing Date 20230426
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance dov-20230331_htm.xml
Balance Sheet 52 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $385.50M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $289.98M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $380.87M USD Point-in-time
Cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $272.43M USD Point-in-time
Receivables, net AccountsReceivableNetCurrent $1.46B USD Point-in-time
Receivables, net AccountsReceivableNetCurrent $1.52B USD Point-in-time
Inventories, net InventoryNet $1.41B USD Point-in-time
Inventories, net InventoryNet $1.37B USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $159.12M USD Point-in-time
Prepaid and other current assets PrepaidExpenseAndOtherAssetsCurrent $177.04M USD Point-in-time
Total current assets AssetsCurrent $3.32B USD Point-in-time
Total current assets AssetsCurrent $3.42B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.00B USD Point-in-time
Property, plant and equipment, net PropertyPlantAndEquipmentNet $1.01B USD Point-in-time
Goodwill Goodwill $4.68B USD Point-in-time
Goodwill Goodwill $4.67B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.33B USD Point-in-time
Intangible assets, net IntangibleAssetsNetExcludingGoodwill $1.30B USD Point-in-time
Other assets and deferred charges OtherAssetsNoncurrent $494.68M USD Point-in-time
Other assets and deferred charges OtherAssetsNoncurrent $465.00M USD Point-in-time
Total assets Assets $10.90B USD Point-in-time
Total assets Assets $10.80B USD Point-in-time
Short-term borrowings ShortTermBorrowings $514.57M USD Point-in-time
Short-term borrowings ShortTermBorrowings $735.77M USD Point-in-time
Accounts payable AccountsPayableCurrent $1.04B USD Point-in-time
Accounts payable AccountsPayableCurrent $1.07B USD Point-in-time
Accrued compensation and employee benefits EmployeeRelatedLiabilitiesCurrent $191.69M USD Point-in-time
Accrued compensation and employee benefits EmployeeRelatedLiabilitiesCurrent $269.79M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $256.93M USD Point-in-time
Deferred revenue DeferredRevenueCurrent $285.21M USD Point-in-time
Accrued insurance AccruedInsuranceCurrent $94.57M USD Point-in-time
Accrued insurance AccruedInsuranceCurrent $92.88M USD Point-in-time
Other accrued expenses OtherLiabilitiesCurrent $318.34M USD Point-in-time
Other accrued expenses OtherLiabilitiesCurrent $320.44M USD Point-in-time
Federal and other income taxes AccruedIncomeTaxesCurrent $62.86M USD Point-in-time
Federal and other income taxes AccruedIncomeTaxesCurrent $31.43M USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.77B USD Point-in-time
Total current liabilities LiabilitiesCurrent $2.51B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.94B USD Point-in-time
Long-term debt LongTermDebtNoncurrent $2.96B USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $358.83M USD Point-in-time
Deferred income taxes DeferredIncomeTaxLiabilitiesNet $375.15M USD Point-in-time
Noncurrent income tax payable AccruedIncomeTaxesNoncurrent $44.31M USD Point-in-time
Noncurrent income tax payable AccruedIncomeTaxesNoncurrent $44.31M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $474.90M USD Point-in-time
Other liabilities OtherLiabilitiesNoncurrent $471.08M USD Point-in-time
Total stockholders' equity StockholdersEquity $4.19B USD Point-in-time
Total stockholders' equity StockholdersEquity $4.29B USD Point-in-time
Total stockholders' equity StockholdersEquity $4.46B USD Point-in-time
Total stockholders' equity StockholdersEquity $4.33B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $10.90B USD Point-in-time
Total liabilities and stockholders' equity LiabilitiesAndStockholdersEquity $10.80B USD Point-in-time
Income Statement 30 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $2.05B USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $2.08B USD 1 Quarter
Cost of goods and services CostOfGoodsAndServicesSold $1.33B USD 1 Quarter
Cost of goods and services CostOfGoodsAndServicesSold $1.31B USD 1 Quarter
Gross profit GrossProfit $747.02M USD 1 Quarter
Gross profit GrossProfit $743.19M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $432.41M USD 1 Quarter
Selling, general and administrative expenses SellingGeneralAndAdministrativeExpense $443.84M USD 1 Quarter
Operating earnings OperatingIncomeLoss $314.61M USD 1 Quarter
Operating earnings OperatingIncomeLoss $299.35M USD 1 Quarter
Interest expense InterestExpense $26.55M USD 1 Quarter
Interest expense InterestExpense $34.21M USD 1 Quarter
Interest income InterestIncomeOther $2.09M USD 1 Quarter
Interest income InterestIncomeOther $775.00K USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $2.13M USD 1 Quarter
Other income, net OtherNonoperatingIncomeExpense $3.81M USD 1 Quarter
Earnings before provision for income taxes IncomeLossAttributableToParent $286.29M USD 1 Quarter
Earnings before provision for income taxes IncomeLossAttributableToParent $275.70M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $49.55M USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $57.72M USD 1 Quarter
Net earnings NetIncomeLoss $226.15M USD 1 Quarter
Net earnings NetIncomeLoss $228.57M USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.64 USD 1 Quarter
Basic (in dollars per share) EarningsPerShareBasic $1.57 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.56 USD 1 Quarter
Diluted (in dollars per share) EarningsPerShareDiluted $1.63 USD 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 139.76M shares 1 Quarter
Basic (in shares) WeightedAverageNumberOfSharesOutstandingBasic 144.09M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 140.62M shares 1 Quarter
Diluted (in shares) WeightedAverageNumberOfDilutedSharesOutstanding 145.33M shares 1 Quarter
Cash Flow Statement 56 line items
Line Item Tag Value Unit Period
Net earnings NetIncomeLoss $226.15M USD 1 Quarter
Net earnings NetIncomeLoss $228.57M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $79.00M USD 1 Quarter
Depreciation and amortization DepreciationDepletionAndAmortization $77.90M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $11.11M USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $12.28M USD 1 Quarter
Reclassification of foreign currency translation losses to earnings ForeignCurrencyTransactionLossBeforeTax $5.92M USD 1 Quarter
Reclassification of foreign currency translation losses to earnings ForeignCurrencyTransactionLossBeforeTax - USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $5.59M USD 1 Quarter
Other, net IncreaseDecreaseInOtherOperatingCapitalNet $-6.19M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $-64.93M USD 1 Quarter
Accounts receivable, net IncreaseDecreaseInAccountsReceivable $97.22M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $136.72M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $29.21M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $23.52M USD 1 Quarter
Prepaid expenses and other assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets $30.94M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $58.48M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $-30.27M USD 1 Quarter
Accrued compensation and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-98.79M USD 1 Quarter
Accrued compensation and employee benefits IncreaseDecreaseInEmployeeRelatedLiabilities $-98.60M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $16.55M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilities $-1.46M USD 1 Quarter
Accrued and deferred taxes, net IncreaseDecreaseInAccruedIncomeTaxesPayable $24.08M USD 1 Quarter
Accrued and deferred taxes, net IncreaseDecreaseInAccruedIncomeTaxesPayable $6.14M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $23.68M USD 1 Quarter
Net cash provided by operating activities NetCashProvidedByUsedInOperatingActivities $241.28M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $48.38M USD 1 Quarter
Additions to property, plant and equipment PaymentsToAcquirePropertyPlantAndEquipment $50.38M USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $2.01M USD 1 Quarter
Proceeds from sale of property, plant and equipment ProceedsFromSaleOfPropertyPlantAndEquipment $3.18M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-2.81M USD 1 Quarter
Other PaymentsForProceedsFromOtherInvestingActivities $-241.00K USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-43.56M USD 1 Quarter
Net cash used in investing activities NetCashProvidedByUsedInInvestingActivities $-46.96M USD 1 Quarter
Change in commercial paper and other short-term borrowings, net ProceedsFromRepaymentsOfShortTermDebt $-221.21M USD 1 Quarter
Change in commercial paper and other short-term borrowings, net ProceedsFromRepaymentsOfShortTermDebt $7.78M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock $72.20M USD 1 Quarter
Dividends paid to stockholders PaymentsOfDividendsCommonStock $70.77M USD 1 Quarter
Payments to settle employee tax obligations on exercise of share-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $10.05M USD 1 Quarter
Payments to settle employee tax obligations on exercise of share-based awards PaymentsRelatedToTaxWithholdingForShareBasedCompensation $12.99M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-1.60M USD 1 Quarter
Other ProceedsFromPaymentsForOtherFinancingActivities $-733.00K USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-306.56M USD 1 Quarter
Net cash used in financing activities NetCashProvidedByUsedInFinancingActivities $-75.20M USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $395.00K USD 1 Quarter
Effect of exchange rate changes on cash and cash equivalents EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $2.96M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-108.44M USD 1 Quarter
Net decrease in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect $-95.52M USD 1 Quarter
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $385.50M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $289.98M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $380.87M USD Point-in-time
Cash and cash equivalents at beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $272.43M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $385.50M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $289.98M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $380.87M USD Point-in-time
Cash and cash equivalents at end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents $272.43M USD Point-in-time
Stockholders Equity 25 line items
Line Item Tag Value Unit Period
Common stock, par value per share (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value per share (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value per share (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Common stock, par value per share (in dollars per share) CommonStockParOrStatedValuePerShare $1.00 USD Point-in-time
Dividends paid per common share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.51 USD 1 Quarter
Dividends paid per common share (in dollars per share) CommonStockDividendsPerShareCashPaid $0.50 USD 1 Quarter
Beginning balance StockholdersEquity $4.19B USD Point-in-time
Beginning balance StockholdersEquity $4.29B USD Point-in-time
Beginning balance StockholdersEquity $4.46B USD Point-in-time
Beginning balance StockholdersEquity $4.33B USD Point-in-time
Net earnings NetIncomeLoss $226.15M USD 1 Quarter
Net earnings NetIncomeLoss $228.57M USD 1 Quarter
Dividends paid DividendsCommonStockCash $72.20M USD 1 Quarter
Dividends paid DividendsCommonStockCash $70.77M USD 1 Quarter
Common stock issued for the exercise of share-based awards StockIssuedDuringPeriodValueShareBasedCompensation $-12.99M USD 1 Quarter
Common stock issued for the exercise of share-based awards StockIssuedDuringPeriodValueShareBasedCompensation $-10.05M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $11.11M USD 1 Quarter
Stock-based compensation expense AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue $12.28M USD 1 Quarter
Other comprehensive earning (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $17.07M USD 1 Quarter
Other comprehensive earning (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-14.77M USD 1 Quarter
Other, net StockholdersEquityOther $24.00K USD 1 Quarter
Ending balance StockholdersEquity $4.19B USD Point-in-time
Ending balance StockholdersEquity $4.29B USD Point-in-time
Ending balance StockholdersEquity $4.46B USD Point-in-time
Ending balance StockholdersEquity $4.33B USD Point-in-time
Comprehensive Income 30 line items
Line Item Tag Value Unit Period
Net earnings NetIncomeLoss $226.15M USD 1 Quarter
Foreign currency translation adjustments, tax benefit (provision) OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent $-4.05M USD 1 Quarter
Foreign currency translation adjustments, tax benefit (provision) OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent $8.43M USD 1 Quarter
Net earnings NetIncomeLoss $228.57M USD 1 Quarter
Pension and other postretirement benefit plans tax benefit (provision) OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $-208.00K USD 1 Quarter
Pension and other postretirement benefit plans tax benefit (provision) OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent $82.00K USD 1 Quarter
Cash flow hedges tax benefit (provision) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent $220.00K USD 1 Quarter
Cash flow hedges tax benefit (provision) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTaxParent $112.00K USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $-21.65M USD 1 Quarter
Foreign currency translation gain (loss) OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax $16.57M USD 1 Quarter
Reclassification of foreign currency translation losses to earnings OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax - USD 1 Quarter
Reclassification of foreign currency translation losses to earnings OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationNetOfTax $-5.92M USD 1 Quarter
Total foreign currency translation adjustments (net of $4,050 and $(8,431) tax benefit (provision), respectively) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-15.74M USD 1 Quarter
Total foreign currency translation adjustments (net of $4,050 and $(8,431) tax benefit (provision), respectively) OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $16.57M USD 1 Quarter
Amortization of actuarial (gain) loss included in net periodic pension cost OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax $-360.00K USD 1 Quarter
Amortization of actuarial (gain) loss included in net periodic pension cost OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax $534.00K USD 1 Quarter
Amortization of prior service costs included in net periodic pension cost OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax $264.00K USD 1 Quarter
Amortization of prior service costs included in net periodic pension cost OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax $221.00K USD 1 Quarter
Total pension and other post-retirement benefit plans (net of $82 and $(208) tax benefit (provision), respectively) OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $270.00K USD 1 Quarter
Total pension and other post-retirement benefit plans (net of $82 and $(208) tax benefit (provision), respectively) OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax $-581.00K USD 1 Quarter
Unrealized net (loss) gain arising during period OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $-73.00K USD 1 Quarter
Unrealized net (loss) gain arising during period OtherComprehensiveIncomeLossCashFlowHedgeGainLossBeforeReclassificationAfterTax $1.96M USD 1 Quarter
Net loss (gain) reclassified into earnings OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $-846.00K USD 1 Quarter
Net loss (gain) reclassified into earnings OtherComprehensiveIncomeLossCashFlowHedgeGainLossReclassificationAfterTax $1.58M USD 1 Quarter
Total cash flow hedges (net of $(220) and $(112) tax provision, respectively) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $773.00K USD 1 Quarter
Total cash flow hedges (net of $(220) and $(112) tax provision, respectively) OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax $388.00K USD 1 Quarter
Other comprehensive earnings (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $17.07M USD 1 Quarter
Other comprehensive earnings (loss), net of tax OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-14.77M USD 1 Quarter
Comprehensive earnings ComprehensiveIncomeNetOfTax $245.65M USD 1 Quarter
Comprehensive earnings ComprehensiveIncomeNetOfTax $211.38M USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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