DOVER CorpDOV
DOVER Corp Debt Disclosure
12. Borrowings
Borrowings consist of the following:
| December 31, 2025 | December 31, 2024 | ||||||||||
Short-term | |||||||||||
Current portion of long-term debt | $ | 706,677 | $ | 399,411 | |||||||
| Other | — | 645 | |||||||||
Short-term borrowings and current portion of long-term debt | $ | 706,677 | $ | 400,056 | |||||||
Carrying amount (1) | |||||||||||||||||
| Principal | December 31, 2025 | December 31, 2024 | |||||||||||||||
Long-term | |||||||||||||||||
3.15% 10-year notes due November 15, 2025 | $ | 400,000 | $ | — | $ | 399,411 | |||||||||||
1.25% 10-year notes due November 9, 2026 (euro-denominated) | € | 600,000 | 706,677 | 622,313 | |||||||||||||
0.750% 8-year notes due November 4, 2027 (euro-denominated) | € | 500,000 | 588,082 | 517,863 | |||||||||||||
6.65% 30-year debentures due June 1, 2028 | $ | 200,000 | 199,757 | 199,657 | |||||||||||||
2.950% 10-year notes due November 4, 2029 | $ | 300,000 | 298,544 | 298,166 | |||||||||||||
3.50% 8-year notes due November 12, 2033 (euro-denominated) | € | 550,000 | 642,927 | — | |||||||||||||
5.375% 30-year debentures due October 15, 2035 | $ | 300,000 | 297,557 | 297,308 | |||||||||||||
6.60% 30-year notes due March 15, 2038 | $ | 250,000 | 248,618 | 248,505 | |||||||||||||
5.375% 30-year notes due March 1, 2041 | $ | 350,000 | 345,810 | 345,534 | |||||||||||||
| Total long-term debt | $ | 3,327,972 | $ | 2,928,757 | |||||||||||||
Less current portion of long-term debt | (706,677) | (399,411) | |||||||||||||||
| Net long-term debt | $ | 2,621,295 | $ | 2,529,346 | |||||||||||||
(1) Carrying amount is net of unamortized debt discount and deferred debt issuance costs. Total unamortized debt discounts were $8.6 million and $8.5 million as of December 31, 2025 and December 31, 2024, respectively. Total deferred debt issuance costs were $9.7 million and $6.8 million as of December 31, 2025 and December 31, 2024, respectively.
The discounts are being amortized to interest expense using the effective interest method over the life of the issuances. The deferred issuance costs are amortized on a straight-line basis over the life of the debt, as this approximates the effective interest method.
On November 12, 2025, the Company issued €550,000 of 3.50% euro-denominated notes due 2033 ("2033 Notes"). The proceeds of €546,552 from the issuance of the 2033 Notes, net of discounts and issuance costs, were used for general corporate purposes.
On November 15, 2025, the outstanding 3.150% notes with a principal value of $400,000 matured. The repayment of the notes at maturity was funded by the Company's existing cash balances.
On April 6, 2023, the Company entered into a $1.0 billion five-year unsecured revolving credit facility and on April 3, 2025, the Company entered into a new $500.0 million 364-day unsecured revolving credit facility (together, the "Credit Agreements") with a syndicate of banks. The current 364-day credit facility replaced the previous $500.0 million 364-day credit facility, which expired on April 3, 2025. The lenders' commitments under the Credit Agreements will terminate and any outstanding loans under the Credit Agreements will mature on April 6, 2028 and April 2, 2026, respectively. The Company may elect to extend the maturity date of any loans under the new 364-day credit facility until April 2, 2027, subject to conditions specified therein. The Credit Agreements are designated as a liquidity back-stop for the Company's commercial paper program 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, 2025 and December 31, 2024, there were no outstanding borrowings under the five-year, previous or current 364-day credit facilities.
The Company was in compliance with all covenants in the Credit Agreements and other long-term debt covenants at December 31, 2025 and had an interest coverage ratio of consolidated EBITDA to consolidated net interest expense of 48.8 to 1.
As of December 31, 2025, the future maturities of long-term debt were as follows:
| Future Maturities | |||||
| 2026 | $ | 707,714 | |||
| 2027 | 589,762 | ||||
| 2028 | 200,000 | ||||
| 2029 | 300,000 | ||||
| 2030 | — | ||||
| 2031 and thereafter | 1,548,738 | ||||
| Total | $ | 3,346,214 | |||
Letters of Credit and other Guarantees
As of December 31, 2025, the Company had approximately $230.0 million outstanding in letters of credit, surety bonds, and performance and other guarantees which primarily expire on various dates through 2035. 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.Free Sentinel
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 14, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 10, 2017 | |
| 2015 | Feb 12, 2016 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.