DOVER CorpDOV
DOVER Corp Goodwill & Intangibles Disclosure
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 | ||||||||||||||||||||||||||||||
| Goodwill | $ | 425,849 | $ | 1,409,302 | $ | 1,092,960 | $ | 1,268,541 | $ | 511,473 | $ | 4,708,125 | |||||||||||||||||||||||
Accumulated impairment loss (1) | (10,591) | — | — | (59,970) | — | (70,561) | |||||||||||||||||||||||||||||
| Balance at January 1, 2024 | 415,258 | 1,409,302 | 1,092,960 | 1,208,571 | 511,473 | 4,637,564 | |||||||||||||||||||||||||||||
| Acquisitions | 7,252 | 315,811 | — | 14,188 | — | 337,251 | |||||||||||||||||||||||||||||
| Measurement period adjustments | — | — | — | 227 | 371 | 598 | |||||||||||||||||||||||||||||
| Foreign currency translation | (7,246) | (29,716) | (20,929) | (10,944) | (876) | (69,711) | |||||||||||||||||||||||||||||
| Balance at December 31, 2024 | 415,264 | 1,695,397 | 1,072,031 | 1,212,042 | 510,968 | 4,905,702 | |||||||||||||||||||||||||||||
| Acquisitions | — | 7,364 | — | 359,766 | — | 367,130 | |||||||||||||||||||||||||||||
| Measurement period adjustments | — | 4,677 | — | (188) | — | 4,489 | |||||||||||||||||||||||||||||
| Foreign currency translation | 15,543 | 51,601 | 47,577 | 35,640 | 2,356 | 152,717 | |||||||||||||||||||||||||||||
Balance at December 31, 2025 | $ | 430,807 | $ | 1,759,039 | $ | 1,119,608 | $ | 1,607,260 | $ | 513,324 | $ | 5,430,038 | |||||||||||||||||||||||
(1) Accumulated impairment loss as of December 31, 2025 is not subject to foreign currency translation.
During 2025 and 2024, the Company recognized additions of $367,130 and $337,251, respectively, to goodwill as a result of acquisitions as discussed in Note 3 — Acquisitions. During the year ended December 31, 2025, the Company recorded measurement period adjustments that increased goodwill by $4,489 primarily related to the MEC acquisition in the third quarter of 2024 under the Clean Energy & Fueling segment.
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 2025 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 2025 reporting unit valuations was 9.8%. Further, the Company assessed the current market capitalization, forecasts and the amount of headroom in the 2025 impairment test.
While the Company believes the assumptions used in the 2025 impairment analysis are reasonable and representative of expected results, actual results may differ from expectations.
Intangible Assets
The Company's definite-lived and indefinite-lived intangible assets by major asset class were as follows:
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
Gross Amount | Accumulated Amortization | Net Carrying Amount | Gross Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||||||||||||||
| Amortized intangible assets: | |||||||||||||||||||||||||||||||||||
| Customer intangibles | $ | 2,663,551 | $ | 1,369,528 | $ | 1,294,023 | $ | 2,343,823 | $ | 1,174,195 | $ | 1,169,628 | |||||||||||||||||||||||
| Trademarks | 311,501 | 180,564 | 130,937 | 283,216 | 156,745 | 126,471 | |||||||||||||||||||||||||||||
| Patents | 197,671 | 148,694 | 48,977 | 201,828 | 146,271 | 55,557 | |||||||||||||||||||||||||||||
| Unpatented technologies | 369,832 | 203,960 | 165,872 | 277,945 | 169,310 | 108,635 | |||||||||||||||||||||||||||||
| Distributor relationships | 85,840 | 75,919 | 9,921 | 79,855 | 66,469 | 13,386 | |||||||||||||||||||||||||||||
| Other | 28,301 | 15,147 | 13,154 | 22,100 | 11,400 | 10,700 | |||||||||||||||||||||||||||||
| Total | 3,656,696 | 1,993,812 | 1,662,884 | 3,208,767 | 1,724,390 | 1,484,377 | |||||||||||||||||||||||||||||
| Unamortized intangible assets: | |||||||||||||||||||||||||||||||||||
| Trademarks | 96,732 | — | 96,732 | 96,477 | — | 96,477 | |||||||||||||||||||||||||||||
| Total intangible assets, net | $ | 3,753,428 | $ | 1,993,812 | $ | 1,759,616 | $ | 3,305,244 | $ | 1,724,390 | $ | 1,580,854 | |||||||||||||||||||||||
The Company recorded $340,958 of acquired intangible assets in 2025. See Note 3 — Acquisitions for further information.
For the years ended December 31, 2025, 2024 and 2023, amortization expense was $210,326, $183,393 and $153,775 respectively. Amortization expense is primarily comprised of acquisition-related intangible amortization.
Estimated future amortization expense related to intangible assets held at December 31, 2025 for the next five years is as follows:
| Estimated Amortization | |||||
| 2026 | $ | 221,952 | |||
| 2027 | 215,867 | ||||
| 2028 | 182,961 | ||||
| 2029 | 171,082 | ||||
| 2030 | 161,970 | ||||
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 Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.