Proceeds from commercial paper and other short-term borrowings, net

[Table of Contents](#ic9c410c95c8848f2bcb73b4a6fbb4634_4)  
DOVER CORPORATIONCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited)

|  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |
|   | Nine Months Ended September 30, |
|   | 2022 |  | 2021 |
| Operating Activities: |   |  |   |
| Net earnings | $ | 801,797  |  |  | $ | 761,033  |  |
|  |  |  |  |
| Adjustments to reconcile net earnings to cash from operating activities: |  |  |  |
|  |  |  |  |
|  |  |  |  |
| Depreciation and amortization | 230,808  |  |  | 218,236  |  |
| Stock-based compensation expense | 24,657  |  |  | 25,053  |  |
|  |  |  |  |
|  |  |  |  |
| Reclassification of foreign currency translation losses to earnings | 5,915  |  |  | —  |  |
| Other, net | (35,814) |  |  | (11,969) |  |
| Cash effect of changes in assets and liabilities: |  |  |  |
| Accounts receivable | (227,831) |  |  | (222,521) |  |
| Inventories | (286,437) |  |  | (225,522) |  |
| Prepaid expenses and other assets | (14,001) |  |  | (38,290) |  |
| Accounts payable | 121,513  |  |  | 199,877  |  |
| Accrued compensation and employee benefits | (62,208) |  |  | 32,284  |  |
| Accrued expenses and other liabilities | (19,700) |  |  | 42,084  |  |
|  |  |  |  |
| Accrued and deferred taxes, net | (71,618) |  |  | 8,321  |  |
| Net cash provided by operating activities | 467,081  |  |  | 788,586  |  |
|  |  |  |  |
| Investing Activities: |   |  |   |
| Additions to property, plant and equipment | (166,039) |  |  | (121,157) |  |
| Acquisitions, net of cash acquired | (229,296) |  |  | (171,287) |  |
| Proceeds from sale of property, plant and equipment | 4,215  |  |  | 6,570  |  |
|  |  |  |  |
| Other | (10,941) |  |  | (768) |  |
| Net cash used in investing activities | (402,061) |  |  | (286,642) |  |
|  |  |  |  |
| Financing Activities: |   |  |   |
| Repurchase of common stock, including prepayment under accelerated share repurchase program | (585,000) |  |  | (21,637) |  |
|  |  |  |  |
| Proceeds from commercial paper and other short-term borrowings, net | 682,928  |  |  | —  |  |
| Dividends paid to stockholders | (216,636) |  |  | (214,805) |  |
| Payments to settle employee tax obligations on exercise of share-based awards | (12,278) |  |  | (34,838) |  |
|  |  |  |  |
|  |  |  |  |
| Other | (2,593) |  |  | (3,518) |  |
| Net cash used in financing activities | (133,579) |  |  | (274,798) |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
|  |  |  |  |
| Effect of exchange rate changes on cash and cash equivalents | (10,943) |  |  | (1,077) |  |
|  |  |  |  |
| Net (decrease) increase in cash and cash equivalents | (79,502) |  |  | 226,069  |  |
| Cash and cash equivalents at beginning of period | 385,504  |  |  | 513,075  |  |
| Cash and cash equivalents at end of period | $ | 306,002  |  |  | $ | 739,144  |  |

  
  
See Notes to Condensed Consolidated Financial Statements6
