What Dover Corporation told the SEC could break it.

Dover's input costs are exposed to volatile commodity prices — particularly grades of steel, copper and aluminum — and while increases may be passed to customers, operating results remain exposed to fluctuations.

“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.”

With ~46% of revenue international, Dover is exposed to duties/tariffs, trade barriers and retaliatory countermeasures, plus import/export controls and sanctions across its global operations.

“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;”

Although most materials are multi-sourced, some raw materials and components are available only from limited or single-source suppliers; a supplier's failure could impair Dover's ability to meet customer commitments.

“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.”