Discontinued Operations

9 Months Ended

Sep. 30, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

4. Discontinued Operations

On March 2, 2015, the Company completed the sale of Datamax O'Neil for total proceeds of $185,000, which resulted in a net gain on sale of $87,781. On April 24, 2015, the Company completed the sale of Sargent Aerospace for total proceeds of $500,000, which resulted in a net gain on sale of $177,769. The Company paid approximately $82,800 of taxes relating to the net gain on sale of these businesses which is reflected in the cash flows of discontinued operations. These businesses were previously included in the results of the Engineered Systems segment and were reclassified to discontinued operations in the fourth quarter of 2014 in connection with their impending sale at that time.

The results of discontinued operations for the nine months ended September 30, 2015 and the three and nine months ended September 30, 2014 reflect the net earnings of these businesses prior to their respective sale dates. The results for the nine months ended September 30, 2014 also include the historical results of Knowles prior to its distribution on February 28, 2014. Costs incurred by Dover to complete the spin-off of Knowles totaled $27,055 for the nine months ended September 30, 2014, which are also reflected in the results of discontinued operations. See also Note 2 2014 Spin-off of Knowles Corporation.

Summarized results of the Company’s discontinued operations are as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2015			2014			2015			2014
Revenue	$	—		$	83,260		$	72,869		$	490,517
Gain (loss) on sale, net of tax	(31		)	512			265,550			(3,661		)
(Loss) earnings from operations before taxes	(100		)	10,279			8,608			14,642
Provision for income taxes	(254		)	(4,630		)	(5,461		)	(11,345		)
(Loss) earnings from operations, net of tax	(354		)	5,649			3,147			3,297
(Loss) earnings from discontinued operations, net of tax	$	(385	)	$	6,161		$	268,697		$	(364	)

Assets and liabilities of discontinued operations are summarized below:

	September 30, 2015		December 31, 2014
Assets of Discontinued Operations:
Accounts receivable	$	—	$	46,691
Inventories, net	—		58,401
Prepaid and other current assets	—		8,571
Total current assets	—		113,663
Property, plant and equipment, net	—		31,573
Goodwill and intangible assets, net	—		181,798
Other assets and deferred charges	—		137
Total assets	$	—	$	327,171
Liabilities of Discontinued Operations:
Accounts payable	$	—	$	21,199
Other current liabilities	—		17,675
Total current liabilities	—		38,874
Deferred income taxes	—		8,752
Other liabilities	—		3,092
Total liabilities	$	—	$	50,718

At December 31, 2014, the assets and liabilities of discontinued operations relate to Sargent Aerospace and Datamax O'Neil, which were sold in 2015. Any remaining assets or liabilities relating to these businesses or other businesses previously sold are reflected in continuing operations.