Discontinued Operations

3 Months Ended

Mar. 31, 2013

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

3. Discontinued Operations

Management evaluates Dover’s businesses periodically for their strategic fit within Dover’s operations. Accordingly, in the fourth quarter of 2012, the Company announced its intention to divest certain non-core businesses within the Printing & Identification segment serving the electronic assembly and test markets, consistent with its long-term focus on strengthening its portfolio and reducing its exposure to cyclical markets. Management expects to sell these businesses in 2013. As a result, the Company has reclassified the operations, cash flows, and related assets and liabilities of these businesses, DEK International and Everett Charles Technologies, to discontinued operations for all periods presented.

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

	Three Months Ended March 31,
	2013		2012
Revenue	$	87,366	$	108,825
Earnings from discontinued operations before taxes	$	5,609	$	5,734
Benefit from income taxes	7,405		3,920
Earnings from discontinued operations, net of tax	$	13,014	$	9,654

The earnings from discontinued operations of $13,014 and $9,654 for the three months ended March 31, 2013 and 2012, respectively, reflect net earnings from operations generated by those businesses discontinued in 2012, as well as various expense and accrual adjustments relating to other discontinued operations.

Assets and liabilities of discontinued operations are summarized below:

	March 31, 2013		December 31, 2012
Assets of Discontinued Operations
Accounts receivable	$	63,376	$	63,229
Inventories, net	55,128		51,252
Prepaid and other current assets	16,822		10,263
Total current assets	135,326		124,744
Property, plant and equipment, net	32,904		31,935
Goodwill and intangible assets, net	235,317		238,657
Other assets and deferred charges	2,376		2,209
Total assets	$	405,923	$	397,545
Liabilities of Discontinued Operations
Accounts payable	$	23,814	$	22,613
Other current liabilities	29,618		34,592
Total current liabilities	53,432		57,205
Deferred income taxes	65,000		64,853
Other liabilities	86,381		86,900
Total liabilities	$	204,813	$	208,958

At March 31, 2013 and December 31, 2012, the assets and liabilities of discontinued operations relate primarily to the two businesses reclassified to held for sale in the fourth quarter of 2012, coupled with tax-related accruals and unrecognized benefits, as well as other accruals for compensation, legal, environmental, and warranty contingencies, none of which are individually significant, relating to businesses that were sold in prior years.