XML 41 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Planned Spin Off Planned Spin Off
12 Months Ended
Dec. 31, 2013
Planned Spin Off [Abstract]  
PlannedSpinOff [Text Block]
2. Planned Spin-Off of Certain Communication Technologies Businesses

On May 23, 2013, Dover announced that its Board of Directors had approved a preliminary plan to spin-off certain businesses within its Communication Technologies segment into a standalone, publicly traded company. Upon completion of the spin-off, Knowles Corporation ("Knowles") will be an independent, global technology company operating in the communication technologies space. The spin-off is expected to allow Knowles to pursue a more aggressive growth strategy as a standalone company, focusing on its customers' distinct product and technology needs.

On February 6, 2014, Dover announced that its Board of Directors approved the separation of Knowles from Dover through the pro rata distribution by Dover of 100% of the common stock of Knowles to Dover's stockholders on February 28, 2014. In addition, on February 10, 2014, the U.S. Securities and Exchange Commission declared Knowles' Registration Statement on Form 10 effective. As a result, the following is expected to occur: (1) the distribution of Knowles' shares would be made on February 28, 2014 to Dover stockholders of record as of the close of business on February 19, 2014, the record date for the distribution, (2) on the distribution date, Dover stockholders will receive one share of Knowles common stock for every two shares of Dover common stock held as of the record date, and (3) following the distribution, Knowles will be an independent, publicly traded company on the New York Stock Exchange (utilizing ticker symbol "KN") and Dover will retain no ownership interest in Knowles. The distribution has been structured to be tax-free to Dover and its shareholders for U.S. federal income tax purposes.

While Dover expects to complete the spin-off of Knowles on February 28, 2014, there can be no assurance that it will be completed on the anticipated schedule or that its terms will not change. The results of operations, financial condition and cash flows for the businesses to be transferred to Knowles and included in the spin-off are, and will continue to be, presented within Dover's consolidated financial statements as continuing operations within the Communication Technologies segment, until the spin-off is complete, upon which the financial presentation of these businesses will be included within Dover's discontinued operations. One-time costs associated with the transaction are expected to be in the range of $60,000 to$70,000. Costs incurred to date totaled $30,093 for the year ended December 31, 2013 and are recorded in selling and administrative expense in the consolidated statement of earnings.