3. Acquisitions

The following acquisitions were made during the nine months ended September 30, 2014.



2014 Acquisitions
Date	Type	Company / Product Line Acquired	Location (Near)	Segment
January 1	Stock	Heidelberg CSAT GmbH	Germany	Engineered Systems
Manufacturer of digital printing systems that are installed in-packaging-line for the identification of pharmaceutical and medical products.

February 3	Stock	MS Printing Solutions	Italy	Engineered Systems
Manufacturer of innovative digital ink jet printing systems for the textile and specialty material industries.

June 11	Asset	Timberline Manufacturing Company	Beaumont, Texas	Energy
Manufacturer of chemical injection and metering solutions for oil and gas producers.

July 30	Stock	WellMark Holdings, Inc.	Oklahoma City, Oklahoma	Energy
Manufacturer of valves, instrumentation, and chemical injection pumps serving the oil and gas industry.

July 31	Asset	SweatMiser	McDonough, Georgia	Refrigeration & Food Equipment
Manufacturer of anti-sweat controllers for doors in the refrigeration industry.

August 25	Stock / Asset	Liquip International	Australia	Fluids
Manufacturer of fluid handling solutions, loading arms, tank truck valves and fittings, electronic measurement systems for tank trucks, fuel filtration systems, and aviation fueling components and services.

The Company acquired these businesses in six separate transactions for net cash consideration of $365,550. The following presents the allocation of acquisition cost to the assets acquired and liabilities assumed, based on their estimated fair values:



Current assets, net of cash acquired	$	72,619
Property, plant and equipment	6,610
Goodwill	205,656
Intangible assets	166,685
Current liabilities	(34,103		)
Non-current liabilities	(51,917		)
Net assets acquired	$	365,550

The amounts assigned to goodwill and major intangible asset classifications for the 2014 acquisitions are as follows:



	Amount allocated		Useful life (in years)
Goodwill - Tax deductible	$	12,042	na
Goodwill - Non deductible	193,614		na
Customer intangibles	134,116		13
Trademarks	14,087		12
Technology	3,267		10
Other intangibles	15,215		7
	$	372,341

The businesses were acquired to complement and expand upon existing operations within the Energy, Fluids and Refrigeration & Food Equipment segments and the Printing & Identification platform of the Engineered Systems segment. The goodwill identified by these acquisitions reflects the benefits expected to be derived from product line expansion and operational synergies. Upon consummation of the acquisitions, each of these entities is now wholly-owned by Dover.

The Company has substantially completed the purchase price allocations for the 2014 acquisitions. However, if additional information is obtained about these assets and liabilities within the measurement period (not to exceed one year from the date of acquisition), including through asset appraisals and learning more about the newly acquired businesses, the Company will refine its estimates of fair value to allocate the purchase price more accurately; any such revisions are not expected to be significant.

The unaudited condensed consolidated statements of earnings include the results of these businesses from the dates of acquisition. The aggregate revenue of the 2014 acquisitions included in the Company’s consolidated revenue totaled $43,500 and $79,900 for the three and nine months ended September 30, 2014, respectively. The aggregate earnings of the 2014 acquisitions included in the Company’s consolidated pre-tax earnings totaled $4,200 and $3,100 for the three and nine months ended September 30, 2014, respectively.

Pro Forma Information

The following unaudited pro forma information illustrates the effect on the Company’s revenue and earnings from continuing operations for the three and nine months ended September 30, 2014 and 2013, assuming that the 2014 and 2013 acquisitions had taken place at the beginning of the prior year. As a result, the supplemental pro forma earnings for the three and nine months ended September 30, 2014 reflect adjustments to earnings from continuing operations as reported in the Unaudited Condensed Consolidated Statements of Earnings to exclude $2,527 and $3,723 for nonrecurring expense related to the fair value adjustments to acquisition-date inventory (after-tax) and $874 and $2,432 of acquisition-related costs (after tax) and to reflect such items in 2013. The 2014 and 2013 supplemental pro forma earnings are also adjusted to reflect the comparable impact of additional depreciation and amortization expense (net of tax) resulting from the fair value measurement of tangible and intangible assets relating to 2014 and 2013 acquisitions.



	Three Months Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Revenue from continuing operations:
As reported	$	2,092,467	$	1,940,211	$	6,024,852	$	5,636,599
Pro forma	2,103,041		2,017,881		6,093,575		5,887,229
Earnings from continuing operations:
As reported	$	232,825	$	226,235	$	626,592	$	651,506
Pro forma	237,010		230,382		638,159		654,180
Basic earnings per share from continuing operations:
As reported	$	1.40	$	1.33	$	3.74	$	3.79
Pro forma	1.43		1.35		3.81		3.81
Diluted earnings per share from continuing operations:
As reported	$	1.38	$	1.31	$	3.69	$	3.75
Pro forma	1.41		1.33		3.76		3.76