Discontinued Operations

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

4. Discontinued Operations

The results of discontinued operations for the three months ended March 31, 2015 and March 31, 2014 reflect the net earnings of certain businesses held for sale, including Datamax O'Neil and Sargent Aerospace, two businesses with the Engineered Systems segment which were reclassified to discontinued operations in the fourth quarter of 2014. The results for the three months ended March 31, 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 $25,760 for the three months ended March 31, 2014, which are also reflected in the results of discontinued operations. See also Note 2 2014 Spin-off of Knowles Corporation.

On March 2, 2015, the Company completed the sale of Datamax O'Neil for total proceeds of $185,000. This sale resulted in a net gain on sale of $87,354. The Company expects to complete the sale of Sargent Aerospace in the second quarter of 2015.

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

	Three Months Ended March 31,
	2015			2014
Revenue	$	64,495		$	283,680
Gain on sale, net of tax	87,354			—
Earnings (loss) from operations before taxes	8,980			(7,842		)
Provision for income taxes	(4,014		)	(2,061		)
Earnings (loss) from operations, net of tax	4,966			(9,903		)
Earnings (loss) from discontinued operations, net of tax	$	92,320		$	(9,903	)

Assets and liabilities of discontinued operations are summarized below:

	March 31, 2015		December 31, 2014
Assets of Discontinued Operations:
Accounts receivable	$	28,178	$	46,691
Inventories, net	43,624		58,401
Prepaid and other current assets	4,971		8,571
Total current assets	76,773		113,663
Property, plant and equipment, net	27,744		31,573
Goodwill and intangible assets, net	110,912		181,798
Other assets and deferred charges	—		137
Total assets	$	215,429	$	327,171
Liabilities of Discontinued Operations:
Accounts payable	$	15,505	$	21,199
Other current liabilities	6,111		17,675
Total current liabilities	21,616		38,874
Deferred income taxes	14,870		8,752
Other liabilities	225		3,092
Total liabilities	$	36,711	$	50,718

At March 31, 2015, the assets and liabilities of discontinued operations primarily relate to Sargent Aerospace, which was held for sale on that date. At December 31, 2014, the assets and liabilities of discontinued operations relate to Sargent Aerospace and Datamax O'Neil, which was sold in the first quarter of 2015.