Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the transition period from to
Commission File Number: 1-4018
https://cdn.kscope.io/8a50bf831cf092658d32764a2ad206a2-dov-20190630_g1.jpg
(Exact name of registrant as specified in its charter)
Delaware53-0257888
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
  
3005 Highland Parkway 
Downers Grove,Illinois60515
(Address of principal executive offices)(Zip Code)
(630) 541-1540
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockDOVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes   No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes   No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12-b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated Filer
Non-Acelerated Filer
Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes   No  
The number of shares outstanding of the Registrant’s common stock as of July 11, 2019 was 145,437,765.



Dover Corporation
Form 10-Q
Table of Contents

Page
 
 
 
 
 
  
 






Table of Contents

Item 1. Financial Statements

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share data)
(Unaudited)

 Three Months Ended June 30,  Six Months Ended June 30, 
 2019201820192018
Revenue$1,810,706 $1,798,094 $3,535,463 $3,435,765 
Cost of goods and services1,138,113 1,132,858 2,239,328 2,167,700 
Gross profit672,593 665,236 1,296,135 1,268,065 
Selling, general and administrative expenses396,634 428,775 805,100 863,801 
Loss on assets held for sale  46,946  
Operating earnings275,959 236,461 444,089 404,264 
Interest expense31,754 32,125 63,562 67,765 
Interest income(945)(2,563)(1,835)(4,620)
Other income, net(4,589)(4,538)(5,695)(4,568)
Earnings before provision for income taxes249,739 211,437 388,057 345,687 
Provision for income taxes51,654 44,981 84,267 69,822 
Earnings from continuing operations 198,085 166,456 303,790 275,865 
Loss from discontinued operations, net  (26,497) (4,472)
Net earnings $198,085 $139,959 $303,790 $271,393 
Earnings per share from continuing operations:
Basic$1.36 $1.10 $2.09 $1.80 
Diluted$1.35 $1.08 $2.07 $1.77 
Loss per share from discontinued operations: 
Basic$ $(0.17)$ $(0.03)
Diluted$ $(0.17)$ $(0.03)
Net earnings per share:
Basic$1.36 $0.92 $2.09 $1.77 
Diluted$1.35 $0.91 $2.07 $1.74 
Weighted average shares outstanding:
Basic145,366 151,744 145,227 153,124 
Diluted147,179 153,938 147,041 155,573 
 

See Notes to Condensed Consolidated Financial Statements


1

Table of Contents

DOVER CORPORATION 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS
(In thousands)
(Unaudited)

 Three Months Ended June 30, Six Months Ended June 30,
 2019201820192018
Net earnings$198,085 $139,959 $303,790 $271,393 
Other comprehensive earnings, net of tax 
Foreign currency translation adjustments:
Foreign currency translation (losses) gains  (13,978)(65,159)9,722 (12,851)
Reclassification of foreign currency translation losses to earnings   25,339  
Total foreign currency translation adjustments(13,978)(65,159)35,061 (12,851)
Pension and other post-retirement benefit plans:
Amortization of actuarial losses included in net periodic pension cost77 1,068 252 3,007 
Amortization of prior service costs included in net periodic pension cost512 1,252 1,084 1,995 
Total pension and other post-retirement benefit plans589 2,320 1,336 5,002 
Changes in fair value of cash flow hedges:
Unrealized net (losses) gains arising during period(3,362)2,105 (768)3,467 
Net gains reclassified into earnings(416)(457)(646)(710)
Total cash flow hedges(3,778)1,648 (1,414)2,757 
Other comprehensive (loss) earnings, net of tax (17,167)(61,191)34,983 (5,092)
Comprehensive earnings$180,918 $78,768 $338,773 $266,301 


See Notes to Condensed Consolidated Financial Statements

2

Table of Contents

DOVER CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

 June 30, 2019December 31, 2018
Assets 
Current assets:   
Cash and cash equivalents $321,326 $396,221 
Receivables, net of allowances of $31,657 and $28,469 1,288,755 1,231,859 
Inventories 849,266 748,796 
Prepaid and other current assets 163,904 126,878 
Total current assets 2,623,251 2,503,754 
Property, plant and equipment, net 815,003 806,497 
Goodwill 3,795,588 3,677,328 
Intangible assets, net 1,129,352 1,134,256 
Other assets and deferred charges 412,856 243,936 
Total assets$8,776,050 $8,365,771 
Liabilities and Stockholders' Equity
Current liabilities:   
Notes payable $357,700 $220,318 
Accounts payable 960,432 969,531 
Accrued compensation and employee benefits 184,623 212,666 
Accrued insurance 101,826 97,600 
Other accrued expenses 329,596 313,452 
Federal and other income taxes 20,938 13,854 
Total current liabilities 1,955,115 1,827,421 
Long-term debt2,946,493 2,943,660 
Deferred income taxes 336,989 339,325 
Noncurrent income tax payable54,304 54,304 
Other liabilities 527,878 432,395 
Stockholders' equity:   
Total stockholders' equity 2,955,271 2,768,666 
Total liabilities and stockholders' equity $8,776,050 $8,365,771 


See Notes to Condensed Consolidated Financial Statements





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Table of Contents

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)

 Common stock $1 par valueAdditional paid-in capitalTreasury stockRetained earningsAccumulated other comprehensive (loss) earningsTotal stockholders' equity
Balance at March 31, 2019 $258,214 $866,365 $(5,947,562)$7,851,382 $(190,946)$2,837,453 
Net earnings    198,085  198,085 
Dividends paid ($0.48 per share)    (69,921) (69,921)
Common stock issued for the exercise of share-based awards101 (1,702)   (1,601)
Stock-based compensation expense 8,435    8,435 
Other comprehensive earnings, net of tax     (17,167)(17,167)
Other, net  (64) 51  (13)
Balance at June 30, 2019 $258,315 $873,034 $(5,947,562)$7,979,597 $(208,113)$2,955,271 


 Common stock $1 par valueAdditional paid-in capitalTreasury stockRetained earningsAccumulated other comprehensive (loss) earningsTotal stockholders' equity
Balance at March 31, 2018 $257,282 $934,596 $(5,122,016)$8,527,276 $(151,516)$4,445,622 
Net earnings    139,959  139,959 
Dividends paid ($0.47 per share)    (69,632) (69,632)
Separation of Apergy    (939,743)32,928 (906,815)
Common stock issued for the exercise of share-based awards112 (6,375)   (6,263)
Stock-based compensation expense 3,833    3,833 
Common stock acquired  (140,000)(560,000)  (700,000)
Other comprehensive earnings, net of tax     (61,191)(61,191)
Other, net  (4,922)   (4,922)
Balance at June 30, 2018 $257,394 $787,132 $(5,682,016)$7,657,860 $(179,779)$2,840,591 



See Notes to Condensed Consolidated Financial Statements
















4

Table of Contents

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except share data)
(Unaudited)

 Common stock $1 par valueAdditional paid-in capitalTreasury stockRetained earningsAccumulated other comprehensive (loss) earningsTotal stockholders' equity
Balance at December 31, 2018 $257,822 $886,016 $(5,947,562)$7,815,486 $(243,096)$2,768,666 
Net earnings    303,790  303,790 
Dividends paid ($0.96 per share)    (139,730) (139,730)
Common stock issued for the exercise of share-based awards493 (21,702)   (21,209)
Stock-based compensation expense 16,617    16,617 
Other comprehensive earnings, net of tax     34,983 34,983 
Other, net  (7,897) 51  (7,846)
Balance at June 30, 2019 $258,315 $873,034 $(5,947,562)$7,979,597 $(208,113)$2,955,271 


 Common stock $1 par valueAdditional paid-in capitalTreasury stockRetained earningsAccumulated other comprehensive (loss) earningsTotal stockholders' equity
Balance at December 31, 2017 $256,992 $942,485 $(5,077,039)$8,455,501 $(194,759)$4,383,180 
Adoption of ASU 2018-02
   12,856 (12,856) 
Cumulative catch-up adjustment related to Adoption of Topic 606
   175  175 
Net earnings    271,393  271,393 
Dividends paid ($0.94 per share)    (142,322) (142,322)
Separation of Apergy    (939,743)32,928 (906,815)
Common stock issued for the exercise of share-based awards402 (21,604)   (21,202)
Stock-based compensation expense 11,147    11,147 
Common stock acquired  (140,000)(604,977)  (744,977)
Other comprehensive earnings, net of tax     (5,092)(5,092)
Other, net  (4,896)   (4,896)
Balance at June 30, 2018 $257,394 $787,132 $(5,682,016)$7,657,860 $(179,779)$2,840,591 



See Notes to Condensed Consolidated Financial Statements














5

Table of Contents

DOVER CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
 Six Months Ended June 30, 
 20192018
Operating Activities:  
Net earnings$303,790 $271,393 
Adjustments to reconcile net earnings to cash from operating activities:
Loss from discontinued operations, net 4,472 
Loss on assets held for sale46,946  
Depreciation and amortization135,507 137,928 
Stock-based compensation expense16,617 10,403 
Other, net(5,373)(6,548)
Cash effect of changes in assets and liabilities:
Accounts receivable, net(63,228)(108,003)
Inventories(93,554)(85,340)
Prepaid expenses and other assets(23,359)(32,336)
Accounts payable(7,128)64,592 
Accrued compensation and employee benefits(50,246)(51,002)
Accrued expenses and other liabilities(20,915)(32,894)
Accrued and deferred taxes, net(5,824)2,075 
Net cash provided by operating activities233,233 174,740 
Investing Activities:   
Additions to property, plant and equipment(91,092)(96,364)
Acquisitions, net of cash acquired(215,304)(68,557)
Proceeds from sale of property, plant and equipment2,633 2,411 
Proceeds from sale of businesses24,218 2,069 
Other(7,900)(13,762)
Net cash used in investing activities(287,445)(174,203)
Financing Activities:   
Cash received from Apergy, net of cash distributed 689,643 
Repurchase of common stock
 (744,977)
Change in commercial paper and notes payable137,350 53,584 
Dividends paid to stockholders(139,730)(142,322)
Payments to settle employee tax obligations on exercise of share-based awards(21,209)(21,202)
Repayment of long-term debt (350,000)
Other(940)(1,563)
Net cash used in financing activities(24,529)(516,837)
Cash Flows from Discontinued Operations   
Net cash provided by operating activities of discontinued operations 19,336 
Net cash used in investing activities of discontinued operations (23,705)
Net cash used in discontinued operations  (4,369)
Effect of exchange rate changes on cash and cash equivalents3,846 9,519 
Net decrease in cash and cash equivalents (74,895)(511,150)
Cash and cash equivalents at beginning of period396,221 753,964 
Cash and cash equivalents at end of period$321,326 $242,814 


See Notes to Condensed Consolidated Financial Statements

6

Table of Contents
DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated) (Unaudited)
1. Basis of Presentation

The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") for interim periods and do not include all of the information and note disclosures required by accounting principles generally accepted in the United States of America ("GAAP") for complete financial statements. These unaudited interim Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes for Dover Corporation ("Dover" or the "Company") for the year ended December 31, 2018, included in the Company's Annual Report on Form 10-K filed with the SEC on February 15, 2019. The year end Condensed Consolidated Balance Sheet was derived from audited financial statements. Certain amounts in the prior periods have been reclassified to conform to the current year presentation.  

On May 9, 2018, the Company completed a pro-rata distribution of the common stock of Apergy Corporation ("Apergy") to the Company's shareholders of record as of the close of business on April 30, 2018. Apergy holds entities conducting upstream energy businesses previously included in the Energy segment. As discussed in Note 5 - Discontinued and Disposed Operations, the Apergy businesses met the criteria to be reported as discontinued operations because the spin-off is a strategic shift in business that has a major effect on the Company's operations and financial results. Therefore, the Company is reporting the historical results of Apergy, including the results of operations and cash flows as discontinued operations for all periods presented herein. Subsequent to the spin-off of Apergy, effective the second quarter of 2018, the Company is aligned into three reportable segments. See Note 18 —Segment Information for additional information regarding the updated segments, including segment results for the three and six months ended June 30, 2019 and 2018. Unless otherwise noted, the accompanying Notes to the Consolidated Financial Statements have all been revised to reflect the effect of the separation of Apergy and all prior year balances have been revised accordingly to reflect continuing operations only.

The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair statement of results for these interim periods. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year.

2. Spin-off of Apergy Corporation

On May 9, 2018, Dover completed the distribution of Apergy to its shareholders. The transaction was completed through the pro rata distribution of 100% of the common stock of Apergy to Dover's shareholders of record as of the close of business on April 30, 2018. Each Dover shareholder received one share of Apergy common stock for every two shares of Dover common stock held as of the record date.

The following is a summary of the assets and liabilities transferred to Apergy as part of the separation on May 9, 2018:
Assets:
Cash and cash equivalents$10,357 
Current assets462,620 
Non-current assets1,438,760 
$1,911,737 
Liabilities:
Current liabilities$185,354 
Non-current liabilities119,568 
$304,922 
Net assets distributed to Apergy Corporation$1,606,815 
Less: Cash received from Apergy Corporation700,000 
Net distribution to Apergy Corporation$906,815 

7

Table of Contents
DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated) (Unaudited)
In connection with the spin-off from the company, Apergy issued and sold $300.0 million in aggregate principal amount of its 6.375% senior notes due May 2026 in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended, and incurred $415.0 million in borrowings under its new senior secured term loan facility to fund a one-time cash payment of $700.0 million to Dover. Dover received net cash of $689.6 million upon separation, which reflects $10.4 million of cash held by Apergy on the distribution date and retained by it in connection with its separation from Dover. Dover utilized the proceeds from Apergy as the primary source of funding for $1 billion of share repurchases started in December 2017 and completed in December 2018.
Included within the net assets distributed to Apergy is approximately $33 million of accumulated other comprehensive earnings attributable to Apergy, relating primarily to foreign currency translation gains, offset by unrecognized losses on pension obligations.
The historical results of Apergy, including the results of operations and cash flows have been reclassified to discontinued operations for all periods presented herein. See Note 5 — Disposed and Discontinued Operations. Pursuant to the separation of Apergy from Dover, and the related separation and distribution agreements, any liabilities due from Dover to Apergy are not significant.

3. Revenue

Effective January 1, 2018, the Company adopted Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606” or “ASC 606”), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018.
Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and where payment terms are identified and collectability is probable. Once the Company has entered a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as discounts and volume rebates.
Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and generally relates to the sale of services or engineered to order equipment that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin.

Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it best depicts the nature and amount of the Company’s revenue.

8

Table of Contents
DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated) (Unaudited)
The following table presents revenue disaggregated by end market and segment:
Three Months Ended June 30,  Six Months Ended June 30, 
 2019201820192018
Printing & Identification $278,813 $299,834 $560,899 $582,356 
Industrials417,688 403,155 822,793 792,259 
Total Engineered Systems segment696,501 702,989 1,383,692 1,374,615 
Fueling & Transport390,586 363,355 763,636 682,659 
Pumps (1)
176,613 173,306 354,052 335,615 
Process Solutions162,234 157,005 314,969 303,490 
Total Fluids segment729,433 693,666 1,432,657 1,321,764 
Refrigeration313,578 330,232 591,176 608,887 
Food Equipment71,896 71,534 128,941 131,114 
Total Refrigeration & Food Equipment segment385,474 401,766 720,117 740,001 
Intra-segment eliminations(702)(327)(1,003)(615)
Total Consolidated Revenue$1,810,706 $1,798,094 $3,535,463 $3,435,765 
(1) Finder Pompe S.r.l was sold on April 2, 2019.

The following table presents revenue disaggregated by geography based on the location of the Company's customer:
Three Months Ended June 30,  Six Months Ended June 30, 
 2019201820192018
United States$960,906 $932,207 $1,880,798 $1,785,209 
Europe405,274 402,234 807,919 789,412 
Asia198,278 219,032 394,628 413,635 
Other Americas178,216 168,197 316,334 301,341 
Other68,032 76,424 135,784 146,168 
Total$1,810,706 $1,798,094 $3,535,463 $3,435,765 

At June 30, 2019, we estimated that $79.1 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 64% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2020, with the remaining balance to be recognized in 2021 and thereafter.

The following table provides information about contract assets and contract liabilities from contracts with customers:
 June 30, 2019December 31, 2018At Adoption
Contract assets$14,464 $9,330 $11,932 
Contract liabilities - current37,572 36,461 48,268 
Contract liabilities - non-current9,044 9,382 9,916 
The revenue recognized during the six months ended June 30, 2019 and 2018 that was included in the contract liabilities at the beginning of the period amounted to $27,701 and $32,553, respectively.




9

Table of Contents
DOVER CORPORATION
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Amounts in thousands except share data and where otherwise indicated) (Unaudited)
4. Acquisitions

2019 Acquisitions

During the six months ended June 30, 2019, the Company acquired two businesses in separate transactions for total consideration of $215,304, net of cash acquired. These businesses were acquired to complement and expand upon existing operations within the Fluids segment. The goodwill recorded as a result of these acquisitions represents the economic benefits expected to be derived from product line expansions and operational synergies. The goodwill is deductible for U.S. income tax purposes for these acquisitions.

On May 7, 2019, the Company acquired the assets of the All-Flo Pump Company, Limited business ("All-Flo"), a growing manufacturer of specialty pumps for $39,954. The All-Flo acquisition strengthens Dover's position in the growing market for air-operated double-diaphragm pumps within the Pumps end market of the Fluids segment.

On January 25, 2019, the Company acquired the assets of Belanger, Inc. ("Belanger"), a leading full-line car wash equipment manufacturer for $175,350, net of cash acquired. The Belanger acquisition strengthens Dover's position in the vehicle wash business within the Fueling & Transport end market of the Fluids segment.

The following presents the preliminary allocation of purchase price to the assets acquired and liabilities assumed, based on their estimated fair values at acquisition date:
Total 
Current assets, net of cash acquired$13,699 
Property, plant and equipment1,030 
Goodwill119,035 
Intangible assets91,980 
Other assets and deferred charges20 
Current liabilities(10,460)
Net assets acquired$215,304 

The amounts assigned to goodwill and major intangible asset classifications were as follows:
Amount allocatedUseful life (in years)
Goodwill 119,035