Dover (DOV) 10-K 19 Feb 10 2009 FY Annual report Financial data

Document and Company Informatio

Document and Company Information (USD $)
	12 Months Ended Dec. 31, 2009	Feb. 11, 2010	Jun. 30, 2009
Document and Company Information [Abstract]
Entity Registrant Name	DOVER CORP
Entity Central Index Key	0000029905
Document Type	10-K
Document Period End Date	2009-12-31
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$6,159,218,863
Entity Common Stock, Shares Outstanding (actual number)		187,232,126

Consolidated Statements of Oper

Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Consolidated Statements of Operations [Abstract]
Revenue	$5,775,689	$7,568,888	$7,317,270
Cost of goods and services	3,676,535	4,838,881	4,697,768
Gross profit	2,099,154	2,730,007	2,619,502
Selling and administrative expenses	1,511,111	1,700,677	1,614,005
Operating earnings	588,043	1,029,330	1,005,497
Interest expense, net	100,375	96,037	89,589
Other expense (income), net	(3,950)	(12,726)	3,541
Total interest/other expense, net	96,425	83,311	93,130
Earnings before provision for income taxes and discontinued operations	491,618	946,019	912,367
Provision for income taxes	119,724	251,261	242,617
Earnings from continuing operations	371,894	694,758	669,750
Loss from discontinued operations, net	(15,456)	(103,927)	(8,670)
Net earnings	$356,438	$590,831	$661,080
Basic earnings (loss) per common share:
Earnings from continuing operations	$2	3.69	3.33
Loss from discontinued operations, net	-0.08	-0.55	-0.04
Net earnings	1.91	3.13	3.28
Weighted average shares outstanding	186,136	188,481	201,330
Diluted earnings (loss) per common share:
Earnings from continuing operations	1.99	3.67	3.3
Loss from discontinued operations, net	-0.08	-0.55	-0.04
Net earnings	1.91	3.12	3.26
Weighted average shares outstanding - Diluted	186,736	189,269	202,918
Dividends paid per common share	1.02	0.9	0.77
The following table is a reconciliation of the share amounts used in computing earnings per share:
Weighted average shares outstanding - Basic	186,136	188,481	201,330
Dilutive effect of stock options, SARS and performance shares	600	788	1,588
Weighted average shares outstanding - Diluted	186,736	189,269	202,918
Anti-dilutive options/SAR's excluded from diluted EPS computation	9,176	5,103	3,241

Consolidated Balance Sheets

Consolidated Balance Sheets (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Cash and equivalents	$714,365	$547,409
Short-term investments	223,809	279,460
Receivables, net of allowances of $41,832 and $32,647	878,754	1,013,174
Inventories, net	570,858	636,121
Prepaid and other current assets	64,922	80,268
Deferred tax asset	69,999	73,687
Total current assets	2,522,707	2,630,119
Property, plant and equipment, net	828,922	872,134
Goodwill	3,350,217	3,255,566
Intangible assets, net	950,748	952,409
Other assets and deferred charges	113,108	103,904
Assets of discontinued operations	116,701	69,106
Total assets	7,882,403	7,883,238
Current liabilities:
Notes payable and current maturities of long-term debt	35,624	224,944
Accounts payable	357,004	373,436
Accrued compensation and employee benefits	210,804	305,572
Accrued insurance	107,455	104,938
Other accrued expenses	219,295	209,619
Federal and other taxes on income	38,994	35,005
Total current liabilities	969,176	1,253,514
Long-term debt	1,825,260	1,860,729
Deferred income taxes	292,344	314,405
Other deferrals	573,137	582,601
Liabilities of discontinued operations	138,878	79,123
Stockholders' Equity:
Preferred stock	0	0
Common stock	247,342	246,615
Additional paid-in capital	497,291	455,228
Accumulated other comprehensive earnings	84,842	10,816
Retained earnings	5,453,022	5,286,458
Common stock in treasury	(2,198,889)	(2,206,251)
Total stockholders' equity	4,083,608	3,792,866
Total liabilities and stockholders' equity	$7,882,403	$7,883,238

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) (USD $)
In Thousands	Dec. 31, 2009	Dec. 31, 2008
Current assets:
Allowance for doubtful accounts receivable	$41,832	$32,647

Consolidated Statements of Shar

Consolidated Statements of Shareholders Equity and Comprehensive Earnings (USD $)
In Thousands	Common Stock $1 Par Value	Additional Paid-In Capital	Accumulated Other Comprehensive Earnings (Loss)	Retained Earnings	Treasury Stock	Comprehensive Earnings (Loss)	Total
Beginning Balance at Dec. 31, 2006	$242,293	$241,455	$48,852	$4,421,927	($1,143,505)	$676,360	$3,811,022
Effect of adoption of ASC 740				(58,157)			(58,157)
Net earnings				661,080		661,080	661,080
Dividends paid				(154,390)			(154,390)
Common stock issued for options exercised	2,241	73,897					76,138
Tax benefit from the exercise of stock options		10,319					10,319
Stock-based compensation expense		26,714					26,714
Common stock issued, net of cancellations	14	646					660
Common stock acquired					(596,009)		(596,009)
Translation of foreign financial statements			116,933			116,933	116,933
Unrealized holding gains (losses), net of tax of ($302), $582 and ($582) for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			561			561	561
Pension amortization and adjustment, net of tax of ($27,276), $31,923 and $1,740 for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			51,302			51,302	51,302
Ending Balance at Dec. 31, 2007	244,548	353,031	217,648	4,870,460	(1,739,514)	829,876	3,946,173
Effect of adoption of ASC 715, change in measurement date			1,960	(5,762)			(3,802)
Net earnings				590,831		590,831	590,831
Dividends paid				(169,071)			(169,071)
Common stock issued for options exercised	2,038	68,549					70,587
Tax benefit from the exercise of stock options		8,449					8,449
Stock-based compensation expense		24,367					24,367
Common stock issued, net of cancellations	29	832					861
Common stock acquired					(466,737)		(466,737)
Translation of foreign financial statements			(146,433)			(146,433)	(146,433)
Unrealized holding gains (losses), net of tax of ($302), $582 and ($582) for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			(1,081)			(1,081)	(1,081)
Pension amortization and adjustment, net of tax of ($27,276), $31,923 and $1,740 for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			(61,278)			(61,278)	(61,278)
Ending Balance at Dec. 31, 2008	246,615	455,228	10,816	5,286,458	(2,206,251)	382,039	3,792,866
Net earnings				356,438		356,438	356,438
Dividends paid				(189,874)			(189,874)
Common stock issued for options exercised	712	24,807					25,519
Tax benefit from the exercise of stock options		425					425
Stock-based compensation expense		17,176					17,176
Common stock issued, net of cancellations	15	617					632
Issuance of Treasury stock		(962)			7,362		6,400
Translation of foreign financial statements			76,442			76,442	76,442
Unrealized holding gains (losses), net of tax of ($302), $582 and ($582) for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			1,091			1,091	1,091
Pension amortization and adjustment, net of tax of ($27,276), $31,923 and $1,740 for the Twelve months ended 12/31/2007, 12/31/2008 and 12/31/2009, respectively			(3,507)			(3,507)	(3,507)
Ending Balance at Dec. 31, 2009	$247,342	$497,291	$84,842	$5,453,022	($2,198,889)	$430,464	$4,083,608

1_Consolidated Statements of Sh

Consolidated Statements of Shareholders Equity and Comprehensive Earnings (Parenthetical) (USD $)
In Thousands	Accumulated Other Comprehensive Earnings (Loss)	Comprehensive Earnings (Loss)	Total
Tax effect on unrealized holding gains (losses)	($302)	($302)	($302)
Tax effect on pension amortization and adjustment	(27,276)	(27,276)	(27,276)
Tax effect on unrealized holding gains (losses)	582	582	582
Tax effect on pension amortization and adjustment	31,923	31,923	31,923
Tax effect on unrealized holding gains (losses)	(582)	(582)	(582)
Tax effect on pension amortization and adjustment	$1,740	$1,740	$1,740

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (USD $)
In Thousands	12 Months Ended Dec. 31, 2009	12 Months Ended Dec. 31, 2008	12 Months Ended Dec. 31, 2007
Operating Activities of Continuing Operations
Net earnings	$356,438	$590,831	$661,080
Adjustments to reconcile net earnings to net cash from operating activities:
Loss from discontinued operations	15,456	103,927	8,670
Depreciation and amortization	258,223	261,154	243,776
Stock-based compensation	17,912	25,246	26,292
Provision for losses on accounts receivable	17,260	12,040	6,372
Deferred income taxes	(23,062)	33,459	(30,010)
Employee retirement benefits	37,221	36,275	49,900
Gain on sale of line of business	0	(7,518)	0
Other non-current, net	26,609	(33,081)	(70,012)
Cash effect of changes in current assets and liabilities (excluding effects of acquisitions, dispositions and foreign exchange):
Accounts receivable	163,054	36,427	(13,927)
Inventories	97,241	27,128	60,662
Prepaid expenses and other assets	18,296	882	(16,203)
Accounts payable	(31,306)	(19,273)	(9,099)
Accrued expenses	(95,647)	26,161	2,905
Accrued taxes	23,319	(27,881)	29,824
Contributions to employee benefit plans	(78,954)	(55,361)	(22,537)
Net cash provided by operating activities of continuing operations	802,060	1,010,416	927,693
Investing Activities of Continuing Operations
Sale of short-term investments	406,033	0	0
Purchase of short-term investments	(348,439)	(279,460)	0
Proceeds from the sale of property and equipment	22,973	13,248	24,195
Additions to property, plant and equipment	(120,009)	(175,795)	(173,653)
Proceeds from sales of businesses	3,571	92,774	90,966
Acquisitions (net of cash and cash equivalents acquired)	(221,994)	(103,761)	(273,610)
Net cash used in investing activities of continuing operations	(257,865)	(452,994)	(332,102)
Financing Activities of Continuing Operations
Increase (decrease) in notes payable, net	(192,749)	(412,723)	347,192
Reduction of long-term debt	(33,908)	(186,390)	(33,478)
Proceeds from long-term debt	0	594,120	3,895
Purchase of treasury stock	0	(466,737)	(596,009)
Proceeds from exercise of stock options, including tax benefits	26,578	79,897	87,117
Dividends to stockholders	(189,874)	(169,071)	(154,390)
Net cash used in financing activities of continuing operations	(389,953)	(560,904)	(345,673)
Cash Flows From Discontinued Operations
Net cash used in operating activities of discontinued operations	(5,967)	(7,592)	(46,458)
Net cash used in investing activities of discontinued operations	(888)	(1,805)	(4,251)
Net cash used in discontinued operations	(6,855)	(9,397)	(50,709)
Effect of exchange rate changes on cash and cash equivalents	19,569	(45,817)	34,175
Net increase (decrease) in cash and cash equivalents	166,956	(58,696)	233,384
Cash and cash equivalents at beginning of period	547,409	606,105	372,721
Cash and cash equivalents at end of period	714,365	547,409	606,105
Supplemental information - cash paid during the year for:
Income taxes	115,047	212,348	275,505
Interest	$116,847	$120,834	$112,243

Description of Business

Description of Business
	12 Months Ended Dec. 31, 2009 USD / shares
Description of Business [Abstract]
Description of Business	1. Description of Business Description of Business Dover Corporation (the Company) is a diversified, multinational manufacturing corporation comprised of operating companies that manufacture a broad range of specialized industrial products and components as well as related services and consumables. The Company also provides engineering, testing and other similar services, which are not significant in relation to consolidated revenue. The Companys operating companies are based primarily in the United States of America and Europe with manufacturing and other operations throughout the world. The Company reports its results in four segments, Industrial Products, Engineered Systems, Fluid Management and Electronic Technologies. For additional information on the Companys segments, see Note14. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany accounts and transactions have been eliminated in consolidation. The results of operations of purchased businesses are included from the dates of acquisitions. The assets, liabilities, results of operations and cash flows of all discontinued operations have been separately reported as discontinued operations for all periods presented. Certain amounts in prior years have been reclassified to conform to the current year presentation.

Acquisitions

Acquisitions
	12 Months Ended Dec. 31, 2009 USD / shares
Acquisitions [Abstract]
Acquisitions	2. Acquisitions All of the Companys acquisitions have been accounted for under Accounting Standard Codification (ASC) 805, Business Combinations (ASC 805). Accordingly, the accounts of the acquired companies, after adjustments to reflect fair market values assigned to assets and liabilities, have been included in the consolidated financial statements from their respective dates of acquisition. The 2009 acquisitions (see list below) are wholly-owned and had an aggregate cost of $222.0million, net of cash acquired, plus the issuance of $6.4million of common stock for aggregate consideration of $228.4million at the date of acquisition. There is no material contingent consideration related to the acquisitions at December31, 2009. In connection with certain acquisitions that occurred prior to January1, 2009, the Company had reserves related to severance and facility closings of $0.9million and $27.9million at December31, 2009 and 2008, respectively. During the twelve months ended December31, 2009 the reserves were reduced by payments of $11.6million and non-cash adjustments of $15.4million. During the twelve months ended December31, 2008, the Company recorded payments and non-cash adjustments of $28.1million and $2.3million, respectively. 2009 Acquisitions Date Type Acquired Companies Location (Near) Segment Platform Company 8-May Asset Tyler Refrigeration Niles, MI Engineered Systems Engineered Products Hill PHOENIX Manufacturer of refrigerated specialty display merchandisers and refrigeration systems for the food retail industry. 24-Aug Asset Mechanical Field Services Gardendale, TX Fluid Management Energy Cook Compression Manufacturer of air and gas compressors 12-Nov Asset Ala Cart, Inc. Charlotte, NC Engineered Systems Engineered Products Unified Brands Manufacturer of foodservice equipment, ventilation and conveyor systems. 17-Nov Asset/Stock Barker Company Keosaugua, IA Engineered Systems Engineered Products Hill PHOENIX Manufacturer of refrigerated, non-refrigerated and hot display cases. 15-Dec Asset Extech Instruments Waltham, MA Engineered Systems Product Identification Datamax ONeil Developer of portable printers for enterprise-wide applications. 30-Dec Asset Inpro/Seal Company Rock Island, IL Fluid Management Energy Waukesha Bearings Manufacturer of metallic gaskets and machined seals, parts and components for ball and roller bearings. On May8, 2009, Hill PHOENIX acquired certain assets and intellectual property of Tyler Refrigeration, a manufacturer of refrigerated display merchandiser and refrigeration systems for the food industry which was a unit of Carrier Corporation. Hill PHOENIX also purchased Tylers five service and installation branch businesses. Tyler enhances the Companys portfolio of industry-leading proprietary technology and adds key talent that augments product innovation, engineering, field support and other custo

Dispositions

Dispositions
	12 Months Ended Dec. 31, 2009 USD / shares
Dispositions [Abstract]
Dispositions	3. Dispositions 2009 During the first and fourth quarters of 2009, the Company recorded in aggregate, a $10.3million (after-tax) write-down to the carrying value of a business held for sale. The write-down and other adjustments resulted in a net after-tax loss on sale of approximately $11.2million for the year. The after-tax loss from discontinued operations for the twelve months ended December31, 2009 is approximately $15.5million. At December31, 2009, only one business remains held for sale. 2008 During the fourth quarter of 2008 the Company closed on a sale of a line of business in the Electronic Technologies segment resulting in a $7.5million (after-tax) gain, which was recorded in Selling and administrative expenses in the Consolidated Statements of Operations. The major classes of discontinued assets and liabilities included in the Consolidated Balance Sheets are as follows: At December31, At December31, 2009 2008 (In thousands) Assets of Discontinued Operations Current assets $ 73,284 $ 32,498 Non-current assets 43,417 36,608 $ 116,701 $ 69,106 Liabilities of Discontinued Operations Current liabilities $ 25,919 $ 13,371 Non-current liabilities 112,959 65,752 $ 138,878 $ 79,123 In addition to the entity currently held for sale in discontinued operations, the assets and liabilities of discontinued operations include residual amounts related to businesses previously sold. These residual amounts include property, plant and equipment, deferred tax assets, short and long-term reserves, and contingencies. Summarized results of the Companys discontinued operations are detailed in the following table: Years Ended Ended December31, 2009 2008 2007 (In thousands) Revenue $ 55,275 $ 84,065 $ 169,924 Loss on sale, net of taxes(1) $ (11,170 ) $ (101,692 ) $ (4,086 ) Earnings (loss) from operations before taxes (2,062 ) (3,886 ) (14,619 ) Benefit (provision) for income taxes related to operations (2,224 ) 1,651 10,035 Loss from discontinued operations, net of tax $ (15,456 ) $ (103,927 ) $ (8,670 ) (1) Includes impairments and other adjustments to previously sold discontinued operations. Additional information related to the after-tax loss on sale of $101.7million recorded in discontinued operations during 2008 is as follows: During the fourth quarter of 2008, the Company recorded an additional $21.3million (after tax) write-down to the carrying value of Triton, an operating company previousl

Summary of Significant Accounti

Summary of Significant Accounting Policies
	12 Months Ended Dec. 31, 2009 USD / shares
Summary of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	4. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates may be adjusted due to changes in future economic, industry or customer financial conditions, as well as changes in technology or demand. Significant estimates include allowances for doubtful accounts receivable, net realizable value of inventories, restructuring reserves, valuation of goodwill and intangible assets, pension and post retirement assumptions, useful lives associated with amortization and depreciation of intangibles and fixed assets, warranty reserves, income taxes and tax valuation reserves, environmental reserves, legal reserves, insurance reserves and the valuations of discontinued assets and liabilities. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, demand deposits and short-term investments which are highly liquid in nature and have original maturities at the time of purchase of three months or less. Short-Term Investments Short-term investments consist of bank term deposits that have original maturity dates that range from six to nine months. At December31, 2009 and 2008, the Company had $223.8million and $279.5million of bank term deposits that earn a weighted average interest rate of 1.01% and 4.68%, respectively. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable is composed principally of trade accounts receivable that arise primarily from the sale of goods or services on account and are stated at historical cost. Management at each operating company evaluates accounts receivable to estimate the amount of accounts receivable that will not be collected in the future and records the appropriate provision. The provision for doubtful accounts is recorded as a charge to operating expense and reduces accounts receivable. The estimated allowance for doubtful accounts is based primarily on managements evaluation of the aging of the accounts receivable balance, the financial condition of its customers, historical trends and the time outstanding of specific balances. Actual collections of accounts receivable could differ from managements estimates due to changes in future economic, industry or customers financial conditions. Fair Value of Financial Instruments The carrying amount of cash and cash equivalents, trade receivables, accounts payable, notes payable and accrued expenses approximated fair value as of December31, 2009 and 2008 due to the short maturity of less than one year for these instruments. ASC 820, Fair Value Measurements and Disclosures (ASC 820) establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instruments categorization within the hierarchy

Inventories

Inventories
	12 Months Ended Dec. 31, 2009 USD / shares
Inventories [Abstract]
Inventories	5. Inventories The following table displays the components of inventory: At December31, At December31, 2009 2008 (In thousands) Raw materials $ 291,340 $ 319,407 Work in progress 136,726 144,017 Finished goods 191,853 231,507 Subtotal 619,919 694,931 Less LIFO reserve 49,061 58,810 Total $ 570,858 $ 636,121 At December31, 2009 and 2008, domestic inventories, determined by the LIFO inventory method amounted to $60.4million and $56.4million, respectively.

Property, Plant and Equipment

Property, Plant and Equipment
	12 Months Ended Dec. 31, 2009 USD / shares
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	6. Property, Plant Equipment The following table details the components of property, plant equipment, net: At December31, At December31, 2009 2008 (In thousands) Land $ 48,010 $ 49,015 Buildings and improvements 555,262 547,223 Machinery, equipment and other 1,840,638 1,792,615 2,443,910 2,388,853 Accumulated depreciation (1,614,988 ) (1,516,719 ) Total $ 828,922 $ 872,134

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets
	12 Months Ended Dec. 31, 2009 USD / shares
Goodwill and Other Intangible Assets [Abstract]
Goodwill and Other Intangible Assets	7. Goodwill and Other Intangible Assets The changes in the carrying value of goodwill by segment through the year ended December31, 2009 are as follows: Other Other Adjustments Adjustments Primarily Primarily 2008 Currency 2009 Currency 12/31/07 Acquisitions Translations 12/31/08 Acquisitions Translations 12/31/09 (In thousands) Electronic Technologies $ 1,024,857 $ $ (48,151 )(A) $ 976,706 $ $ 2,800 $ 979,506 Industrial Products 905,497 12,521 1,197 919,215 1,236 920,451 Fluid Management 536,163 43,872 (8,814 ) 571,221 43,882 2,829 617,932 Engineered Systems 793,212 (4,788 ) 788,424 49,807 (5,903 )(B) 832,328 Total $ 3,259,729 $ 56,393 $ (60,556 ) $ 3,255,566 $ 93,689 $ 962 $ 3,350,217 (A) Includes $38.0million related to the sale of a line of business in the Electronic Technologies segment. (B) Includes $10.8million related to purchase accounting adjustments in the Engineered Systems segment. The changes in the carrying value of goodwill are as follows: 2009 2008 (In thousands) Goodwill balance at January1, $ 3,415,288 $ 3,419,451 Accumulated impairment 159,722 159,722 Beginning balance, net Goodwill 3,255,566 3,259,729 Goodwill aquired during year 93,689 56,393 Cumulative translation effect 11,752 (17,206 ) Impairment losses during the year Goodwill related to sale of business (43,350 ) Purchase accounting and other adjustments (10,790 ) Goodwill ending balance 3,509,939 3,415,288 Accumulated impairment 159,722 159,722 Goodwill balance, net at December31, $ 3,350,217 $ 3,255,566 The accumulated impairment balance of $159.7million as of December31, 2009 and 2008 consists of $99.8million relating to the Industrial Products segment and $59.9million relating to the Fluid Management segment. The following table provides the gross carrying value and accumulated amortization for each major class of intangible assets: At

Accrued Expenses

Accrued Expenses
	12 Months Ended Dec. 31, 2009 USD / shares
Accrued Expenses [Abstract]
Accrued Expenses	8. Accrued Expenses The following table details the major components of other current accrued expenses: At December31, At December31, 2009 2008 (In thousands) Warranty $ 47,980 $ 44,174 Taxes other than income 25,411 25,454 Unearned revenue 13,462 14,356 Accrued interest 28,226 28,839 Legal and environmental 9,622 6,064 Accrued commissions (Non Employee) 9,745 11,570 Accrued volume discounts 14,115 16,554 Restructuring and exit 13,203 10,112 Other(A) 57,531 52,496 $ 219,295 $ 209,619 (A) Includes other miscellaneous accrued expenses none of which are considered individually significant. Prior to January1, 2009, the Company initiated various restructuring programs at its operating companies and recorded severance and other restructuring costs in connection with purchase accounting for acquisitions (see Note2 for additional detail). In addition, late in 2008, the Company announced plans to increase substantially the amount of restructuring efforts in response to the significant decline in global economic activity. For the twelve months ended December31, 2009, approximately $21.9 million and $50.2 million of restructuring charges were recorded in cost of goods and services and selling and administrative expenses, respectively, in the Consolidated Statements of Operations. The Company does not anticipate significant restructuring charges in 2010. The following table details the Companys severance and exit reserve activity during 2009: Severance Exit Total (In thousands) At December31, 2008(A) $ 7,203 $ 23,754 $ 30,957 Provision 53,106 18,996 72,102 Purchase accounting (16,074 ) (16,074 ) Payments (53,009 ) (13,828 ) (66,837 ) Other, including impairments 852 (4,229 ) (3,377 ) At December31, 2009(B) $ 8,152 $ 8,619 $ 16,771 (A) Includes $27.9million related to purchase accounting accruals. (B) Includes $0.9 million related to purchase accounting accruals.

Lines of Credit, Debt and Hedgi

Lines of Credit, Debt and Hedging Activities
	12 Months Ended Dec. 31, 2009 USD / shares
Lines of Credit, Debt and Hedging Activities [Abstract]
Lines of Credit, Debt and Hedging Activities	9. Lines of Credit, Debt and Hedging Activities During 2009, the Company repaid its $192.8million outstanding balances of commercial paper and other short-term debt. During the second quarter ended June30, 2008, the Company repaid its $150million 6.25%Notes due June1, 2008. In addition, on March14, 2008, the Company issued $350million of 5.45%notes due 2018 and $250million of 6.60%notes due 2038. The net proceeds of $594.1million from the notes were used to repay borrowings under the Companys commercial paper program, and were reflected in long-term debt in the Consolidated Balance Sheets at December31, 2008. The notes and debentures are redeemable at the option of the Company in whole or in part at any time at a redemption price that includes a make-whole premium, with accrued interest to the redemption date. During the first quarter of 2008, the Company entered into several interest rate swaps in anticipation of the debt financing completed on March14, 2008 which, upon settlement, resulted in a net gain of $1.2million which was deferred and will be amortized over the life of the related notes. The Company may, from time to time, enter into interest rate swap agreements to manage its exposure to interest rate changes. Interest rate swaps are agreements to exchange fixed and variable rate payments based on notional principal amounts. There is an outstanding swap agreement for a total notional amount of $50.0million, or CHF65.1million, which swaps the U.S.dollar 6-month LIBOR rate and the Swiss Franc 6-month LIBOR rate. This agreement hedges a portion of the Companys net investment in non-U.S.operations and matures on February15, 2011. The fair value outstanding at December31, 2009 and 2008, included a loss of $13.3million and $12.0 respectively, which was based on quoted market prices for similar instruments ( Level2 inputs under the ASC 820 hierarchy). The change in fair value of this hedge, which was not significant during 2009, is recorded in Cumulative Translation Adjustments and in Other Deferrals in the Consolidated Balance Sheets. This hedge is effective. There are no amounts excluded from the assessment of hedge effectiveness and there are no credit risk related contingent features in the Companys derivative instruments. In addition, the amount of gains or losses from hedging activity recorded in earnings is not significant and the amount of unrealized gains or losses from cash flow hedges which are expected to be reclassified to earnings in the next twelve months is not significant. The majority of the Companys hedged exposure for forecasted transactions ranges in the length of time of up to one year. The Company believes it is probable that all forecasted cash flow transactions will occur. The Company is exposed to credit loss in the event of nonperformance by counterparties to the financial instrument contracts held by the Company; however, nonperformance by the these counterparties is considered unlikely as the Companys policy is to contract with highly rated diversified counterparties. See Note4 for additional information on the Companys derivative and hedging activity. At Dece

Equity and Cash Incentive Progr

Equity and Cash Incentive Program
	12 Months Ended Dec. 31, 2009 USD / shares
Equity and Cash Incentive Program [Abstract]
Equity and Cash Incentive Program	10. Equity and Cash Incentive Program 2005 Equity and Cash Incentive Plan On April20, 2004, the shareholders approved the Dover Corporation 2005 Equity and Cash Incentive Plan (the 2005 Plan) to replace the 1995 Incentive Stock Option Plan and 1995 Cash Performance Program (the 1995 Plan), which expired on January30, 2005. Under the 2005 Plan, a maximum aggregate of 20million shares were reserved for grants (non-qualified and incentive stock options, stock settled stock appreciation rights (SARs), restricted stock, and performance share awards) to key personnel between February1, 2005 and January31, 2015, provided that no incentive stock options shall be granted under the plan after February11, 2014 and a maximum of two million shares may be granted as restricted stock or performance share awards. The exercise price of options and SARs may not be less than the fair market value of the stock at the time the awards are granted. The period during which these options and SARs are exercisable is fixed by the Companys Compensation Committee at the time of grant, but generally may not commence sooner than three years after the date of grant, and may not exceed ten years from the date of grant. All stock options or SARs issued under the 1995 Plan or the 2005 Plan vest after three years of service and expire at the end of ten years. All stock options and SARs are granted at regularly scheduled quarterly Compensation Committee meetings (usually only at the meeting during the first quarter) and have an exercise price equal to the closing price of the Companys stock on the New York Stock Exchange on the date of grant. New common shares are issued when options or SARs are exercised. Performance Share Awards In May 2009, the shareholders of the Company approved an amendment to the 2005 Plan allowing the granting of performance share awards that will become payable in common shares upon achievement of pre-established performance targets. The changes to the 2005 Plan are detailed in the Companys Proxy Statement dated March24, 2009 under the heading Proposal2 Proposal to Approve Amendments to the 2005 Equity and Cash Incentive Plans. Performance share awards granted under the 2005 Plan are being expensed over the three year period that is the requisite performance and service period. Awards shall become vested if (1)the Company achieves certain specified stock performance targets compared to a peer group of 38companies and (2)the employee remains continuously employed by the company during the performance period. Partial vesting may occur for certain terminations not for cause and for retirements. The estimated compensation expense recognized for performance share awards is net of estimated forfeitures. The Company assesses performance levels quarterly. Compensation expense for the year ended December31, 2009 was $0.6million. Unrecognized compensation expense cost as of December31, 2009 is $0.7 million which will be recognized over a weighted average period of 1.9 years. Weighted-Average Number of Grant-Date Performance Share Awards Shares Fair Value U

Income Taxes

Income Taxes
	12 Months Ended Dec. 31, 2009 USD / shares
Income Taxes [Abstract]
Income Taxes	11. Income Taxes Income taxes have been based on the following components of Earnings Before Provision for Income Taxes and Discontinued Operations in the Consolidated Statements of Operations: For the Years Ended December31, 2009 2008 2007 (In thousands) Domestic $ 258,313 $ 527,509 $ 543,024 Foreign 233,305 418,510 369,343 $ 491,618 $ 946,019 $ 912,367 Total income taxes were as follows: For the Years Ended December31, 2009 2008 2007 (In thousands) Taxes on income from continuing operations $ 119,724 $ 251,261 $ 242,617 Credit to Stockholders equity for tax benefit related to stock option exercises (425 ) (8,449 ) (10,319 ) $ 119,299 $ 242,812 $ 232,298 Income tax expense (benefit) for the years ended December31, 2009, 2008 and 2007 is comprised of the following: For the Year Ended December 31, 2009 2008 2007 (In thousands) Current: U.S. Federal $ 71,269 $ 124,193 $ 180,595 State and local 5,191 24,060 14,006 Foreign 68,065 69,549 78,026 Total current continuing 144,525 217,802 272,627 Deferred: U.S. Federal (12,985 ) 21,207 (30,066 ) State and local 116 301 10,410 Foreign (11,932 ) 11,951 (10,354 ) Total deferred continuing (24,801 ) 33,459 (30,010 ) Total expense continuing $ 119,724 $ 251,261 $ 242,617 Differences between the effective income tax rate and the U.S.Federal income statutory rate are as follows: For the Years Ended December31, 2009 2008 2007 U.S. Federal income tax rate 35.0 % 35.0 % 35.0 % State and local taxes, net of Federal income tax benefit 1.5 1.7 1.8 Foreign operations tax effect (5.2 ) (6.9 ) (6.8 ) Subtotal (3.7 ) (5.2 ) (5.0 ) RE tax credits (0.4 ) (0.5 ) (0.4 ) Domestic manufacturing deduction (0.9 ) (0.7 ) (1.0 ) Foreign tax credits 1.2 (0.1 )

Commitments and Contingent Liab

Commitments and Contingent Liabilities
	12 Months Ended Dec. 31, 2009 USD / shares
Commitments and Contingent Liabilities [Abstract]
Commitments and Contingent Liabilities	12. Commitments and Contingent Liabilities A few of the Companys subsidiaries are involved in legal proceedings relating to the cleanup of waste disposal sites identified under Federal and State statutes that provide for the allocation of such costs among potentially responsible parties. In each instance, the extent of the Companys liability appears to be very small in relation to the total projected expenditures and the number of other potentially responsible parties involved and is anticipated to be immaterial to the Company. In addition, a few of the Companys subsidiaries are involved in ongoing remedial activities at certain plant sites, in cooperation with regulatory agencies, and appropriate reserves have been established. The Company and certain of its subsidiaries are also parties to a number of other legal proceedings incidental to their businesses. These proceedings primarily involve claims by private parties alleging injury arising out of use of the Companys products, exposure to hazardous substances or patent infringement, litigation and administrative proceedings involving employment matters and commercial disputes. Management and legal counsel periodically review the probable outcome of such proceedings, the costs and expenses reasonably expected to be incurred, the availability and extent of insurance coverage, and established reserves. While it is not possible at this time to predict the outcome of these legal actions or any need for additional reserves, in the opinion of management, based on these reviews, it is unlikely that the disposition of the lawsuits and the other matters mentioned above will have a material adverse effect on the financial position, results of operations, cash flows or competitive position of the Company. The Company leases certain facilities and equipment under operating leases, many of which contain renewal options. Total rental expense, net of insignificant sublease rental income, for all operating leases was $74.9 million, $76.7million and $70.5million for the years ended December31, 2009, 2008 and 2007, respectively. Contingent rentals under the operating leases were not significant. The aggregate future minimum lease payments for operating and capital leases as of December31, 2009 are as follows: Operating Capital (In thousands) 2010 $ 49,943 $ 1,140 2011 42,852 1,123 2012 32,870 899 2013 24,262 742 2014 19,854 569 2015 and thereafter 70,346 988 Warranty program claims are provided for at the time of sale. Amounts provided for are based on historical costs and adjusted for new claims. A rollforward of the warranty reserve is as follows: 2009 2008 (In thousands) Beginning Balance January 1 $ 56,137 $ 55,446 Provision for warranties 34,342 43,153 Increase from acquisitions 3,838 102 Settlements made (34,781 ) (38,420 ) Other adjustment

Employee Benefit Plans

Employee Benefit Plans
	12 Months Ended Dec. 31, 2009 USD / shares
Employee Benefit Plans [Abstract]
Employee Benefit Plans	13. Employee Benefit Plans The Company offers a defined contribution plan to most of its employees. The Company also has defined benefit pension plans (the plans) covering certain employees of the Company and its subsidiaries. The plans benefits are generally based on years of service and employee compensation. The Companys funding policy is consistent with the funding requirements of the Employment Retirement Income Security Act (ERISA) and applicable international laws. The Company adopted certain provisions of ASC 715 on December31, 2006 and, in accordance with the standard, the Company used a measurement date of December31stfor its pension and other postretirement benefit plans for the years ended December31, 2008 and thereafter. Prior to 2008, the Company used a September30thmeasurement date for the majority of its defined benefit plans. The Company is responsible for overseeing the management of the investments of the plans assets and otherwise ensuring that the plans investment programs are in compliance with ERISA, other relevant legislation, and related plan documents. Where relevant, the Company has retained professional investment managers to manage the plans assets and implement the investment process. The investment managers, in implementing their investment processes, have the authority and responsibility to select appropriate investments in the asset classes specified by the terms of their applicable prospectus or investment manager agreements with the plans. The primary financial objective of the plans is to secure participant retirement benefits. Accordingly, the key objective in the plans financial management is to promote stability and, to the extent appropriate, growth in the funded status. Related and supporting financial objectives are established in conjunction with a review of current and projected plan financial requirements. The assets of the plans are invested to achieve an appropriate return for the plans consistent with a prudent level of risk. The asset return objective is to achieve, as a minimum over time, the passively managed return earned by market index funds, weighted in the proportions outlined by the asset class exposures identified in the plans strategic allocation. The fair value of the majority of the plans assets were determined by the plans trustees using quoted market prices for identical instruments ( Level1 inputs under the ASC 820 hierarchy) as of December31, 2009. The fair value of various other investments were determined by the plans trustees using directly observable market corroborated inputs, including quoted prices for similar assets ( Level2 inputs under the ASC 820 hierarchy). There are no investments within the Level3 fair value hierarchy. The following is a description of the valuation methodologies used for assets at fair value: Common stock: valued at prices obtained from exchanges where the stock is traded. Fixed income investments: these investments consist of corporate bonds which are valued in active markets in which the bonds are traded. Other corporate bonds are valued based on yields currently available on comparable securities

Segment Data

Segment Data
	12 Months Ended Dec. 31, 2009 USD / shares
Segment Data [Abstract]
Segment Data	14. Segment Data The Company identifies its operating segments through the underlying management reporting structure related to its operating companies and through commonalities related to products, processes, distribution and/or markets served. The Companys segment structure allows the management of each segment to focus its attention on particular markets and provide oversight capacity to acquire additional businesses. The Companys four reportable segments are briefly described below: Industrial Products manufactures equipment and components for use in material handling such as industrial and recreational winches, utility, construction and demolition machinery attachments, hydraulic parts, industrial automation tools, 4WD and AWD power train systems and other accessories of off-road vehicles. In addition, mobile equipment related products include refuse truck bodies, tank trailers, compactors, balers, vehicle service lifts, car wash systems, internal engine components, fluid control assemblies and various aerospace components. Engineered Systems manufactures or assembles the following products: refrigeration systems, display cases, walk-in coolers, food service equipment, commercial kitchen air and ventilation systems, heat transfer equipment, and food and beverage packaging machines. The segment also manufactures product identification related products such as industrial marking and coding systems used to code information (e.g., dates and serial numbers) on consumer products. In addition, the segment produces several printing products for cartons used in warehouse logistics operations as well as bar code printers and portable printers. Fluid Management manufactures the following products that serve the energy markets (i.e. oil and gas): sucker rods, gas well production control devices, drill bit inserts for oil and gas exploration, control valves, piston and seal rings, control instrumentation, remote data collection and transfer devices, components for compressors, turbo machinery, motors and generators. In addition, the segment manufactures various products that provide fluid solutions, including nozzles, swivels and breakaways used to deliver various types of fuel, suction system equipment, unattended fuel management systems, integrated tank monitoring, pumps used in fluid transfer applications, quick disconnect couplings used in a wide variety of biomedical and commercial applications, and chemical portioning and dispensing systems. Electronic Technologies manufactures advanced micro-component products for the hearing aid and consumer electronics industries, high frequency capacitors, microwave electro-magnetic switches, radio frequency and microwave filters, electromagnetic products, and frequency control/select components. In addition, the segment builds sophisticated automated assembly and testing equipment for the electronics industry. Selected financial information by market segment is as follows: For the Years Ended December31, 2009 2008 2007 (In thousands) except margin information REVENUE

Shareholders Equity

Shareholders Equity
	12 Months Ended Dec. 31, 2009 USD / shares
Shareholders' Equity [Abstract]
Shareholders' Equity	15. Shareholders Equity The Company has the authority to issue up to 100,000shares of $100par value preferred stock and up to 500,000,000shares of $1par value common stock. None of the preferred stock has been issued. As of December31, 2009 and 2008, 247,343,411 and 246,615,007shares of common stock were issued, respectively. In addition, the Company had 60,467,393 and 60,618,384shares in treasury, held at cost, as of December31, 2009 and 2008, respectively. Share Repurchases 2009 The Company had no share repurchases in 2009. In May 2007, the Board of Directors authorized the repurchase of up to 10,000,000shares through May 2012. Approximately 8.9million shares remain authorized for repurchase under the five year authorization as of December31, 2009. 2008 During the fourth quarter of 2007, the Board of Directors approved a $500million share repurchase program authorizing repurchases of the Companys common shares through the end of 2008. During the twelve months ended December31, 2008, the Company repurchased 10,000,000shares of its common stock in the open market at an average price of $46.15 per share. As of December31, 2008, all shares authorized by the program were purchased. 2007 During the third quarter of 2007, the Board of Directors approved a share repurchase program authorizing the repurchase of 10,000,000 common shares. The Company entered into an accelerated share repurchase agreement on August2, 2007 (ASR) under which it purchased 6,000,000shares of its common stock at an initial purchase price of $51.64 per share. Upon final settlement of this ASR in the fourth quarter of 2007, the final economic purchase price was $48.36 per share, representing an average of the volume weighted average price of the Companys common stock during the outstanding period less a negotiated discount amount. In addition, during 2007, the Company made other open market purchases of its common stock totaling 6.4million shares at an average price of $46.78 per share.

Quarterly Data

Quarterly Data (Unaudited)
	12 Months Ended Dec. 31, 2009 USD / shares
Quarterly Data (Unaudited) [Abstract]
Quarterly Data (Unaudited)	16. Quarterly Data (Unaudited) Continuing Operations Net Earnings Per Share - Per Share - Per Share - Per Share - Quarter Revenue Gross Profit Earnings Basic Diluted Net Earnings Basic Diluted (In thousands, except per share data) 2009 First $ 1,379,086 $ 482,144 $ 61,096 $ 0.33 $ 0.33 $ 53,428 $ 0.29 $ 0.29 Second 1,390,331 493,310 100,874 0.54 0.54 97,080 0.52 0.52 Third 1,499,611 558,266 107,484 0.58 0.58 106,884 0.57 0.57 Fourth 1,506,661 565,434 102,440 0.55 0.55 99,046 0.53 0.53 $ 5,775,689 $ 2,099,154 $ 371,894 2.00 1.99 $ 356,438 1.91 1.91 2008 First $ 1,865,486 $ 679,545 $ 147,930 $ 0.77 $ 0.77 $ 147,176 $ 0.76 $ 0.76 Second 2,010,978 739,620 186,911 0.99 0.98 135,277 0.72 0.71 Third 1,965,776 704,343 190,335 1.02 1.01 187,651 1.01 1.00 Fourth 1,726,648 606,499 169,582 0.91 0.91 120,727 0.65 0.65 $ 7,568,888 $ 2,730,007 $ 694,758 3.69 3.67 $ 590,831 3.13 3.12 All quarterly and full-year periods reflect the impact of certain operations that were discontinued. As a result, the quarterly data presented above will not agree to previously issued quarterly financial statements.

Subsequent Events

Subsequent Events
	12 Months Ended Dec. 31, 2009 USD / shares
Subsequent Events [Abstract]
Subsequent Events	17. Subsequent Events The Company assessed events occurring subsequent to December31, 2009 and through our filing, dated February19, 2010, for potential recognition and disclosure in the consolidated financial statements. No events have occurred that would require adjustment to or disclosure in the consolidated financial statements which were issued on February19, 2010.

Adoption of New Accounting Stan

Adoption of New Accounting Standards
	12 Months Ended Dec. 31, 2009 USD / shares
Adoption of New Accounting Standards [Abstract]
Adoption of New Accounting Standards	18. Adoption of New Accounting Standards In December 2007, the FASB issued authoritative guidance under ASC 805, which retains the fundamental requirements that the acquisition method of accounting (the purchase method) be used for all business combinations and for an acquirer to be identified for each business combination. In general, the statement (1)extends its applicability to all events where one entity obtains control over one or more other businesses, (2)broadens the use of fair value measurements used to recognize the assets acquired and liabilities assumed, (3)changes the accounting for acquisition related fees and restructuring costs incurred in connection with an acquisition, and (4)increases required disclosures. The Company has applied the provisions of this guidance prospectively to business combinations for which the acquisition date is on or after January1, 2009. The impact of these provisions did not have a material effect on the Companys consolidated financial statements since its adoption. In April 2009, the FASB issued authoritative guidance under ASC 805 for the initial recognition and measurement, subsequent measurement and accounting, and disclosures for assets and liabilities arising from contingencies in business combinations. ASC 805 eliminates the distinction between contractual and non-contractual contingencies. The Company has applied the provisions of this guidance prospectively to business combinations for which the acquisition date is on or after January1, 2009. The impact of these provisions did not have a material effect on the Companys consolidated financial statements since its adoption. In April 2008, the FASB issued authoritative guidance under ASC 350 and ASC 275, Risks and Uncertainties (ASC 275), to improve the consistency between the useful life of a recognized intangible asset and the period of expected cash flows used to measure the fair value of the intangible asset. ASC 350 and ASC 275 amend the factors to be considered when developing renewal or extension assumptions that are used to estimate an intangible assets useful life. The guidance is to be applied prospectively to intangible assets acquired after December31, 2008. In addition, ASC 350 and ASC 275 increase the disclosure requirements related to renewal or extension assumptions. The Company has applied the provisions of this guidance to business combinations for which the acquisition date is on or after January1, 2009. The impact of ASC 350 and ASC 275 did not have a material effect on the Companys consolidated financial statements since its adoption. In December 2008, the FASB issued authoritative guidance under ASC 715, Compensation Retirement Benefits (ASC 715) which amends the disclosure requirements about plan assets of a defined pension or other postretirement plan. The provisions of this guidance require disclosure of (1)how investment allocation decisions are made, including factors that are pertinent to an understanding of the investment policies and strategies, (2)the fair value of each major category of plan assets, (3)the inputs and valuation techniques used to determine fair value and (4)an underst

Valuation and Qualifying Accoun

Valuation and Qualifying Accounts
	12 Months Ended Dec. 31, 2009 USD / shares
Valuation and Qualifying Accounts [Abstract]
Valuation and Qualifying Accounts	Valuation and Qualifying Accounts SCHEDULEII VALUATION AND QUALIFYING ACCOUNTS Years Ended December31, 2009, 2008 and 2007 (In thousands) Balance at Acquired by Charged to Balance at Beginning of Purchase or Cost and Accounts End of Year Merger Expense Written Off Other Year Year Ended December31, 2009 Allowance for Doubtful Accounts $ 32,647 17,260 (10,198 ) 2,123 $ 41,832 Year Ended December31, 2008 Allowance for Doubtful Accounts $ 32,211 40 12,040 (10,650 ) (994 ) $ 32,647 Year Ended December31, 2007 Allowance for Doubtful Accounts $ 27,531 805 6,372 (4,683 ) 2,186 $ 32,211 Balance at Acquired by Balance at Beginning of Purchase or End of Year Merger Additions Reductions Other Year Year Ended December31, 2009 Deferred Tax Valuation Allowance $ 55,486 2,875 (15,190 ) $ 43,171 Year Ended December31, 2008 Deferred Tax Valuation Allowance $ 64,534 2,818 (7,554 ) (4,312 ) $ 55,486 Year Ended December31, 2007 Deferred Tax Valuation Allowance $ 63,842 7,910 (11,034 ) 3,816 $ 64,534 Balance at Acquired by Charged to Balance at Beginning of Purchase or Cost and End of Year Merger Expense Reductions Other Year Year Ended December31, 2009 Inventory Reserves $ 100,471 21,307 (21,869 ) 1,386 $ 101,295 Year Ended December31, 2008 Inventory Reserves $ 100,081 1,033 24,113 (22,920 ) (1,836 ) $ 100,471 Year Ended December31, 2007 Inventory Reserves $ 91,515 7,904 23,605 (25,000 ) 2,057 $ 100,081 Balance at A