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Spin-off of Apergy Corporation | 12 Months Ended
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Dec. 31, 2019
Planned Spin-Off [Abstract] |
Spin-off of Apergy Corporation[Text Block] | 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. Apergy changed its name to ChampionX Corporation on June 3, 2020. 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 assets |  | 462,620 |
Non-current assets |  | 1,438,760 |
|  | $ | 1,911,737 |
Liabilities: |  |
Current liabilities |  | $ | 185,354 |
Non-current liabilities |  | 119,568 |
|  | $ | 304,922 |
Net assets distributed to Apergy Corporation |  | $ | 1,606,815 |
Less: Cash received from Apergy Corporation |  | 700,000 |
Net distribution to Apergy Corporation |  | $ | 906,815 |
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 a 2018 accelerated share repurchase program. 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 the year ended December 31, 2018. See Note 5 — Discontinued and Disposed Operations.

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- Definition Spin off of Apergy Corporation [Text Block] + References No definition available. + Details
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