Segment Information

12 Months Ended

Nov. 29, 2014

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

Based on the economic characteristics of the Company’s business activities, the nature of products, customers and markets served and the performance evaluation by management and the Company’s Board of Directors, the Company has identified three reportable segments: Engine/Mobile Filtration, Industrial/Environmental Filtration and Packaging.

The Engine/Mobile Filtration segment manufactures and markets a complete line of filters used in the filtration of oils, air, fuel, coolant, hydraulic and transmission fluids in both domestic and international markets.  The Engine/Mobile Filtration segment provides filters for certain types of transportation equipment including automobiles, heavy-duty and light trucks, buses and locomotives, marine and mining equipment, industrial equipment and heavy-duty construction and agricultural equipment.  The products are sold to aftermarket distributors, original equipment manufacturers and dealer networks, private label accounts and directly to truck service centers and large national accounts.

The Industrial/Environmental Filtration segment manufactures and markets a complete line of filters, cartridges, dust collectors, filtration systems, engineered filtration products and technologies used in the filtration of air and industrial fluid processes in both domestic and international markets.  The filters and filter systems are used in commercial and industrial buildings, hospitals, manufacturing processes, pharmaceutical processes, clean rooms, airports, shipyards, refineries and other oil and natural gas facilities, power generation plants, petrochemical plants, residences and various other infrastructures.  The products are sold to commercial and industrial distributors, original equipment manufacturers and dealer networks, private label accounts, retailers and directly to large national accounts.

The Packaging segment manufactures and markets consumer and industrial packaging products including custom-designed plastic and metal containers and closures and lithographed metal sheets in both domestic and international markets.  The products are sold directly to consumer and industrial packaging customers.

Net sales represent sales to unaffiliated customers.  Intersegment sales were not material.  No single customer accounted for 10% or more of the Company’s consolidated sales for the years ended November 30, 2014, 2013 and 2012.  Unallocated amounts consist of interest expense, interest income and other non-operating income and expense items.  Assets are those assets used in each business segment.  Corporate assets consist of cash, deferred income taxes, corporate facility and equipment and various other assets that are not specific to an operating segment.  The Company operates as a consolidated entity, including cooperation between segments, cost allocating and sharing of certain assets.  As such, the Company makes no representation, that if operated on a standalone basis, these segments would report net sales, operating profit and other financial data reflected below.

The following tables provides segment data for the years ended November 30, 2014, 2013 and 2012:

	2014		2013			2012
Net sales:
Engine/Mobile Filtration	$	603,805	$	507,024		$	503,607
Industrial/Environmental Filtration	833,100		549,746			541,364
Packaging	75,949		74,000			76,794
	$	1,512,854	$	1,130,770		$	1,121,765
Operating profit:
Engine/Mobile Filtration	$	122,365	$	106,345		$	111,653
Industrial/Environmental Filtration	83,351		61,996			64,766
Packaging	4,712		6,275			6,295
	210,428		174,616			182,714
Other income (expense), net	1,135		(316		)	283
Earnings before income taxes	$	211,563	$	174,300		$	182,997

	2014		2013		2012
Identifiable assets:
Engine/Mobile Filtration	$	781,204	$	397,545	$	372,011
Industrial/Environmental Filtration	1,022,996		715,759		706,610
Packaging	41,817		41,030		36,350
Corporate	42,752		294,509		90,531
	$	1,888,769	$	1,448,843	$	1,205,502
Additions to property, plant and equipment:
Engine/Mobile Filtration	$	46,496	$	19,809	$	24,062
Industrial/Environmental Filtration	20,215		21,467		9,264
Packaging	1,989		2,467		3,250
Corporate	4,884		908		71
	$	73,584	$	44,651	$	36,647
Depreciation and amortization:
Engine/Mobile Filtration	$	18,170	$	10,488	$	9,327
Industrial/Environmental Filtration	28,789		18,093		18,692
Packaging	2,438		2,859		3,090
Corporate	1,030		793		706
	$	50,427	$	32,233	$	31,815

Financial data relating to the geographic areas in which the Company operates are shown for the years ended November 30, 2014, 2013 and 2012.  Net sales by geographic area are based on sales to final customers within that region.

	2014		2013		2012
Net sales:
United States	$	1,027,028	$	778,952	$	779,811
Europe	165,446		96,255		102,144
Asia	146,859		103,030		98,880
Other International	173,521		152,533		140,930
	$	1,512,854	$	1,130,770	$	1,121,765
Property, plant and equipment, at cost, less accumulated depreciation:
United States	$	238,413	$	183,166	$	173,018
Europe	24,783		12,499		3,619
Asia	11,466		2,702		8,013
Other International	13,694		10,586		10,451
	$	288,356	$	208,953	$	195,101