Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

Note 13 – Segment Information

The Company's segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has five reporting segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems, Fluid Handling and Controls. In accordance with ASC Topic 280, "Segment Reporting", for purposes of segment performance measurement, the Company does not allocate to the business segments items that are of a non-operating nature, including charges which occur from time to time related to the Company's asbestos liability and its legacy environmental liabilities, as such items are not related to current business activities; or corporate organizational and functional expenses of a governance nature. "Corporate expenses-before asbestos and environmental charges" consist of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs. Assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies. The Company accounts for intersegment sales and transfers as if the sales or transfers were to third parties at current market prices.

Financial information by reportable segment is set forth below:

(in thousands)	2011		2010		2009
Aerospace & Electronics
Net sales — outside(a)	$	677,663	$	577,164	$	590,118
Operating profit(b)		145,624		109,228		95,916
Assets		514,240		498,775		435,807
Goodwill		203,516		202,481		185,975
Capital expenditures		15,049		7,756		6,717
Depreciation and amortization		15,635		15,804		11,299
Engineered Materials
Net sales — outside	$	220,071	$	212,280	$	172,080
Operating profit(c)		29,754		30,143		19,657
Assets		245,350		255,340		261,796
Goodwill		171,489		171,491		171,528
Capital expenditures		1,840		1,052		1,137
Depreciation and amortization		7,959		8,090		8,104
Merchandising Systems
Net sales — outside	$	373,907	$	298,040	$	292,636
Operating profit(d)		30,337		16,729		21,122
Assets		408,857		419,704		296,856
Goodwill		197,719		197,453		164,306
Capital expenditures		4,652		3,490		5,631
Depreciation and amortization		15,283		11,811		12,929
Fluid Handling
Net sales — outside	$	1,154,135	$	1,019,940	$	1,049,963
Operating profit(e)		152,066		122,590		132,211
Assets		909,265		829,523		832,176
Goodwill		220,005		210,695		212,012
Capital expenditures		12,097		7,622		14,225
Depreciation and amortization		19,003		18,534		19,751
Controls
Net sales — outside	$	120,091	$	110,512	$	91,929
Operating profit (loss)(f)		14,658		5,843		(4,391	)
Assets		64,162		66,744		70,073
Goodwill		27,990		28,165		28,157
Capital expenditures		664		523		449
Depreciation and amortization		3,270		3,726		4,134

(a) Includes $18,880 in 2009 from a settlement claim with Boeing and GE Aviation LLC related to the Company's brake control system

(b) Includes restructuring charges of $269 and $2,723 in 2010 and 2009, respectively and $16,360 in 2009 from the above mentioned settlement claim

(c) Includes restructuring charges of $238 and $77 in 2010 and 2009, respectively.

(d) Includes $1,276 of transaction costs associated with the acquisition of Money Controls and restructuring charges of $3,224 in 2010 and restructuring gains of $2,569 in 2009

(e) Includes restructuring charges of $2,964 and $4,646 in 2010 and 2009, respectively.

(f) Includes restructuring gains of $19 in 2010 and restructuring charges of $367 in 2009.

PART II / ITEM 8

Information by industry segment (continued):

(in thousands)	2011			2010			2009
TOTAL NET SALES	$	2,545,867		$	2,217,825		$	2,196,343
Operating profit (loss)
Reporting segments	$	372,439		$	284,533		$	264,515
Corporate — before asbestos and environmental charges		(58,201	)		(49,371	)		(56,246	)
Corporate expense — asbestos charge		(241,647	)		—			—
Corporate expense — environmental charges		(30,327	)		—			—
TOTAL OPERATING PROFIT	$	42,264		$	235,162		$	208,269
Interest income		1,635			1,184			2,820
Interest expense		(26,255	)		(26,841	)		(27,139	)
Miscellaneous — net		2,810			1,424			976
INCOME BEFORE INCOME TAXES	$	20,454		$	210,929		$	184,926
Assets
Reporting segments	$	2,141,874		$	2,070,086		$	1,896,708
Corporate		701,657			636,611			816,190
TOTAL ASSETS	$	2,843,531		$	2,706,697		$	2,712,898
Goodwill
Reporting segments	$	820,824		$	810,285		$	761,978
Capital expenditures
Reporting segments	$	34,302		$	20,443		$	28,159
Corporate		435			590			187
TOTAL CAPITAL EXPENDITURES	$	34,737		$	21,033		$	28,346
Depreciation and amortization
Reporting segments	$	61,151		$	57,965		$	56,217
Corporate		1,792			1,876			1,987
TOTAL DEPRECIATION AND AMORTIZATION	$	62,943		$	59,841		$	58,204

Information by geographic segments follows:

(in thousands)	2011		2010		2009
Net sales*
United States	$	1,465,160	$	1,319,793	$	1,322,433
Canada		271,825		248,380		227,091
Europe		656,816		531,037		544,561
Other international		152,066		118,615		102,258
TOTAL NET SALES	$	2,545,867	$	2,217,825	$	2,196,343
Assets*
United States	$	1,203,644	$	1,110,668	$	998,827
Canada		211,663		259,957		288,793
Europe		615,200		435,406		422,844
Other international		111,367		264,055		186,244
Corporate		701,657		636,611		816,190
TOTAL ASSETS	$	2,843,531	$	2,706,697	$	2,712,898

* Net sales and assets by geographic region are based on the location of the business unit.