Segment Information

12 Months Ended

Dec. 31, 2012

Segment Reporting [Abstract]

Segment Information

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)	2012		2011		2010
Aerospace & Electronics
Net sales	$	701,208	$	677,663	$	577,164
Operating profit(a)	156,015		145,624		109,228
Assets	509,672		514,240		498,775
Goodwill	203,595		203,516		202,481
Capital expenditures	6,851		15,049		7,756
Depreciation and amortization	14,713		15,635		15,804
Engineered Materials
Net sales	$	216,503	$	220,071	$	212,280
Operating profit(b)	24,522		29,754		30,143
Assets	237,478		245,350		255,340
Goodwill	171,533		171,489		171,491
Capital expenditures	2,163		1,840		1,052
Depreciation and amortization	7,191		7,959		8,090
Merchandising Systems
Net sales	$	371,901	$	373,907	$	298,040
Operating profit(c)	33,771		30,337		16,729
Assets	408,702		408,857		419,704
Goodwill	201,866		197,719		197,453
Capital expenditures	4,263		4,652		3,490
Depreciation and amortization	14,226		15,283		11,811
Fluid Handling
Net sales	$	1,195,501	$	1,140,315	$	1,007,745
Operating profit(d)	148,167		149,803		121,494
Assets	954,633		909,265		829,523
Goodwill	221,745		220,111		210,695
Capital expenditures	14,871		12,097		7,622
Depreciation and amortization	17,948		19,003		18,534
Controls
Net sales	$	93,955	$	88,413	$	84,201
Operating profit(e)	12,813		11,228		5,077
Assets	38,642		64,162		66,744
Goodwill	15,053		27,990		28,165
Capital expenditures	514		664		523
Depreciation and amortization	1,463		3,270		3,726

(a) Includes restructuring charges of $269 in 2010.

(b) Includes restructuring charges of $2,338 in 2012 and $238 in 2010.

(c) Includes $1,276 of transaction costs associated with the acquisition of Money Controls in 2010 and restructuring charges of $3,355 in 2012 and $3,224 in 2010.

(d) Includes restructuring charges of $12,745 in 2012 and $2,964 in 2010.

(e) Includes restructuring gains of $19 in 2010.

Information by reportable segment (continued):

(in thousands)	2012			2011			2010
TOTAL NET SALES	$	2,579,068		$	2,500,369		$	2,179,319
Operating profit (loss) from Continuing Operations
Reporting segments	$	375,288		$	366,746		$	282,671
Corporate — before asbestos and environmental charges (a) (b)	(64,847		)	(58,201		)	(49,371		)
Corporate expense — asbestos charge	—			241,647			—
Corporate expense — environmental charges	—			30,327			—
TOTAL OPERATING PROFIT FROM CONTINUING OPERATIONS	$	310,441		$	36,571		$	233,300
Interest income	1,879			1,635			1,184
Interest expense	(26,831		)	(26,255		)	(26,841		)
Miscellaneous — net	(884		)	2,810			1,424
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	284,605		$	14,761		$	209,067
Assets
Reporting segments	$	2,149,127		$	2,141,874		$	2,070,086
Corporate	740,751			701,657			636,611
TOTAL ASSETS	$	2,889,878		$	2,843,531		$	2,706,697
Goodwill
Reporting segments	$	813,792		$	820,824		$	810,285
Capital expenditures
Reporting segments	$	28,662		$	34,302		$	20,443
Corporate	646			435			590
TOTAL CAPITAL EXPENDITURES	$	29,308		$	34,737		$	21,033
Depreciation and amortization
Reporting segments	$	55,541		$	61,151		$	57,965
Corporate	1,722			1,792			1,876
TOTAL DEPRECIATION AND AMORTIZATION	$	57,263		$	62,943		$	59,841

(a) Includes $3,874 of non-deductible acquisition costs associated with the pending acquisition of MEI.

(b) Includes restructuring charges of $25 in 2012

Information by geographic region:

(in thousands) December 31,	2012		2011		2010
Net sales*
United States	$	1,522,135	$	1,419,662	$	1,281,287
Canada	299,955		271,825		248,380
Europe	612,163		656,816		531,037
Other international	144,815		152,066		118,615
TOTAL NET SALES	$	2,579,068	$	2,500,369	$	2,179,319
Assets*
United States	$	1,165,233	$	1,203,644	$	1,110,668
Canada	219,770		211,663		259,957
Europe	634,711		615,200		435,406
Other international	129,413		111,367		264,055
Corporate	740,751		701,657		636,611
TOTAL ASSETS	$	2,889,878	$	2,843,531	$	2,706,697

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