Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

Segment Information

Beginning in the first quarter of 2013, the Controls segment (consisting of the Barksdale and Crane Environmental businesses) is now included in the Fluid Handling segment. Prior period amounts have been reclassified to the new reporting structure for comparative purposes.

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reporting segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems, and Fluid Handling. 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)	2013		2012		2011
Aerospace & Electronics
Net sales	$	693,783	$	701,208	$	677,663
Operating profit	159,976		156,015		145,624
Assets	511,676		509,672		514,240
Goodwill	202,799		203,595		203,516
Capital expenditures	6,523		6,851		15,049
Depreciation and amortization	13,319		14,713		15,635
Engineered Materials
Net sales	$	232,298	$	216,503	$	220,071
Operating profit(a)	34,347		24,522		29,754
Assets	233,214		237,478		245,350
Goodwill	171,553		171,533		171,489
Capital expenditures	1,822		2,163		1,840
Depreciation and amortization	6,020		7,191		7,959
Merchandising Systems
Net sales	$	380,576	$	371,901	$	373,907
Operating profit(b)	34,822		33,771		30,337
Assets	1,383,007		408,702		408,857
Goodwill	635,759		201,866		197,719
Capital expenditures	4,670		4,263		4,652
Depreciation and amortization	17,537		14,226		15,283
Fluid Handling
Net sales	$	1,288,624	$	1,289,456	$	1,228,728
Operating profit(c)	194,879		160,980		161,031
Assets	996,101		993,275		973,427
Goodwill	239,205		236,798		248,101
Capital expenditures	16,296		15,385		12,761
Depreciation and amortization	15,641		19,411		22,273

(a) Includes restructuring charges of $2,338 in 2012.

(b) Includes acquisition related inventory and backlog amortization of $4,654 and acquisition costs of $1.1 million in 2013 both of which are associated with the acquisition of MEI and restructuring charges of $3,355 in 2012.

(c) Includes restructuring charges of $12,745 in 2012.

Information by reportable segment (continued):

(in thousands)	2013			2012			2011
TOTAL NET SALES	$	2,595,281		$	2,579,068		$	2,500,369
Operating profit (loss) from Continuing Operations
Reporting segments	$	424,024		$	375,288		$	366,746
Corporate — before asbestos and environmental charges (a) (b)	(76,148		)	(64,847		)	(58,201		)
Corporate expense — asbestos charge	—			—			(241,647		)
Corporate expense — environmental charges	—			—			(30,327		)
TOTAL OPERATING PROFIT FROM CONTINUING OPERATIONS	$	347,876		$	310,441		$	36,571
Interest income	1,867			1,879			1,635
Interest expense	(26,460		)	(26,831		)	(26,255		)
Miscellaneous — net	2,733			(884		)	2,810
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	326,016		$	284,605		$	14,761
Assets
Reporting segments	$	3,123,998		$	2,149,127		$	2,141,874
Corporate	435,609			740,751			701,657
TOTAL ASSETS	$	3,559,607		$	2,889,878		$	2,843,531
Goodwill
Reporting segments	$	1,249,316		$	813,792		$	820,824
Capital expenditures
Reporting segments	$	29,311		$	28,662		$	34,302
Corporate	150			646			435
TOTAL CAPITAL EXPENDITURES	$	29,461		$	29,308		$	34,737
Depreciation and amortization
Reporting segments	$	52,517		$	55,541		$	61,151
Corporate	2,320			1,722			1,792
TOTAL DEPRECIATION AND AMORTIZATION	$	54,837		$	57,263		$	62,943

(a) Includes $21,700 and $3,874 of acquisition costs associated with the acquisition of MEI in 2013 and 2012, respectively.

(b) Includes restructuring charges of $25 in 2012.

Information by geographic region:

(in thousands) December 31,	2013		2012		2011
Net sales*
United States	$	1,522,988	$	1,522,135	$	1,419,662
Canada	292,688		299,955		271,825
Europe	634,425		612,163		656,816
Other international	145,180		144,815		152,066
TOTAL NET SALES	$	2,595,281	$	2,579,068	$	2,500,369
Assets*
United States	$	1,692,799	$	1,165,233	$	1,203,644
Canada	206,113		219,770		211,663
Europe	755,970		634,711		615,200
Other international	469,116		129,413		111,367
Corporate	435,609		740,751		701,657
TOTAL ASSETS	$	3,559,607	$	2,889,878	$	2,843,531

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