Segment Information

12 Months Ended

Dec. 31, 2014

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 four reporting segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. 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)	2014		2013		2012
Fluid Handling
Net sales	$	1,263,722	$	1,288,624	$	1,289,456
Operating profit a	181,626		194,879		160,980
Assets	963,192		996,101		993,275
Goodwill	227,278		239,205		236,798
Capital expenditures	14,038		16,296		15,385
Depreciation and amortization	14,381		15,641		19,411
Payment & Merchandising Technologies
Net sales	$	711,959	$	380,576	$	371,901
Operating profit b	69,054		34,822		33,771
Assets	1,210,137		1,383,007		408,702
Goodwill	589,865		635,759		201,866
Capital expenditures	11,417		4,670		4,263
Depreciation and amortization	41,618		17,537		14,226
Aerospace & Electronics
Net sales	$	695,998	$	693,783	$	701,208
Operating profit c	138,176		159,976		156,015
Assets	512,110		511,676		509,672
Goodwill	202,670		202,799		203,595
Capital expenditures	14,872		6,523		6,851
Depreciation and amortization	11,756		13,319		14,713
Engineered Materials
Net sales	$	253,318	$	232,298	$	216,503
Operating profit  d	36,811		34,347		24,522
Assets	229,058		233,214		237,478
Goodwill	171,492		171,553		171,533
Capital expenditures	2,828		1,822		2,163
Depreciation and amortization	5,971		6,020		7,191

^a Includes restructuring charges of 12,589 and $12,745 in 2014 and 2012, respectively.

^b Includes restructuring charges $10,322, acquisition integration related costs of $8,402 and acquisition related inventory step up and backlog amortization of $4,790 in 2014. Includes acquisition related inventory and backlog amortization of $4,654 and acquisition costs of $1.1 million in 2013 and restructuring charges of $3,355 in 2012.

^c Includes restructuring charges of $6,326 in 2014.

^d Includes restructuring charges of $2,338 in 2012.

Information by reportable segment (continued):

(in thousands)	2014			2013			2012
TOTAL NET SALES	$	2,924,997		$	2,595,281		$	2,579,068
Operating profit (loss) from Continuing Operations
Reporting segments	$	425,667		$	424,024		$	375,288
Corporate — before asbestos and environmental charges a	(53,577		)	(76,148		)	(64,847		)
Corporate expense — environmental charges b	(55,800		)	—			—
TOTAL OPERATING PROFIT FROM CONTINUING OPERATIONS	$	316,290		$	347,876		$	310,441
Interest income	1,713			1,867			1,879
Interest expense	(39,222		)	(26,460		)	(26,831		)
Miscellaneous — net c	2,375			2,733			(884		)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	$	281,156		$	326,016		$	284,605
Assets
Reporting segments	$	2,914,497		$	3,123,998		$	2,149,127
Corporate	536,288			435,609			740,751
TOTAL ASSETS	$	3,450,785		$	3,559,607		$	2,889,878
Goodwill
Reporting segments	$	1,191,305		$	1,249,316		$	813,792
Capital expenditures
Reporting segments	$	43,155		$	29,311		$	28,662
Corporate	577			150			646
TOTAL CAPITAL EXPENDITURES	$	43,732		$	29,461		$	29,308
Depreciation and amortization
Reporting segments	$	73,726		$	52,517		$	55,541
Corporate	2,040			2,320			1,722
TOTAL DEPRECIATION AND AMORTIZATION	$	75,766		$	54,837		$	57,263

^a Includes $1,351 of acquisition integration related costs in 2014 and $21,700 and $3,874 of acquisition costs in 2013 and 2012, respectively, all of which are associated with the acquisition of MEI, restructuring charges of $25 in 2012 and $6,500 for a settlement lawsuit recorded in 2014

^b Includes a $49,000 charge related to an increase in the Company's liability expected at the Goodyear Site and a $6,800 charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, New Jersey in 2014.

^c Includes $1,624 loss on sale of a small business divested in 2014 and a $1,015 gain on a real estate divestiture in 2014.

Information by geographic region:

(in thousands) December 31,	2014		2013		2012
Net sales*
United States	$	1,719,449	$	1,522,988	$	1,522,135
Canada	256,420		292,688		299,955
Europe	737,121		634,425		612,163
Other international	212,007		145,180		144,815
TOTAL NET SALES	$	2,924,997	$	2,595,281	$	2,579,068
Assets*
United States	$	1,612,927	$	1,692,799	$	1,165,233
Canada	197,629		206,113		219,770
Europe	662,165		755,970		634,711
Other international	441,776		469,116		129,413
Corporate	536,288		435,609		740,751
TOTAL ASSETS	$	3,450,785	$	3,559,607	$	2,889,878
Tangible Assets*
United States	$	596,847	$	657,264	$	526,136
Canada	138,767		140,948		145,425
Europe	363,885		418,516		423,318
Other international	270,239		249,023		114,542
Corporate	536,288		435,609		740,751
TOTAL TANGIBLE ASSETS	$	1,906,026	$	1,901,360	$	1,950,172

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