Business Segments

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Business Segments

NOTE 19 – BUSINESS SEGMENTS:

The Corporation organizes its business into two operating segments—Forged and Cast Engineered Products and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments.

The accounting policies are the same as those described in Note 1.

	Net Sales						(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture
	2014		2013		2012		2014			2013			2012
Forged and Cast Engineered Products	$	179,388	$	187,286	$	189,470	$	4,380		$	13,936		$	18,415
Air and Liquid Processing(1)		93,470		93,764		103,435		4,222			24,945			7,267
Total Reportable Segments		272,858		281,050		292,905		8,602			38,881			25,682
Corporate costs, including other income (expense)								(9,494	)		(11,701	)		(10,515	)
	$	272,858	$	281,050	$	292,905	$	(892	)	$	27,180		$	15,167

	Capital Expenditures						Depreciation Expense						Identifiable Assets(2)
	2014		2013		2012		2014		2013		2012		2014		2013		2012
Forged and Cast Engineered Products	$	12,884	$	11,016	$	8,867	$	10,303	$	9,976	$	9,282	$	260,384	$	263,012	$	268,489
Air and Liquid Processing		356		757		798		1,444		1,300		1,311		197,518		168,977		186,340
Corporate		69		32		3		71		66		68		78,507		70,684		78,350
	$	13,309	$	11,805	$	9,668	$	11,818	$	11,342	$	10,661	$	536,409	$	502,673	$	533,179

	Net Sales(3)						Long-Lived Assets(4)						(Loss) Income Before Income Taxes and Equity Losses in Chinese Joint Venture
Geographic Areas:	2014		2013		2012		2014		2013		2012		2014			2013		2012
United States(1)	$	143,493	$	134,695	$	143,579	$	252,739	$	213,332	$	228,177	$	(1,471	)	$	26,137	$	14,707
Foreign		129,365		146,355		149,326		31,359		35,723		41,620		579			1,043		460
	$	272,858	$	281,050	$	292,905	$	284,098	$	249,055	$	269,797	$	(892	)	$	27,180	$	15,167

	Net Sales by Product Line
	2014		2013		2012
Forged and cast engineered products(5)	$	179,388	$	187,286	$	189,470
Heat exchange coils		39,109		42,364		44,477
Centrifugal pumps		32,983		32,341		30,551
Air handling systems		21,378		19,059		28,407
	$	272,858	$	281,050	$	292,905

(1) (Loss) income before income taxes and equity losses in Chinese joint venture for 2014 includes a pre-tax charge of $4,487 for estimated costs of asbestos-related litigation through 2024 net of estimated insurance recoveries whereas 2013 includes a pre-tax credit of $16,340 for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers and 2012 includes a pre-tax credit of $540 for estimated costs of asbestos-related litigation through 2022 net of estimated insurance recoveries. See Note 17.

(2) Identifiable assets for the Forged and Cast Engineered Products segment include investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $140,651, $110,741 and $118,115 at December 31, 2014, 2013 and 2012, respectively. See Note 17.

(3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years.

(4) Foreign long-lived assets represent primarily investments in joint ventures of $3,914, $5,010 and $13,319 at December 31, 2014, 2013 and 2012, respectively, and assets of the U.K. operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $123,651, $86,241 and, $99,715 for 2014, 2013 and, 2012, respectively.

(5) For the Forged and Cast Engineered Products segment, two customers accounted for 29% of its net sales for 2014, 26% of its net sales for 2013 and, 23% of its net sales for 2012.