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Business Segments
 12 Months Ended
Dec. 31, 2011
Business Segments
15. Business Segments

We classify our continuing operations into the following business segments based primarily on types of products offered and markets served:

 

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Water & Fluid Solutions — manufactures and markets essential products and systems used in the movement, storage, treatment and enjoyment of water. Products include water and wastewater pumps; filtration and purification components and systems; storage tanks and pressure vessels; and pool and spa equipment and accessories.

 

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Technical Products — designs, manufactures and markets standard, modified and custom enclosures that house and protect sensitive electronics and electrical components and protect the people that use them. Applications served include industrial machinery, data communications, networking, telecommunications, test and measurement, automotive, medical, security, defense and general electronics. Products include mild steel, stainless steel, aluminum and non-metallic enclosures, cabinets, cases, subracks, backplanes and associated thermal management systems.

 

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Other — is primarily composed of unallocated corporate expenses, our captive insurance subsidiary, intermediate finance companies and divested operations.

The accounting policies of our operating segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the sales and operating income of the segments and use a variety of ratios to measure performance. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented.

Financial information by reportable business segment is included in the following summary:

 

In thousands   2011     2010     2009          2011     2010     2009  
     Net sales to external customers    

 

   Operating income (loss)  

Water & Fluid Solutions

   $ 2,369,804     $ 2,041,281     $ 1,847,764        $ 58,311     $ 231,588     $ 163,745  

Technical Products

     1,086,882       989,492       844,704          185,240       151,533       100,355  

Other

     —        —        —          (75,034 )      (48,966 )      (44,152 ) 

 

    

 

  

 

 

  

Consolidated

   $     3,456,686     $     3,030,773     $     2,692,468        $     168,517     $     334,155     $     219,948  

 

    

 

  

 

 

  
             
     Identifiable assets (1)    

 

   Depreciation  

Water & Fluid Solutions

   $ 3,792,188     $ 3,409,556     $ 3,205,774        $ 42,419     $ 37,449     $ 44,063  

Technical Products

     651,693       728,969       716,092          17,826       17,544       19,035  

Other(1)

     142,432        (164,992 )      (10,532 )         5,990       3,002       1,725  

 

    

 

  

 

 

  

Consolidated

   $ 4,586,313     $ 3,973,533     $ 3,911,334        $ 66,235     $ 57,995     $ 64,823  

 

    

 

  

 

 

  
             
     Amortization    

 

   Capital expenditures  

Water & Fluid Solutions

   $ 39,451     $ 22,981     $ 34,919        $ 49,241     $ 39,631     $ 36,513  

Technical Products

     2,446       2,610       2,687          15,806       8,336       15,388  

Other

     —        593       3,051          8,301       11,556       2,236  

 

    

 

  

 

 

  

Consolidated

   $ 41,897     $ 26,184     $ 40,657        $ 73,348     $ 59,523     $ 54,137  

 

    

 

  

 

 

  

The following table presents certain geographic information:

  
In thousands   2011     2010     2009         2011     2010     2009  
     Net sales to external customers    

 

   Long-lived assets  

U.S.

   $ 2,336,845     $ 2,222,856     $ 1,964,138        $ 195,631     $ 196,440     $ 203,206  

Europe

     701,865       470,879       439,312          140,290       77,000       87,880  

Asia and other

     417,976       337,038       289,018          51,604       55,995       42,602  

 

    

 

  

 

 

  

Consolidated

   $ 3,456,686     $ 3,030,773     $ 2,692,468        $ 387,525     $ 329,435     $ 333,688  

 

    

 

  

 

 

  

(1)All cash and cash equivalents are included in Other

Net sales are based on the location in which the sale originated. Long-lived assets represent property, plant and equipment, net of related depreciation.

We offer a broad array of products and systems to multiple markets and customers for which we do not have the information systems to track revenues by primary product category. However, our net sales by segment are representative of our sales by major product category.

 

We sell our products through various distribution channels including wholesale and retail distributors, original equipment manufacturers and home centers. In Water & Fluid Solutions, one customer accounted for approximately 10% of segment sales in 201l and 2010 and no single customer accounted for more than 10% of segment sales in 2009. In Technical Products, no single customer accounted for more than 10% of segment sales in 2011, 2010 or 2009.