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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Tables)
6 Months Ended
Jun. 28, 2014
INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS  
Schedule of reportable segments and other operating segments

 

 

 

 

Three months ended

 

Six months ended

 

 

 

June 28,

 

June 29,

 

June 28,

 

June 29,

 

 

 

2014

 

2013

 

2014

 

2013

 

Revenues: (1)

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

661.4

 

$

653.4

 

$

1,278.1

 

$

1,266.4

 

Thermal Equipment and Services reportable segment

 

327.3

 

350.3

 

606.9

 

655.4

 

Industrial Products and Services and Other

 

191.0

 

158.2

 

364.1

 

330.6

 

Total revenues

 

$

1,179.7

 

$

1,161.9

 

$

2,249.1

 

$

2,252.4

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

88.3

 

$

67.0

 

$

154.5

 

$

122.0

 

Thermal Equipment and Services reportable segment

 

9.5

 

26.2

 

18.7

 

27.9

 

Industrial Products and Services and Other

 

25.2

 

21.8

 

47.6

 

44.4

 

Total income for reportable and other operating segments

 

123.0

 

115.0

 

220.8

 

194.3

 

 

 

 

 

 

 

 

 

 

 

Corporate expense

 

(25.8

)

(25.1

)

(54.3

)

(56.0

)

Pension and postretirement (expense) income

 

(3.0

)

4.2

 

(22.8

)

8.5

 

Stock-based compensation expense

 

(4.6

)

(5.3

)

(29.3

)

(25.6

)

Impairment of intangible assets

 

 

 

 

(2.0

)

Special charges, net

 

(4.5

)

(17.8

)

(14.2

)

(18.2

)

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

85.1

 

$

71.0

 

$

100.2

 

$

101.0

 

 

 

(1)                 Under the percentage of completion method, we recognized revenues of $295.8 and $353.0 in the three months ended June 28, 2014 and June 29, 2013, respectively. For the six months ended June 28, 2014 and June 29, 2013, revenues under the percentage of completion method were $570.0 and $695.7, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage of completion method were $275.3 and $285.3 as of June 28, 2014 and December 31, 2013, respectively, and are reported as a component of ‘‘Accounts receivable, net’’ in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $214.3 and $218.4 as of June 28, 2014 and December 31, 2013, respectively, and are reported as a component of ‘‘Accrued expenses’’ in the condensed consolidated balance sheets.