Segment Information
The table below presents reportable segment results, as recast (unaudited):
(in thousands) | 2012 | 2011 | 2010 | |||||||||
Aerospace & Electronics | ||||||||||||
Net sales | $ | 701,208 | $ | 677,663 | $ | 577,164 | ||||||
Operating profit(a) | 156,015 | 145,624 | 109,228 | |||||||||
Assets | 509,672 | 514,240 | 498,775 | |||||||||
Goodwill | 203,595 | 203,516 | 202,481 | |||||||||
Capital expenditures | 6,851 | 15,049 | 7,756 | |||||||||
Depreciation and amortization | 14,713 | 15,635 | 15,804 | |||||||||
Engineered Materials | ||||||||||||
Net sales | $ | 216,503 | $ | 220,071 | $ | 212,280 | ||||||
Operating profit(b) | 24,522 | 29,754 | 30,143 | |||||||||
Assets | 237,478 | 245,350 | 255,340 | |||||||||
Goodwill | 171,533 | 171,489 | 171,491 | |||||||||
Capital expenditures | 2,163 | 1,840 | 1,052 | |||||||||
Depreciation and amortization | 7,191 | 7,959 | 8,090 | |||||||||
Merchandising Systems | ||||||||||||
Net sales | $ | 371,901 | $ | 373,907 | $ | 298,040 | ||||||
Operating profit(c) | 33,771 | 30,337 | 16,729 | |||||||||
Assets | 408,702 | 408,857 | 419,704 | |||||||||
Goodwill | 201,866 | 197,719 | 197,453 | |||||||||
Capital expenditures | 4,263 | 4,652 | 3,490 | |||||||||
Depreciation and amortization | 14,226 | 15,283 | 11,811 | |||||||||
Fluid Handling | ||||||||||||
Net sales | $ | 1,289,456 | $ | 1,228,728 | $ | 1,091,946 | ||||||
Operating profit(d) | 160,980 | 161,031 | 126,571 | |||||||||
Assets | 993,275 | 973,427 | 896,267 | |||||||||
Goodwill | 236,798 | 248,101 | 238,860 | |||||||||
Capital expenditures | 15,385 | 12,761 | 8,145 | |||||||||
Depreciation and amortization | 19,411 | 22,273 | 22,260 |
(a) | Includes restructuring charges of $269 in 2010. |
(b) | Includes restructuring charges of $2,338 in 2012 and $238 in 2010. |
(c) | Includes $1,276 of transaction costs associated with the acquisition of Money Controls in 2010 and restructuring charges of $3,355 in 2012 and $3,224 in 2010. |
(d) | Includes restructuring charges of $12,745 in 2012 and $2,964 in 2010. |
Information by reportable segment (continued):
(in thousands) | 2012 | 2011 | 2010 | |||||||||
TOTAL NET SALES | $ | 2,579,068 | $ | 2,500,369 | $ | 2,179,319 | ||||||
Operating profit (loss) from Continuing Operations | ||||||||||||
Reporting segments | $ | 375,288 | $ | 366,746 | $ | 282,671 | ||||||
Corporate — before asbestos and environmental charges (a) (b) | (64,847 | ) | (58,201 | ) | (49,371 | ) | ||||||
Corporate expense — asbestos charge | — | 241,647 | — | |||||||||
Corporate expense — environmental charges | — | 30,327 | — | |||||||||
TOTAL OPERATING PROFIT FROM CONTINUING OPERATIONS | $ | 310,441 | $ | 36,571 | $ | 233,300 | ||||||
Interest income | 1,879 | 1,635 | 1,184 | |||||||||
Interest expense | (26,831 | ) | (26,255 | ) | (26,841 | ) | ||||||
Miscellaneous — net | (884 | ) | 2,810 | 1,424 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | $ | 284,605 | $ | 14,761 | $ | 209,067 | ||||||
Assets | ||||||||||||
Reporting segments | $ | 2,149,127 | $ | 2,141,874 | $ | 2,070,086 | ||||||
Corporate | 740,751 | 701,657 | 636,611 | |||||||||
TOTAL ASSETS | $ | 2,889,878 | $ | 2,843,531 | $ | 2,706,697 | ||||||
Goodwill | ||||||||||||
Reporting segments | $ | 813,792 | $ | 820,824 | $ | 810,285 | ||||||
Capital expenditures | ||||||||||||
Reporting segments | $ | 28,662 | $ | 34,302 | $ | 20,443 | ||||||
Corporate | 646 | 435 | 590 | |||||||||
TOTAL CAPITAL EXPENDITURES | $ | 29,308 | $ | 34,737 | $ | 21,033 | ||||||
Depreciation and amortization | ||||||||||||
Reporting segments | $ | 55,541 | $ | 61,151 | $ | 57,965 | ||||||
Corporate | 1,722 | 1,792 | 1,876 | |||||||||
TOTAL DEPRECIATION AND AMORTIZATION | $ | 57,263 | $ | 62,943 | $ | 59,841 |
(a) Includes $3,874 of non-deductible acquisition costs associated with the pending acquisition of MEI.
(b) Includes restructuring charges of $25 in 2012