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
