XML 42 R25.htm IDEA: XBRL DOCUMENT
v3.8.0.1

SEGMENT INFORMATION | 12 Months Ended
--- | ---
Dec. 31, 2017
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 17. SEGMENT INFORMATION The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power, as described below in further detail. The Commercial/Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, valves, and surface technology services such as shot peening, laser peening, coatings, and advanced testing. The Defense reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Power segment is comprised of businesses that primarily provide products to the power generation markets and to a lesser extent the naval defense market. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment are as follows:
|  | Year Ended December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Net sales |  |  |  |  |  |
Commercial/Industrial |  | $ | 1,163,510 |  |  | $ | 1,120,326 |  |  | $ | 1,189,120 |
Defense |  | 557,954 |  |  | 469,796 |  |  | 479,528 |
Power |  | 554,048 |  |  | 524,967 |  |  | 545,013 |
Less: Intersegment Revenues |  | (4,486 | ) |  | (6,158 | ) |  | (7,978 | )
Total Consolidated |  | $ | 2,271,026 |  |  | $ | 2,108,931 |  |  | $ | 2,205,683 |
(In thousands) |  | 2017 |  | 2016 |  | 2015
Operating income (expense) |  |  |  |  |  |
Commercial/Industrial |  | $ | 168,328 |  |  | $ | 156,550 |  |  | $ | 171,525 |
Defense |  | 109,355 |  |  | 98,291 |  |  | 98,895 |
Power |  | 85,260 |  |  | 76,472 |  |  | 74,987 |
Corporate and Eliminations (1) |  | (23,200 | ) |  | (23,215 | ) |  | (34,790 | )
Total Consolidated |  | $ | 339,743 |  |  | $ | 308,098 |  |  | $ | 310,617 |
Depreciation and amortization expense |  |  |  |  |  |
Commercial/Industrial |  | $ | 53,180 |  |  | $ | 53,970 |  |  | $ | 55,799 |
Defense |  | 20,702 |  |  | 14,488 |  |  | 15,965 |
Power |  | 22,019 |  |  | 23,032 |  |  | 23,419 |
Corporate |  | 4,094 |  |  | 4,518 |  |  | 4,292 |
Total Consolidated |  | $ | 99,995 |  |  | $ | 96,008 |  |  | $ | 99,475 |
Segment assets |  |  |  |  |  |
Commercial/Industrial |  | $ | 1,444,097 |  |  | $ | 1,391,040 |  |  | $ | 1,480,052 |
Defense |  | 1,044,776 |  |  | 751,859 |  |  | 800,613 |
Power |  | 482,753 |  |  | 516,321 |  |  | 629,612 |
Corporate |  | 264,695 |  |  | 378,561 |  |  | 79,334 |
Total Consolidated |  | $ | 3,236,321 |  |  | $ | 3,037,781 |  |  | $ | 2,989,611 |
Capital expenditures |  |  |  |  |  |
Commercial/Industrial |  | $ | 29,028 |  |  | $ | 30,145 |  |  | $ | 21,990 |
Defense |  | 9,276 |  |  | 5,870 |  |  | 3,834 |
Power |  | 10,039 |  |  | 6,653 |  |  | 6,163 |
Corporate |  | 4,362 |  |  | 4,108 |  |  | 3,525 |
Total Consolidated (2) |  | $ | 52,705 |  |  | $ | 46,776 |  |  | $ | 35,512 |
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses. (2) Total capital expenditures included $0.2 million of expenditures related to discontinued operations for the year ended 2015. Reconciliations
|  | Year Ended December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Earnings before taxes: |  |  |  |  |  |
Total segment operating income |  | $ | 362,943 |  |  | $ | 331,313 |  |  | $ | 345,407 |
Corporate and Eliminations |  | (23,200 | ) |  | (23,215 | ) |  | (34,790 | )
Interest expense |  | 41,471 |  |  | 41,248 |  |  | 36,038 |
Other income, net |  | 1,347 |  |  | 1,111 |  |  | 615 |
Total consolidated earnings before tax |  | $ | 299,619 |  |  | $ | 267,961 |  |  | $ | 275,194 |
|  | As of December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Assets: |  |  |  |  |  |
Total assets for reportable segments |  | $ | 2,971,626 |  |  | $ | 2,659,220 |  |  | $ | 2,910,277 |
Non-segment cash |  | 204,664 |  |  | 357,021 |  |  | 42,164 |
Other assets |  | 60,031 |  |  | 21,540 |  |  | 37,170 |
Total consolidated assets |  | $ | 3,236,321 |  |  | $ | 3,037,781 |  |  | $ | 2,989,611 |
Geographic Information
|  | Year Ended December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Revenues |  |  |  |  |  |
United States of America |  | $ | 1,562,180 |  |  | $ | 1,472,241 |  |  | $ | 1,502,363 |
United Kingdom |  | 118,350 |  |  | 114,752 |  |  | 135,673 |
Other foreign countries |  | 590,496 |  |  | 521,938 |  |  | 567,647 |
Consolidated total |  | $ | 2,271,026 |  |  | $ | 2,108,931 |  |  | $ | 2,205,683 |
|  | As of December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Long-Lived Assets |  |  |  |  |  |
United States of America |  | $ | 264,829 |  |  | $ | 272,826 |  |  | $ | 293,612 |
United Kingdom |  | 41,100 |  |  | 39,014 |  |  | 36,061 |
Other foreign countries |  | 84,306 |  |  | 77,063 |  |  | 83,971 |
Consolidated total |  | $ | 390,235 |  |  | $ | 388,903 |  |  | $ | 413,644 |
Net sales by product line
|  | Year Ended December 31,
(In thousands) |  | 2017 |  | 2016 |  | 2015
Net sales |  |  |  |  |  |
Flow Control |  | $ | 899,705 |  |  | $ | 883,735 |  |  | $ | 949,657 |
Motion Control |  | 1,075,218 |  |  | 940,162 |  |  | 947,758 |
Surface Technologies |  | 296,103 |  |  | 285,034 |  |  | 308,268 |
Consolidated total |  | $ | 2,271,026 |  |  | $ | 2,108,931 |  |  | $ | 2,205,683 |
The Flow Control products include valves, pumps, motors, generators, and instrumentation that manage the flow of liquids and gases, generate power, and monitor or provide critical functions. Motion Control's products include turret aiming and stabilization products, embedded computing board level modules, electronic throttle control devices, transmission shifters, and electro-mechanical actuation control components. Surface Technologies include shot peening, laser peening, and coatings services that enhance the durability, extend the life, and prevent premature fatigue and failure on customer-supplied metal components.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration