XML 84 R24.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Segment Information | 12 Months Ended
--- | ---
Dec. 31, 2012
Segment Information |
17. |  | Segment Information
We classify our continuing operations into the following business segments based primarily on types of products offered and markets served:
| • |  | Water & Fluid Solutions — The Water & Fluid Solutions segment designs, manufactures, markets and services innovative water management and fluid processing products and solutions. In select geographies, Water & Fluid Solutions offers a wide variety of pumps, valves and pipes for water transmission applications. The Flow Technologies, Filtration & Process, Aquatic Systems and Water & Environmental Systems Global Business Units (“GBUs”) comprise this segment.
| • |  | Valves & Controls — The Valves & Controls segment designs, manufactures, markets and services valves, fittings, automation and controls and actuators and operates as a stand-alone GBU.
| • |  | Technical Solutions — The Technical Solutions segment designs, manufactures and markets products that guard and protect some of the world’s most sensitive electronics and electronic equipment, as well as heat management solutions designed to provide thermal protection to temperature sensitive fluid applications. Within Technical Solutions are the Equipment Protection and Thermal Management GBUs.
| • |  | Other — Other is primarily composed of unallocated corporate expenses, our captive insurance subsidiary, intermediate finance companies, merger-related costs and divested operations.
The accounting policies of our reporting 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 segment is included in the following summary:
In thousands |  | 2012 |  |  | 2011 |  |  | 2010 |  |  | 2012 |  |  | 2011 |  |  | 2010 |
|  | Net sales to external customers |  |  | Operating income (loss) |
Water & Fluid Solutions |  | $ | 2,638,403 |  |  | $ | 2,369,804 |  |  | $ | 2,041,281 |  |  | $ | 168,043 |  |  | $ | 58,311 |  |  | $ | 231,588 |
Valves & Controls |  |  | 546,707 |  |  |  | — |  |  |  | — |  |  |  | (76,843 | ) |  |  | — |  |  |  | — |
Technical Solutions |  |  | 1,231,036 |  |  |  | 1,086,882 |  |  |  | 989,492 |  |  |  | 165,017 |  |  |  | 185,240 |  |  |  | 151,533 |
Other |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (299,336 | ) |  |  | (143,348 | ) |  |  | (70,138 | )
Consolidated |  | $ | 4,416,146 |  |  | $ | 3,456,686 |  |  | $ | 3,030,773 |  |  | $ | (43,119 | ) |  | $ | 100,203 |  |  | $ | 312,983 |
|  | Identifiable assets (1) |  |  | Depreciation |
Water & Fluid Solutions |  | $ | 4,734,992 |  |  | $ | 3,792,188 |  |  | $ | 3,409,556 |  |  | $ | 45,736 |  |  | $ | 42,419 |  |  | $ | 37,449 |
Valves & Controls |  |  | 4,283,521 |  |  |  | — |  |  |  | — |  |  |  | 15,119 |  |  |  | — |  |  |  | — |
Technical Solutions |  |  | 2,128,375 |  |  |  | 651,693 |  |  |  | 728,969 |  |  |  | 18,950 |  |  |  | 17,826 |  |  |  | 17,544 |
Other |  |  | 648,423 |  |  |  | 142,432 |  |  |  | (164,992 | ) |  |  | 8,030 |  |  |  | 5,990 |  |  |  | 3,002 |
Consolidated |  | $ | 11,795,311 |  |  | $ | 4,586,313 |  |  | $ | 3,973,533 |  |  | $ | 87,835 |  |  | $ | 66,235 |  |  | $ | 57,995 |
|  | Amortization |  |  | Capital expenditures |
Water & Fluid Solutions |  | $ | 38,159 |  |  | $ | 39,451 |  |  | $ | 22,981 |  |  | $ | 49,890 |  |  | $ | 49,241 |  |  | $ | 39,631 |
Valves & Controls |  |  | 21,696 |  |  |  | — |  |  |  | — |  |  |  | 21,992 |  |  |  | — |  |  |  | — |
Technical Solutions |  |  | 16,102 |  |  |  | 2,446 |  |  |  | 2,610 |  |  |  | 13,565 |  |  |  | 15,806 |  |  |  | 8,336 |
Other |  |  | — |  |  |  | — |  |  |  | 593 |  |  |  | 9,085 |  |  |  | 8,301 |  |  |  | 11,556 |
Consolidated |  | $ | 75,957 |  |  | $ | 41,897 |  |  | $ | 26,184 |  |  | $ | 94,532 |  |  | $ | 73,348 |  |  | $ | 59,523 |
| (1) | All cash and cash equivalents are included in “Other.”
The following tables present certain geographic information:
In thousands |  | 2012 |  |  | 2011 |  |  | 2010 |
|  | Net sales to external customers |
U.S. |  | $ | 2,624,338 |  |  | $ | 2,336,845 |  |  | $ | 2,222,856 |
Europe |  |  | 912,642 |  |  |  | 701,865 |  |  |  | 470,879 |
Asia and other |  |  | 879,166 |  |  |  | 417,976 |  |  |  | 337,038 |
Consolidated |  | $ | 4,416,146 |  |  | $ | 3,456,686 |  |  | $ | 3,030,773 |
|  | Long-lived assets |
U.S. |  | $ | 389,463 |  |  | $ | 195,631 |  |  | $ | 196,440 |
Europe |  |  | 403,156 |  |  |  | 140,290 |  |  |  | 77,000 |
Australia |  |  | 170,714 |  |  |  | 461 |  |  |  | 772 |
Asia and other |  |  | 261,155 |  |  |  | 51,143 |  |  |  | 55,223 |
Consolidated |  | $ | 1,224,488 |  |  | $ | 387,525 |  |  | $ | 329,435 |
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, no single customer accounted for more than 10% of segment sales in 2012 and one customer accounted for 10% of segment sales in 201l and 2010. In Technical Solutions and Valves & Controls, no single customer accounted for more than 10% of segment sales in 2012, 2011 or 2010.

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 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration