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Segment Information | 12 Months Ended
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Dec. 31, 2013
Segment Information | Segment Information We classify our operations into the following business segments based primarily on types of products offered and markets served:
• | Valves & Controls — The Valves & Controls segment designs, manufactures, markets and services valves, fittings, automation and controls and actuators for the energy and industrial verticals and operates as a stand-alone Global Business Unit ("GBU").
• | Process Technologies — The Process Technologies segment designs, manufactures, markets and services innovative water system products and solutions to meet filtration, separation and fluid process management challenges in food and beverage, water, wastewater, swimming pools and aquaculture applications. The Filtration & Process and Aquatic Systems GBUs comprise this segment.
• | Flow Technologies — The Flow Technologies segment designs, manufactures and markets products and services designed for the transfer and flow of clean water, wastewater and a variety of industrial applications. The Flow Technologies segment operates as a stand-alone GBU.
• | Technical Solutions — The Technical Solutions segment designs, manufactures, markets and services 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. The Technical Solutions segment operates as a stand-alone GBU.
• | 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:
| 2013 | 2012 | 2011 |  | 2013 | 2012 | 2011
In millions | Net sales |  | Operating income (loss)
Valves & Controls | $ | 2,469.2 |  | $ | 548.6 |  | $ | — |  |  | $ | 161.4 |  | $ | (76.8 | ) | $ | — |
Process Technologies | 1,765.9 |  | 1,521.1 |  | 1,345.9 |  |  | 243.2 |  | 132.5 |  | (40.2 | )
Flow Technologies | 1,618.5 |  | 1,136.7 |  | 1,042.7 |  |  | 149.7 |  | 35.5 |  | 97.9 |
Technical Solutions | 1,663.4 |  | 1,236.4 |  | 1,086.8 |  |  | 285.0 |  | 165.0 |  | 185.8 |
Other | (37.3 | ) | (26.7 | ) | (18.7 | ) |  | (65.3 | ) | (299.3 | ) | (143.3 | )
Consolidated | $ | 7,479.7 |  | $ | 4,416.1 |  | $ | 3,456.7 |  |  | $ | 774.0 |  | $ | (43.1 | ) | $ | 100.2 |
| Identifiable assets (1) |  | Depreciation
Valves & Controls | $ | 4,204.0 |  | $ | 4,369.6 |  | $ | — |  |  | $ | 64.0 |  | $ | 15.1 |  | $ | — |
Process Technologies | 2,707.7 |  | 2,670.2 |  | 2,476.2 |  |  | 29.2 |  | 29.2 |  | 27.1 |
Flow Technologies | 2,050.4 |  | 2,112.4 |  | 1,316.0 |  |  | 22.1 |  | 16.6 |  | 15.5 |
Technical Solutions | 2,093.4 |  | 2,154.2 |  | 651.7 |  |  | 23.6 |  | 18.9 |  | 17.7 |
Other | 687.8 |  | 576.3 |  | 142.4 |  |  | 10.0 |  | 8.0 |  | 5.9 |
Consolidated | $ | 11,743.3 |  | $ | 11,882.7 |  | $ | 4,586.3 |  |  | $ | 148.9 |  | $ | 87.8 |  | $ | 66.2 |
| Amortization |  | Capital expenditures
Valves & Controls | $ | 69.3 |  | $ | 21.7 |  | $ | — |  |  | $ | 67.2 |  | $ | 21.9 |  | $ | — |
Process Technologies | 26.0 |  | 24.4 |  | 21.8 |  |  | 45.2 |  | 31.2 |  | 30.6 |
Flow Technologies | 16.7 |  | 13.6 |  | 17.8 |  |  | 26.2 |  | 18.7 |  | 18.8 |
Technical Solutions | 25.2 |  | 16.2 |  | 2.3 |  |  | 16.2 |  | 13.5 |  | 15.6 |
Other | — |  | 0.1 |  | — |  |  | 15.2 |  | 9.2 |  | 8.3 |
Consolidated | $ | 137.2 |  | $ | 76.0 |  | $ | 41.9 |  |  | $ | 170.0 |  | $ | 94.5 |  | $ | 73.3 |
(1) | All cash and cash equivalents are included in “Other.”
The following tables present certain geographic information:
| 2013 | 2012 | 2011 |  | 2013 | 2012 | 2011
In millions | Net sales |  | Long-lived assets
U.S. | $ | 3,431.3 |  | $ | 2,624.3 |  | $ | 2,336.8 |  |  | $ | 365.4 |  | $ | 372.8 |  | $ | 195.6 |
Europe | 1,912.0 |  | 912.6 |  | 701.9 |  |  | 462.4 |  | 394.2 |  | 140.3 |
Australia | 761.2 |  | 213.2 |  | 52.3 |  |  | 145.7 |  | 170.5 |  | 0.5 |
Asia and other | 1,375.2 |  | 666.0 |  | 365.7 |  |  | 196.5 |  | 250.7 |  | 51.1 |
Consolidated | $ | 7,479.7 |  | $ | 4,416.1 |  | $ | 3,456.7 |  |  | $ | 1,170.0 |  | $ | 1,188.2 |  | $ | 387.5 |
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. No customer accounted for more than 10% of net sales in 2013, 2012, or 2011.

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- 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 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 2: 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 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 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 Reference 13: 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 14: 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 15: 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 + Details
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