XML 45 R12.htm IDEA: XBRL DOCUMENT v3.2.0.727
Segment Information
 6 Months Ended
Jun. 26, 2015
Segment Information [Abstract]  
Segment Information Text Block

6.       Beginning with the first quarter of 2015 the Company revised the presentation of its financial reporting segments. Operations of the Process and the Oil and Natural Gas divisions, historically included in the Industrial segment, are now aggregated with the Lubrication division (formerly reported as a separate segment) in the newly-formed Process segment. This change aligns the types of products offered and markets served within the segments. Prior year segment information has been restated to conform to 2015 reporting.

 

A summary of the Company's three reportable segments (Industrial, Process and Contractor) follows.

 

The Industrial segment includes our Industrial Products and Applied Fluid Technologies divisions. The Industrial segment markets equipment and pre-engineered packages for moving and applying paints, coatings, sealants, adhesives and other fluids. Markets served include automotive and vehicle assembly and components production, wood and metal products, rail, marine, aerospace, farm, construction, bus, recreational vehicles, and various other industries.

 

The Process segment includes our Process, Oil and Natural Gas, and Lubrication divisions. The Process segment markets pumps, valves, meters and accessories to move and dispense chemicals, oil and natural gas, water, waste water, petroleum, food, lubricants and other fluids. Markets served include food and beverage, dairy, oil and natural gas, pharmaceutical, cosmetics, electronics, waste water, mining, fast oil change facilities, service garages, fleet service centers, automobile dealerships and industrial lubrication applications.

 

The Contractor segment remains unchanged. The Contractor segment markets sprayers for architectural coatings for painting, corrosion control, texture, and line striping.

Sales and operating earnings by segment were as follows (in thousands):

   Thirteen Weeks Ended Twenty-six Weeks Ended
   June 26, June 27, June 26, June 27,
   2015 2014 2015 2014
 Net Sales           
  Industrial$ 153,502 $ 156,578 $ 296,768 $ 308,624
  Process  71,946   54,850   139,627   107,860
  Contractor  110,041   111,121   205,547   196,027
 Total$ 335,489 $ 322,549 $ 641,942 $ 612,511
 Operating Earnings           
  Industrial$ 50,738 $ 50,892 $ 93,678 $ 99,997
  Process  13,988   13,572   24,486   26,215
  Contractor  27,040   28,289   46,415   46,539
  Unallocated corporate (expense)  (7,875)   (6,905)   (15,457)   (12,198)
 Total$ 83,891 $ 85,848 $ 149,122 $ 160,553

Assets by segment were as follows (in thousands):

   June 26, Dec 26,
   2015 2014
        
 Industrial$ 567,759 $ 548,868
 Process  499,113   304,903
 Contractor  214,092   176,757
 Unallocated corporate  137,944   514,250
 Total$ 1,418,908 $ 1,544,778

Unallocated corporate assets decreased due to the sale of the Liquid Finishing assets in the second quarter of 2015 (see note 12).

Geographic information follows (in thousands):

   Thirteen Weeks Ended Twenty-six Weeks Ended
   June 26, June 27, June 26, June 27,
   2015 2014 2015 2014
 Net sales           
 (based on customer location)           
  United States$ 170,921 $ 156,160 $ 330,249 $ 290,082
  Other countries  164,568   166,389   311,693   322,429
 Total$ 335,489 $ 322,549 $ 641,942 $ 612,511
              
   June 26, Dec 26,      
   2015 2014      
 Long-lived assets           
  United States$ 140,935 $ 131,131      
  Other countries  30,464   30,099      
 Total$ 171,399 $ 161,230