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Information on Reportable Segments and Other Operating Segments | 12 Months Ended
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Dec. 31, 2013
Information on Reportable Segments and Other Operating Segments |
Information on Reportable Segments and Other Operating Segments | (5) Information on Reportable Segments and Other Operating Segments We are a global supplier of highly specialized, engineered solutions with operations in over 35 countries and sales in over 150 countries around the world. Many of our products and innovative solutions play a role in helping to meet rising global demand for power and energy and processed foods and beverages, particularly in emerging markets. In 2013, an estimated 30% of our revenues were from sales into emerging markets. Our key products include processing systems and equipment for the food and beverage industry, reciprocating pumps used in oil and gas processing, power transformers used by utility companies, and cooling systems for power plants. We aggregate certain of our operating segments into our two reportable segments, Flow Technology and Thermal Equipment and Services, while our remaining operating segments, which do not meet the quantitative threshold criteria of the Segment Reporting Topic of the Codification, have been combined within our "All Other" category, which we refer to as Industrial Products and Services and Other. The operating segments in this "All Other" category generally serve industrial end-markets. Industrial Products and Services and Other is not considered a reportable segment. The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers and distribution methods. In determining our segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification to operating income or loss of each segment before considering impairment and special charges, pension and postretirement expense, stock-based compensation and other indirect corporate expenses. This is consistent with the way our chief operating decision maker evaluates the results of each segment. Revenues by reportable segment and our other operating segments and geographic area represent sales to unaffiliated customers, and no one customer or group of customers that, to our knowledge, are under common control accounted for more than 10% of our consolidated revenues for any period presented. Intercompany revenues among reportable segments and our other operating segments are not significant. Identifiable assets by reportable segment and for the other operating segments are those used in the respective operations of each. General corporate assets are principally cash, pension assets, deferred tax assets, certain prepaid expenses, fixed assets, and our 44.5% interest in the EGS Electrical Group, LLC and subsidiaries ("EGS") joint venture. See Note 9 for financial information relating to EGS. Flow Technology Reportable Segment Our Flow Technology reportable segment engineers, designs, manufactures and markets products and solutions used to process, blend, filter, dry, meter and transport fluids with a focus on original equipment installation, including turnkey systems, skidded systems and components, as well as comprehensive aftermarket components and support services. Primary component offerings include engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. The segment primarily serves customers in food and beverage, power and energy and industrial end markets. Core brands include SPX Flow Technology, APV, ClydeUnion, e&e, Seital, Lightnin, Waukesha Cherry-Burrell, Anhydro, Bran&Luebbe, Copes-Vulcan, Johnson Pump, M&J Valves, Plenty, Hankison, Gerstenberg Schröder, GD Engineering, Dollinger Filtration, Pneumatic Products, Delair, Deltech and Jemaco. Competitors in these diversified end markets include GEA Group AG, Flowserve, Alfa Laval AB, Sulzer, ITT Gould Pumps and IDEX Corporation. Channels to market consist of stocking distributors, manufacturers' representatives and direct sales. The segment continues to focus on innovation and new product development, optimizing its global footprint while taking advantage of cross-product integration opportunities and increasing its competitive position in global end markets. Flow Technology's solutions focus on key business drivers, such as product flexibility, process optimization, sustainability and safety. Thermal Equipment and Services Reportable Segment Our Thermal Equipment and Services reportable segment engineers, designs, manufactures, installs and services thermal heat transfer products. Primary offerings include dry, evaporative and hybrid cooling systems, rotating and stationary heat exchangers and pollution control systems for the power generation, HVAC and industrial markets, as well as boilers and heating and ventilation products for the residential and commercial markets. The primary distribution channels for the Thermal Equipment and Services reportable segment are direct to customers, independent manufacturing representatives, third-party distributors and retailers. The segment has a balanced presence geographically, with a strong presence in North America, Europe and South Africa. Industrial Products and Services and Other Industrial Products and Services and Other comprises operating segments that design, manufacture and market power transformers, industrial tools and hydraulic units, communications and signal monitoring systems, fare collection systems, and portable cable and pipe locators. The primary distribution channels for the Industrial Products and Services and Other operating segments are direct to customers, independent manufacturing representatives and third-party distributors. Corporate Expense Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters and our Asia Pacific center in Shanghai, China. Financial data for our reportable segments and other operating segments, including the results of acquisitions from the dates of the respective acquisitions, for the years ended December 31, 2013, 2012 and 2011 were as follows:
|  | 2013 |  | 2012 |  | 2011 |
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Revenues: |  |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 2,638.0 |  | $ | 2,682.2 |  | $ | 2,042.0 |
Thermal Equipment and Services reportable segment |  |  | 1,344.2 |  |  | 1,490.9 |  |  | 1,636.4 |
Industrial Products and Services and Other |  |  | 735.0 |  |  | 657.9 |  |  | 594.5 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total revenues |  | $ | 4,717.2 |  | $ | 4,831.0 |  | $ | 4,272.9 |
Income: |  |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 308.3 |  | $ | 285.1 |  | $ | 268.4 |
Thermal Equipment and Services reportable segment |  |  | 81.9 |  |  | 106.7 |  |  | 142.5 |
Industrial Products and Services and Other |  |  | 104.3 |  |  | 80.7 |  |  | 71.4 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total income for reportable and other operating segments |  |  | 494.5 |  |  | 472.5 |  |  | 482.3 |
Corporate expense |  |  | 110.8 |  |  | 108.8 |  |  | 105.9 |
Pension and postretirement expense (income)(1) |  |  | (17.7 | ) |  | 158.0 |  |  | 51.5 |
Stock-based compensation expense |  |  | 32.8 |  |  | 38.8 |  |  | 38.6 |
Impairment of goodwill and other long-term assets |  |  | 6.7 |  |  | 285.9 |  |  | 28.3 |
Special charges, net |  |  | 32.3 |  |  | 23.4 |  |  | 21.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Consolidated operating income (loss) |  | $ | 329.6 |  | $ | (142.4 | ) | $ | 237.0 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 21.0 |  | $ | 25.6 |  | $ | 59.6 |
Thermal Equipment and Services reportable segment |  |  | 7.2 |  |  | 10.9 |  |  | 12.2 |
Industrial Products and Services and Other |  |  | 10.1 |  |  | 19.0 |  |  | 58.3 |
General corporate |  |  | 16.6 |  |  | 25.9 |  |  | 15.1 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital expenditures |  | $ | 54.9 |  | $ | 81.4 |  | $ | 145.2 |
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 68.3 |  | $ | 63.8 |  | $ | 41.1 |
Thermal Equipment and Services reportable segment |  |  | 22.5 |  |  | 22.0 |  |  | 24.0 |
Industrial Products and Services and Other |  |  | 15.6 |  |  | 15.7 |  |  | 10.6 |
General corporate |  |  | 8.4 |  |  | 6.1 |  |  | 7.0 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total depreciation and amortization |  | $ | 114.8 |  | $ | 107.6 |  | $ | 82.7 |
Identifiable assets: |  |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 3,526.8 |  | $ | 3,611.2 |  | $ | 3,359.9 |
Thermal Equipment and Services reportable segment |  |  | 1,338.1 |  |  | 1,445.4 |  |  | 1,820.5 |
Industrial Products and Services and Other |  |  | 637.4 |  |  | 651.8 |  |  | 630.6 |
General corporate |  |  | 1,205.6 |  |  | 1,279.1 |  |  | 705.5 |
Discontinued operations |  |  | 148.3 |  |  | 142.6 |  |  | 875.3 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total identifiable assets |  | $ | 6,856.2 |  | $ | 7,130.1 |  | $ | 7,391.8 |
Geographic Areas: |  |  |  |  |  |  |  |  |  |
Revenues:(2) |  |  |  |  |  |  |  |  |  |
United States |  | $ | 2,157.2 |  | $ | 2,167.2 |  | $ | 1,973.7 |
Germany |  |  | 306.2 |  |  | 358.5 |  |  | 387.6 |
China |  |  | 235.9 |  |  | 232.3 |  |  | 263.0 |
South Africa |  |  | 266.3 |  |  | 322.4 |  |  | 281.4 |
United Kingdom |  |  | 499.6 |  |  | 545.2 |  |  | 239.7 |
Other |  |  | 1,252.0 |  |  | 1,205.4 |  |  | 1,127.5 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 4,717.2 |  | $ | 4,831.0 |  | $ | 4,272.9 |
Tangible Long-Lived Assets: |  |  |  |  |  |  |  |  |  |
United States |  | $ | 1,255.9 |  | $ | 1,152.3 |  | $ | 1,058.6 |
Other |  |  | 385.7 |  |  | 310.2 |  |  | 283.5 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Long-lived assets of continuing operations |  |  | 1,641.6 |  |  | 1,462.5 |  |  | 1,342.1 |
Long-lived assets of discontinued operations |  |  | 16.3 |  |  | 16.2 |  |  | 124.4 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total tangible long-lived assets |  | $ | 1,657.9 |  | $ | 1,478.7 |  | $ | 1,466.5 |
(1) Reflects change in accounting methods for recognizing changes in the fair value of plan assets and actuarial gains and losses on pension and postretirement benefit plans (see Note 1), with the changes reported through retrospective application to all periods reported. Changes in the fair value of plan assets and actuarial gains (losses) recognized in pension and postretirement income (expense) totaled $0.8, $(149.9) and $(38.6) in 2013, 2012 and 2011, respectively. (2) Revenues are included in the above geographic areas based on the country that recorded the customer revenue.

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- Definition The entire disclosure for reportable segments and other operating segments including data and tables. + References No definition available. + Details
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