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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS | 6 Months Ended
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Jun. 27, 2015
INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS |
INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS | (4)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 solutions play a role in helping to meet rising global demand for processed foods and beverages and power and energy, particularly in 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 Financial Accounting Standards Board Codification (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/income, 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. 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. 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 personal comfort heating products for the residential and commercial markets. 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, obstruction lighting systems, communications and signal monitoring systems, fare collection systems, and portable cable and pipe locators. 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 were as follows:
|  | Three months ended |  | Six months ended |
|  | June 27, |  | June 28, |  | June 27, |  | June 28, |
|  | 2015 |  | 2014 |  | 2015 |  | 2014 |
Revenues: (1) |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 578.0 |  | $ | 661.4 |  | $ | 1,108.8 |  | $ | 1,278.1 |
Thermal Equipment and Services reportable segment |  | 298.0 |  | 327.3 |  | 545.2 |  | 606.9 |
Industrial Products and Services and Other |  | 198.4 |  | 206.4 |  | 367.3 |  | 387.2 |
Total revenues |  | $ | 1,074.4 |  | $ | 1,195.1 |  | $ | 2,021.3 |  | $ | 2,272.2 |
Income: |  |  |  |  |  |  |  |  |
Flow Technology reportable segment |  | $ | 75.9 |  | $ | 88.3 |  | $ | 135.2 |  | $ | 154.5 |
Thermal Equipment and Services reportable segment |  | 6.1 |  | 9.5 |  | 3.3 |  | 18.7 |
Industrial Products and Services and Other |  | 24.1 |  | 30.1 |  | 43.1 |  | 53.4 |
Total income for reportable and other operating segments |  | 106.1 |  | 127.9 |  | 181.6 |  | 226.6 |
Corporate expense |  | (29.1 | ) | (25.8 | ) | (58.3 | ) | (54.3 | )
Stock-based compensation expense |  | (5.5 | ) | (4.6 | ) | (29.1 | ) | (29.3 | )
Pension and postretirement expense |  | (1.3 | ) | (3.0 | ) | (2.6 | ) | (22.8 | )
Special charges, net |  | (6.1 | ) | (4.5 | ) | (12.7 | ) | (14.5 | )
Consolidated operating income |  | $ | 64.1 |  | $ | 90.0 |  | $ | 78.9 |  | $ | 105.7 |
| (1) |  | Under the percentage-of-completion method, we recognized revenues of $244.6 and $295.8 in the three months ended June 27, 2015 and June 28, 2014, respectively. For the six months ended June 27, 2015 and June 28, 2014, revenues under the percentage-of-completion method were $484.0 and $570.0, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage-of-completion method were $276.0 and $237.1 as of June 27, 2015 and December 31, 2014, respectively, and are reported as a component of ‘‘Accounts receivable, net’’ in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage-of-completion method were $182.6 and $178.9 as of June 27, 2015 and December 31, 2014, respectively, and are reported as a component of ‘‘Accrued expenses’’ in the condensed consolidated balance sheets.

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