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Information on Reportable Segments
 12 Months Ended
Dec. 31, 2015
Segment Reporting [Abstract]  
Information on Reportable Segments
Information on Reportable Segments
We are a global supplier of highly specialized, engineered solutions with operations in approximately 20 countries and sales in over 100 countries around the world.
As indicated in Note 1, during the third quarter of 2015, we realigned our segment reporting structure. Under the realigned structure, we have aggregated our operating segments into the following three reportable segments: HVAC, Detection and Measurement, and Power. 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, distribution methods, and regulatory environment. 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 CODM evaluates the results of each segment.
HVAC Reportable Segment
Our HVAC reportable segment engineers, designs, manufactures, installs and services cooling products for the HVAC and industrial markets, as well as boilers, comfort heating and ventilation products for the residential and commercial markets. The primary distribution channels for the segment’s products are direct to customers, independent manufacturing representatives, third-party distributors, and retailers. The segment primarily serves a North American customer base.
Detection and Measurement Reportable Segment
Our Detection and Measurement reportable segment engineers, designs, manufactures and installs underground pipe and cable locators and inspection equipment, bus fare collection systems, communication technologies, and specialty lighting. The primary distribution channels for the segment’s products are direct to customers and third-party distributors. The segment serves a global customer base, with a strong presence in North America, Europe and Asia.
Power Reportable Segment
Our Power reportable segment engineers, designs, manufactures, installs and services dry, evaporative and hybrid cooling systems, rotating and stationary heat exchangers and pollution control systems for the power generation market, and transformers for the power transmission and distribution market. The primary distribution channels for the segment’s products are direct to customers and third-party representatives. The segment serves a global customer base, with a strong presence in North America, Europe, Asia Pacific, and South Africa.
Corporate Expense
Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters, our former Asia Pacific center in Shanghai, China, which was part of the Spin-Off, and costs that were previously allocated to the FLOW Business that do not meet the requirements to be presented within discontinued operations.
Financial data for our reportable segments for the years ended December 31, 2015, 2014 and 2013 were as follows:
 
2015
 
2014
 
2013
Revenues:
 
 
 
 
 
HVAC segment
$
529.1

 
$
535.7

 
$
497.3

Detection and Measurement segment
232.3

 
244.4

 
271.3

Power segment (1)
957.9

 
1,172.6

 
1,200.2

     Consolidated revenues
$
1,719.3

 
$
1,952.7

 
$
1,968.8

Income (loss):
 
 
 
 
 
HVAC segment
$
80.2

 
$
69.4

 
$
66.6

Detection and Measurement segment (2)
46.0

 
55.2

 
72.6

Power segment (1)
(110.5
)
 
5.0

 
34.6

    Total income for segments
15.7

 
129.6

 
173.8

Corporate expense
100.8

 
131.7

 
136.2

Pension and postretirement expense (income)
18.9

 
106.1

 
(22.6
)
Stock-based compensation expense
34.5

 
33.1

 
26.5

Impairment of goodwill and other long-term assets
13.7

 
28.9

 
—

Special charges, net
17.8

 
9.3

 
17.9

Consolidated operating income (loss)
$
(170.0
)
 
$
(179.5
)
 
$
15.8

Capital expenditures:
 
 
 
 
 
HVAC segment
$
2.3

 
$
4.3

 
$
3.2

Detection and Measurement segment
1.2

 
2.3

 
1.7

Power segment
10.0

 
8.2

 
11.4

General corporate
4.4

 
5.6

 
15.8

Total capital expenditures
$
17.9

 
$
20.4

 
$
32.1

 
2015
 
2014
 
2013
Depreciation and amortization:
 
 
 
 
 
HVAC segment
$
4.6

 
$
4.5

 
$
4.5

Detection and Measurement segment
2.8

 
2.7

 
2.3

Power segment
22.9

 
25.5

 
29.1

General corporate
8.9

 
10.7

 
9.8

Total depreciation and amortization
$
39.2

 
$
43.4

 
$
45.7

Identifiable assets:
 
 
 
 
 
HVAC segment
$
623.0

 
$
684.8

 
$
651.9

Detection and Measurement segment
256.5

 
217.1

 
212.6

Power segment
928.6

 
1,047.4

 
1,122.6

General corporate
373.2

 
449.1

 
1,025.9

Discontinued operations
—

 
3,495.9

 
3,838.7

Total identifiable assets
$
2,181.3

 
$
5,894.3

 
$
6,851.7

Geographic Areas:
 
 
 
 
 
Revenues: (3)
 
 
 
 
 
United States
$
1,255.4

 
$
1,302.6

 
$
1,286.1

Germany
121.6

 
171.2

 
175.7

China
92.8

 
140.9

 
83.7

South Africa
54.2

 
109.2

 
234.2

United Kingdom
69.6

 
69.2

 
58.9

Other
125.7

 
159.6

 
130.2

 
$
1,719.3

 
$
1,952.7

 
$
1,968.8

Tangible Long-Lived Assets:
 
 
 
 
 
United States
$
837.9

 
$
796.9

 
$
905.0

Other
76.2

 
64.0

 
50.1

Long-lived assets of continuing operations
914.1

 
860.9

 
955.1

Long-lived assets of discontinued operations
—

 
534.4

 
698.3

Total tangible long-lived assets
$
914.1

 
$
1,395.3

 
$
1,653.4

___________________________________________________________________
(1) 
As further discussed in Note 14, during the third quarter of 2015, we made revisions to our estimates of expected revenues and profits on our large power projects in South Africa. As a result of these revisions, we reduced revenue and segment income by $57.2 and $95.0, respectively, during the third quarter of 2015. During the fourth quarter of 2014, we reduced the revenues and profits on our large power projects in South Africa by $25.0 due to schedule delays and financial challenges faced by certain of our subcontractors.
As of December 31, 2015, certain of these projects had cumulative losses. During the years ended December 31, 2015 and 2014, we recorded losses of approximately $105.0 and 9.2, respectively, related to these projects. There were no losses recorded on these projects during the year ended December 31, 2013.
(2) 
As further discussed in Notes 1 and 18, we identified certain misstatements associated with previously reported amounts. To correct these misstatements, and as permitted by SAB Topic 1.N, we have restated prior period consolidated financial statements included herein, including a reduction of segment income of $0.9 and $2.4 for the years ended December 31, 2014 and 2013, when compared to the amounts previously reported.
(3) 
Revenues are included in the above geographic areas based on the country that recorded the customer revenue.