XML 70 R24.htm IDEA: XBRL DOCUMENT v2.4.1.9
Segment and Geographic Information (Notes)
 12 Months Ended
Dec. 31, 2014
Segment Reporting [Abstract]  
Reporting Segments
Segment and Geographic Information
The structure of the Company’s internal organization is divided into the following reportable segments, which are also the Company’s operating segments: E&C, D&S and BioMedical. The Company’s reportable segments are business units that are each managed separately because they manufacture, offer and distribute distinct products with different production processes and sales and marketing approaches. The E&C and D&S segments manufacture products used primarily in energy-related and industrial applications, such as the separation, liquefaction, distribution and storage of hydrocarbon and industrial gases. The BioMedical segment supplies cryogenic and other equipment used in the medical, biological research and animal breeding industries. Due to the nature of the products that each segment sells, intersegment sales are not material. Corporate includes operating expenses for executive management, accounting, tax, treasury, corporate development, human resources, information technology, investor relations, legal, internal audit, risk management and share-based compensation expenses that are not allocated to the reporting segments.
The Company evaluates performance and allocates resources based on operating income or loss from continuing operations before interest expense, net, financing costs amortization, foreign currency loss (gain), income tax expense, net and noncontrolling interests, net of taxes. The accounting policies of the reportable segments are the same as those described in Note 2.
Segment Financial Information
 
Year Ended December 31, 2014
 
Energy &
Chemicals
 
Distribution &
Storage
 
BioMedical
 
Corporate
 
Total
Sales to external customers
$
388,018

 
$
578,806

 
$
226,128

 
$
—

 
$
1,192,952

Depreciation and amortization expense
9,649

 
16,749

 
13,842

 
2,936

 
43,176

Operating income (loss) (1)
79,665

 
85,213

 
25,694

 
(52,415
)
 
138,157

Total assets (2)
322,936

 
666,451

 
396,320

 
76,356

 
1,462,063

Capital expenditures
24,834

 
29,583

 
3,484

 
4,234

 
62,135

 
 
Year Ended December 31, 2013
 
Energy &
Chemicals
 
Distribution &
Storage
 
BioMedical
 
Corporate
 
Total
Sales to external customers
$
318,510

 
$
592,616

 
$
266,312

 
$
—

 
$
1,177,438

Depreciation and amortization expense
8,564

 
15,237

 
14,618

 
1,970

 
40,389

Operating income (loss)
59,671

 
93,560

 
33,039

 
(50,273
)
 
135,997

Total assets (2)
277,760

 
676,484

 
431,763

 
75,623

 
1,461,630

Capital expenditures
34,194

 
32,039

 
3,370

 
2,982

 
72,585

 
 
Year Ended December 31, 2012
 
Energy &
Chemicals
 
Distribution &
Storage
 
BioMedical
 
Corporate
 
Total
Sales to external customers
$
323,676

 
$
475,576

 
$
214,900

 
$
—

 
$
1,014,152

Depreciation and amortization expense
7,877

 
12,599

 
10,204

 
1,516

 
32,196

Operating income (loss)
64,931

 
79,175

 
24,079

 
(46,372
)
 
121,813

Total assets (2)
203,044

 
607,252

 
447,792

 
69,753

 
1,327,841

Capital expenditures
9,519

 
30,048

 
2,717

 
1,401

 
43,685

_______________
(1) 
The BioMedical segment’s operating income included recovery of $5,003 increasing operating income for the year ended December 31, 2014 from an escrow settlement for alleged breaches of representations and warranties relating to warranty costs (which are in excess of the settlement amount) for certain product lines acquired from AirSep in 2012.
(2) 
Corporate assets consist primarily of cash, cash equivalents and deferred income taxes.
The following table represents the changes in goodwill by segment:
 
Energy &
Chemicals
 
Distribution & Storage
 
BioMedical
 
Total
Balance at January 1, 2013
$
83,215

 
$
158,789

 
$
156,937

 
$
398,941

Foreign currency translation adjustments and other
—

 
957

 
(1,301
)
 
(344
)
Goodwill acquired during the year
—

 
308

 
—

 
308

Balance at December 31, 2013
83,215

 
160,054

 
155,636

 
398,905

Foreign currency translation adjustments and other
130

 
(2,806
)
 
—

 
(2,676
)
Goodwill acquired during the year
9,293

 
—

 
—

 
9,293

Balance at December 31, 2014
$
92,638

 
$
157,248

 
$
155,636

 
$
405,522



 Product Sales Information
 
Year Ended December 31,
 
2014
 
2013
 
2012
Energy & Chemicals
 
 
 
 
 
Natural gas processing (including petrochemical) applications
$
208,706

 
$
175,397

 
$
236,912

Liquefied natural gas applications
143,870

 
114,567

 
55,625

Industrial gas applications
35,442

 
28,546

 
31,139

Energy & Chemicals Total
388,018

 
318,510

 
323,676

Distribution & Storage
 
 
 
 
 
Bulk industrial gas applications
204,214

 
241,291

 
219,189

Packaged gas industrial applications
164,966

 
158,293

 
149,156

Liquefied natural gas applications
209,626

 
193,032

 
107,231

Distribution & Storage Total
578,806

 
592,616

 
475,576

BioMedical
 
 
 
 
 
Respiratory therapy
141,273

 
175,233

 
143,878

Life sciences
65,948

 
61,493

 
64,449

Commercial oxygen generation
18,907

 
29,586

 
6,573

BioMedical Total
226,128

 
266,312

 
214,900

Total
$
1,192,952

 
$
1,177,438

 
$
1,014,152


Geographic Information
Net sales by geographic area are reported by the destination of sales. Net property, plant and equipment by geographic area are reported by country of domicile.
 
Sales for the Year Ended December 31,
 
2014
 
2013
 
2012
United States
$
560,846

 
$
479,067

 
$
438,294

Foreign
 
 
 
 
 
China
188,047

 
231,143

 
149,010

Other foreign countries
444,059

 
467,228

 
426,848

Total Foreign
$
632,106

 
$
698,371

 
$
575,858

Total
$
1,192,952

 
$
1,177,438

 
$
1,014,152


 
 
Property, plant and equipment, net as of December 31,
 
2014
 
2013
 
2012
United States
$
163,425

 
$
146,610

 
$
98,425

Foreign
 
 
 
 
 
Czech Republic
22,511

 
23,623

 
21,559

China
57,580

 
38,569

 
34,158

Germany
13,495

 
14,618

 
14,402

Other foreign countries
634

 
785

 
1,232

Total Foreign
$
94,220

 
$
77,595

 
$
71,351

Total
$
257,645

 
$
224,205

 
$
169,776