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SEGMENT AND GEOGRAPHICAL REPORTING
 12 Months Ended
Dec. 31, 2014
SEGMENT AND GEOGRAPHICAL REPORTING [Abstract]  
SEGMENT AND GEOGRAPHICAL REPORTING
NOTE 17 – SEGMENT AND GEOGRAPHICAL REPORTING

The Company’s reportable business segments are: Service Centers, Innovative Pumping Solutions and Supply Chain Services. The Service Centers segment is engaged in providing maintenance, MRO products, equipment and integrated services, including logistics capabilities, to industrial customers. The Service Centers segment provides a wide range of MRO products in the rotating equipment, bearing, power transmission, hose, fluid power, metal working, fastener, industrial supply, safety products and safety services categories. The Innovative Pumping Solutions segment fabricates and assembles custom-made pump packages, remanufactures pumps and manufactures branded private label pumps. The Supply Chain Services segment manages all or part of a customer's supply chain, including warehouse and inventory management.

The high degree of integration of the Company’s operations necessitates the use of a substantial number of allocations and apportionments in the determination of business segment information. Sales are shown net of intersegment eliminations.

Business Segmented Financial Information

The following table sets out financial information relating the Company’s segments (in thousands):

Years Ended December 31,
Service
Centers
 
Innovative
Pumping
Solutions
 
Supply
Chain
Services
 
Total
2014
             
Sales
$987,561
 
$  348,134
 
$  163,967
 
$1,499,662
Operating income for reportable segments, excluding impairment expense
107,699
 
51,162
 
13,794
 
172,655
Identifiable assets at year end
568,182
 
202,228
 
54,637
 
825,047
Capital expenditures
4,100
 
4,043
 
122
 
8,265
Depreciation
8,416
 
2,381
 
397
 
11,194
Amortization
11,281
 
8,993
 
2,206
 
22,480
Interest expense
3,422
 
8,451
 
924
 
12,797
Impairment expense by segment
10,210
 
107,359
 
-
 
117,569
               
2013
             
Sales
$884,821
 
$209,175
 
$147,514
 
$1,241,510
Operating income for reportable segments
107,142
 
33,766
 
12,490
 
153,398
Identifiable assets at year end
500,978
 
66,007
 
48,049
 
615,034
Capital expenditures
6,321
 
357
 
206
 
6,884
Depreciation
7,770
 
446
 
366
 
8,582
Amortization
8,574
 
1,043
 
2,213
 
11,830
Interest expense
3,762
 
1,636
 
884
 
6,282
               
2012
             
Sales
$779,038
 
$161,834
 
$156,238
 
$1,097,110
Operating income for reportable segments
88,924
 
32,099
 
12,495
 
133,518
Identifiable assets at year end
440,271
 
56,982
 
50,515
 
547,768
Capital expenditures
4,829
 
261
 
-
 
5,090
Depreciation
5,734
 
306
 
175
 
6,215
Amortization
8,795
 
663
 
1,428
 
10,886
Interest expense
3,701
 
1,243
 
616
 
5,560
 
 
Years Ended December 31,
           
 
2014
 
2013
 
2012
Operating income for reportable segments,    excluding impairment expense
$ 172,655
 
$ 153,398
 
$ 133,518
Adjustments for:
         
 Impairment expense
117,569
 
-
 
-
 Amortization of intangibles
22,480
 
11,830
 
10,886
 Corporate and other expense, net
45,234
 
40,644
 
32,110
Total operating income (loss)
(12,628)
 
100,924
 
90,522
Interest expense
12,797
 
6,282
 
5,560
Other expenses (income), net
131
 
(75)
 
(47)
Income (loss) before income taxes
$ (25,556)
 
$ 94,717
 
$ 85,009

The Company had capital expenditures at Corporate of $0.8 million, $0.9 million, and $9.0 million for the years ended December 31, 2014, 2013, and 2012, respectively. The Company had identifiable assets at Corporate of $19.3 million, $20.3 million, and $22.0 million as of December 31, 2014, 2013, and 2012, respectively. Corporate depreciation was $1.4 million, $1.2 million, and $1.0 million for the years ended December 31, 2014, 2013, and 2012, respectively.

Geographical Information

Revenues are presented in geographic area based on location of the facility shipping products or providing services. Long-lived assets are based on physical locations and are comprised of the net book value of property.

The Company’s revenues and property and equipment by geographical location are as follows (in thousands):

 
Years Ended December 31,
 
2014
2013
2012
Revenues
     
United States
$  1,300,493
$1,075,962
$1,039,712
Canada
195,633
165,548
57,398
Other
3,536
-
-
 Total
$  1,499,662
$1,241,510
$1,097,110
 

 
 
As of December 31,
 
2014
2013
Property and Equipment, net
   
United States
$    49,013
$ 32,878
Canada
20,966
25,375
 Total
$    69,979
$58,253