| Segment Reporting Disclosure [Text Block] |
Segment Information
The Company conducts its operations through three operating segments: gas handling, fluid handling and fabrication technology. The gas-handling and fluid-handling operating segments are aggregated into a single reportable segment. A description of the Company’s reportable segments is as follows:
| | ▪ | Gas and Fluid Handling - a global supplier of a broad range of gas- and fluid-handling products, including heavy-duty centrifugal and axial fans, rotary heat exchangers, gas compressors, pumps, fluid-handling systems, controls and specialty valves, which serves customers in the power generation, oil, gas and petrochemical, mining, marine (including defense) and general industrial and other end markets; and |
| | ▪ | Fabrication Technology - a global supplier of welding equipment and consumables, cutting equipment and consumables and automated welding and cutting systems. |
Certain amounts not allocated to the two reportable segments and intersegment eliminations are reported under the heading “Corporate and other.” The Company’s management evaluates the operating results of each of its reportable segments based upon Net sales and segment operating income (loss), which represents Operating income (loss) before Restructuring and other related charges.
The Company’s segment results were as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Net sales: | | | | Gas and fluid handling | $ | 1,981,816 |
| | $ | 2,329,598 |
| | $ | 2,104,048 |
| Fabrication technology | 1,985,237 |
| | 2,294,878 |
| | 2,103,161 |
| Total Net sales | $ | 3,967,053 |
| | $ | 4,624,476 |
| | $ | 4,207,209 |
| | | | | | | Segment operating income (loss)(1): | | | | | | Gas and fluid handling | $ | 194,469 |
| | $ | 254,240 |
| | $ | 270,708 |
| Fabrication technology | 198,337 |
| | 265,813 |
| | 219,634 |
| Corporate and other | (46,984 | ) | | (52,379 | ) | | (48,448 | ) | Total segment operating income | $ | 345,822 |
| | $ | 467,674 |
| | $ | 441,894 |
| | | | | | | Depreciation, amortization and impairment charges: | | Gas and fluid handling | $ | 68,457 |
| | $ | 96,763 |
| | $ | 62,792 |
| Fabrication technology | 84,913 |
| | 76,406 |
| | 55,339 |
| Corporate and other | 1,172 |
| | 1,555 |
| | 1,127 |
| Total depreciation, amortization and impairment charges | $ | 154,542 |
| | $ | 174,724 |
| | $ | 119,258 |
| | | | | | | Capital expenditures: | | | | | | Gas and fluid handling | $ | 34,303 |
| | $ | 32,558 |
| | $ | 37,995 |
| Fabrication technology | 35,261 |
| | 47,955 |
| | 33,437 |
| Corporate and other | 313 |
| | 3,945 |
| | 50 |
| Total capital expenditures | $ | 69,877 |
| | $ | 84,458 |
| | $ | 71,482 |
| | | | | | |
(1) The following is a reconciliation of Income before income taxes to segment operating income: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | | | | | | Income before income taxes | $ | 236,902 |
| | $ | 358,248 |
| | $ | 302,795 |
| Interest expense | 47,743 |
| | 51,305 |
| | 103,597 |
| Restructuring and other related charges | 61,177 |
| | 58,121 |
| | 35,502 |
| Segment operating income | $ | 345,822 |
| | $ | 467,674 |
| | $ | 441,894 |
|
| | | | | | | | | | December 31, | | 2015 | | 2014 | | (In thousands) | Investments in Equity Method Investees: | | | | Gas and fluid handling | $ | 3,805 |
| | $ | 7,085 |
| Fabrication technology | 42,106 |
| | 45,411 |
|
| $ | 45,911 |
| | $ | 52,496 |
| | | | | Total Assets(1): | | | | Gas and fluid handling | $ | 3,482,471 |
| | $ | 3,648,860 |
| Fabrication technology | 3,157,078 |
| | 3,470,426 |
| Corporate and other | 93,370 |
| | 92,231 |
| Total Assets | $ | 6,732,919 |
| | $ | 7,211,517 |
| | | | |
(1) During the year ended December 31, 2015 the Company retrospectively adjusted provisional amounts with respect to an acquisition completed during the three months ended June 27, 2014 to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. See Note 4, “Acquisitions” for further discussion regarding these adjustments. The Company also retrospectively adjusted amounts recorded as of December 31, 2014 for the adoption of ASU 2015-03 and ASU 2015-17. See Note 3, “Recently Issued Accounting Pronouncements” for further discussion.
The detail of the Company’s operations by product type and geography is as follows: | | | | | | | | | | | | | | Year Ended December 31, | | 2015 | | 2014 | | 2013 | | (In thousands) | Net Sales by Major Product: | | | | | | Gas handling | $ | 1,449,115 |
| | $ | 1,676,180 |
| | $ | 1,440,731 |
| Fluid handling | 532,701 |
| | 653,418 |
| | 663,317 |
| Welding and cutting | 1,985,237 |
| | 2,294,878 |
| | 2,103,161 |
| Total Net sales | $ | 3,967,053 |
| | $ | 4,624,476 |
| | $ | 4,207,209 |
|
| | | | | | | | | | | | | Net Sales by Origin(1): | | | | | | United States | $ | 1,124,883 |
| | $ | 1,097,864 |
| | $ | 836,636 |
| Foreign locations | 2,842,170 |
| | 3,526,612 |
| | 3,370,573 |
| Total Net sales | $ | 3,967,053 |
| | $ | 4,624,476 |
| | $ | 4,207,209 |
|
(1) The Company attributes revenues from external customers to individual countries based upon the country in which the sale was originated.
| | | | | | | | | | December 31, | | 2015 | | 2014(2) | | (In thousands) | Property, Plant and Equipment, Net(1): | | | | United States | $ | 179,194 |
| | $ | 177,957 |
| Czech Republic | 75,540 |
| | 79,430 |
| China | 63,784 |
| | 76,959 |
| Other Foreign Locations | 326,018 |
| | 393,089 |
| Property, plant and equipment, net | $ | 644,536 |
| | $ | 727,435 |
|
(1) As the Company does not allocate all long-lived assets, specifically intangible assets, to each individual country, evaluation of long-lived assets in total is impracticable. (2) During the year ended December 31, 2015 the Company retrospectively adjusted provisional amounts with respect to an acquisition completed during the three months ended June 27, 2014 to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. See Note 4, “Acquisitions” for further discussion regarding these adjustments. |