| 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: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2016 | | September 25, 2015 | | September 30, 2016 | | September 25, 2015 | | (In thousands) | Net sales: | | | | Gas and fluid handling | $ | 433,119 |
| | $ | 481,908 |
| | $ | 1,349,549 |
| | $ | 1,408,992 |
| Fabrication technology | 446,085 |
| | 487,236 |
| | 1,363,747 |
| | 1,496,597 |
| | $ | 879,204 |
| | $ | 969,144 |
| | $ | 2,713,296 |
| | $ | 2,905,589 |
| Segment operating income (loss)(1): | | | | | | | | Gas and fluid handling | $ | 29,246 |
| | $ | 26,634 |
| | $ | 108,262 |
| | $ | 127,097 |
| Fabrication technology | 48,074 |
| | 42,415 |
| | 148,430 |
| | 153,635 |
| Corporate and other | (9,641 | ) | | (10,423 | ) | | (35,327 | ) | | (35,492 | ) | | $ | 67,679 |
| | $ | 58,626 |
| | $ | 221,365 |
| | $ | 245,240 |
|
(1) The following is a reconciliation of Income before income taxes to segment operating income: | | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2016 | | September 25, 2015 | | September 30, 2016 | | September 25, 2015 | | (In thousands) | Income before income taxes | $ | 43,728 |
| | $ | 34,698 |
| | $ | 147,425 |
| | $ | 182,432 |
| Interest expense | 6,792 |
| | 10,857 |
| | 24,623 |
| | 37,150 |
| Restructuring and other related charges | 17,159 |
| | 13,071 |
| | 49,317 |
| | 25,658 |
| Segment operating income | $ | 67,679 |
| | $ | 58,626 |
| | $ | 221,365 |
| | $ | 245,240 |
|
The detail of the Company’s Net sales by product type is as follows:
| | | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | September 30, 2016 | | September 25, 2015 | | September 30, 2016 | | September 25, 2015 | | (In thousands) | Gas handling | $ | 320,437 |
| | $ | 353,562 |
| | $ | 1,009,599 |
| | $ | 1,019,587 |
| Fluid handling | 112,682 |
| | 128,345 |
| | 339,950 |
| | 389,404 |
| Welding and cutting | 446,085 |
| | 487,237 |
| | 1,363,747 |
| | 1,496,598 |
| Total Net sales | $ | 879,204 |
| | $ | 969,144 |
| | $ | 2,713,296 |
| | $ | 2,905,589 |
|
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