XML 45 R27.htm IDEA: XBRL DOCUMENT v2.4.0.8
Business Segments
 6 Months Ended
Jun. 30, 2013
Segment Reporting [Abstract]  
Business Segments
Business Segments 
The company identifies its segments using the “management approach,” which designates the internal organization that is used by management for making operating decisions and assessing performance as the source of the company’s reportable segments.  The company has two reportable segments: Crane and Foodservice.  The company has not aggregated individual operating segments within these reportable segments.  Net sales and earnings from operations by segment are summarized as follows:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
(in millions)
 
2013
 
2012
 
2013
 
2012
Net sales:
 
 

 
 

 
 

 
 

Crane
 
$
656.9

 
$
610.7

 
$
1,204.3

 
$
1,118.6

Foodservice
 
389.7

 
386.5

 
740.3

 
730.5

Total net sales
 
$
1,046.6

 
$
997.2

 
$
1,944.6

 
$
1,849.1

Earnings (loss) from continuing operations:
 
 

 
 

 
 

 
 

Crane
 
$
65.0

 
$
52.0

 
$
96.3

 
$
73.4

Foodservice
 
63.0

 
66.1

 
112.1

 
117.1

Corporate expense
 
(16.5
)
 
(16.5
)
 
(35.0
)
 
(32.5
)
Amortization expense
 
(9.0
)
 
(9.3
)
 
(18.1
)
 
(18.6
)
Restructuring expense
 
(0.9
)
 
(0.2
)
 
(1.2
)
 
(0.9
)
Other
 
—

 
(0.1
)
 
(0.3
)
 
(0.1
)
Earnings from continuing operations
 
$
101.6

 
$
92.0

 
$
153.8

 
$
138.4

Other income (expenses):
 
 
 
 
 
 
 
 
Interest expense
 
$
(32.6
)
 
$
(33.8
)
 
$
(65.9
)
 
$
(66.8
)
Amortization of deferred financing fees
 
(1.7
)
 
(2.1
)
 
(3.5
)
 
(4.1
)
Loss on debt extinguishment
 
—

 
—

 
(0.4
)
 
—

Other income (expense)-net
 
(1.4
)
 
2.0

 
0.2

 
0.2

Earnings from continuing operations before taxes on earnings
 
$
65.9

 
$
58.1

 
$
84.2

 
$
67.7



As of June 30, 2013 and December 31, 2012, the total assets by segment were as follows:
(in millions)
 
June 30, 2013
 
December 31, 2012
Crane
 
$
1,988.0

 
$
1,903.3

Foodservice
 
1,936.2

 
1,956.8

Corporate
 
227.0

 
197.2

Total
 
$
4,151.2

 
$
4,057.3