Segment Information

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Information

Segment Information

The following table presents certain reportable segment information (In thousands):

	Energy		Aerospace		Flow Technologies		Corporate / Eliminations			Consolidated Total
Three Months Ended March 31, 2013
Net revenues	$	96,722	$	37,326	$	71,350	$	—		$	205,398
Inter-segment revenues	364		5		230		(599		)	—
Operating income (loss)	10,137		394		8,957		(6,588		)	12,900
Interest income										(43		)
Interest expense										830
Other expense, net										612
Income before income taxes										$	11,501
Identifiable assets	396,339		179,306		210,860		(82,396		)	704,110
Capital expenditures	1,851		1,489		1,273		94			4,707
Depreciation and amortization	1,636		1,216		1,535		380			4,767
Three Months Ended April 1, 2012
Net revenues	$	109,264	$	38,085	$	66,931	$	—		$	214,280
Inter-segment revenues	396		26		192		(614		)	—
Operating income (loss)	8,928		4,124		7,587		(6,939		)	13,700
Interest income										(83		)
Interest expense										1,164
Other expense, net										138
Income before income taxes										$	12,481
Identifiable assets	379,950		195,823		193,468		(48,708		)	720,533
Capital expenditures	730		882		2,330		180			4,122
Depreciation and amortization	1,987		1,249		1,431		305			4,972

Each reporting segment is individually managed and has separate financial results that are reviewed by our chief operating decision-maker. Each segment contains related products and services particular to that segment. For further discussion of the products included in each segment refer to Note (1) of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012.

In calculating operating income for each reporting segment, substantial administrative expenses incurred at the corporate level for the benefit of other reporting segments were allocated to the segments based upon specific identification of costs, employment related information or net revenues.

Corporate / Eliminations are reported on a net “after allocations” basis. Inter-segment intercompany transactions affecting net operating profit have been eliminated within the respective operating segments.

The operating loss reported in the Corporate / Eliminations column in the preceding table consists primarily of the following corporate expenses: compensation and fringe benefit costs for executive management and other corporate staff; corporate development costs (relating to mergers and acquisitions); human resource development and benefit plan administration expenses; legal, accounting and other professional and consulting fees; facilities, equipment and maintenance costs; and travel and various other administrative costs. The above costs are incurred in the course of furthering the business prospects of the Company and relate to activities such as: implementing strategic business growth opportunities; corporate governance; risk management; treasury; investor relations and shareholder services; regulatory compliance; and stock transfer agent costs.

The total assets for each operating segment have been reported as the Identifiable Assets for that segment, including inter-segment intercompany receivables, payables and investments in other CIRCOR businesses. Identifiable assets reported in Corporate / Eliminations include both corporate assets, such as cash, deferred taxes, prepaid and other assets, fixed assets, as well as the elimination of all inter-segment intercompany assets. The elimination of intercompany assets results in negative amounts reported in Corporate / Eliminations for Identifiable Assets for the periods ended March 31, 2013 and April 1, 2012. Corporate Identifiable Assets after elimination of intercompany assets were $42.0 million and $42.5 million as of March 31, 2013 and April 1, 2012, respectively.