Segment Information

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Segment Information

17. Segment Information

The Company currently operates through four business segments that are aligned with the key end-markets they serve: Energy, Engineered Systems, Printing & Identification and Communication Technologies.  Consistent with the requirements of segment reporting, the Company's operating segments are aligned with its operating and management reporting structure.  The segment structure is intended to provide alignment and focus around its end-markets, allow for better leverage of its executive leadership talent and expertise, help improve the sharing and leveraging of resources within and between the four segments, enhance execution of business-specific strategies, and facilitate internal and external benchmarking against companies serving similar markets.

The Energy segment provides highly-engineered solutions for the safe and efficient extraction and handling of oil and gas in the production, downstream and drilling markets.  The Engineered Systems segment is comprised of two platforms, Refrigeration & Industrial and Fluid Solutions, which are industry leaders in the refrigeration and food equipment, industrial markets and fluids systems.  The Printing & Identification segment provides integrated printing, coding, and dispensing solutions for the fast moving consumer goods and industrial markets. The Communication Technologies segment is engaged in the design and manufacture of innovative products and components in the consumer electronics, aerospace/defense, medical technology and telecommunication/other markets.   

Segment financial information and a reconciliation of segment results to consolidated results follows:

	Years Ended December 31,
	2013			2012			2011
Revenue:
Energy	$	2,296,454		$	2,172,604		$	1,900,749
Engineered Systems	3,796,709			3,419,544			3,100,735
Printing & Identification	1,021,775			996,531			1,008,236
Communication Technologies	1,616,267			1,516,585			1,360,077
Intra-segment eliminations	(1,392		)	(925		)	(643		)
Total consolidated revenue	$	8,729,813		$	8,104,339		$	7,369,154
Earnings from continuing operations:
Segment earnings:
Energy	$	552,800		$	538,650		$	450,637
Engineered Systems	575,898			501,952			445,186
Printing & Identification	152,618			135,159			141,561
Communication Technologies	237,699			218,960			226,382
Total segments	1,519,015			1,394,721			1,263,766
Corporate expense / other (1)	160,861			136,009			137,979
Net interest expense	120,742			121,141			115,525
Earnings before provision for income taxes and discontinued operations	1,237,412			1,137,571			1,010,262
Provision for taxes	271,607			304,452			237,076
Earnings from continuing operations	$	965,805		$	833,119		$	773,186
Operating margins:
Energy	24.1		%	24.8		%	23.7		%
Engineered Systems	15.2		%	14.7		%	14.4		%
Printing & Identification	14.9		%	13.6		%	14.0		%
Communication Technologies	14.7		%	14.4		%	16.6		%
Total Segments	17.4		%	17.2		%	17.1		%
Earnings from continuing operations	11.1		%	10.3		%	10.5		%
Depreciation and amortization:
Energy	$	107,344		$	95,077		$	77,819
Engineered Systems	131,154			93,621			74,776
Printing & Identification	30,782			33,602			33,482
Communication Technologies	148,475			132,619			101,839
Corporate	3,861			2,666			2,561
Consolidated total	$	421,616		$	357,585		$	290,477
Capital expenditures:
Energy	$	67,954		$	70,334		$	74,953
Engineered Systems	58,037			66,028			58,610
Printing & Identification	8,964			6,255			10,391
Communication Technologies	99,124			152,245			111,402
Corporate	2,754			2,150			7,320
Consolidated total	$	236,833		$	297,012		$	262,676

(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, and various administrative expenses relating to the corporate headquarters. For the year ended December 31, 2013, one-time costs associated with the spin-off transaction totaling $30,093 are included.

Selected financial information by market segment (continued): 

Total assets at December 31:	2013		2012		2011
Energy	$	2,139,491	$	2,020,349	$	1,699,395
Engineered Systems	3,518,038		3,378,005		2,247,532
Printing & Identification	1,271,507		1,301,521		1,310,272
Communication Technologies	2,655,430		2,538,644		2,471,918
Corporate (2)	932,984		807,879		1,284,575
Total assets - continuing operations	10,517,450		10,046,398		9,013,692
Assets from discontinued operations	320,722		397,545		486,860
Consolidated total	$	10,838,172	$	10,443,943	$	9,500,552

(2) Corporate assets are principally cash and cash equivalents. Also included in corporate assets is a $20,000 note receivable related to proceeds from the sale of ECT in 2013, as well as an asset of $75,591 that represents the overfunded plan status of the U.S. defined benefit plan. Refer to Note 4. Disposed and Discontinued Operations and Note 15. Employee Benefit Plans, respectively, for additional information.

	Revenue						Long-Lived Assets
	Years Ended December 31,						At December 31,
	2013		2012		2011		2013		2012
United States	$	4,562,958	$	4,343,946	$	3,923,118	$	633,538	$	656,006
Europe	1,280,923		1,240,222		1,247,039		225,527		216,535
Other Americas	852,559		793,556		771,239		50,197		51,096
Asia	1,577,886		1,488,251		1,162,103		258,325		232,937
Other	455,487		238,364		265,655		15,395		10,478
Consolidated total	$	8,729,813	$	8,104,339	$	7,369,154	$	1,182,982	$	1,167,052

Revenue is attributed to regions based on the location of the Company’s customer, which in some instances is an intermediary and not necessarily the end user. Long-lived assets are comprised of net property, plant and equipment. The Company’s businesses are based primarily in the United States of America, Asia, and Europe. The Company’s businesses serve thousands of customers, none of which accounted for more than 10% of consolidated revenue.