Business Segments

12 Months Ended

Dec. 31, 2013

Segment Reporting [Abstract]

Business Segments

NOTE 19 – BUSINESS SEGMENTS:

The Corporation organizes its business into two operating segments—Forged and Cast Rolls and Air and Liquid Processing. Summarized financial information concerning the Corporation’s reportable segments is shown in the following tables. Corporate assets included under Identifiable Assets represent primarily cash and cash equivalents and other items not allocated to reportable segments. Long-lived assets exclude deferred income tax assets. Corporate costs are comprised of operating costs of the corporate office and other costs not allocated to the segments.

The accounting policies are the same as those described in Note 1.

			Net Sales				Income Before Income Taxes and Equity Losses in Chinese Joint  Venture
	2013		2012		2011		2013			2012			2011
Forged and Cast Rolls	$	187,286	$	189,470	$	248,380	$	13,936		$	18,415		$	38,761
Air and Liquid Processing(1)		93,764		103,435		96,436		24,945			7,267			8,155
Total Reportable Segments		281,050		292,905		344,816		38,881			25,682			46,916
Corporate costs, including other income (expense)								(11,701	)		(10,515	)		(12,189	)
	$	281,050	$	292,905	$	344,816	$	27,180		$	15,167		$	34,727

	Capital Expenditures						Depreciation Expense						Identifiable Assets(2)
	2013		2012		2011		2013		2012		2011		2013		2012		2011
Forged and Cast Rolls	$	11,016	$	8,867	$	15,108	$	9,976	$	9,282	$	8,712	$	263,012	$	268,489	$	265,340
Air and Liquid Processing		757		798		610		1,300		1,311		1,374		168,977		186,340		195,463
Corporate		32		3		62		66		68		67		70,684		78,350		70,829
	$	11,805	$	9,668	$	15,780	$	11,342	$	10,661	$	10,153	$	502,673	$	533,179	$	531,632

	Net Sales(3)						Long-Lived Assets(4)						Income Before Income Taxes and Equity Losses in Chinese Joint Venture
Geographic Areas:	2013		2012		2011		2013		2012		2011		2013		2012		2011
United States(1)	$	134,695	$	143,579	$	148,629	$	213,332	$	228,177	$	238,927	$	26,137	$	14,707	$	30,190
Foreign		146,355		149,326		196,187		35,723		41,620		40,536		1,043		460		4,537
	$	281,050	$	292,905	$	344,816	$	249,055	$	269,797	$	279,463	$	27,180	$	15,167	$	34,727

	Net Sales by Product Line
	2013		2012		2011
Forged and cast rolls(5)	$	187,286	$	189,470	$	248,380
Heat exchange coils		42,364		44,477		41,845
Centrifugal pumps		32,341		30,551		28,602
Air handling systems		19,059		28,407		25,989
	$	281,050	$	292,905	$	344,816

(1) Income before income taxes and equity losses in Chinese joint venture for 2013 includes a pre-tax credit of $16,340 for estimated additional insurance recoveries expected to be available to satisfy asbestos liabilities through 2022 resulting from settlement agreements reached with various insurance carriers. See Note 17.

(2) Identifiable assets for the Forged and Cast Rolls segment include investments in joint ventures of $5,010, $13,319 and $14,872 at December 31, 2013, 2012 and 2011, respectively. The change in the identifiable assets of the Air and Liquid Processing segment relates primarily to the movement in asbestos-related insurance receivables, the balances of which equaled $110,741, $118,115 and $126,206 at December 31, 2013, 2012 and 2011, respectively. See Note 17.

(3) Net sales are attributed to countries based on location of the customer. Sales to individual countries were less than 10% of consolidated net sales each of the years.

(4) Foreign long-lived assets represent primarily investments in joint ventures of $5,010, $13,319 and $14,872 at December 31, 2013, 2012 and 2011, respectively, and assets of the U.K. operations. Long-lived assets of the U.S. include noncurrent asbestos-related insurance receivables of $86,241, $99,715 and $108,206 for 2013, 2012 and 2011, respectively.

(5) For the Forged and Cast Rolls segment, two customers accounted for 26% of its net sales for 2013, 23% of its net sales for 2012 and 22% of its net sales for 2011.