Business Segments

9 Months Ended

Sep. 30, 2011

Business Segments

Business Segments

20.  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						Nine-Months Ended
	September 30,						September 30,
(in millions)	2011			2010			2011			2010
Net sales:
Crane	$	529.4		$	438.7		$	1,477.0		$	1,257.2
Foodservice	406.0			368.4			1,140.4			1,053.6
Total net sales	$	935.4		$	807.1		$	2,617.4		$	2,310.8
Earnings (loss) from operations:
Crane	$	23.7		$	14.6		$	62.4		$	54.5
Foodservice	59.4			53.4			146.8			139.2
Corporate expense	(12.7		)	(10.7		)	(38.7		)	(32.0		)
Restructuring expense	(0.9		)	(1.4		)	(3.8		)	(3.2		)
Loss on disposition of property	—			(2.0		)	—			(2.0		)
Other	(0.3		)	—			(0.4		)	—
Operating earnings from operations	$	69.2		$	53.9		$	166.3		$	156.5

Crane segment operating earnings for the three-months and nine-months ended September 30, 2011 includes amortization expense of $1.7 million and $5.0 million, respectively.  Crane segment operating earnings for the three-months and nine-months ended September 30, 2010 includes amortization expense of $1.5 million and $4.7 million, respectively.  Foodservice segment operating earnings for the three-months and nine-months ended September 30, 2011 includes amortization expense of $8.2 million and $24.2 million, respectively.  Foodservice segment operating earnings for the three-months and nine-months ended September 30, 2010 includes amortization expense of $8.0 million and $24.0 million, respectively.

As of September 30, 2011 and December 31, 2010, the total assets by segment were as follows:

(in millions)	September 30, 2011		December 31, 2010
Crane	$	1,876.6	$	1,594.4
Foodservice	2,032.1		2,200.2
Corporate	269.2		214.7
Total	$	4,177.9	$	4,009.3