(5) Information on Reportable Segments and Other Operating Segments

We are a global supplier of highly specialized, engineered solutions with operations in over 35 countries and sales in over 150 countries around the world. Many of our products and innovative solutions play a role in helping to meet rising global demand for power and energy and processed foods and beverages, particularly in emerging markets. In 2014, an estimated 27% of our revenues were from sales into emerging markets. Our key products include processing systems and equipment for the food and beverage industry, reciprocating pumps used in oil and gas processing, power transformers used by utility companies, and cooling systems for power plants.

We aggregate certain of our operating segments into our two reportable segments, Flow Technology and Thermal Equipment and Services, while our remaining operating segments, which do not meet the quantitative threshold criteria of the Segment Reporting Topic of the Codification, have been combined within our "All Other" category, which we refer to as Industrial Products and Services and Other. The operating segments in this "All Other" category generally serve industrial end-markets. Industrial Products and Services and Other is not considered a reportable segment.

The factors considered in determining our aggregated segments are the economic similarity of the businesses, the nature of products sold or services provided, production processes, types of customers and distribution methods. In determining our segments, we apply the threshold criteria of the Segment Reporting Topic of the Codification to operating income or loss of each segment before considering impairment and special charges, pension and postretirement expense/income, stock-based compensation and other indirect corporate expenses. This is consistent with the way our chief operating decision maker evaluates the results of each segment.

Revenues by reportable segment and our other operating segments and geographic area represent sales to unaffiliated customers, and no one customer or group of customers that, to our knowledge, are under common control accounted for more than 10% of our consolidated revenues for any period presented. Intercompany revenues among reportable segments and our other operating segments are not significant. Identifiable assets by reportable segment and for the other operating segments are those used in the respective operations of each. General corporate assets are principally cash, pension assets, deferred tax assets, certain prepaid expenses, fixed assets, and, as of December 31, 2013, our 44.5% interest in the EGS Electrical Group, LLC and Subsidiaries ("EGS") joint venture (which we sold to Emerson Electric Co. on January 7, 2014). See Note 9 for financial information relating to EGS, as well as details associated with the sale of our interest in the joint venture.

Flow Technology Reportable Segment

Our Flow Technology reportable segment engineers, designs, manufactures and markets products and solutions used to process, blend, filter, dry, meter and transport fluids with a focus on original equipment installation, including turnkey systems, skidded systems and components, as well as comprehensive aftermarket components and support services. Primary component offerings include engineered pumps, valves, mixers, plate heat exchangers, and dehydration and filtration technologies. The segment primarily serves customers in food and beverage, power and energy and industrial end markets. Core brands include SPX Flow Technology, APV, ClydeUnion, e&e, Seital, Lightnin, Waukesha Cherry-Burrell, Anhydro, Bran&Luebbe, Copes-Vulcan, Johnson Pump, M&J Valves, Plenty, Hankison, Gerstenberg Schröder, GD Engineering, Dollinger Filtration, Pneumatic Products, Delair, Deltech and Jemaco. Competitors in these diversified end markets include GEA Group AG, Flowserve, Alfa Laval AB, Sulzer, ITT Gould Pumps and IDEX Corporation. Channels to market consist of stocking distributors, manufacturers' representatives and direct sales. The segment continues to focus on innovation and new product development, optimizing its global footprint while taking advantage of cross-product integration opportunities and increasing its competitive position in global end markets. Flow Technology's solutions focus on key business drivers, such as product flexibility, process optimization, sustainability and safety.

Thermal Equipment and Services Reportable Segment

Our Thermal Equipment and Services reportable segment engineers, designs, manufactures, installs and services thermal heat transfer products. Primary offerings include dry, evaporative and hybrid cooling systems, rotating and stationary heat exchangers and pollution control systems for the power generation, HVAC and industrial markets, as well as boilers and heating and ventilation products for the residential and commercial markets. The primary distribution channels for the Thermal Equipment and Services reportable segment are direct to customers, independent manufacturing representatives, third-party distributors and retailers. The segment serves a global customer base, with a strong presence in North America, Europe and South Africa.

Industrial Products and Services and Other

Industrial Products and Services and Other comprises operating segments that design, manufacture and market power transformers, industrial tools and hydraulic units, tower and obstruction lights and monitoring equipment, communications and signal monitoring systems, fare collection systems, and portable cable and pipe locators. The primary distribution channels for the Industrial Products and Services and Other operating segments are direct to customers, independent manufacturing representatives and third-party distributors.

Corporate Expense

Corporate expense generally relates to the cost of our Charlotte, NC corporate headquarters and our Asia Pacific center in Shanghai, China.

Financial data for our reportable segments and other operating segments, including the results of Seital from the date of its acquisition, for the years ended December 31, 2014, 2013 and 2012 were as follows:

	2014		2013			2012
Revenues:
Flow Technology reportable segment	$	2,596.1	$	2,638.0		$	2,682.2
Thermal Equipment and Services reportable segment(1)		1,329.9		1,344.2			1,490.9
Industrial Products and Services and Other		795.1		791.1			721.5

Total revenues	$	4,721.1	$	4,773.3		$	4,894.6


Income:
Flow Technology reportable segment	$	361.9	$	308.3		$	285.1
Thermal Equipment and Services reportable segment(1)		52.4		81.9			106.7
Industrial Products and Services and Other		107.8		119.9			99.3

Total income for reportable and other operating segments		522.1		510.1			491.1
Corporate expense		106.8		110.8			108.8
Pension and postretirement expense (income)		113.8		(17.7	)		158.0
Stock-based compensation expense		38.4		32.9			38.9
Impairment of goodwill and other long-term assets		38.1		6.7			285.9
Special charges, net		23.1		32.3			23.4

Consolidated operating income (loss)	$	201.9	$	345.1		$	(123.9	)


Capital expenditures:
Flow Technology reportable segment	$	34.8	$	21.0		$	25.6
Thermal Equipment and Services reportable segment		9.1		7.2			10.9
Industrial Products and Services and Other		6.9		10.3			19.4
General corporate		10.3		16.6			25.9

Total capital expenditures	$	61.1	$	55.1		$	81.8


Depreciation and amortization:
Flow Technology reportable segment	$	62.8	$	68.3		$	63.8
Thermal Equipment and Services reportable segment		20.3		22.5			22.0
Industrial Products and Services and Other		15.2		15.9			15.9
General corporate		10.9		8.4			6.1

Total depreciation and amortization	$	109.2	$	115.1		$	107.8


Identifiable assets:
Flow Technology reportable segment	$	3,165.7	$	3,526.8		$	3,611.2
Thermal Equipment and Services reportable segment		1,391.0		1,338.1			1,445.4
Industrial Products and Services and Other		667.4		684.8			699.3
General corporate		678.1		1,205.6			1,279.1
Discontinued operations		—		100.9			95.1

Total identifiable assets	$	5,902.2	$	6,856.2		$	7,130.1


Geographic Areas:
Revenues:(2)
United States	$	2,233.9	$	2,213.3		$	2,230.8
United Kingdom		452.0		499.6			545.2
Germany		311.9		306.2			358.5
China		278.4		235.9			232.3
South Africa		137.3		266.3			322.4
Other		1,307.6		1,252.0			1,205.4

	$	4,721.1	$	4,773.3		$	4,894.6


Tangible Long-Lived Assets:
United States	$	956.1	$	1,260.1		$	1,156.5
Other		444.6		385.7			310.2

Long-lived assets of continuing operations		1,400.7		1,645.8			1,466.7
Long-lived assets of discontinued operations		—		12.1			12.0

Total tangible long-lived assets	$	1,400.7	$	1,657.9		$	1,478.7

(1)

During 2014, the business environment surrounding our large power projects in South Africa became increasingly difficult. In addition, in January 2015, the end customer announced additional schedule delays for completing these projects. Against this background, we have incurred, and expect to incur, additional costs relating to the projects. We believe that a large portion of these costs is reimbursable by our subcontractors on the projects. However, certain of these subcontractors appear to be financially challenged and, as such, their ability to reimburse us is not reasonably assured. In consideration of these additional costs and the associated recoverability risk, we made revisions to expected revenues and costs on our large power projects in South Africa, resulting in a reduction in revenue and segment income during 2014 of $33.3.

(2)

Revenues are included in the above geographic areas based on the country that recorded the customer revenue.