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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Tables)
6 Months Ended
Jun. 29, 2013
INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS  
Schedule of reportable segments and other operating segments, including the results of Seital from the date of its acquisition

 

 

 

Three months ended

 

Six months ended

 

 

 

June 29,

 

June 30,

 

June 29,

 

June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Revenues (1):

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

653.4

 

$

677.3

 

$

1,266.4

 

$

1,305.4

 

Thermal Equipment and Services reportable segment

 

350.3

 

348.6

 

655.4

 

668.7

 

Industrial Products and Services and Other

 

212.9

 

216.0

 

427.4

 

418.8

 

Total revenues

 

$

1,216.6

 

$

1,241.9

 

$

2,349.2

 

$

2,392.9

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

67.0

 

$

69.8

 

$

122.0

 

$

116.2

 

Thermal Equipment and Services reportable segment

 

26.2

 

16.1

 

27.9

 

26.7

 

Industrial Products and Services and Other

 

30.8

 

29.1

 

57.8

 

55.9

 

Total income for reportable and other operating segments

 

124.0

 

115.0

 

207.7

 

198.8

 

 

 

 

 

 

 

 

 

 

 

Corporate expense

 

(25.1

)

(22.0

)

(56.0

)

(54.4

)

Pension and postretirement expense

 

(6.2

)

(9.1

)

(12.4

)

(18.2

)

Stock-based compensation expense

 

(5.3

)

(6.5

)

(25.6

)

(28.3

)

Impairment of intangible assets

 

 

 

(2.0

)

 

Special charges, net

 

(18.3

)

(8.4

)

(18.7

)

(10.8

)

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

69.1

 

$

69.0

 

$

93.0

 

$

87.1

 

 

(1)                             Under the percentage of completion method, we recognized revenues of $353.0 and $359.4 in the three months ended June 29, 2013 and June 30, 2012, respectively. For the six months ended June 29, 2013 and June 30, 2012, revenues under the percentage of completion method were $695.7 and $734.7, respectively. Costs and estimated earnings in excess of billings on contracts accounted for under the percentage of completion method were $318.1 and $359.7 as of June 29, 2013 and December 31, 2012, respectively, and are reported as a component of “Accounts receivable, net” in the condensed consolidated balance sheets. Billings in excess of costs and estimated earnings on uncompleted contracts accounted for under the percentage of completion method were $192.5 and $248.6 as of June 29, 2013 and December 31, 2012, respectively. The June 29, 2013 balance is reported as a component of “Accrued expenses” in the condensed consolidated balance sheet. The December 31, 2012 balance includes $248.4 reported as a component of “Accrued expenses” and $0.2 as a component of “Other long-term liabilities” in the condensed consolidated balance sheet.