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INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS (Tables)
6 Months Ended
Jun. 27, 2015
INFORMATION ON REPORTABLE SEGMENTS AND OTHER OPERATING SEGMENTS  
Schedule of financial data for reportable segments and other operating segments

 

 

 

Three months ended

 

Six months ended

 

 

 

June 27,

 

June 28,

 

June 27,

 

June 28,

 

 

 

2015

 

2014

 

2015

 

2014

 

Revenues: (1)

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

578.0

 

$

661.4

 

$

1,108.8

 

$

1,278.1

 

Thermal Equipment and Services reportable segment

 

298.0

 

327.3

 

545.2

 

606.9

 

Industrial Products and Services and Other

 

198.4

 

206.4

 

367.3

 

387.2

 

 

 

 

 

 

 

 

 

 

 

Total revenues

 

$

1,074.4

 

$

1,195.1

 

$

2,021.3

 

$

2,272.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income:

 

 

 

 

 

 

 

 

 

Flow Technology reportable segment

 

$

75.9

 

$

88.3

 

$

135.2

 

$

154.5

 

Thermal Equipment and Services reportable segment

 

6.1

 

9.5

 

3.3

 

18.7

 

Industrial Products and Services and Other

 

24.1

 

30.1

 

43.1

 

53.4

 

 

 

 

 

 

 

 

 

 

 

Total income for reportable and other operating segments

 

106.1

 

127.9

 

181.6

 

226.6

 

 

 

 

 

 

 

 

 

 

 

Corporate expense

 

(29.1

)

(25.8

)

(58.3

)

(54.3

)

Stock-based compensation expense

 

(5.5

)

(4.6

)

(29.1

)

(29.3

)

Pension and postretirement expense

 

(1.3

)

(3.0

)

(2.6

)

(22.8

)

Special charges, net

 

(6.1

)

(4.5

)

(12.7

)

(14.5

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated operating income

 

$

64.1

 

$

90.0

 

$

78.9

 

$

105.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Under the percentage-of-completion method, we recognized revenues of $244.6 and $295.8 in the three months ended June 27, 2015 and June 28, 2014, respectively. For the six months ended June 27, 2015 and June 28, 2014, revenues under the percentage-of-completion method were $484.0 and $570.0, respectively. Costs and estimated earnings in excess of billings on uncompleted contracts accounted for under the percentage-of-completion method were $276.0 and $237.1 as of June 27, 2015 and December 31, 2014, 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 $182.6 and $178.9 as of June 27, 2015 and December 31, 2014, respectively, and are reported as a component of ‘‘Accrued expenses’’ in the condensed consolidated balance sheets.