Segment Results

6 Months Ended

Jun. 30, 2013

Text Block [Abstract]

Segment Results

Segment Results

Beginning in the first quarter of 2013, the Controls segment (consisting of the Barksdale and Crane Environmental businesses) is included in the Fluid Handling segment. Prior period amounts have been reclassified to the new reporting structure for comparative purposes.

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reportable segments: Aerospace & Electronics, Engineered Materials, Merchandising Systems and Fluid Handling. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Furthermore, Corporate consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs.

Financial information by reportable segment is set forth below:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in thousands)	2013			2012			2013			2012
Net sales
Aerospace & Electronics	$	172,392		$	178,591		$	337,275		$	353,759
Engineered Materials	57,747			54,487			117,977			112,647
Merchandising Systems	84,831			97,577			174,291			185,252
Fluid Handling	333,776			327,031			646,774			651,641
Total	$	648,746		$	657,686		$	1,276,317		$	1,303,299
Operating profit (loss) from continuing operations
Aerospace & Electronics	$	37,041		$	38,931		$	77,152		$	77,001
Engineered Materials	9,172			5,543			17,746			13,952
Merchandising Systems	8,868			9,115			19,033			13,828
Fluid Handling	54,202			30,620			100,094			73,697
Corporate	(20,437		)	(14,832		)	(38,279		)	(30,804		)
Total	88,846			69,377			175,746			147,674
Interest income	519			454			1,151			849
Interest expense	(7,245		)	(6,785		)	(13,963		)	(13,496		)
Miscellaneous - net	406			(351		)	286			(698		)
Income from continuing operations before income taxes	$	82,526		$	62,695		$	163,220		$	134,329

	As of
	June 30,		December 31,
(in thousands)	2013		2012
Assets
Aerospace & Electronics	$	508,679	$	509,672
Engineered Materials	241,043		237,478
Merchandising Systems	405,220		408,702
Fluid Handling	942,869		993,275
Corporate	774,589		740,751
Total	$	2,872,400	$	2,889,878

	As of
	June 30,		December 31,
(in thousands)	2013		2012
Goodwill
Aerospace & Electronics	$	203,482	$	203,595
Engineered Materials	171,469		171,533
Merchandising Systems	194,570		201,866
Fluid Handling	232,926		236,798
Total	$	802,447	$	813,792