Segment Results

3 Months Ended

Mar. 31, 2014

Segment Results

Segment Results

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: Fluid Handling, Payment & Merchandising Technologies (formerly known as Merchandising Systems segment), Aerospace & Electronics and Engineered Materials. 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
	March 31,
(in thousands)	2014			2013
Net sales
Fluid Handling	$	310,837		$	312,998
Payment & Merchandising Technologies	169,092			89,461
Aerospace & Electronics	168,960			164,882
Engineered Materials	67,941			60,230
Total	$	716,830		$	627,571
Operating profit (loss)
Fluid Handling a	$	44,501		$	45,891
Payment & Merchandising Technologies b	7,447			10,165
Aerospace & Electronics c	32,557			40,111
Engineered Materials	10,793			8,574
Corporate d	(13,912		)	(17,841		)
Total	81,386			86,900
Interest income	388			632
Interest expense	(9,809		)	(6,718		)
Miscellaneous - net	(204		)	(120		)
Income before income taxes	$	71,761		$	80,694

^a Includes $3,231 of restructuring and related charges for the three months ended March 31, 2014.

^b Includes $3,988 of restructuring and related charges, $3,584 of acquisition integration related costs and $4,790 of acquisition related inventory step up and backlog amortization for the three months ended March 31, 2014.

^c Includes $2,818 of restructuring and related charges for the three months ended March 31, 2014.

^d Includes $1,143 of acquisition integration related costs for the three months ended March 31, 2014 and $2,888 of acquisition transaction costs for the three months ended March 31, 2013.

	As of
	March 31,		December 31,
(in thousands)	2014		2013
Assets
Fluid Handling	$	998,998	$	996,101
Payment & Merchandising Technologies	1,369,024		1,383,007
Aerospace & Electronics	515,514		511,676
Engineered Materials	241,591		233,214
Corporate	428,218		435,609
Total	$	3,553,345	$	3,559,607

	As of
	March 31,		December 31,
(in thousands)	2014		2013
Goodwill
Fluid Handling	$	239,351	$	239,205
Payment & Merchandising Technologies	633,381		635,759
Aerospace & Electronics	202,809		202,799
Engineered Materials	171,559		171,553
Total	$	1,247,100	$	1,249,316