Segment Results

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

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 related 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)	2014			2013			2014			2013
Net sales
Fluid Handling	$	324,514		$	333,776		$	635,351		$	646,774
Payment & Merchandising Technologies	184,604			84,831			353,696			174,291
Aerospace & Electronics	177,554			172,392			346,514			337,275
Engineered Materials	63,424			57,747			131,365			117,977
Total	$	750,096		$	648,746		$	1,466,926		$	1,276,317
Operating profit (loss)
Fluid Handling a	$	52,200		$	54,202		$	96,701		$	100,094
Payment & Merchandising Technologies b	18,644			8,868			26,091			19,033
Aerospace & Electronics c	35,885			37,041			68,442			77,152
Engineered Materials	9,771			9,172			20,564			17,746
Corporate d	(18,920		)	(20,437		)	(32,832		)	(38,279		)
Total	97,580			88,846			178,966			175,746
Interest income	365			519			753			1,151
Interest expense	(9,764		)	(7,245		)	(19,573		)	(13,963		)
Miscellaneous - net e	(1,514		)	406			(1,718		)	286
Income before income taxes	$	86,667		$	82,526		$	158,428		$	163,220

^a Includes $386 and $3,617 of restructuring and related charges for the three and six months ended June 30, 2014, respectively.

^b Includes $1,629 of restructuring and related charges and $1,082 of acquisition integration related costs for the three months ended June 30, 2014, respectively and $5,617 of restructuring and related charges, $4,665 of acquisition integration related costs and $4,790 of acquisition related inventory step up and backlog amortization for the six months ended June 30, 2014.

^c Includes $1,278 and $4,096 of restructuring and related charges for the three and six months ended June 30, 2014, respectively.

^d Includes $946 and $2,090 of acquisition integration related costs for the three and six months ended June 30, 2014, respectively, and $6,852 and $9,740 of acquisition transaction costs for the three and six months ended June 30, 2013, respectively.

^e Includes $1,624 pre-tax loss on sale of a small business divested in June 2014 for the three and six months ended June 30, 2014.

	As of
	June 30,		December 31,
(in thousands)	2014		2013
Assets
Fluid Handling	$	1,038,746	$	996,101
Payment & Merchandising Technologies	1,387,228		1,383,007
Aerospace & Electronics	515,042		511,676
Engineered Materials	237,868		233,214
Corporate	453,879		435,609
Total	$	3,632,763	$	3,559,607

	As of
	June 30,		December 31,
(in thousands)	2014		2013
Goodwill
Fluid Handling	$	239,258	$	239,205
Payment & Merchandising Technologies	633,624		635,759
Aerospace & Electronics	202,856		202,799
Engineered Materials	171,586		171,553
Total	$	1,247,324	$	1,249,316