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, 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						Nine Months Ended
	September 30,						September 30,
(in thousands)	2014			2013			2014			2013
Net sales
Fluid Handling	$	314,461		$	322,152		$	949,812		$	968,926
Payment & Merchandising Technologies	181,057			83,636			534,753			257,927
Aerospace & Electronics	167,158			169,771			513,672			507,046
Engineered Materials	64,737			61,956			196,102			179,933
Total	$	727,413		$	637,515		$	2,194,339		$	1,913,832
Operating profit (loss)
Fluid Handling ^a	$	48,131		$	46,594		$	144,832		$	146,688
Payment & Merchandising Technologies^b	25,134			7,869			51,225			26,902
Aerospace & Electronics ^c	29,870			38,105			98,312			115,257
Engineered Materials	9,038			10,792			29,602			28,538
Corporate ^d	(8,640		)	(14,351		)	(41,472		)	(52,630		)
Environmental provision ^e	(55,800		)	—			(55,800		)	—
Total	47,733			89,009			226,699			264,755
Interest income	383			337			1,136			1,488
Interest expense	(9,556		)	(6,688		)	(29,129		)	(20,651		)
Miscellaneous - net ^f	342			(456		)	(1,376		)	(170		)
Income before income taxes	$	38,902		$	82,202		$	197,330		$	245,422

^a Includes $372 and $3,989 of restructuring charges for the three and nine months ended September 30, 2014, respectively.

^bIncludes $110 of restructuring charges and $1,830 of acquisition integration related costs for the three months ended September 30, 2014 and $5,727 of restructuring charges, $6,496 of acquisition integration related costs and $4,790 of acquisition related inventory step up and backlog amortization for the nine months ended September 30, 2014.

^cIncludes $1,720 and $5,816 of restructuring charges for the three and nine months ended September 30, 2014, respectively.

^dIncludes $6,500 for a settlement lawsuit recorded in June 2014, ($846) and $1,244 of acquisition integration related (credit) costs for the three and nine months ended September 30, 2014, respectively, and $2,854 and $12,595 of acquisition transaction costs for the three and nine months ended September 30, 2013, respectively.

^eIncludes a $49,000 charge related to an increase in the Company's liability expected at its Goodyear, AZ Superfund Site and a $6,800 charge for expected remediation costs associated with a previously disclosed environmental site in Roseland, NJ for the three and nine months ended September 30, 2014.

^fIncludes $1,624 loss on sale of a small business divested in June 2014 for the nine months ended September 30, 2014 and a $1,015 gain on a real estate divestiture for the three and nine months ended September 30, 2014.



	As of
	September 30,		December 31,
(in thousands)	2014		2013
Assets
Fluid Handling	$	1,010,718	$	996,101
Payment & Merchandising Technologies	1,345,574		1,383,007
Aerospace & Electronics	514,791		511,676
Engineered Materials	236,824		233,214
Corporate	446,198		435,609
Total	$	3,554,105	$	3,559,607



	As of
	September 30,		December 31,
(in thousands)	2014		2013
Goodwill
Fluid Handling	$	231,662	$	239,205
Payment & Merchandising Technologies	617,715		635,759
Aerospace & Electronics	202,745		202,799
Engineered Materials	171,531		171,553
Total	$	1,223,653	$	1,249,316