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 compensation, benefits, occupancy, depreciation, and other administrative costs.



	Three Months Ended
	March 31,
(in millions)	2016			2015
Net sales
Fluid Handling	$	248.0		$	275.5
Payment & Merchandising Technologies	172.0			171.9
Aerospace & Electronics	171.7			161.6
Engineered Materials	68.3			69.7
Total	$	660.0		$	678.8
Operating profit (loss)
Fluid Handling	$	25.4		$	34.3
Payment & Merchandising Technologies	28.0			21.1
Aerospace & Electronics	33.1			30.1
Engineered Materials	13.7			14.3
Corporate	(14.7		)	(13.7		)
Total	85.5			86.0
Interest income	0.5			0.5
Interest expense	(9.1		)	(9.9		)
Miscellaneous - net	(0.3		)	(0.3		)
Income before income taxes	$	76.6		$	76.3



	As of
	March 31,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	907.7	$	888.0
Payment & Merchandising Technologies	1,213.8		1,178.0
Aerospace & Electronics	569.4		559.4
Engineered Materials	234.0		227.6
Corporate	470.1		483.9
Total	$	3,395.0	$	3,336.9



	As of
	March 31,		December 31,
(in millions)	2016		2015
Goodwill
Fluid Handling	$	221.0	$	218.7
Payment & Merchandising Technologies	583.4		575.2
Aerospace & Electronics	202.5		202.6
Engineered Materials	171.4		171.4
Total	$	1,178.3	$	1,167.9

The table below presents net sales by product line for each segment:



	Three Months Ended
	March 31,
(in millions)	2016		2015
Fluid Handling
Process Valves and Related Products	$	155.0	$	175.7
Commercial Valves	72.4		79.6
Other Products	20.6		20.2
Total Fluid Handling	$	248.0	$	275.5

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	117.7	$	123.9
Merchandising Equipment	54.3		48.0
Total Payment & Merchandising Technologies	$	172.0	$	171.9

Aerospace & Electronics
Commercial Original Equipment	$	90.0	$	86.5
Military and Other Original Equipment	40.6		33.1
Commercial Aftermarket Products	30.4		31.7
Military Aftermarket Products	10.7		10.3
Total Aerospace & Electronics	$	171.7	$	161.6

Engineered Materials
FRP - Recreational Vehicles	$	35.2	$	38.9
FRP - Building Products	22.5		21.2
FRP - Transportation	10.6		9.6
Total Engineered Materials	$	68.3	$	69.7

Total Net Sales	$	660.0	$	678.8