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. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2017			2016			2017			2016
Net sales
Fluid Handling	$	263.8		$	265.9		$	503.4		$	513.9
Payment & Merchandising Technologies	198.2			192.6			393.7			364.5
Aerospace & Electronics	171.1			189.2			334.5			361.0
Engineered Materials	69.4			64.5			144.3			132.8
Total	$	702.5		$	712.2		$	1,375.9		$	1,372.2
Operating profit (loss)
Fluid Handling	$	31.6		$	35.4		$	58.7		$	60.8
Payment & Merchandising Technologies	42.5			34.5			81.6			62.5
Aerospace & Electronics	38.0			38.6			70.0			71.7
Engineered Materials	13.3			13.5			27.3			27.2
Corporate *	(16.4		)	(19.4		)	(32.0		)	(34.1		)
Total	109.0			102.6			205.6			188.1
Interest income	0.6			0.5			1.1			1.0
Interest expense	(9.0		)	(9.2		)	(18.0		)	(18.3		)
Miscellaneous - net	(0.9		)	(0.3		)	(1.0		)	(0.6		)
Income before income taxes	$	99.7		$	93.6		$	187.7		$	170.2

* Includes a $5 million legal settlement charge in the three and six months ended June 30, 2016.



	As of
(in millions)	June 30, 2017		December 31, 2016
Assets
Fluid Handling	$	924.1	$	845.9
Payment & Merchandising Technologies	1,221.7		1,188.9
Aerospace & Electronics	567.8		555.5
Engineered Materials	228.3		224.7
Corporate	591.9		613.0
Total	$	3,533.8	$	3,428.0



	As of
(in millions)	June 30, 2017		December 31, 2016
Goodwill
Fluid Handling	$	241.1	$	212.3
Payment & Merchandising Technologies	581.8		563.3
Aerospace & Electronics	202.4		202.3
Engineered Materials	171.3		171.3
Total	$	1,196.6	$	1,149.2

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2017		2016		2017		2016
Fluid Handling
Process Valves and Related Products	$	165.8	$	165.9	$	314.5	$	321.0
Commercial Valves	75.0		76.5		144.5		148.9
Other Products	23.0		23.5		44.4		44.0
Total Fluid Handling	$	263.8	$	265.9	$	503.4	$	513.9

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	148.6	$	132.4	$	294.5	$	249.9
Merchandising Equipment	49.6		60.2		99.2		114.6
Total Payment & Merchandising Technologies	$	198.2	$	192.6	$	393.7	$	364.5

Aerospace & Electronics
Commercial Original Equipment	$	87.3	$	92.1	$	169.8	$	182.1
Military and Other Original Equipment	40.9		49.0		78.9		89.6
Commercial Aftermarket Products	31.6		34.0		63.7		64.4
Military Aftermarket Products	11.3		14.1		22.1		24.8
Total Aerospace & Electronics	$	171.1	$	189.2	$	334.5	$	361.0

Engineered Materials
FRP - Recreational Vehicles	$	38.1	$	32.1	$	79.7	$	67.2
FRP - Building Products	23.9		22.9		48.4		45.4
FRP - Transportation	7.4		9.5		16.2		20.2
Total Engineered Materials	$	69.4	$	64.5	$	144.3	$	132.8

Total Net Sales	$	702.5	$	712.2	$	1,375.9	$	1,372.2