8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): October 26, 2010

Commission file number 000-04689

Pentair, Inc.

(Exact name of Registrant as specified in its charter)

Minnesota	41-0907434
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification number)

5500 Wayzata Blvd, Suite 800, Golden Valley, Minnesota	55416
(Address of principal executive offices)	(Zip code)

Registrant’s telephone number, including area code: (763) 545-1730

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 2.02 Results of Operations and Financial Condition

On October 26, 2010, Pentair, Inc. (the “Company”) issued a press release announcing its earnings for the third quarter of 2010 and a conference call in connection therewith. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.

This press release refers to certain non-GAAP financial measures (adjusted operating income, adjusted operating margins, adjusted earnings per share and free cash flow) and a reconciliation of those non-GAAP financial measures to the corresponding financial measures contained in the Company’s financial statements prepared in accordance with generally accepted accounting principles.

Adjusted operating income, adjusted operating margins and adjusted earnings per share eliminate certain expenses incurred in 2009 to restructure certain operations of the Company by reducing headcount as a result of the significant continuing downturn in the global economy. Management utilizes these adjusted financial measures to assess the run-rate of its continuing operations against those of comparable periods without the distortion of these factors. The Company believes that these non-GAAP financial measures will be useful to investors as well to assess the continuing strength of the Company’s underlying operations in light of the downturn in the residential end markets.

The Company uses free cash flow to assess its cash flow performance. The Company believes free cash flow is an important measure of operating performance because it provides the Company and its investors a measurement of cash generated from operations that is available to pay dividends and repay debt. In addition, free cash flow is used as a criterion to measure and pay incentive-based compensation. The Company’s measure of free cash flow may not be comparable to similarly titled measures reported by other companies.

The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

ITEM 9.01 Financial Statements and Exhibits

(a)	Financial Statements of Businesses Acquired Not applicable.
(b)	Pro Forma Financial Information Not applicable.
(c)	Shell Company Transactions
	Not applicable
(d)	Exhibits The following exhibit is provided as part of the information furnished under Item 2.02 of this Current Report on Form 8-K:

Exhibit	Description
99.1	Pentair, Inc. press release dated October 26, 2010 announcing the earnings results for the third quarter 2010.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 26, 2010.

PENTAIR, INC. Registrant
By	/s/ John L. Stauch
	John L. Stauch
	Executive Vice President and Chief Financial Officer

PENTAIR, INC.

Exhibit Index to Current Report on Form 8-K
Dated October 26, 2010

Exhibit
Number	Description
99.1	Pentair, Inc. press release dated October 26, 2010 announcing the earnings results for the third quarter 2010.

EX-99.1

Exhibit 99.1

Pentair, Inc.
5500 Wayzata Blvd., Suite 800
MInneapolis, MN 55416
763 545 1730 Tel
763 656 5400 Fax

News Release

Pentair Reports Third Quarter Sales Growth of 17 Percent and Net
Income Per Diluted Share from Continuing Operations of $0.55

• Reports third quarter sales up 17 percent year-over-year to $774 million, with double digit growth in both Water and Technical Products

• Operating margins improved year-over-year to 11.7 percent

• Diluted earnings per share from continuing operations (EPS) of $0.55, up 45 percent year-over-year on GAAP basis; up 31 percent when compared to adjusted third quarter 2009 EPS

• Updated full-year 2010 EPS guidance to a range of $1.93 to $1.98 from previous guidance of $1.86 to $1.96 per share

All financial information and period-to-period references are on a continuing operations basis unless otherwise noted. Reconciliations to discontinued operations as well as GAAP and Non-GAAP reconciliations are in the attached financial tables.

MINNEAPOLIS — October, 26 2010 — Pentair, Inc. (NYSE: PNR) today reported third quarter 2010 revenue of $774 million and net income from continuing operations attributable to Pentair, Inc. of $55 million, or $0.55 per share. This compares to $0.38 of EPS in the third quarter last year. Adjusting third quarter 2009 for restructuring items, year-over-year adjusted EPS increased 31 percent.

Total company sales increased 17 percent to $774 million, compared with $663 million in the third quarter of 2009. Both Water and Technical Products grew sales double-digits with broad-based growth across geographies and most key end-markets served. The company delivered third quarter operating income of $91 million, up 36 percent year-over-year or up 23 percent compared to adjusted third quarter 2009 operating income. Overall, operating margins for the third quarter increased 50 basis points to 11.7 percent when compared to adjusted third quarter 2009 operating margins, driven mostly by revenue growth.

The company generated free cash flow of $79 million for the quarter, with year-to-date free cash flow performance of $207 million, which is $5 million greater than the same period of a year ago. The company said it is on track to achieve free cash flow of greater than $225 million for the full year 2010.

“Third quarter results were solid, with broad-based top-line growth across our portfolio of businesses and geographies,” said Randall J. Hogan, Pentair chairman and chief executive officer. “Our performance reflects focused execution on our growth and productivity initiatives and underscores the strength of our brands, channels and geographies.”

(more)

“We are encouraged by the continued strength in the industrial end markets and robust growth in emerging markets, while the U.S. residential end market continues its modest recovery. We continue to generate strong cash flows and invest in product innovation and expanding our presence in key emerging markets to fuel further growth,” Hogan continued.

Third Quarter Business Highlights

Water sales grew 11 percent year-over-year to $513 million, including an unfavorable one-percentage point impact from foreign exchange. Within Water, U.S. sales grew 14 percent led by strong sales in municipal pumps, pool equipment and agriculture. In emerging markets, water grew 13 percent led by 18 percent growth in Latin America and sales almost doubling in India. Within the five Water global business units, the third quarter sales were as follows:

• Residential Flow sales were up 1 percent versus the year-ago quarter, as robust growth in the agricultural business helped offset a modest decline in U.S. residential pumps.

• Residential Filtration sales were up 9 percent due to expanded distribution in emerging markets and product innovations across all markets.

• Pool sales were up 10 percent as the U.S. business continued to grow faster than the market due to dealer expansion and demand for energy-efficient Eco-Select products.

• Engineered Flow sales were up 35 percent reflecting strong municipal pump sales driven by the Gulf Intracoastal Waterway project in New Orleans. Commercial business declines continued, reflecting a weak commercial market.

• Filtration Solutions sales were up 10 percent led by strong global sales and expanded distribution in Food Service and the Energy market, which helped offset lower municipal project sales.

Water’s third quarter reported operating income totaled $58 million, up 10 percent as compared to $53 million in the same period last year. When compared to third quarter 2009 adjusted operating income of $56 million, third quarter 2010 operating margins decreased by 70 basis points to 11.4 percent. Higher than expected material costs due to inflation and mix, along with lower pricing drove margins lower year-over-year. The benefits from volume growth and productivity continued to offset reinstated employee benefits and growth investments.

Technical Products delivered third quarter 2010 sales of $261 million, an increase of 30 percent versus the year-earlier period. Sales grew 32 percent, excluding the impact of foreign exchange, driven by solid demand across all key markets.

• Industrial, communications and general electronics all posted strong double digit sales, while the commercial business grew for the second sequential quarter.

• The U.S. had strong growth, with sales up 35 percent year-over-year, while Western European geographies grew in the low teens. Emerging markets were up 38 percent in total, led by robust growth in China.

Technical Products’ third quarter reported operating income totaled $43 million, up 75 percent compared to $24 million in the same quarter last year. When compared to third quarter 2009 adjusted operating income of $29 million, third quarter 2010 operating margins increased 190 basis points to 16.3 percent. Volume growth, productivity, and slightly higher pricing more than offset the negative impact from inflation, reinstated employee benefits and growth investments.

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Outlook

The company provided its fourth quarter 2010 EPS guidance of $0.42 to $0.47, which is flat to down 11 percent when compared to adjusted fourth quarter 2009 EPS of $0.47. The fourth quarter 2010 EPS includes a higher tax rate and four less selling days when compared to the same period of a year ago. The company expects fourth quarter 2010 sales to be up mid single digits compared to the same period last year.

The company updated its full year 2010 EPS guidance to a range of $1.93 to $1.98, an increase of 31 to 35 percent versus full year 2009 adjusted EPS. Full year 2010 sales are now expected to be around $3.0 billion and full year free cash flow is expected to be greater than $225 million.

“Our updated full year 2010 guidance reflects sales growth of approximately 12 percent for the year and expected EPS growth in the 31 to 35 percent range, demonstrating the strength of our businesses and positive results from our focused execution on growth and productivity initiatives,” said Hogan.

“The fourth quarter EPS guidance reflects continued strength in daily sales. We anticipate higher year-over-year costs in the fourth quarter related to material inflation, the reinstatement of the employee benefits and continued investments in innovation and selling capabilities. Moving beyond the fourth quarter, we expect pricing and higher productivity to offset material inflation and we will continue to drive initiatives to sustain accelerated growth,” Hogan added.

Earnings Conference Call

Pentair Chairman and CEO Randall J. Hogan and Chief Financial Officer John L. Stauch will discuss the company’s performance and third quarter 2010 results and 2010 outlook on a two-way conference call with investors and a live audio webcast at 9 a.m. Eastern today. Reconciliation of non-GAAP financial measures are set forth in the attachments to this third quarter 2010 earnings release and the third quarter 2010 earnings conference call presentation, both of which can be found at Pentair’s web site (www.pentair.com). Related financial charts and certain other information to be discussed on the conference call will be available on the company’s website shortly before the conference call. The webcast and presentation will be archived at the same site following the conclusion of the conference call.

Caution concerning forward-looking statements

Any statements made about the company’s anticipated financial results are forward-looking statements subject to risks and uncertainties such as the magnitude, timing and scope of recovery from the global economic downturn; the strength of housing and related markets; the risk that expected benefits from our recent restructuring and other cost reduction plans may not be fully realized, or may take longer to realize than expected; foreign currency effects; material inflation outpacing our productivity and pricing actions; retail, commercial and industrial demand; product introductions; and pricing and other competitive pressures, as well as other risk factors set forth in our SEC filings. Forward-looking statements included herein are made as of the date hereof, and the company undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Actual results could differ materially from anticipated results.

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About Pentair, Inc.

Pentair (www.pentair.com) is a global diversified industrial company headquartered in Minneapolis, Minnesota. Its Water Group is a global leader in providing innovative products and systems used worldwide in the movement, treatment, storage and enjoyment of water. Pentair’s Technical Products Group is a leader in the global enclosures and thermal management markets, designing and manufacturing thermal management products and standard, modified, and custom enclosures that protect sensitive electronics and the people that use them. With 2009 revenues of $2.7 billion, Pentair employs approximately 13,500 people worldwide.

Pentair Contacts:
Sara Zawoyski
Vice President, Investor Relations
Tel.: (763) 656-5575
E-mail: sara.zawoyski@pentair.com

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Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Income (Unaudited)

	Three months ended						Nine months ended
	October 2,			September 26,			October 2,			September 26,
In thousands, except per-share data	2010			2009			2010			2009
Net sales	$	773,735		$	662,665		$	2,276,915		$	1,990,217
Cost of goods sold		537,193			455,698			1,578,503			1,417,539
Gross profit		236,542			206,967			698,412			572,678
% of net sales		30.6	%		31.2	%		30.7	%		28.8	%
Selling, general and administrative		128,854			125,578			392,787			361,957
% of net sales		16.7	%		18.9	%		17.3	%		18.2	%
Research and development		16,865			14,707			51,075			43,265
% of net sales		2.2	%		2.2	%		2.2	%		2.2	%
Operating income		90,823			66,682			254,550			167,456
% of net sales		11.7	%		10.1	%		11.2	%		8.4	%
Other (income) expense:
Equity (income) losses of unconsolidated subsidiaries		(347	)		135			(1,806	)		691
Loss on early extinguishment of debt		—			—			—			4,804
Net interest expense		8,953			9,711			27,049			31,328
% of net sales		1.2	%		1.5	%		1.2	%		1.6	%
Income from continuing operations before income taxes and noncontrolling interest		82,217			56,836			229,307			130,633
Provision for income taxes		26,488			18,159			75,937			41,808
effective tax rate		32.2	%		31.9	%		33.1	%		32.0	%
Income from continuing operations		55,729			38,677			153,370			88,825
Gain (loss) on disposal of discontinued operations, net of tax		549			(85	)		1,666			(153	)
Net income before noncontrolling interest		56,278			38,592			155,036			88,672
Noncontrolling interest		1,228			1,644			3,584			2,531
Net income attributable to Pentair, Inc.	$	55,050		$	36,948		$	151,452		$	86,141
Net income from continuing operations attributable to Pentair, Inc.	$	54,501		$	37,033		$	149,786		$	86,294
Earnings per common share attributable to Pentair, Inc.
Basic
Continuing operations	$	0.55		$	0.38		$	1.53		$	0.89
Discontinued operations		0.01			—			0.01			—
Basic earnings per common share	$	0.56		$	0.38		$	1.54		$	0.89
Diluted
Continuing operations	$	0.55		$	0.38		$	1.51		$	0.88
Discontinued operations		—			—			0.01			—
Diluted earnings per common share	$	0.55		$	0.38		$	1.52		$	0.88
Weighted average common shares outstanding
Basic		98,298			97,496			98,105			97,495
Diluted		99,514			98,641			99,326			98,329
Cash dividends declared per common share	$	0.19		$	0.18		$	0.57		$	0.54

Pentair, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)

	October 2,		December 31,		September 26,
In thousands	2010		2009		2009
Assets
Current assets
Cash and cash equivalents	$	56,995	$	33,396	$	50,214
Accounts and notes receivable, net		490,221		455,090		423,125
Inventories		410,072		360,627		366,416
Deferred tax assets		50,991		49,609		52,997
Prepaid expenses and other current assets		48,555		47,576		48,446
Total current assets		1,056,834		946,298		941,198
Property, plant and equipment, net		327,602		333,688		339,412
Other assets
Goodwill		2,070,911		2,088,797		2,127,082
Intangibles, net		461,378		486,407		506,837
Other		56,033		56,144		67,723
Total other assets		2,588,322		2,631,348		2,701,642
Total assets	$	3,972,758	$	3,911,334	$	3,982,252
Liabilities and Shareholders’ Equity
Current liabilities
Short-term borrowings	$	4,180	$	2,205	$	16
Current maturities of long-term debt		37		81		98
Accounts payable		266,416		207,661		199,002
Employee compensation and benefits		100,626		74,254		78,225
Current pension and post-retirement benefits		8,948		8,948		8,890
Accrued product claims and warranties		40,783		34,288		33,179
Income taxes		22,202		5,659		24,302
Accrued rebates and sales incentives		39,066		27,554		27,989
Other current liabilities		90,286		85,629		95,367
Total current liabilities		572,544		446,279		467,068
Other liabilities
Long-term debt		673,265		803,351		814,857
Pension and other retirement compensation		219,463		234,948		264,472
Post-retirement medical and other benefits		28,506		31,790		32,019
Long-term income taxes payable		23,857		26,936		27,792
Deferred tax liabilities		147,772		146,630		153,984
Other non-current liabilities		93,681		95,060		102,924
Total liabilities		1,759,088		1,784,994		1,863,116
Shareholders’ equity		2,213,670		2,126,340		2,119,136
Total liabilities and shareholders’ equity	$	3,972,758	$	3,911,334	$	3,982,252
Days sales in accounts receivable (13 month moving average)		59		62		62
Days inventory on hand (13 month moving average)		82		90		92
Days in accounts payable (13 month moving average)		68		66		65

Pentair, Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)

	Nine months ended
	October 2,			September 26,
In thousands	2010			2009
Operating activities
Net income before noncontrolling interest	$	155,036		$	88,672
Adjustments to reconcile net income to net cash provided by (used for) operating activities
(Gain) loss on disposal of discontinued operations		(1,666	)		153
Equity (income) losses of unconsolidated subsidiaries		(1,806	)		691
Depreciation		43,141			44,186
Amortization		19,742			22,054
Deferred income taxes		4,866			170
Stock compensation		16,598			13,092
Excess tax benefits from stock-based compensation		(2,193	)		(754	)
Gain on sale of assets		166			(177	)
Changes in assets and liabilities, net of effects of business acquisitions and dispositions
Accounts and notes receivable		(36,216	)		46,718
Inventories		(49,822	)		56,459
Prepaid expenses and other current assets		(1,476	)		16,061
Accounts payable		60,162			(18,659	)
Employee compensation and benefits		21,600			(17,883	)
Accrued product claims and warranties		6,556			(8,565	)
Income taxes		18,013			19,166
Other current liabilities		15,493			(9,699	)
Pension and post-retirement benefits		(15,197	)		(12,251	)
Other assets and liabilities		(3,754	)		747
Net cash provided by (used for) continuing operations		249,243			240,181
Net cash provided by (used for) operating activities of discontinued operations		—			(1,531	)
Net cash provided by (used for) operating activities		249,243			238,650
Investing activities
Capital expenditures		(42,981	)		(39,306	)
Proceeds from sale of property and equipment		340			817
Divestitures		—			1,506
Other		(1,232	)		(3,272	)
Net cash provided by (used for) investing activities		(43,873	)		(40,255	)
Financing activities
Net short-term borrowings		1,975			(16	)
Proceeds from long-term debt		493,821			490,000
Repayment of long-term debt		(624,007	)		(628,776	)
Debt issuance costs		(50	)		(50	)
Excess tax benefits from stock-based compensation		2,193			754
Stock issued to employees, net of shares withheld		7,861			1,729
Repurchases of common stock		(2,786	)		—
Dividends paid		(56,584	)		(53,162	)
Net cash provided by (used for) financing activities		(177,577	)		(189,521	)
Effect of exchange rate changes on cash and cash equivalents		(4,194	)		1,996
Change in cash and cash equivalents		23,599			10,870
Cash and cash equivalents, beginning of period		33,396			39,344
Cash and cash equivalents, end of period	$	56,995		$	50,214
Free cash flow
Net cash provided by (used for) continuing operations	$	249,243		$	240,181
Capital expenditures		(42,981	)		(39,306	)
Proceeds from sale of property and equipment		340			817
Free cash flow	$	206,602		$	201,692

Pentair, Inc. and Subsidiaries
Supplemental Financial Information by Reportable Business Segment (Unaudited)

	First Qtr			Second Qtr			Third Qtr			Nine Months
In thousands	2010			2010			2010			2010
Net sales to external customers
Water Group	$	478,038		$	549,318		$	512,587		$	1,539,943
Technical Products Group		228,975			246,849			261,148			736,972
Consolidated	$	707,013		$	796,167		$	773,735		$	2,276,915
Intersegment sales
Water Group	$	517		$	427		$	442		$	1,386
Technical Products Group		703			1,047			1,154			2,904
Intercompany sales eliminations		(1,220	)		(1,474	)		(1,596	)		(4,290	)
Consolidated	$	—		$	—		$	—		$	—
Operating income (loss)
Water Group	$	42,138		$	75,954		$	58,457		$	176,549
Technical Products Group		33,098			37,990			42,605			113,693
Unallocated corporate expenses and intercompany eliminations		(11,635	)		(13,818	)		(10,239	)		(35,692	)
Consolidated	$	63,601		$	100,126		$	90,823		$	254,550
Operating income as a percent of net sales
Water		8.8	%		13.8	%		11.4	%		11.5	%
Technical Products		14.5	%		15.4	%		16.3	%		15.4	%
Consolidated		9.0	%		12.6	%		11.7	%		11.2	%

	First Qtr			Second Qtr			Third Qtr			Nine Months
In thousands	2009			2009			2009			2009
Net sales to external customers
Water Group	$	423,932		$	486,990		$	461,570		$	1,372,492
Technical Products Group		209,908			206,722			201,095			617,725
Consolidated	$	633,840		$	693,712		$	662,665		$	1,990,217
Intersegment sales
Water Group	$	289		$	198		$	284		$	771
Technical Products Group		233			600			544			1,377
Intercompany sales eliminations		(522	)		(798	)		(828	)		(2,148	)
Consolidated	$	—		$	—		$	—		$	—
Operating income (loss)
Water Group	$	26,976		$	49,781		$	53,085		$	129,842
Technical Products Group		20,462			23,578			24,356			68,396
Unallocated corporate expenses and intercompany eliminations		(10,224	)		(9,799	)		(10,759	)		(30,782	)
Consolidated	$	37,214		$	63,560		$	66,682		$	167,456
Operating income as a percent of net sales
Water		6.4	%		10.2	%		11.5	%		9.5	%
Technical Products		9.7	%		11.4	%		12.1	%		11.1	%
Consolidated		5.9	%		9.2	%		10.1	%		8.4	%

Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” year ending December 31, 2009 to the “Adjusted” non-GAAP
excluding the effect of 2009 adjustments (Unaudited)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year
In thousands, except per-share data	2009			2009			2009			2009			2009
Net sales	$	633,840		$	693,712		$	662,665		$	702,251		$	2,692,468
Operating income — as reported		37,214			63,560			66,682			52,492			219,948
% of net sales		5.9	%		9.2	%		10.1	%		7.5	%		8.2	%
Adjustments:
Restructuring and asset impairment		2,824			2,944			7,295			24,881			37,944
Operating income — as adjusted		40,038			66,504			73,977			77,373			257,892
% of net sales		6.3	%		9.6	%		11.2	%		11.0	%		9.6	%
Net income from continuing operations attributable to Pentair, Inc. — as reported		17,255			32,006			37,033			29,218			115,512
Adjustments — tax affected
Restructuring and asset impairment, net of minority interest		1,864			1,943			4,815			17,549			26,171
Bond tender		—			3,171			—			—			3,171
Net income from continuing operations attributable to Pentair, Inc. — as adjusted		19,119			37,120			41,848			46,767			144,854
Continuing earnings per common share attributable to Pentair, Inc. — diluted
Diluted earnings per common share — as reported	$	0.18		$	0.33		$	0.38		$	0.29		$	1.17
Adjustments		0.02			0.05			0.04			0.18			0.30
Diluted earnings per common share — as adjusted	$	0.20		$	0.38		$	0.42		$	0.47		$	1.47
Weighted average common shares outstanding — Diluted		97,966			98,422			98,641			99,226			98,522

Pentair, Inc. and Subsidiaries
Reconciliation of the GAAP “As Reported” year ending December 31, 2009 to the “Adjusted” non-GAAP
excluding the effect of 2009 adjustments (Unaudited)

	First Quarter			Second Quarter			Third Quarter			Fourth Quarter			Year
In thousands	2009			2009			2009			2009			2009
Water
Net sales	$	423,932		$	486,990		$	461,570		$	475,272		$	1,847,764
Operating income — as reported		26,976			49,781			53,085			33,903			163,745
% of net sales		6.4	%		10.2	%		11.5	%		7.1	%		8.9	%
Adjustments — restructuring and asset impairment		1,464			1,460			2,639			21,336			26,899
Operating income — as adjusted		28,440			51,241			55,724			55,239			190,644
% of net sales		6.7	%		10.5	%		12.1	%		11.6	%		10.3	%
Technical Products
Net sales	$	209,908		$	206,722		$	201,095		$	226,979		$	844,704
Operating income — as reported		20,462			23,578			24,356			31,959			100,355
% of net sales		9.7	%		11.4	%		12.1	%		14.1	%		11.9	%
Adjustments — restructuring and asset impairment		792			1,139			4,557			2,729			9,217
Operating income — as adjusted		21,254			24,717			28,913			34,688			109,572
% of net sales		10.1	%		12.0	%		14.4	%		15.3	%		13.0	%