Business Segments

The Company has three reportable business segments: Fluid & Metering Technologies, Health & Science Technologies and Fire & Safety/Diversified Products.

The Fluid & Metering Technologies segment designs, produces and distributes positive displacement pumps, valves, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for the food, chemical, general industrial, water & wastewater, agriculture and energy industries. The Health & Science Technologies segment designs, produces and distributes a wide range of precision fluidics, rotary lobe pumps, centrifugal and positive displacement pumps, roll compaction and drying systems used in beverage, food processing, pharmaceutical and cosmetics, pneumatic components and sealing solutions, including very high precision, low-flow rate pumping solutions required in analytical instrumentation, clinical diagnostics and drug discovery, high performance molded and extruded sealing components, biocompatible medical devices and implantables, air compressors used in medical, dental and industrial applications, optical components and coatings for applications in the fields of scientific research, defense, biotechnology, aerospace, telecommunications and electronics manufacturing, laboratory and commercial equipment used in the production of micro and nano scale materials, precision photonic solutions used in life sciences, research and defense markets, and precision gear and peristaltic pump technologies that meet exacting original equipment manufacturer specifications. The Fire & Safety/Diversified Products segment produces firefighting pumps and controls, apparatus valves, monitors, nozzles, rescue tools, lifting bags and other components and systems for the fire and rescue industry, engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications, and precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world.

Information on the Company’s business segments is presented below, based on the nature of products and services offered. The Company evaluates performance based on several factors, of which operating income is the primary financial measure. Intersegment sales are accounted for as if the sales were to third parties.



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016⁽¹⁾			2017			2016⁽¹⁾
Net sales
Fluid & Metering Technologies
External customers	$	221,123		$	221,635		$	437,778		$	433,344
Intersegment sales	59			175			174			309
Total group sales	221,182			221,810			437,952			433,653
Health & Science Technologies
External customers	204,297			186,453			403,872			372,704
Intersegment sales	112			115			216			207
Total group sales	204,409			186,568			404,088			372,911
Fire & Safety/Diversified Products
External customers	147,946			141,608			285,268			246,220
Intersegment sales	37			3			162			9
Total group sales	147,983			141,611			285,430			246,229
Intersegment elimination	(208		)	(293		)	(552		)	(525		)
Total net sales	$	573,366		$	549,696		$	1,126,918		$	1,052,268
Operating income
Fluid & Metering Technologies	$	60,029		$	54,172		$	117,842		$	105,875
Health & Science Technologies	46,294			41,108			88,532			81,790
Fire & Safety/Diversified Products	37,197			34,420			69,823			60,074
Corporate office expense and other ⁽²⁾	(18,387		)	(15,877		)	(35,393		)	(30,571		)
Total operating income	125,133			113,823			240,804			217,168
Interest expense	11,304			11,205			22,856			21,694
Other (income) expense - net	372			(1,027		)	64			(983		)
Income before income taxes	$	113,457		$	103,645		$	217,884		$	196,457
⁽¹⁾ Certain amounts in the prior year income statement have been reclassified to conform to the current presentation due to the early adoption of ASU 2017-07.
⁽²⁾ Corporate office expense for the three and six months ended June 30, 2016 includes benefits of $1.0 million and $4.7 million, respectively, from the reversal of the contingent consideration related to a 2015 acquisition.



	June 30, 2017		December 31, 2016
Assets
Fluid & Metering Technologies	$	1,092,811	$	1,065,670
Health & Science Technologies	1,274,359		1,266,036
Fire & Safety/Diversified Products	727,423		705,735
Corporate office	129,572		117,503
Total assets	$	3,224,165	$	3,154,944