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 September 30,						Nine Months Ended September 30,
	2017			2016⁽¹⁾			2017			2016⁽¹⁾
Net sales
Fluid & Metering Technologies
External customers	$	220,897		$	208,164		$	658,675		$	641,508
Intersegment sales	56			171			230			480
Total group sales	220,953			208,335			658,905			641,988
Health & Science Technologies
External customers	207,018			183,453			610,890			556,157
Intersegment sales	109			111			325			318
Total group sales	207,127			183,564			611,215			556,475
Fire & Safety/Diversified Products
External customers	146,575			138,739			431,843			384,959
Intersegment sales	24			28			186			37
Total group sales	146,599			138,767			432,029			384,996
Intersegment elimination	(189		)	(310		)	(741		)	(835		)
Total net sales	$	574,490		$	530,356		$	1,701,408		$	1,582,624
Operating income
Fluid & Metering Technologies	$	61,988		$	55,907		$	179,830		$	161,782
Health & Science Technologies	46,073			37,195			134,605			118,985
Fire & Safety/Diversified Products	36,199			32,492			106,022			92,566
Corporate office expense and other ⁽²⁾	(17,756		)	(15,886		)	(53,149		)	(46,457		)
Total operating income	126,504			109,708			367,308			326,876
Interest expense	11,064			11,913			33,920			33,607
Other (income) expense - net	1,653			(1,513		)	1,717			(2,496		)
Income before income taxes	$	113,787		$	99,308		$	331,671		$	295,765
⁽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 nine months ended September 30, 2016 includes benefits of zero and $4.7 million, respectively, from the reversal of the contingent consideration related to a 2015 acquisition as well as a $2.1 million loss on sale of businesses - net.



	September 30, 2017		December 31, 2016
Assets
Fluid & Metering Technologies	$	1,112,788	$	1,065,670
Health & Science Technologies	1,281,823		1,266,036
Fire & Safety/Diversified Products	740,026		705,735
Corporate office	183,124		117,503
Total assets	$	3,317,761	$	3,154,944