Business Segments

6 Months Ended

Jun. 30, 2012

Business Segments

4.    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, flow meters, injectors, and other fluid-handling pump modules and systems and provides flow monitoring and other services for the water and wastewater 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, 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, rescue tools, lifting bags and other components and systems for the fire and rescue industry, and engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications, 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 at fair value as if the sales were to third parties. Certain prior year amounts have been revised to include the Dispensing Equipment segment as part of the Fire & Safety/Diversified Products segment and to reflect the movement of our Trebor business unit from the Health & Science Technologies segment to the Fluid & Metering Technologies segment.

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
	(In thousands)
Net sales:
Fluid & Metering Technologies:
External customers	$	210,365		$	208,800		$	422,831		$	408,334
Intersegment sales		350			96			602			236
Total group sales		210,715			208,896			423,433			408,570
Health & Science Technologies:
External customers		168,742			140,074			341,963			268,987
Intersegment sales		1,821			400			2,386			721
Total group sales		170,563			140,474			344,349			269,708
Fire & Safety/Diversified Products:
External customers		115,037			104,924			218,767			203,566
Intersegment sales		887			268			1,207			513
Total group sales		115,924			105,192			219,974			204,079
Intersegment elimination		(3,058	)		(764	)		(4,195	)		(1,470	)
Total net sales	$	494,144		$	453,798		$	983,561		$	880,887
Operating income and income before income taxes:
Fluid & Metering Technologies	$	46,302		$	41,486		$	90,828		$	83,338
Health & Science Technologies		27,136			26,867			57,406			56,366
Fire & Safety/Diversified Products		26,098			26,865			49,786			48,007
Corporate office and other		(10,886	)		(15,589	)		(24,801	)		(30,361	)
Total operating income		88,650			79,629			173,219			157,350
Interest expense		10,536			6,720			21,198			13,174
Other income (expense)-net		(230	)		347			(113	)		(560	)
Income before income taxes	$	77,884		$	73,256		$	151,908		$	143,616

	June 30, 2012		December 31, 2011
	(In thousands)
Assets:
Fluid & Metering Technologies	$	1,036,447	$	1,072,023
Health & Science Technologies		1,221,118		1,178,653
Fire & Safety/Diversified Products		447,717		442,400
Corporate office and other(1)		151,520		143,031
Total assets	$	2,856,802	$	2,836,107

(1) Includes intersegment eliminations.