Business Segments

9 Months Ended

Sep. 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, 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 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 September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
	(In thousands)
Net sales:
Fluid & Metering Technologies:
External customers	$	197,620		$	205,674		$	620,451		$	614,008
Intersegment sales		380			123			982			359
Total group sales		198,000			205,797			621,433			614,367
Health & Science Technologies:
External customers		174,351			172,648			516,314			441,635
Intersegment sales		1,874			263			4,260			984
Total group sales		176,225			172,911			520,574			442,619
Fire & Safety/Diversified Products:
External customers		107,888			98,559			326,655			302,125
Intersegment sales		311			176			1,518			689
Total group sales		108,199			98,735			328,173			302,814
Intersegment elimination		(2,565	)		(562	)		(6,760	)		(2,032	)
Total net sales	$	479,859		$	476,881		$	1,463,420		$	1,357,768
Operating income and income before income taxes:
Fluid & Metering Technologies	$	41,649		$	40,883		$	132,477		$	124,221
Health & Science Technologies		27,305			19,287			84,711			75,653
Fire & Safety/Diversified Products		24,738			19,263			74,524			67,270
Corporate office and other		(13,104	)		(8,128	)		(37,905	)		(38,489	)
Total operating income		80,588			71,305			253,807			228,655
Interest expense		10,536			7,763			31,734			20,937
Other income (expense)-net		132			(441	)		19			(1,001	)
Income before income taxes	$	70,184		$	63,101		$	222,092		$	206,717

	September 30, 2012		December 31, 2011
	(In thousands)
Assets:
Fluid & Metering Technologies	$	1,045,783	$	1,072,023
Health & Science Technologies		1,295,881		1,178,653
Fire & Safety/Diversified Products		469,785		442,400
Corporate office and other(1)		145,986		143,031
Total assets	$	2,957,435	$	2,836,107

(1) Includes intersegment eliminations.