Business Segment Information

6 Months Ended

Jun. 30, 2015

Segment Reporting [Abstract]

Business Segment Information

Business Segment Information

The Company’s operations are principally managed based upon the products that are produced and are comprised of three operating segments, which are the same as the Company’s reportable segments: Advanced Plastic Processing Technologies, Melt Delivery and Control Systems, and Fluid Technologies. The factors for determining the Company’s reportable segments include the manner in which management evaluates performance combined with the nature of the individual business activities. The Company evaluates the performance of its segments based on net sales and operating earnings. Operating earnings includes net sales to third parties, related cost of sales and operating expenses directly attributable to the segments. Operating earnings for each segment excludes items that are of a non-operating nature or are of a corporate or functional governance nature. Costs excluded from segment operating earnings include interest expense, income taxes and various corporate expenses such as transaction costs associated with the acquisition of certain businesses, stock-based compensation expense and other separately managed general and administrative costs. The effects of intersegment transactions have been eliminated.

The following table summarizes total assets by segment:

	June 30, 2015		December 31, 2014
	(in millions)
Advanced Plastic Processing Technologies	$	476.0	$	460.9
Melt Delivery and Control Systems	1,094.4		1,112.1
Fluid Technologies	146.0		150.2
Corporate	53.5		67.5
Total assets	$	1,769.9	$	1,790.7

The following table summarizes long-lived assets by segment:

	June 30, 2015		December 31, 2014
	(in millions)
Advanced Plastic Processing Technologies	$	103.1	$	98.3
Melt Delivery and Control Systems	92.2		97.6
Fluid Technologies	15.6		17.1
Corporate	4.3		3.9
Total long-lived assets	$	215.2	$	216.9

The following tables summarize segment information:

	Three months ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in millions)
Net sales to external customers:
Advanced Plastic Processing Technologies	$	169.9	$	158.3	$	321.3	$	310.3
Melt Delivery and Control Systems	101.8		105.2		201.2		201.8
Fluid Technologies	29.6		32.4		58.0		64.1
Total net sales to external customers	$	301.3	$	295.9	$	580.5	$	576.2

	Three months ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in millions)
Operating earnings:
Advanced Plastic Processing Technologies	$	13.2		$	7.2		$	24.0		$	18.0
Melt Delivery and Control Systems	20.9			22.6			23.3			33.2
Fluid Technologies	3.8			2.7			6.6			5.1
Corporate	(18.3		)	(7.7		)	(26.9		)	(16.2		)
Operating earnings	$	19.6		$	24.8		$	27.0		$	40.1
Capital expenditures:
Advanced Plastic Processing Technologies	$	6.9		$	4.8		$	16.5		$	7.6
Melt Delivery and Control Systems	4.8			1.9			9.3			7.2
Fluid Technologies	0.1			0.1			0.3			0.3
Corporate	0.4			0.3			0.7			1.0
Total capital expenditures	$	12.2		$	7.1		$	26.8		$	16.1
Depreciation and amortization:
Advanced Plastic Processing Technologies	$	5.1		$	5.5		$	10.4		$	11.0
Melt Delivery and Control Systems	9.1			10.1			18.2			19.6
Fluid Technologies	1.7			2.3			3.4			4.6
Corporate	0.1			(0.1		)	0.2			—
Total depreciation and amortization	$	16.0		$	17.8		$	32.2		$	35.2

The following tables summarize net sales to external customers and long-lived assets by geographic region:

	Three months ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
	(in millions)
Net sales to external customers:
United States	$	143.0	$	131.6	$	272.9	$	255.2
Rest of World	158.3		164.3		307.6		321.0
Total net sales to external customers	$	301.3	$	295.9	$	580.5	$	576.2

	June 30, 2015		December 31, 2014
	(in millions)
Long-lived assets
United States	$	73.5	$	72.8
Rest of World	141.7		144.1
Long-lived assets	$	215.2	$	216.9