Business Segment Information

9 Months Ended

Sep. 30, 2016

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. Effective January 1, 2016, the Advanced Plastic Processing Technologies segment includes our MPET product line that had previously been reported in the Melt Delivery and Control Systems segment. This reclassification more closely reflects the change in management of this product line and its related growth opportunities. Prior year results have been reclassified to reflect the segment change. For the three and nine months ended September 30, 2015, the MPET product line had revenue of $2.0 million and $5.9 million and operating earnings of $0.3 million and an operating loss of $0.5 million, respectively.

The following table summarizes total assets by segment:

	September 30, 2016		December 31, 2015
	(in millions)
Advanced Plastic Processing Technologies	$	500.6	$	501.1
Melt Delivery and Control Systems	1,040.4		1,029.3
Fluid Technologies	146.9		141.7
Corporate	43.6		24.2
Total assets	$	1,731.5	$	1,696.3

The following table summarizes long-lived assets, net by segment:

	September 30, 2016		December 31, 2015
	(in millions)
Advanced Plastic Processing Technologies	$	108.1	$	110.0
Melt Delivery and Control Systems	94.3		90.3
Fluid Technologies	15.5		15.4
Corporate	5.4		6.1
Total long-lived assets	$	223.3	$	221.8

The following tables summarize segment information:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in millions)
Net sales to external customers:
Advanced Plastic Processing Technologies	$	168.7	$	170.8	$	503.8	$	496.0
Melt Delivery and Control Systems	95.4		92.0		288.9		289.3
Fluid Technologies	28.1		29.9		84.9		87.9
Total net sales to external customers	$	292.2	$	292.7	$	877.6	$	873.2

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(in millions)
Operating earnings (loss):
Advanced Plastic Processing Technologies	$	11.2		$	16.1		$	36.5		$	39.3
Melt Delivery and Control Systems	20.5			10.0			73.0			34.1
Fluid Technologies	4.1			2.7			13.2			9.3
Corporate	(6.7		)	(17.8		)	(25.9		)	(44.7		)
Total operating earnings	$	29.1		$	11.0		$	96.8		$	38.0
Capital expenditures:
Advanced Plastic Processing Technologies	$	4.7		$	5.8		$	16.8		$	22.3
Melt Delivery and Control Systems	5.0			5.9			13.4			15.2
Fluid Technologies	0.4			0.2			0.8			0.5
Corporate	—			1.0			—			1.7
Total capital expenditures	$	10.1		$	12.9		$	31.0		$	39.7
Depreciation and amortization:
Advanced Plastic Processing Technologies	$	5.0		$	4.5		$	15.0		$	14.9
Melt Delivery and Control Systems	8.4			8.6			25.1			26.8
Fluid Technologies	1.4			1.6			4.1			5.0
Corporate	0.2			0.1			0.6			0.3
Total depreciation and amortization	$	15.0		$	14.8		$	44.8		$	47.0

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

	Three Months Ended September 30,				Nine Months Ended September 30,
	2016		2015		2016		2015
	(in millions)
Net sales to external customers:
United States	$	142.0	$	145.9	$	415.1	$	418.8
Rest of World	150.2		146.8		462.5		454.4
Total net sales to external customers	$	292.2	$	292.7	$	877.6	$	873.2

	September 30, 2016		December 31, 2015
	(in millions)
Long-lived assets:
United States	$	79.6	$	78.3
Rest of World	143.7		143.5
Total long-lived assets	$	223.3	$	221.8