Segment Results

3 Months Ended

Mar. 31, 2015

Segment Results

Segment Results

The Company’s segments are reported on the same basis used internally for evaluating performance and for allocating resources. The Company has four reportable segments: Fluid Handling, Payment & Merchandising Technologies, Aerospace & Electronics and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, insurance receivables, certain property, plant and equipment, and certain other assets. Furthermore, Corporate consists of corporate office expenses including compensation, benefits, occupancy, depreciation, and other administrative costs.

Financial information by reportable segment is set forth below:

	Three Months Ended
	March 31,
(in millions)	2015			2014
Net sales
Fluid Handling	$	275.5		$	310.8
Payment & Merchandising Technologies	171.9			169.1
Aerospace & Electronics	161.6			169.0
Engineered Materials	69.7			67.9
Total	$	678.8		$	716.8
Operating profit (loss)
Fluid Handling a	$	34.3		$	44.5
Payment & Merchandising Technologies b	21.1			7.4
Aerospace & Electronics c	30.1			32.6
Engineered Materials	14.3			10.8
Corporate d	(13.7		)	(13.9		)
Total	86.0			81.4
Interest income	0.5			0.4
Interest expense	(9.9		)	(9.8		)
Miscellaneous - net	(0.3		)	(0.2		)
Income before income taxes	$	76.3		$	71.8

^a Includes restructuring and related charges of $1.8 million for the three months ended March 31, 2015. Includes $3.2 million of restructuring charges for the three months ended March 31, 2014.

^b Includes $0.2 million of restructuring charges and $1.6 million of acquisition integration related costs for the three months ended March 31, 2015. Includes $4.0 million of restructuring charges, $3.6 million of acquisition integration related costs and $4.8 million of acquisition related inventory step up and backlog amortization for the three months ended March 31, 2014.

^c Includes $0.9 million of restructuring and related charges for the three months ended March 31, 2015. Includes $2.8 million of restructuring for the three months ended March 31, 2014.

^d Includes $1.1 million of acquisition integration related costs for the three months ended March 31, 2014.

	As of
	March 31,		December 31,
(in millions)	2015		2014
Assets
Fluid Handling	$	905.3	$	963.2
Payment & Merchandising Technologies	1,202.5		1,210.1
Aerospace & Electronics	520.7		512.1
Engineered Materials	238.5		229.1
Corporate	520.4		536.3
Total	$	3,387.3	$	3,450.8

	As of
	March 31,		December 31,
(in millions)	2015		2014
Goodwill
Fluid Handling	$	218.7	$	227.3
Payment & Merchandising Technologies	581.3		589.9
Aerospace & Electronics	202.6		202.7
Engineered Materials	171.4		171.5
Total	$	1,174.0	$	1,191.3