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. Corporate consists of corporate office expenses including compensation and benefits for corporate employees, occupancy, depreciation, and other administrative costs.



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2016			2015			2016				2015
Net sales
Fluid Handling	$	245.1		$	264.7		$	759.1			$	832.2
Payment & Merchandising Technologies	186.7			170.6			551.2				529.0
Aerospace & Electronics	198.2			171.7			559.2				500.4
Engineered Materials	64.2			62.9			197.0				198.4
Total	$	694.2		$	669.9		$	2,066.5			$	2,060.0
Operating profit (loss)
Fluid Handling	$	30.7		$	29.4		$	91.5			$	96.2
Payment & Merchandising Technologies	34.7			25.2			97.1				72.5
Aerospace & Electronics	38.9			36.5			110.6				98.2
Engineered Materials	11.4			12.5			38.6				39.0
Corporate	(11.9		)	(10.4		)	(45.9		)	*	(36.5		)
Total	103.8			93.2			291.9				269.4
Interest income	0.5			0.5			1.4				1.4
Interest expense	(9.2		)	(9.1		)	(27.5		)		(28.5		)
Miscellaneous - net	(0.1		)	(0.3		)	(0.6		)		(0.2		)
Income before income taxes	$	95.0		$	84.3		$	265.2			$	242.1

* Includes a $5 million legal settlement charge.



	As of
	September 30,		December 31,
(in millions)	2016		2015
Assets
Fluid Handling	$	881.9	$	888.0
Payment & Merchandising Technologies	1,243.6		1,178.0
Aerospace & Electronics	574.0		559.4
Engineered Materials	230.1		227.6
Corporate	479.6		483.9
Total	$	3,409.2	$	3,336.9



	As of
	September 30,		December 31,
(in millions)	2016		2015
Goodwill
Fluid Handling	$	217.7	$	218.7
Payment & Merchandising Technologies	584.2		575.2
Aerospace & Electronics	202.4		202.6
Engineered Materials	171.3		171.4
Total	$	1,175.6	$	1,167.9

The table below presents net sales by product line for each segment:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2016		2015		2016		2015
Fluid Handling
Process Valves and Related Products	$	148.1	$	160.4	$	469.1	$	519.3
Commercial Valves	75.2		81.7		224.1		244.1
Other Products	21.8		22.6		65.9		68.8
Total Fluid Handling	$	245.1	$	264.7	$	759.1	$	832.2

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	123.7	$	121.6	$	373.7	$	376.9
Merchandising Equipment	63.0		49.0		177.5		152.1
Total Payment & Merchandising Technologies	$	186.7	$	170.6	$	551.2	$	529.0

Aerospace & Electronics
Commercial Original Equipment	$	88.4	$	87.9	$	270.6	$	263.4
Military and Other Original Equipment	63.3		36.8		152.9		103.9
Commercial Aftermarket Products	31.9		33.4		96.3		97.1
Military Aftermarket Products	14.6		13.6		39.4		36.0
Total Aerospace & Electronics	$	198.2	$	171.7	$	559.2	$	500.4

Engineered Materials
FRP - Recreational Vehicles	$	32.6	$	31.6	$	99.8	$	105.0
FRP - Building Products	22.9		21.4		68.3		63.7
FRP - Transportation	8.7		9.9		28.9		29.7
Total Engineered Materials	$	64.2	$	62.9	$	197.0	$	198.4

Total Net Sales	$	694.2	$	669.9	$	2,066.5	$	2,060.0