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Business Segments | 6 Months Ended
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Jun. 30, 2011
Business Segments |
Business Segments |
4. | Business Segments
The Company has four reportable business segments: Fluid & Metering Technologies, Health & Science Technologies, Dispensing Equipment 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 water & wastewater. 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, 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 OEM specifications. The Dispensing Equipment Segment produces precision equipment for dispensing, metering and mixing colorants and paints used in a variety of retail and commercial businesses around the world. 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, and engineered stainless steel banding and clamping devices used in a variety of industrial and commercial applications. 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 reflect the movement of the Pharma group from the Fluid & Metering Technologies Segment to the Health & Science Technologies Segment.
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2011 |  |  | 2010 |  |  | 2011 |  |  | 2010 |
|  | (In thousands) |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fluid & Metering Technologies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  | $ | 205,155 |  |  | $ | 168,614 |  |  | $ | 400,288 |  |  | $ | 335,554 |
Intersegment sales |  |  | 96 |  |  |  | 189 |  |  |  | 236 |  |  |  | 357 |
Total group sales |  |  | 205,251 |  |  |  | 168,803 |  |  |  | 400,524 |  |  |  | 335,911 |
Health & Science Technologies: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 143,719 |  |  |  | 104,886 |  |  |  | 277,033 |  |  |  | 196,637 |
Intersegment sales |  |  | 400 |  |  |  | 1,345 |  |  |  | 721 |  |  |  | 2,885 |
Total group sales |  |  | 144,119 |  |  |  | 106,231 |  |  |  | 277,754 |  |  |  | 199,522 |
Dispensing Equipment: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 36,002 |  |  |  | 41,102 |  |  |  | 67,987 |  |  |  | 74,640 |
Intersegment sales |  |  | 144 |  |  |  | 33 |  |  |  | 317 |  |  |  | 49 |
Total group sales |  |  | 36,146 |  |  |  | 41,135 |  |  |  | 68,304 |  |  |  | 74,689 |
Fire & Safety/Diversified Products: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 68,922 |  |  |  | 63,924 |  |  |  | 135,579 |  |  |  | 127,293 |
Intersegment sales |  |  | 124 |  |  |  | 67 |  |  |  | 196 |  |  |  | 99 |
Total group sales |  |  | 69,046 |  |  |  | 63,991 |  |  |  | 135,775 |  |  |  | 127,392 |
Intersegment elimination |  |  | (764 | ) |  |  | (1,634 | ) |  |  | (1,470 | ) |  |  | (3,390 | )
Total net sales |  | $ | 453,798 |  |  | $ | 378,526 |  |  | $ | 880,887 |  |  | $ | 734,124 |
Operating income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fluid & Metering Technologies |  | $ | 40,288 |  |  | $ | 29,461 |  |  | $ | 80,525 |  |  | $ | 60,450 |
Health & Science Technologies |  |  | 28,065 |  |  |  | 21,209 |  |  |  | 59,179 |  |  |  | 40,912 |
Dispensing Equipment |  |  | 10,377 |  |  |  | 9,712 |  |  |  | 16,016 |  |  |  | 16,351 |
Fire & Safety/Diversified Products |  |  | 16,488 |  |  |  | 13,916 |  |  |  | 31,991 |  |  |  | 26,987 |
Corporate office and other |  |  | (15,589 | ) |  |  | (11,518 | ) |  |  | (30,361 | ) |  |  | (24,027 | )
Total operating income |  |  | 79,629 |  |  |  | 62,780 |  |  |  | 157,350 |  |  |  | 120,673 |
Interest expense |  |  | 6,720 |  |  |  | 3,599 |  |  |  | 13,174 |  |  |  | 7,033 |
Other income (expense)-net |  |  | 347 |  |  |  | 239 |  |  |  | (560 | ) |  |  | 493 |
Income before taxes |  | $ | 73,256 |  |  | $ | 59,420 |  |  | $ | 143,616 |  |  | $ | 114,133 |
|  | June 30, 2011 |  |  | December 31, 2010 |
|  | (In thousands) |
Assets: |  |  |  |  |  |  |  |
Fluid & Metering Technologies |  | $ | 1,081,447 |  |  | $ | 1,040,601 |
Health & Science Technologies |  |  | 1,235,207 |  |  |  | 718,884 |
Dispensing Equipment |  |  | 261,742 |  |  |  | 205,540 |
Fire & Safety/Diversified Products |  |  | 290,704 |  |  |  | 278,567 |
Corporate office and other(1) |  |  | 54,220 |  |  |  | 138,103 |
Total assets |  | $ | 2,923,320 |  |  | $ | 2,381,695 |
(1) | Includes intersegment eliminations.

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- Definition This element may be used to capture the complete disclosure of reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10% or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 + Details
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