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Segment Results | 9 Months Ended
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Sep. 30, 2023
Segment Reporting [Abstract] |
Segment Results | Segment Results Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. As of September 30, 2023, we had three reportable segments: Aerospace & Electronics, Process Flow Technologies, and Engineered Materials. Assets of the reportable segments exclude general corporate assets, which principally consist of cash, deferred tax assets, 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. A brief description of each of our segments are as follows: Aerospace & Electronics The Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace, and the military aerospace, defense and space markets. Its brands have decades of proven experience, and in many cases invented the critical technologies in their respective markets. The business designs and delivers systems, reliable components, and flexible power solutions that excel in tough and mission-critical environments. Products and services are organized into six integrated solutions: Sensing Components & Systems, Electrical Power Solutions, Fluid Management Solutions, Landing & Control Systems, and Microwave Solutions. Process Flow Technologies The Process Flow Technologies segment is a provider of highly engineered fluid handling equipment for critical applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Pumps and Systems. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Pumps and Systems include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets. Engineered Materials The Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles, truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products). Financial information by reportable segment is set forth below.
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
(in millions) | 2023 |  | 2022 |  | 2023 |  | 2022
Net sales: |  |  |  |  |  |  |
Aerospace & Electronics | $ | 207.2 |  |  | $ | 167.2 |  |  | $ | 576.5 |  |  | $ | 485.8 |
Process Flow Technologies | 266.7 |  |  | 250.0 |  |  | 801.3 |  |  | 857.4 |
Engineered Materials | 56.2 |  |  | 62.8 |  |  | 175.7 |  |  | 205.9 |
Total | $ | 530.1 |  |  | $ | 480.0 |  |  | $ | 1,553.5 |  |  | $ | 1,549.1 |
Operating profit: |  |  |  |  |  |  |
Aerospace & Electronics | $ | 40.2 |  |  | $ | 28.2 |  |  | $ | 116.1 |  |  | $ | 84.4 |
Process Flow Technologies | 51.2 |  |  | 41.3 |  |  | 165.1 |  |  | 130.9 |
Engineered Materials | 7.7 |  |  | 6.7 |  |  | 28.9 |  |  | 26.9 |
Corporate | (22.8) |  |  | (193.4) |  |  | (93.2) |  |  | (252.9) |
Total | $ | 76.3 |  |  | $ | (117.2) |  |  | $ | 216.9 |  |  | $ | (10.7) |
Interest income | 1.5 |  |  | 1.4 |  |  | 3.2 |  |  | 2.3 |
Interest expense | (4.8) |  |  | (3.0) |  |  | (16.7) |  |  | (4.4) |
Gain on sale of business | — |  |  | 3.8 |  |  | — |  |  | 232.5 |
Miscellaneous income (expense), net | 1.3 |  |  | 4.5 |  |  | (0.5) |  |  | 20.6 |
Income (Loss) from continuing operations before income taxes | $ | 74.3 |  |  | $ | (110.5) |  |  | $ | 202.9 |  |  | $ | 240.3 |
(in millions) | September 30, 2023 |  | December 31, 2022
Assets: |  |  |
Aerospace & Electronics | $ | 747.2 |  |  | $ | 663.3 |
Process Flow Technologies | 1,023.8 |  |  | 1,064.7 |
Engineered Materials | 227.0 |  |  | 218.6 |
Corporate | 193.9 |  |  | 314.2 |
Assets Discontinued Operations | — |  |  | 2,130.8 |
Total | $ | 2,191.9 |  |  | $ | 4,391.6 |
(in millions) | September 30, 2023 |  | December 31, 2022
Goodwill: |  |  |
Aerospace & Electronics | $ | 202.3 |  |  | $ | 202.3 |
Process Flow Technologies | 315.8 |  |  | 317.3 |
Engineered Materials | 171.3 |  |  | 171.3 |
Total | $ | 689.4 |  |  | $ | 690.9 |

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- Definition The entire disclosure for 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 percent 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/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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