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Segment Results
 9 Months Ended
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 EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Net sales:
Aerospace & Electronics$207.2 $167.2 $576.5 $485.8 
Process Flow Technologies266.7 250.0 801.3 857.4 
Engineered Materials56.2 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 Materials7.7 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 income1.5 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), net1.3 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, 2023December 31, 2022
Assets:
Aerospace & Electronics$747.2 $663.3 
Process Flow Technologies1,023.8 1,064.7 
Engineered Materials227.0 218.6 
Corporate193.9 314.2 
Assets Discontinued Operations— 2,130.8 
Total$2,191.9 $4,391.6 
 
(in millions)September 30, 2023December 31, 2022
Goodwill:
Aerospace & Electronics$202.3 $202.3 
Process Flow Technologies315.8 317.3 
Engineered Materials171.3 171.3 
Total$689.4 $690.9