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Segment Results | 3 Months Ended
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Mar. 31, 2014
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 (formerly known as Merchandising Systems segment), 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 thousands) | 2014 |  | 2013
Net sales |  |  |
Fluid Handling | $ | 310,837 |  |  | $ | 312,998 |
Payment & Merchandising Technologies | 169,092 |  |  | 89,461 |
Aerospace & Electronics | 168,960 |  |  | 164,882 |
Engineered Materials | 67,941 |  |  | 60,230 |
Total | $ | 716,830 |  |  | $ | 627,571 |
Operating profit (loss) |  |  |
Fluid Handling a | $ | 44,501 |  |  | $ | 45,891 |
Payment & Merchandising Technologies b | 7,447 |  |  | 10,165 |
Aerospace & Electronics c | 32,557 |  |  | 40,111 |
Engineered Materials | 10,793 |  |  | 8,574 |
Corporate d | (13,912 | ) |  | (17,841 | )
Total | 81,386 |  |  | 86,900 |
Interest income | 388 |  |  | 632 |
Interest expense | (9,809 | ) |  | (6,718 | )
Miscellaneous - net | (204 | ) |  | (120 | )
Income before income taxes | $ | 71,761 |  |  | $ | 80,694 |
a Includes $3,231 of restructuring and related charges for the three months ended March 31, 2014. b Includes $3,988 of restructuring and related charges, $3,584 of acquisition integration related costs and $4,790 of acquisition related inventory step up and backlog amortization for the three months ended March 31, 2014. c Includes $2,818 of restructuring and related charges for the three months ended March 31, 2014. d Includes $1,143 of acquisition integration related costs for the three months ended March 31, 2014 and $2,888 of acquisition transaction costs for the three months ended March 31, 2013.
| As of
| March 31, |  | December 31,
(in thousands) | 2014 |  | 2013
Assets |  |  |
Fluid Handling | $ | 998,998 |  |  | $ | 996,101 |
Payment & Merchandising Technologies | 1,369,024 |  |  | 1,383,007 |
Aerospace & Electronics | 515,514 |  |  | 511,676 |
Engineered Materials | 241,591 |  |  | 233,214 |
Corporate | 428,218 |  |  | 435,609 |
Total | $ | 3,553,345 |  |  | $ | 3,559,607 |
| As of
| March 31, |  | December 31,
(in thousands) | 2014 |  | 2013
Goodwill |  |  |
Fluid Handling | $ | 239,351 |  |  | $ | 239,205 |
Payment & Merchandising Technologies | 633,381 |  |  | 635,759 |
Aerospace & Electronics | 202,809 |  |  | 202,799 |
Engineered Materials | 171,559 |  |  | 171,553 |
Total | $ | 1,247,100 |  |  | $ | 1,249,316 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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