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.

For the three and six months ended June 30, 2018, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization, restructuring (gains) charges, and a change in presentation of pension and postretirement costs. For the three and six months ended June 30, 2017, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization, and a change in presentation of pension and postretirement costs.



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(in millions)	2018			2017			2018			2017
Net sales
Fluid Handling	$	276.9		$	263.8		$	543.5		$	503.4
Payment & Merchandising Technologies	324.3			198.2			616.7			393.7
Aerospace & Electronics	187.2			171.1			357.5			334.5
Engineered Materials	62.6			69.4			132.3			144.3
Total	$	851.0		$	702.5		$	1,650.0		$	1,375.9
Operating profit (loss)
Fluid Handling	$	29.5		$	29.1		$	57.6		$	53.5
Payment & Merchandising Technologies	46.1			41.9			82.6			80.3
Aerospace & Electronics	43.3			37.6			77.5			69.4
Engineered Materials	11.2			13.3			23.7			27.2
Corporate	(17.1		)	(16.1		)	(34.1		)	(31.4		)
Total	113.0			105.8			207.3			199.0
Interest income	0.4			0.6			1.2			1.1
Interest expense	(12.8		)	(9.0		)	(27.5		)	(18.0		)
Miscellaneous income	4.3			2.3			8.3			5.6
Income before income taxes	$	104.9		$	99.7		$	189.3		$	187.7



(in millions)	June 30, 2018		December 31, 2017
Assets
Fluid Handling	$	875.2	$	941.6
Payment & Merchandising Technologies	2,161.6		1,215.7
Aerospace & Electronics	584.7		573.0
Engineered Materials	224.1		220.8
Corporate	274.9		642.4
Total	$	4,120.5	$	3,593.5



(in millions)	June 30, 2018		December 31, 2017
Goodwill
Fluid Handling	$	243.0	$	245.4
Payment & Merchandising Technologies	815.8		587.7
Aerospace & Electronics	202.4		202.4
Engineered Materials	171.3		171.4
Total	$	1,432.5	$	1,206.9

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



	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions)	2018		2017		2018		2017
Fluid Handling
Process Valves and Related Products	$	175.4	$	165.8	$	340.4	$	314.5
Commercial Valves	79.2		75.0		159.7		144.5
Other Products	22.3		23.0		43.4		44.4
Total Fluid Handling	$	276.9	$	263.8	$	543.5	$	503.4

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	155.3	$	148.6	$	300.7	$	294.5
Banknotes and Security Products	121.6		—		221.4		—
Merchandising Equipment	47.4		49.6		94.6		99.2
Total Payment & Merchandising Technologies	$	324.3	$	198.2	$	616.7	$	393.7

Aerospace & Electronics
Commercial Original Equipment	$	86.2	$	87.3	$	170.8	$	169.8
Military and Other Original Equipment	48.7		40.9		90.7		78.9
Commercial Aftermarket Products	37.5		31.6		70.2		63.7
Military Aftermarket Products	14.8		11.3		25.8		22.1
Total Aerospace & Electronics	$	187.2	$	171.1	$	357.5	$	334.5

Engineered Materials
FRP - Recreational Vehicles	$	31.2	$	38.1	$	68.5	$	79.7
FRP - Building Products	23.4		23.9		47.2		48.4
FRP - Transportation	8.0		7.4		16.6		16.2
Total Engineered Materials	$	62.6	$	69.4	$	132.3	$	144.3

Total net sales	$	851.0	$	702.5	$	1,650.0	$	1,375.9