Segment Information

6 Months Ended

Jun. 30, 2019

18. Segment Information

The Company categorizes its operating companies into three distinct reportable segments. Segment financial information and a reconciliation of segment results to consolidated results is as follows:

•Engineered Systems segment is comprised of two platforms, Printing & Identification and Industrials, and is focused on the design, manufacture and service of critical equipment and components serving the fast-moving consumer goods, digital textile printing, vehicle service, environmental solutions and industrial end markets.

•Fluids segment, serving the Fueling & Transport, Pumps and Process Solutions end markets, is focused on the safe handling of critical fluids, and providing critical components to the retail fueling, chemical, hygienic, oil and gas, power generation and industrial markets.

•Refrigeration & Food Equipment segment is a provider of innovative and energy efficient equipment and systems serving the commercial refrigeration and food equipment end markets.

Segment financial information and a reconciliation of segment results to consolidated results was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2019		2018		2019		2018
Revenue:
Engineered Systems	$	696,501	$	702,989	$	1,383,692	$	1,374,615
Fluids	729,433		693,666		1,432,657		1,321,764
Refrigeration & Food Equipment	385,474		401,766		720,117		740,001

Intra-segment eliminations	(702)		(327)		(1,003)		(615)
Total consolidated revenue	$	1,810,706	$	1,798,094	$	3,535,463	$	3,435,765
Earnings from continuing operations:
Segment earnings: ⁽¹⁾
Engineered Systems	$	131,770	$	126,649	$	254,844	$	228,715
Fluids ⁽²⁾	128,915		93,028		181,136		160,376
Refrigeration & Food Equipment	44,375		51,372		69,182		80,554

Total segment earnings	305,060		271,049		505,162		469,645
Corporate expense / other ⁽³⁾	24,512		30,050		55,378		60,813
Interest expense	31,754		32,125		63,562		67,765
Interest income	(945)		(2,563)		(1,835)		(4,620)
Earnings before provision for income taxes and discontinued operations	249,739		211,437		388,057		345,687
Provision for income taxes	51,654		44,981		84,267		69,822
Earnings from continuing operations	$	198,085	$	166,456	$	303,790	$	275,865

⁽¹⁾Segment earnings includes non-operating income and expense directly attributable to the segments.

⁽²⁾ The six months ended June 30, 2019 includes a $46,946 loss on assets held for sale for Finder. Excluding this loss, Fluids segment earnings was $228,082.

⁽³⁾ Certain expenses are maintained at the corporate level and not allocated to the segments. These expenses include executive and functional compensation costs, non-service pension costs, non-operating insurance expenses, shared business services costs and various administrative expenses relating to the corporate headquarters.