Segment Information

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	2019		2018		2019		2018
Revenue:
Engineered Systems	$	701,791	$	671,534	$	2,085,483	$	2,046,149
Fluids	753,046		690,065		2,185,703		2,011,829
Refrigeration & Food Equipment	370,335		386,214		1,090,452		1,126,215

Intra-segment eliminations	173		(410)		(830)		(1,025)
Total consolidated revenue	$	1,825,345	$	1,747,403	$	5,360,808	$	5,183,168
Earnings from continuing operations:
Segment earnings: ⁽¹⁾
Engineered Systems	$	136,022	$	108,714	$	390,866	$	337,429
Fluids ⁽²⁾	145,502		101,207		326,638		261,583
Refrigeration & Food Equipment	35,211		42,434		104,393		122,988

Total segment earnings	316,735		252,355		821,897		722,000
Corporate expense / other ⁽³⁾	28,658		30,207		84,036		91,020
Interest expense	31,410		31,192		94,972		98,957
Interest income	(1,263)		(2,060)		(3,098)		(6,680)
Earnings before provision for income taxes and discontinued operations	257,930		193,016		645,987		538,703
Provision for income taxes	51,924		35,711		136,191		105,533
Earnings from continuing operations	$	206,006	$	157,305	$	509,796	$	433,170

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

⁽²⁾ The nine months ended September 30, 2019 includes a $46,946 loss on assets held for sale for Finder. Excluding this loss, Fluids segment earnings was $373,584.

⁽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 overhead costs and various administrative expenses relating to the corporate headquarters.

Effective October 1, 2019, the Company changed its reportable segments from three to five, as discussed in Note 22 — Subsequent Events.