Segment Information

6 Months Ended

Jun. 30, 2020

17. Segment Information

The Company categorizes its operating companies into five reportable segments as follows:

•Engineered Products segment is a provider of a wide range of products, software and services that have broad customer applications across a number of markets, including aftermarket vehicle service, solid waste handling, industrial automation, aerospace and defense, industrial winch and hoist, and fluid dispensing.

•Fueling Solutions segment is focused on providing components, equipment and software and service solutions enabling safe transport of fuels and other hazardous fluids along the supply chain, as well as the safe and efficient operation of retail fueling and vehicle wash establishments.

•Imaging & Identification segment supplies precision marking and coding, product traceability and digital textile printing equipment, as well as related consumables, software and services.

•Pumps & Process Solutions segment manufactures specialty pumps, fluid handling components, plastics and polymer processing equipment, and highly engineered components for rotating and reciprocating machines.

•Refrigeration & Food Equipment segment is a provider of innovative and energy-efficient equipment and systems that serve the commercial refrigeration, heating and cooling and food equipment 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,
	2020		2019		2020		2019
Revenue:
Engineered Products	$	342,380	$	429,928	$	750,540	$	848,779
Fueling Solutions	326,495		390,586		686,477		763,636
Imaging & Identification	227,977		266,588		484,742		534,942
Pumps & Process Solutions	309,095		338,924		628,631		669,143
Refrigeration & Food Equipment	293,527		385,474		605,440		720,117
Intra-segment eliminations	(299)		(794)		(716)		(1,154)
Total consolidated revenue	$	1,499,175	$	1,810,706	$	3,155,114	$	3,535,463
Net earnings:
Segment earnings (EBIT): ⁽¹⁾
Engineered Products	$	47,702	$	77,129	$	116,796	$	144,248
Fueling Solutions	47,214		52,637		100,712		89,867
Imaging & Identification	38,046		54,641		89,528		110,596
Pumps & Process Solutions ⁽²⁾	67,702		76,278		133,781		91,269
Refrigeration & Food Equipment⁽³⁾	11,459		44,375		34,988		69,182
Total segment earnings (EBIT)	212,123		305,060		475,805		505,162
Corporate expense / other ⁽⁴⁾	27,311		24,512		51,408		55,378
Interest expense	28,711		31,754		55,979		63,562
Interest income	(728)		(945)		(1,911)		(1,835)
Earnings before provision for income taxes	156,829		249,739		370,329		388,057
Provision for income taxes	32,063		51,654		69,284		84,267
Net earnings	$	124,766	$	198,085	$	301,045	$	303,790

⁽¹⁾Segment earnings (EBIT) includes non-operating income and expense directly attributable to the segments. Non-operating income and expense includes gain on sale of a business and other income, net.

⁽²⁾ The six months ended June 30, 2019 includes a $46,946 loss on assets held for sale for Finder.

⁽³⁾ The three and six months ended June 30, 2020 include a $781 expense and a $5,770 net gain on the sale of AMS Chino, respectively. The three and six months ended June 30, 2020 also include a $3,640 write-off of assets.

⁽⁴⁾ 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, deal related expenses and various administrative expenses relating to the corporate headquarters.

The following table presents revenue disaggregated by geography based on the location of the Company's customer:


	Three Months Ended June 30,						Six Months Ended June 30,
Revenue by geography	2020		2019		2020		2019
United States	$	852,999	$	960,906	$	1,809,639	$	1,880,798
Europe	320,076		405,274		681,242		807,919
Asia	164,009		198,278		318,284		394,628
Other Americas	112,995		178,216		242,044		316,334
Other	49,096		68,032		103,905		135,784
Total	$	1,499,175	$	1,810,706	$	3,155,114	$	3,535,463