SEGMENT INFORMATION

Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated by the Company's Chief Executive Officer (our chief operating decision maker or "CODM") in deciding how to allocate resources and assess performance. The CODM evaluates each segment’s performance and allocates resources based on segment operating income before income taxes and corporate allocations. The Company and each of its segments employ consistent accounting policies. In each of its segments, the Company sells many individual products. For this reason it is impracticable to segregate and identify revenue for each of the individual products or group of products. Stock-based compensation is shown in the aggregate within unallocated corporate expense and is not reflected in the segment results, which is consistent with the way the CODM evaluates each segment's performance and allocates resources.

The Company’s reportable segments are described below:


•	Buildings and Infrastructure: This segment primarily serves customers working in architecture, engineering, construction, and operations and maintenance.


•	Geospatial: This segment primarily serves customers working in surveying, engineering, government, and land management.


•	Resources and Utilities: This segment primarily serves customers working in agriculture, forestry, and utilities.


•	Transportation: This segment primarily serves customers working in transportation, including transportation and logistics, automotive, rail, and military aviation.

The following tables present revenue, operating income, depreciation expense and identifiable assets for the four reportable segments. Operating income is revenue less cost of sales and operating expense, excluding unallocated corporate expenses, restructuring charges, amortization of purchased intangible assets, stock-based compensation, amortization of acquisition-related inventory step-up, and acquisition and divestiture items. The identifiable assets that the CODM views by segment are accounts receivable, inventories and goodwill.



	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
First Quarter of Fiscal 2018
Revenue	$	224.7	$	174.5	$	159.2	$	183.8	$	742.2
Operating income	43.5		37.3		51.7		30.4		162.9
Depreciation expense	1.4		1.4		1.0		1.1		4.9
First Quarter of Fiscal 2017
Revenue (*As Adjusted)	$	186.5	$	149.6	$	120.2	$	154.3	$	610.6
Operating income (*As Adjusted)	31.7		27.9		42.6		23.5		125.7
Depreciation expense	1.8		1.3		0.6		1.4		5.1
As of the First Quarter of Fiscal 2018
Accounts receivable, net	$	148.0	$	124.0	$	99.1	$	104.6	$	475.7
Inventories	66.3		121.8		48.6		52.4		289.1
Goodwill	1,139.7		416.5		318.4		851.8		2,726.4
As of Fiscal Year End 2017
Accounts receivable, net (*As Adjusted)	$	120.1	$	121.5	$	78.5	$	107.6	$	427.7
Inventories (*As Adjusted)	62.1		110.3		46.0		46.2		264.6
Goodwill	706.8		415.3		314.5		850.5		2,287.1

* See Note 2 for a summary of adjustments

A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows:



	First Quarter of
	2018			2017
				*As Adjusted
(In millions)
Consolidated segment operating income	$	162.9		$	125.7
Unallocated corporate expense	(23.4		)	(18.4		)
Restructuring charges	(1.4		)	(3.4		)
Amortization of purchased intangible assets	(40.5		)	(33.3		)
Stock-based compensation	(17.4		)	(13.7		)
Amortization of acquisition-related inventory step-up	—			(0.1		)
Acquisition and divestiture items	(16.0		)	(2.1		)
Consolidated operating income	64.2			54.7
Non-operating income, net:	2.5			9.0
Consolidated income before taxes	$	66.7		$	63.7

* See Note 2 for a summary of adjustments

The disaggregation of revenue by geography is summarized in the tables below. Revenue is defined as revenue from external customers is attributed to countries based on the location of the customer.



	Reporting Segments
	Buildings and Infrastructure		Geospatial		Resources and Utilities		Transportation		Total
(In millions)
First Quarter of Fiscal 2018
North America	$	113.3	$	69.4	$	48.4	$	151.2	$	382.3
Europe	75.6		49.6		79.9		21.3		226.4
Asia Pacific	29.2		43.3		11.3		10.8		94.6
Rest of World	6.6		12.2		19.6		0.5		38.9
Total consolidated revenue	224.7		174.5		159.2		183.8		742.2
First Quarter of Fiscal 2017 (*As Adjusted)
North America	$	96.7	$	55.2	$	42.1	$	127.7	$	321.7
Europe	57.5		41.5		49.2		16.2		164.4
Asia Pacific	23.6		40.4		11.3		9.2		84.5
Rest of World	8.7		12.5		17.6		1.2		40.0
Total consolidated revenue	186.5		149.6		120.2		154.3		610.6

* Adjusted to reflect adoption of the new revenue recognition standard, Revenue from Contracts with Customers. For further information, see Note 2.