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.



	Three Months Ended
	March 31,
(in millions)	2018			2017
Net sales
Fluid Handling	$	266.6		$	239.6
Payment & Merchandising Technologies	292.4			195.5
Aerospace & Electronics	170.4			163.4
Engineered Materials	69.7			74.9
Total	$	799.1		$	673.4
Operating profit (loss)
Fluid Handling ^(a)	$	28.1		$	24.4
Payment & Merchandising Technologies ^(b)	36.5			38.4
Aerospace & Electronics ^(c)	34.2			31.7
Engineered Materials	12.4			14.0
Corporate ^(d)	(16.9		)	(15.2		)
Total	94.3			93.3
Interest income	0.8			0.5
Interest expense	(14.6		)	(9.0		)
Miscellaneous income^(e)	3.9			3.1
Income before income taxes	$	84.4		$	87.9

(a) Includes 1) acquisition-related inventory and backlog amortization of $0.2 associated with the acquisition of Westlock in the three months ended March 31, 2018; 2) restructuring charges of $0.4 in the three months ended March 31, 2018; and 3) a change in presentation of pension and postretirement costs of $3.6 and $2.7 in the three months ended March 31, 2018 and 2017, respectively.

(b) Includes 1) acquisition-related inventory and backlog amortization of $6.4 and Acquisition-related and integration charges of $5.2, both of which are associated with the acquisition of Crane Currency in the three months ended March 31, 2018; 2) restructuring charges of $0.2 in the three months ended March 31, 2018; and 3) a change in presentation of pension and postretirement costs of $0.7 and $0.6 in the three months ended March 31, 2018 and 2017, respectively.

(c) Includes 1) restructuring charges of $0.2 in the three months ended March 31, 2018; and 2) a change in presentation of pension and postretirement costs of $0.2 and $0.3 in the three months ended March 31, 2018 and 2017, respectively.

(d) Includes a change in presentation of pension and postretirement costs of $0.7 and ($0.3) in the three months ended March 31, 2018 and 2017, respectively.

(e) Includes a change in presentation of pension and postretirement costs of $5.2 and $3.3 in the three months ended March 31, 2018 and 2017, respectively.



(in millions)	March 31, 2018		December 31, 2017
Assets
Fluid Handling	$	977.8	$	941.6
Payment & Merchandising Technologies	2,220.0		1,215.7
Aerospace & Electronics	586.3		573.0
Engineered Materials	228.2		220.8
Corporate	478.2		642.4
Total	$	4,490.5	$	3,593.5



(in millions)	March 31, 2018		December 31, 2017
Goodwill
Fluid Handling	$	248.0	$	245.4
Payment & Merchandising Technologies	827.6		587.7
Aerospace & Electronics	202.5		202.4
Engineered Materials	171.4		171.4
Total	$	1,449.5	$	1,206.9

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



	Three Months Ended
	March 31,
(in millions)	2018		2017
Fluid Handling
Process Valves and Related Products	$	165.0	$	148.6
Commercial Valves	80.5		69.5
Other Products	21.1		21.5
Total Fluid Handling	$	266.6	$	239.6

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	145.4	$	145.9
Banknotes and Security Products	99.8		—
Merchandising Equipment	47.2		49.6
Total Payment & Merchandising Technologies	$	292.4	$	195.5

Aerospace & Electronics
Commercial Original Equipment	$	84.7	$	82.5
Military and Other Original Equipment	42.1		38.0
Commercial Aftermarket Products	32.6		32.1
Military Aftermarket Products	11.0		10.8
Total Aerospace & Electronics	$	170.4	$	163.4

Engineered Materials
FRP - Recreational Vehicles	$	37.4	$	41.6
FRP - Building Products	23.8		24.5
FRP - Transportation	8.5		8.8
Total Engineered Materials	$	69.7	$	74.9

Total net sales	$	799.1	$	673.4