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.

For the three and nine months ended September 30, 2018, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization, restructuring charges, and a change in presentation of pension and postretirement costs. For the three and nine months ended September 30, 2017, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization, and a change in presentation of pension and postretirement costs.



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in millions)	2018			2017			2018			2017
Net sales
Fluid Handling	$	278.7		$	266.9		$	822.1		$	770.3
Payment & Merchandising Technologies	327.4			188.6			944.2			582.3
Aerospace & Electronics	189.5			172.0			547.0			506.5
Engineered Materials	60.2			68.4			192.5			212.7
Total	$	855.8		$	695.9		$	2,505.8		$	2,071.8
Operating profit (loss)
Fluid Handling	$	30.4		$	30.7		$	88.0		$	84.1
Payment & Merchandising Technologies	57.3			40.7			139.8			121.0
Aerospace & Electronics	42.5			35.5			120.0			104.9
Engineered Materials	8.7			12.2			32.4			39.4
Corporate	(15.0		)	(17.0		)	(49.0		)	(48.4		)
Total	123.9			102.1			331.2			301.0
Interest income	0.5			0.7			1.7			1.8
Interest expense	(12.3		)	(9.3		)	(39.8		)	(27.3		)
Miscellaneous income	5.7			3.5			13.9			9.2
Income before income taxes	$	117.8		$	97.0		$	307.0		$	284.7



(in millions)	September 30, 2018		December 31, 2017
Assets
Fluid Handling	$	888.6	$	941.6
Payment & Merchandising Technologies	2,122.4		1,215.7
Aerospace & Electronics	602.0		573.0
Engineered Materials	226.2		220.8
Corporate	270.8		642.4
Total	$	4,110.0	$	3,593.5



(in millions)	September 30, 2018		December 31, 2017
Goodwill
Fluid Handling	$	242.3	$	245.4
Payment & Merchandising Technologies	791.0		587.7
Aerospace & Electronics	202.4		202.4
Engineered Materials	171.3		171.4
Total	$	1,407.0	$	1,206.9

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



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2018		2017		2018		2017
Fluid Handling
Process Valves and Related Products	$	168.7	$	157.7	$	509.0	$	472.2
Commercial Valves	86.2		85.7		245.9		230.2
Other Products	23.8		23.5		67.2		67.9
Total Fluid Handling	$	278.7	$	266.9	$	822.1	$	770.3

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	144.9	$	136.7	$	445.7	$	431.1
Banknotes and Security Products	126.7		—		348.1		—
Merchandising Equipment	55.8		51.9		150.4		151.2
Total Payment & Merchandising Technologies	$	327.4	$	188.6	$	944.2	$	582.3

Aerospace & Electronics
Commercial Original Equipment	$	85.2	$	90.1	$	256.0	$	259.9
Military and Other Original Equipment	51.5		37.4		142.2		116.3
Commercial Aftermarket Products	38.8		32.3		109.0		96.0
Military Aftermarket Products	14.0		12.2		39.8		34.3
Total Aerospace & Electronics	$	189.5	$	172.0	$	547.0	$	506.5

Engineered Materials
FRP - Recreational Vehicles	$	28.4	$	37.2	$	96.9	$	116.9
FRP - Building Products	23.5		23.7		70.7		72.1
FRP - Transportation	8.3		7.5		24.9		23.7
Total Engineered Materials	$	60.2	$	68.4	$	192.5	$	212.7

Total net sales	$	855.8	$	695.9	$	2,505.8	$	2,071.8