Segment Results

Our segments are reported on the same basis used internally for evaluating performance and for allocating resources. We have 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.

A brief description of each of our segments are as follows:

Fluid Handling

The Fluid Handling segment is a provider of highly engineered fluid handling equipment for critical performance applications that require high reliability. The segment is comprised of Process Valves and Related Products, Commercial Valves, and Other Products. Process Valves and Related Products include on/off valves and related products for critical and demanding applications in the chemical, oil & gas, power, and general industrial end markets globally. Commercial Valves includes the manufacturing and distribution of valves and related products for the non-residential construction, general industrial, and to a lesser extent, municipal markets. Other Products include pumps and related products primarily for water and wastewater applications in the industrial, municipal, commercial and military markets.

Payment & Merchandising Technologies

The Payment & Merchandising Technologies segment consists of Crane Payment Innovations ("CPI"), Crane Merchandising Systems ("CMS") and Crane Currency. CPI provides high technology payment acceptance and dispensing products to original equipment manufacturers, including coin accepters and dispensers, coin hoppers, coin recyclers, bill validators and bill recyclers. CMS provides merchandising equipment, including include food, snack and beverage vending machines and vending machine software and online solutions. Crane Currency is a supplier of banknotes and highly engineered banknote security features.

Aerospace & Electronics

Aerospace & Electronics segment supplies critical components and systems, including original equipment and aftermarket parts, primarily for the commercial aerospace and military aerospace and defense markets.

Engineered Materials

Engineered Materials segment manufactures fiberglass-reinforced plastic ("FRP") panels and coils, primarily for use in the manufacturing of recreational vehicles ("RVs"), truck bodies and trailers (Transportation), with additional applications in commercial and industrial buildings (Building Products).

For the three months ended March 31, 2019, operating profit includes acquisition-related and integration charges and restructuring charges. For the three months ended March 31, 2018, operating profit includes acquisition-related and integration charges, acquisition-related inventory and backlog amortization and restructuring charges. See Note 4, “Acquisitions” for discussion of the acquisition-related costs. See Note 15, “Restructuring” for discussion of the restructuring charges.



	Three Months Ended
	March 31,
(in millions)	2019			2018
Net sales
Fluid Handling	$	273.7		$	266.6
Payment & Merchandising Technologies	303.8			292.4
Aerospace & Electronics	194.6			170.4
Engineered Materials	59.6			69.7
Total	$	831.7		$	799.1
Operating profit (loss)
Fluid Handling	$	34.1		$	28.1
Payment & Merchandising Technologies	43.2			36.5
Aerospace & Electronics	44.8			34.2
Engineered Materials	9.4			12.4
Corporate	(17.8		)	(16.9		)
Total	113.7			94.3
Interest income	0.6			0.8
Interest expense	(11.9		)	(14.6		)
Miscellaneous income	2.0			3.9
Income before income taxes	$	104.4		$	84.4



(in millions)	March 31, 2019		December 31, 2018
Assets
Fluid Handling	$	936.9	$	878.2
Payment & Merchandising Technologies	2,133.2		2,074.4
Aerospace & Electronics	632.7		603.9
Engineered Materials	232.2		222.1
Corporate	207.3		264.1
Total	$	4,142.3	$	4,042.7



(in millions)	March 31, 2019		December 31, 2018
Goodwill
Fluid Handling	$	240.2	$	240.8
Payment & Merchandising Technologies	797.7		789.2
Aerospace & Electronics	202.4		202.4
Engineered Materials	171.3		171.3
Total	$	1,411.6	$	1,403.7