Business Segments – The Company designs and manufactures products and delivers services that bring technology and engineering together to provide innovative solutions for customers in a wide range of industrial, commercial and consumer markets around the world.

The Automation Solutions segment enables process, hybrid and discrete manufacturers to maximize production, protect personnel and the environment, and optimize their energy efficiency and operating costs through a broad offering of integrated solutions and products, including measurement and analytical instrumentation, industrial valves and equipment, and process control systems. Significant end markets serviced include oil and gas, refining, chemicals and power generation, as well as pharmaceuticals, food and beverage, automotive, pulp and paper, metals and mining, and municipal water supplies. The segment's major product offerings are described below.


•	Measurement & Analytical Instrumentation products measure the physical properties of liquids or gases in a process stream and communicate this information to a process control system or other software applications, and analyze the chemical composition of process fluids and emissions to enhance quality and efficiency, as well as environmental compliance.

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Valves, Actuators & Regulators consists of control, isolation and pressure relief valves which respond to commands from a control system to continuously and precisely modulate the flow of process fluids, smart actuation and control technologies, pressure management products, and industrial and residential regulators that reduce the pressure of fluids moving from high-pressure supply lines into lower pressure systems.


•	Industrial Solutions provides fluid power and control mechanisms, electrical distribution equipment, and materials joining and precision cleaning products which are used in a variety of manufacturing operations to provide integrated solutions to customers.


•	Process Control Systems & Solutions provides a digital ecosystem that controls plant processes by communicating with and adjusting the "intelligent" plant devices described above to provide precision measurement, control, monitoring, asset optimization, and plant safety and reliability for plants that produce power, or process fluids or other items.

The Commercial & Residential Solutions business consists of the Climate Technologies and Tools & Home Products segments. This business provides products and solutions that promote energy efficiency, enhance household and commercial comfort, and protect food quality and sustainability through heating, air conditioning and refrigeration technology, as well as a broad range of tools and appliance solutions.

The Climate Technologies segment provides products, services and solutions for all areas of the climate control industry, including residential heating and cooling, commercial air conditioning, commercial and industrial refrigeration, and cold chain management. Products include compressors, temperature sensors and controls, thermostats, flow controls, and stationary and mobile remote monitoring technologies and services that enable homeowners and businesses to better manage their heating, air conditioning and refrigeration systems for improved control and comfort, and lower energy costs.

The Tools & Home Products segment offers tools for professionals and homeowners and appliance solutions. Products include professional pipe-working tools, residential and commercial food waste disposers, and wet-dry vacuums.

Summarized information about the Company's results of operations by business segment follows:



	Three Months Ended March 31,									Six Months Ended March 31,
	Sales					Earnings				Sales				Earnings
	2017			2018		2017		2018		2017		2018		2017		2018

Automation Solutions	$	2,117		2,771		328		436		4,084		5,343		654		822

Climate Technologies	1,058			1,128		249		253		1,917		2,050		410		418
Tools & Home Products	402			355		96		96		795		685		184		183
Commercial & Residential Solutions	1,460			1,483		345		349		2,712		2,735		594		601

Differences in accounting methods						35		55						68		106
Corporate and other						(102	)	(146	)					(200	)	(294	)
Eliminations/Interest	(3		)	(6	)	(41	)	(36	)	(6	)	(14	)	(87	)	(74	)
Total	$	3,574		4,248		565		658		6,790		8,064		1,029		1,161

For the second quarter of 2018, corporate and other included an increase in acquisition/divestiture-related costs of $27. Year-to-date results included higher incentive stock compensation of $51 and valves & controls first year acquisition accounting charges of $10 related to inventory and $19 for backlog amortization.

Automation Solutions sales by major product offering are summarized below:



	Three Months Ended March 31,				Six Months Ended March 31,
		2017		2018	2017	2018

Measurement & Analytical Instrumentation		$	736	860	1,418	1,632
Valves, Actuators & Regulators		497		926	946	1,793
Industrial Solutions		419		479	786	903
Process Control Systems & Solutions		465		506	934	1,015
Total		$	2,117	2,771	4,084	5,343