Business Segment Information

The Company has combined its operating entities into three reportable operating segments, Papermaking Systems, Wood Processing Systems, and Material Handling Systems, and a separate product line, Fiber-based Products, as described below:


•	Papermaking Systems Segment – The Company develops, manufactures, and markets a range of equipment and products for the global papermaking, paper recycling, recycling and waste management, and other process industries. The Company's Papermaking Systems segment consists of the following product lines: Stock-Preparation; Fluid-Handling; and Doctoring, Cleaning, & Filtration.


•	Wood Processing Systems Segment – The Company develops, manufactures, and markets stranders, debarkers, chippers, and logging machinery used in the harvesting and production of lumber and OSB. Through this segment, the Company also provides refurbishment and repair of pulping equipment for the pulp and paper industry.


•	Material Handling Systems Segment – The Company develops, manufactures, and markets material handling equipment and systems to various process industries, including mining, aggregates, food processing, packaging, and pulp and paper.


•	Fiber-based Products business – The Company manufactures and sells biodegradable, absorbent granules derived from papermaking by-products for use primarily as carriers for agricultural, home lawn and garden, and professional lawn, turf and ornamental applications, as well as for oil and grease absorption.

The following table presents financial information for the Company's reportable operating segments:



	Three Months Ended
	March 30,			March 31,
(In thousands)	2019			2018
Revenues:
Stock-Preparation	$	52,048		$	45,483
Fluid-Handling	32,754			32,886
Doctoring, Cleaning, & Filtration	28,390			27,222
Papermaking Systems	$	113,192		$	105,591
Wood Processing Systems	34,049			39,141
Material Handling Systems (a)	20,584			—
Fiber-based Products	3,491			4,461
	$	171,316		$	149,193

Income Before Provision for Income Taxes:
Papermaking Systems (b)	$	18,509		$	14,584
Wood Processing Systems (c)	7,270			7,363
Material Handling Systems (a, d)	(1,353		)	—
Corporate and Fiber-based Products (e)	(5,851		)	(5,283		)
Total operating income	18,575			16,664
Interest expense, net (f)	(3,448		)	(1,549		)
Other expense, net (f)	(99		)	(246		)
	$	15,028		$	14,869

Capital Expenditures:
Papermaking Systems	$	1,357		$	4,649
Wood Processing Systems	551			376
Material Handling Systems (a)	38			—
Corporate and Fiber-based Products	222			126
	$	2,168		$	5,151

	March 30,			December 29,
(In thousands)	2019			2018
Total Assets:
Papermaking Systems	$	479,312		$	462,297
Wood Processing Systems	251,422			247,553
Material Handling Systems (a)	204,189			—
Corporate and Fiber-based Products (g)	23,317			15,899
	$	958,240		$	725,749

(a) Represents SMH, which was acquired on January 2, 2019 (see Note 2).

(b) Includes restructuring costs of $770,000 in the three-month period ended March 31, 2018 (see Note 13).

(c) Includes acquisition-related expenses of $252,000 in the three-month period ended March 31, 2018 for the amortization of acquired backlog.

(d) Includes $4,151,000 in the three-month period ended March 30, 2019 of acquisition-related expenses. Acquisition-related expenses include acquisition transaction costs and amortization expense associated with acquired profit in inventory and backlog.

(e) Corporate primarily includes general and administrative expenses.

(f) The Company does not allocate interest and other expense, net to its segments.

(g) Primarily includes Corporate and Fiber-based Products' cash and cash equivalents, tax assets, ROU assets, and property, plant, and equipment.