Sales totaled $367 million this quarter, a decrease of 14% from the second quarter last year.
Net earnings totaled $29 million for the quarter or $0.17 per diluted share, including $30 million or $0.20 related to the impairment charges associated with selling the Alco business.
After adjusting for the impairment and other tax adjustments, net earnings totaled $62 million or $0.37 per diluted share.
Alco operations contributed $7 million of sales and $2 million of operating losses year-to-date, which have been included within the Process segment.
Based on the negotiations to sell, our investment in Alco was revalued in the second quarter, and we recorded noncash impairment charges of $34 million after tax, including $24 million of previously unrecognized foreign currency translation losses recorded in accumulated other comprehensive income.
The $24 million loss reserve for previously unrecognized foreign currency translation is recorded in other current liability at the end of the second quarter and will be cleared through accumulated other comprehensive income in the third quarter, as the divestiture was finalized in early July.
Our gross margin rate was 49.8% for the second quarter, approximately three percentage points below the second quarter last year.
Operating expenses, excluding the effect of the impairment, decreased by $12 million from the second quarter last year, as reductions in volume and earnings based expenses more than offset higher product development costs.
The reported income tax rate was 31% for the quarter, 13 percentage points higher than the second quarter last year, primarily due to nondeductible impairment charges.
After adjusting for the effect of the impairment and excess tax benefits from stock option exercises and other nonrecurring tax benefits, our tax rate was 19% for the quarter or one percentage point lower than last year.
Cash flows from operations totaled $143 million year-to-date as compared to $164 million last year as a result of lower revenues.
Capital expenditures totaled $33 million year-to-date as we continue to invest in manufacturing capabilities as well as the expansion of several locations.
Cash dividends totaled $58 million year-to-date.
We also completed an acquisition for $27 million in the second quarter, which will be a part of the Process segment.
For the full year 2020 capital expenditures are expected to be approximately $80 million, including approximately $50 million for facility expansion projects.
We completed share repurchases of $17 million net of share issuances during the quarter, bringing our total share repurchases net of issuances to $62 million for the year.
On Page 11 of our slide deck, we note our six-week booking average by segment.
Unallocated corporate expenses are expected to be approximately $30 million for the full year 2020 and can vary by quarter.
The effective tax rate is expected to be approximately 20% to 21% for the full year, excluding the effect of onetime items and any impact from excess tax benefits related to stock option exercises.
We used a similar approach during the 2008, 2009 crisis and our investors were subsequently rewarded and we look to repeat this again.

Summary:
Net earnings totaled $29 million for the quarter or $0.17 per diluted share, including $30 million or $0.20 related to the impairment charges associated with selling the Alco business.
After adjusting for the impairment and other tax adjustments, net earnings totaled $62 million or $0.37 per diluted share.