Operating Segments and Related Disclosures

9 Months Ended

Sep. 30, 2021

Segment Reporting [Abstract]

Operating Segments and Related Disclosures

Operating Segments and Related Disclosures

The Company’s operations are organized into two operating segments based on different products and customer bases: Aerospace and Defense, and Real Estate. The following table presents selected financial information for each reportable segment:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
	(In millions)
Net Sales:
Aerospace and Defense	$	544.7	$	527.1	$	1,596.2	$	1,513.4
Real Estate	0.6		0.6		2.1		2.8
Total Net Sales	$	545.3	$	527.7	$	1,598.3	$	1,516.2
Segment Performance:
Aerospace and Defense	$	76.0	$	61.5	$	213.3	$	184.4
Environmental remediation provision adjustments	(2.2)		(1.6)		(3.2)		(1.7)
GAAP/Cost Accounting Standards retirement benefits expense difference	2.7		1.8		8.6		11.1
Unusual items (see Note 11)	(2.9)		—		(7.5)		(1.8)
Aerospace and Defense Total	73.6		61.7		211.2		192.0
Real Estate	(0.1)		(0.4)		(0.7)		(1.4)
Total Segment Performance	$	73.5	$	61.3	$	210.5	$	190.6
Reconciliation of segment performance to income before income taxes:
Segment performance	$	73.5	$	61.3	$	210.5	$	190.6
Interest expense	(4.9)		(7.2)		(15.1)		(23.0)
Interest income	0.2		0.5		1.5		4.7
Stock-based compensation	(0.5)		(5.5)		(10.6)		(13.2)
Corporate retirement benefits	(1.6)		(1.8)		(4.9)		(5.6)
Corporate and other	(4.2)		(6.6)		(15.6)		(16.6)
Unusual items (see Note 11)	(5.2)		—		(23.8)		—
Income before income taxes	$	57.3	$	40.7	$	142.0	$	136.9

The following table summarizes customers that represented more than 10% of net sales:

	Three months ended September 30,				Nine months ended September 30,
	2021		2020		2021		2020
Lockheed Martin	33	%	35	%	31	%	34	%
NASA	19		21		21		22
Raytheon Technologies Corporation	17		15		17		16