Operating Segments and Related Disclosures

12 Months Ended

Dec. 31, 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. Sales to significant customers and other concentrations information is presented in Note 1. The accounting policies of the operating segments are the same as those presented in the summary of significant accounting policies in Note 1.

The Company evaluates its operating segments based on several factors, of which the primary financial measure is segment performance. Segment performance represents net sales less applicable costs, expenses and unusual items relating to the segment operations. Segment performance excludes corporate income and expenses, unusual items not related to the segment operations, interest expense, interest income, and income taxes.

The following table presents selected financial information for each reportable segment:

	Year Ended December 31,
	2021		2020		2019
	(In millions)
Net Sales:
Aerospace and Defense	$	2,179.3	$	2,069.4	$	1,974.0
Real Estate	8.7		3.3		7.5
Total Net Sales	$	2,188.0	$	2,072.7	$	1,981.5
Segment Performance:
Aerospace and Defense	$	282.3	$	264.2	$	249.1
Environmental remediation provision adjustments	(3.8)		(2.7)		(1.9)
GAAP/CAS retirement benefits expense difference	11.5		14.7		22.4
Unusual items	(4.1)		(0.6)		(0.3)
Aerospace and Defense Total	285.9		275.6		269.3
Real Estate	2.9		(1.8)		2.1
Total Segment Performance	$	288.8	$	273.8	$	271.4
Reconciliation of segment performance to income before income taxes:
Segment performance	$	288.8	$	273.8	$	271.4
Interest expense	(20.1)		(30.1)		(35.7)
Interest income	2.5		6.3		15.5
Stock-based compensation	(20.7)		(31.4)		(27.3)
Corporate retirement benefits expense	(6.6)		(7.5)		(7.2)
Corporate and other	(23.6)		(23.4)		(24.8)
Unusual items	(25.3)		(7.5)		—
Income before income taxes	$	195.0	$	180.2	$	191.9
Aerospace and Defense	$	37.3	$	54.6	$	42.9
Real Estate	—		—		—
Corporate	—		—		1.0
Capital Expenditures	$	37.3	$	54.6	$	43.9
Aerospace and Defense	$	60.5	$	64.2	$	72.9
Real Estate	0.7		0.8		1.2
Corporate	0.2		0.3		0.4
Depreciation and Amortization	$	61.4	$	65.3	$	74.5

	As of December 31,
	2021		2020
	(In millions)
Assets:
Aerospace and Defense	$	1,499.5	$	1,484.9
Real Estate	135.1		133.9
Operating segment assets	1,634.6		1,618.8
Corporate	799.0		1,281.1
Total Assets	$	2,433.6	$	2,899.9