Operating Segments and Related Disclosures

3 Months Ended

Mar. 31, 2022

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 March 31,
	2022		2021
	(In millions)
Net Sales:
Aerospace and Defense	$	510.5	$	495.5
Real Estate	0.6		0.6
Total Net Sales	$	511.1	$	496.1
Segment Performance:
Aerospace and Defense	$	62.7	$	52.4
Environmental remediation provision adjustments	(0.4)		(0.4)
GAAP/Cost Accounting Standards retirement benefits expense difference	9.2		3.2
Unusual items (see Note 11)	(16.3)		(1.7)
Aerospace and Defense Total	55.2		53.5
Real Estate	(0.1)		(0.3)
Total Segment Performance	$	55.1	$	53.2
Reconciliation of segment performance to income before income taxes:
Segment performance	$	55.1	$	53.2
Interest expense	(3.9)		(5.1)
Interest income and other	(0.2)		0.6
Stock-based compensation	0.9		(2.8)
Corporate retirement benefits	—		(1.7)
Corporate and other	(8.2)		(5.6)
Unusual items (see Note 11)	(5.4)		(14.9)
Income before income taxes	$	38.3	$	23.7

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

	Three months ended March 31,
	2022		2021
Lockheed Martin	34	%	27	%
NASA	18		26
Raytheon Technologies Corporation	17		15