Operating Segments and Related Disclosures

9 Months Ended

Sep. 30, 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 September 30,				Nine months ended September 30,
	2022		2021		2022		2021
	(In millions)
Net Sales:
Aerospace and Defense	$	549.2	$	544.7	$	1,587.6	$	1,596.2
Real Estate	0.6		0.6		1.8		2.1
Total Net Sales	$	549.8	$	545.3	$	1,589.4	$	1,598.3
Segment Performance:
Aerospace and Defense	$	69.5	$	76.0	$	169.7	$	213.3
Environmental remediation provision adjustments	(1.9)		(2.2)		(2.9)		(3.2)
GAAP/Cost Accounting Standards retirement benefits expense difference	6.9		2.7		25.2		8.6
Unusual items (see Note 11)	0.4		(2.9)		(15.9)		(7.5)
Aerospace and Defense Total	74.9		73.6		176.1		211.2
Real Estate	(0.3)		(0.1)		(0.6)		(0.7)
Total Segment Performance	$	74.6	$	73.5	$	175.5	$	210.5
Reconciliation of segment performance to income before income taxes:
Segment performance	$	74.6	$	73.5	$	175.5	$	210.5
Interest expense	(5.1)		(4.9)		(13.3)		(15.1)
Interest income and other	2.2		0.2		2.0		1.5
Stock-based compensation	(0.5)		(0.5)		(2.5)		(10.6)
Corporate retirement benefits	0.1		(1.6)		0.2		(4.9)
Corporate and other	(4.9)		(4.2)		(19.2)		(15.6)
Unusual items (see Note 11)	(39.0)		(5.2)		(53.3)		(23.8)
Income before income taxes	$	27.4	$	57.3	$	89.4	$	142.0

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

	Three months ended September 30,				Nine months ended September 30,
	2022		2021		2022		2021
Lockheed Martin	32	%	33	%	33	%	31	%
Raytheon Technologies Corporation	21		17		19		17
NASA	19		19		18		21