Segment and Geographic Information

6 Months Ended

Jun. 29, 2012

SEGMENT INFORMATION [Abstract]

Segment and Geographic Information

SEGMENT AND GEOGRAPHIC INFORMATION

The Company is organized based upon the nature of its products and services, and is composed of two operating segments each overseen by a segment manager.  These segments are reflective of how the Company’s Chief Executive Officer, who is its Chief Operating Decision Maker (“CODM”), reviews operating results for the purposes of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments.

The Aerospace segment produces and/or markets widely used proprietary aircraft bearings and components; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arm solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; support for the Company’s SH-2G Super Seasprite maritime helicopters and K-MAX® medium-to-heavy lift helicopters; and engineering services.

The Industrial Distribution segment is the third largest power transmission/motion control industrial distributor in North America. The segment provides products including bearings, mechanical power transmission, electrical, fluid power, motion control, automation, material handling components, and MRO supplies to a broad spectrum of industrial markets throughout North America.

Summarized financial information by business segment is as follows:

	For the Three Months Ended						For the Six Months Ended
In thousands	June 29, 2012			July 1, 2011			June 29, 2012			July 1, 2011
Net sales:
Industrial Distribution	$	258,116		$	239,307		$	515,754		$	478,177
Aerospace	147,364			145,779			278,448			284,732
Net sales	$	405,480		$	385,086		$	794,202		$	762,909
Operating income:
Industrial Distribution	$	14,645		$	12,636		$	27,425		$	24,750
Aerospace	26,158			22,360			42,059			43,779
Net gain (loss) on sale of assets	8			(34		)	32			(36		)
Corporate expense	(12,312		)	(10,883		)	(23,837		)	(19,855		)
Operating income	28,499			24,079			45,679			48,638
Interest expense, net	2,831			2,821			5,710			5,891
Other expense (income), net	84			(25		)	(163		)	(414		)
Earnings before income taxes	25,584			21,283			40,132			43,161
Income tax expense	9,105			7,256			14,250			14,942
Net earnings	$	16,479		$	14,027		$	25,882		$	28,219