Segment and Geographic Information

9 Months Ended

Sep. 27, 2013

Segment Reporting [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 Distribution segment is the third largest power transmission, motion control, and fluid power industrial distributor in North America. Distribution conducts business in the mechanical power transmission and bearings, electrical, automation and control, and fluid power product platforms and provides total solutions from system design and integration to machine parts and value-added services to North America's manufacturing industry.

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.

Summarized financial information by business segment is as follows:

	For the Three Months Ended						For the Nine Months Ended
In thousands	September 27, 2013			September 28, 2012			September 27, 2013			September 28, 2012
Net sales:
Distribution	$	272,951		$	258,282		$	800,352		$	763,779
Aerospace	150,712			151,285			443,111			429,733
Net sales	$	423,663		$	409,567		$	1,243,463		$	1,193,512
Operating income:
Distribution	$	14,675		$	12,925		$	32,974		$	39,405
Aerospace	27,638			24,410			77,227			66,469
Net loss on sale of assets	—			(53		)	(100		)	(21		)
Corporate expense	(10,892		)	(12,419		)	(33,896		)	(36,256		)
Operating income from continuing operations	31,421			24,863			76,205			69,597
Interest expense, net	3,113			2,922			9,344			8,622
Other expense (income), net	(21		)	(64		)	368			(288		)
Earnings before income taxes from continuing operations	28,329			22,005			66,493			61,263
Income tax expense	9,634			7,221			22,752			21,269
Earnings from continuing operations	$	18,695		$	14,784		$	43,741		$	39,994