Segment and Geographic Information

3 Months Ended

Mar. 28, 2014

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.

12. SEGMENT AND GEOGRAPHIC INFORMATION (CONTINUED)

Summarized financial information by business segment is as follows:

	For the Three Months Ended
In thousands	March 28, 2014			March 29, 2013
Net sales:
Distribution	$	264,870		$	257,168
Aerospace	149,062			130,907
Net sales	$	413,932		$	388,075
Operating income:
Distribution	$	11,135		$	4,630
Aerospace	22,021			20,911
Net loss on sale of assets	(111		)	(79		)
Corporate expense	(12,056		)	(11,695		)
Operating income	20,989			13,767
Interest expense, net	3,109			3,068
Other expense (income), net	202			331
Earnings before income taxes	17,678			10,368
Income tax expense	6,221			3,214
Net earnings	$	11,457		$	7,154