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Segment and Geographic Information
6 Months Ended
Jun. 27, 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 a leading power transmission, motion control, and fluid power industrial distributor with operations throughout 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.

14. SEGMENT AND GEOGRAPHIC INFORMATION (CONTINUED)

Summarized financial information by business segment is as follows:
 
 
For the Three Months Ended
 
For the Six Months Ended
In thousands
 
June 27,
2014
 
June 28,
2013
 
June 27,
2014
 
June 28,
2013
Net sales:
 
 
 
 
 
 
 
 
Distribution
 
$
304,186

 
$
270,233

 
$
569,056

 
$
527,401

Aerospace
 
154,903

 
161,492

 
303,965

 
292,399

Net sales
 
$
459,089

 
$
431,725

 
$
873,021

 
$
819,800

Operating income:
 
 

 
 

 
 
 
 
Distribution
 
$
15,419

 
$
13,669

 
$
26,554

 
$
18,299

Aerospace
 
26,681

 
28,678

 
48,702

 
49,589

Net loss on sale of assets
 
(57
)
 
(21
)
 
(168
)
 
(100
)
Corporate expense
 
(14,356
)
 
(11,309
)
 
(26,412
)
 
(23,004
)
Operating income from continuing operations
 
27,687

 
31,017

 
48,676

 
44,784

Interest expense, net
 
3,297

 
3,163

 
6,406

 
6,231

Other expense (income), net
 
297

 
58

 
499

 
389

Earnings before income taxes from continuing operations
 
24,093

 
27,796

 
41,771

 
38,164

Income tax expense
 
7,899

 
9,904

 
14,120

 
13,118

Earnings from continuing operations
 
$
16,194

 
$
17,892

 
$
27,651

 
$
25,046


The Company's Distribution segment acquired the operating assets of B.W. Rogers during the second quarter of 2014. This acquisition resulted in an increase to the segment's total assets, as compared to December 31, 2013.

 
June 27, 2014
 
December 31, 2013
In thousands
 
 
 
Identifiable assets:
 
 
 
Distribution
$
573,803

 
$
480,117

Aerospace
573,093

 
557,831

Corporate
98,677

 
102,683

Total assets
$
1,245,573

 
$
1,140,631