Segment and Geographic Information

9 Months Ended

Sep. 26, 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 the United States and Mexico. 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 Nine Months Ended
In thousands	September 26, 2014			September 27, 2013			September 26, 2014			September 27, 2013
Net sales:
Distribution	$	308,571		$	272,951		$	877,627		$	800,352
Aerospace	153,761			150,712			457,726			443,111
Net sales	$	462,332		$	423,663		$	1,335,353		$	1,243,463
Operating income:
Distribution	$	13,272		$	14,675		$	39,826		$	32,974
Aerospace	26,813			27,638			75,515			77,227
Net loss on sale of assets	(47		)	—			(215		)	(100		)
Corporate expense	(14,082		)	(10,892		)	(40,494		)	(33,896		)
Operating income from continuing operations	25,956			31,421			74,632			76,205
Interest expense, net	3,444			3,113			10,060			9,344
Other expense (income), net	252			(21		)	541			368
Earnings before income taxes from continuing operations	22,260			28,329			64,031			66,493
Income tax expense	7,387			9,634			21,507			22,752
Earnings from continuing operations	$	14,873		$	18,695		$	42,524		$	43,741

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.

	September 26, 2014		December 31, 2013
In thousands
Identifiable assets:
Distribution	$	573,680	$	480,117
Aerospace	560,059		557,831
Corporate	92,563		102,683
Total assets	$	1,226,302	$	1,140,631