Segment and Geographic Information

9 Months Ended

Sep. 30, 2016

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. 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 the manufacturing industry.

The Aerospace segment produces and/or markets widely used proprietary aircraft bearings and components; super precision miniature ball bearings; 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; design and supply of aftermarket parts to businesses performing maintenance, repairs and overhauls in aerospace markets; subcontract helicopter work; restoration, modification and support of the Company's SH-2G Super Seasprite maritime helicopters; manufacture and support of the Company's K-MAX® medium-to-heavy lift helicopters; and engineering design, analysis and certification 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 30, 2016			October 2, 2015			September 30, 2016			October 2, 2015
Net sales:
Distribution	$	274,388		$	296,312		$	849,104		$	911,832
Aerospace	179,086			137,430			526,210			411,016
Net sales	$	453,474		$	433,742		$	1,375,314		$	1,322,848
Operating income:
Distribution	$	11,872		$	14,422		$	36,148		$	42,789
Aerospace	29,616			27,801			81,374			78,775
Net gain/(loss) on sale of assets	(24		)	10			(10		)	415
Corporate expense	(10,402		)	(12,450		)	(38,253		)	(39,435		)
Operating income	31,062			29,783			79,259			82,544
Interest expense, net	4,165			3,208			11,960			9,757
Other expense (income), net	(332		)	185			243			120
Earnings before income taxes	27,229			26,390			67,056			72,667
Income tax expense	9,774			9,166			23,329			21,003
Net earnings	$	17,455		$	17,224		$	43,727		$	51,664