Segment and Geographic Information

9 Months Ended

Sep. 29, 2017

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, automation and fluid power industrial distributor with operations throughout the United States. The segment provides electro-mechanical products, bearings, power transmission, motion control and electrical and fluid power components to a broad spectrum of industrial markets serving both maintenance, repair and overhaul ("MRO") and original equipment manufacturer ("OEM") customers.

The Aerospace segment produces and markets 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; and safe and arming solutions for missile and bomb systems for the U.S. and allied militaries. The segment also markets the design and supply of aftermarket parts to businesses performing MRO in aerospace markets; performs helicopter subcontract work; restores, modifies and supports the Company's SH-2G Super Seasprite maritime helicopters; manufactures and supports the Company's K-MAX® manned and unmanned medium-to-heavy lift helicopters; and provides engineering design, analysis and certification services.

Summarized financial information by business segment is as follows:

	For the Three Months Ended						For the Nine Months Ended
In thousands	September 29, 2017			September 30, 2016			September 29, 2017			September 30, 2016
Net sales:
Distribution	$	267,641		$	274,388		$	817,965		$	849,104
Aerospace	179,405			179,086			514,028			526,210
Net sales	$	447,046		$	453,474		$	1,331,993		$	1,375,314
Operating income:
Distribution	$	13,369		$	11,872		$	40,997		$	36,148
Aerospace	31,877			29,616			74,736			81,374
Net gain (loss) on sale of assets	212			(24		)	217			(10		)
Corporate expense	(15,160		)	(10,402		)	(44,052		)	(38,253		)
Operating income	30,298			31,062			71,898			79,259
Interest expense, net	5,264			4,165			15,546			11,960
Other expense (income), net	(483		)	(332		)	(711		)	243
Earnings before income taxes	25,517			27,229			57,063			67,056
Income tax expense	9,237			9,774			21,034			23,329
Net earnings	$	16,280		$	17,455		$	36,029		$	43,727