Segment and Geographic Information (Tables)

3 Months Ended

Mar. 30, 2018

Segment Reporting [Abstract]

Summarized Financial Information by Business Segment

Summarized financial information by business segment is as follows:

	For the Three Months Ended
In thousands	March 30, 2018			March 31, 2017
Net sales:
Distribution	$	283,932		$	271,618
Aerospace	179,395			164,323
Net sales	$	463,327		$	435,941
Operating income:
Distribution(1)	$	11,834		$	11,416
Aerospace(1)	22,662			16,030
Net gain on sale of assets	63			20
Corporate expense(1)	(13,835		)	(13,977		)
Operating income(1)	20,724			13,489
Interest expense, net	5,352			4,160
Non-service pension and post retirement benefit cost (income)(1)	(3,029		)	(719		)
Other expense (income), net	(342		)	(159		)
Earnings before income taxes	18,743			10,207
Income tax expense	4,677			3,916
Net earnings	$	14,066		$	6,291

⁽¹⁾ The prior year amounts were adjusted to reflect the impact of the adjustments resulting from the adoption of ASU 2017-07, "Compensation - Retirement Benefits (Topic 715) - Improving the Net Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost".

Disaggregation of Revenue

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time for the Aerospace segment:

	For the Three Months Ended
In thousands	March 2018
Revenue recognized for performance obligations satisfied:
Over time	47	%
Point-in-time	53	%
Total revenue(1)	100	%

⁽¹⁾ The disaggregation of revenue recognized for performance satisfied over time versus point-in-time has not been included for the Distribution segment, as the majority of its revenue is recognized on a point-in-time basis with only approximately 2% of revenue recognized for performance obligations over time.

The following table disaggregates total revenue by major product line.

	For the Three Months Ended
	March 30, 2018		March 31, 2017
In thousands
Distribution
Bearings and Power Transmission	$	143,385	$	134,922
Automation, Control and Energy	85,161		82,082
Fluid Power	55,386		54,614
Total Distribution Sales	$	283,932	$	271,618
Aerospace
Military and Defense, excluding fuzes	$	47,756	$	46,981
Missile and Bomb Fuzes	52,985		35,214
Commercial Aerospace and Other	78,654		82,128
Total Aerospace Sales	$	179,395	$	164,323
Total Sales(1)	$	463,327	$	435,941

⁽¹⁾ Service revenue was not material for the three-month fiscal periods ended March 30, 2018 and March 31, 2017.