Segment and Geographic Information (Tables)

6 Months Ended

Jun. 29, 2018

Segment Reporting [Abstract]

Summarized Financial Information by Business Segment

Summarized financial information by business segment is as follows:

	For the Three Months Ended						For the Six Months Ended
In thousands	June 29, 2018			June 30, 2017			June 29, 2018			June 30, 2017
Net sales:
Distribution	$	289,523		$	278,706		$	573,455		$	550,324
Aerospace	178,606			170,300			358,001			334,623
Net sales	$	468,129		$	449,006		$	931,456		$	884,947
Operating income:
Distribution(1)	$	13,546		$	15,657		$	25,380		$	27,073
Aerospace(1)	22,741			25,712			45,403			41,742
Net gain (loss) on sale of assets	1,525			(15		)	1,588			5
Corporate expense(1)	(16,937		)	(14,828		)	(30,772		)	(28,805		)
Operating income(1)	20,875			26,526			41,599			40,015
Interest expense, net	5,002			6,122			10,354			10,282
Non-service pension and post retirement benefit cost (income)(1)	(3,039		)	(866		)	(6,068		)	(1,585		)
Other expense (income), net	361			(69		)	19			(228		)
Earnings before income taxes	18,551			21,339			37,294			31,546
Income tax expense	3,457			7,881			8,134			11,797
Net earnings	$	15,094		$	13,458		$	29,160		$	19,749

⁽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 disaggregates total revenue by major product line.

	For the Three Months Ended				For the Six Months Ended
	June 29, 2018		June 30, 2017		June 29, 2018		June 30, 2017
In thousands
Distribution
Bearings and Power Transmission	$	143,802	$	137,776	$	287,187	$	272,698
Automation, Control and Energy	85,976		84,753		171,137		166,835
Fluid Power	59,745		56,177		115,131		110,791
Total Distribution Sales	$	289,523	$	278,706	$	573,455	$	550,324
Aerospace
Military and Defense, excluding fuzes	$	51,743	$	50,675	$	99,499	$	97,656
Missile and Bomb Fuzes	41,601		36,165		94,586		71,379
Commercial Aerospace and Other	85,262		83,460		163,916		165,588
Total Aerospace Sales	$	178,606	$	170,300	$	358,001	$	334,623
Total Sales(1)	$	468,129	$	449,006	$	931,456	$	884,947

⁽¹⁾ Service revenue was not material for the three-month and six-month fiscal periods ended June 29, 2018 and June 30, 2017.

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		For the Six Months Ended
In thousands	June 29, 2018		June 29, 2018
Revenue recognized for performance obligations satisfied:
Over time	48	%	50	%
Point-in-time	52	%	50	%
Total revenue(1)	100	%	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.