Segments

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Segments

Segments

Our operating segments are defined as components of the enterprise for which separate financial information is available and evaluated on a regular basis by our chief operating decision maker to allocate resources and assess performance.

For purposes of measuring business segment performance, the Company utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or are corporate costs, which include but are not limited to executive compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs, certain non-cash charges and interest expense.

Results by business segment were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2016			2015			2016			2015
	(In millions)
Net sales:
Supply Technologies	$	122.0		$	143.1		$	384.8		$	444.7
Assembly Components	133.4			149.3			399.4			429.6
Engineered Products	57.3			72.0			185.9			242.1
	$	312.7		$	364.4		$	970.1		$	1,116.4
Segment operating income:
Supply Technologies	$	9.7		$	13.0		$	30.8		$	40.2
Assembly Components	13.9			17.7			38.3			41.9
Engineered Products	4.0			4.3			8.6			15.7
Total segment operating income	27.6			35.0			77.7			97.8
Corporate costs	(6.7		)	(7.6		)	(21.2		)	(20.5		)
Asset impairment charge	—			—			(4.0		)	—
Interest expense	(7.2		)	(7.0		)	(21.3		)	(20.7		)
Income before income taxes	$	13.7		$	20.4		$	31.2		$	56.6