Information on Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

The Company is organized based upon the nature of its products and services and reports under two global business segments: Aerospace and Industrial. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying these two reportable segments.

Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("MRO") services, including services performed under our Component Repair Programs (“CRPs”), for many of the world’s major turbine engine manufacturers, commercial airlines and the defense market. The Aerospace Aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including through revenue sharing programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.

Industrial is a global provider of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as mobility, industrial equipment, automation, personal care, packaging, electronics, and medical devices. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial's Molding Solutions business designs and manufactures customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Effective January 1, 2023, the Company combined Industrial's Force & Motion Control business and Engineered Components business to form a single new strategic business called Motion Control Solutions business. The Motion Control Solutions business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Motion Control Solutions business also manufactures and supplies precision mechanical products used in mobility and industrial applications,

including mechanical springs, and high-precision punched and fine-blanked components. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications.

The following tables set forth information about the Company's operations by its two reportable segments:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net sales
Industrial	$	216,971	$	212,115	$	435,079	$	423,787
Aerospace	122,015		109,153		239,272		209,864
Intersegment sales	(2)		—		(10)		—
Total net sales	$	338,984	$	321,268	$	674,341	$	633,651
Operating profit (loss)
Industrial(A)	$	9,429	$	(48,743)	$	13,962	$	(33,990)
Aerospace	16,580		20,556		35,331		36,916
Total operating profit (loss)	26,009		(28,187)		49,293		2,926
Interest expense	6,512		3,325		11,819		6,893
Other expense (income), net	(2,894)		(403)		(1,553)		1,226
Income (loss) before income taxes	$	22,391	$	(31,109)	$	39,027	$	(5,193)

(A) Industrial operating losses in the three and six-month periods ended June 30, 2022 include a $68,194 goodwill impairment charge.

	June 30, 2023		December 31, 2022
Assets
Industrial	$	1,698,451	$	1,680,415
Aerospace	606,262		590,598
Other (A)	135,966		142,717
Total assets	$	2,440,679	$	2,413,730

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.