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Information on Business Segments
 12 Months Ended
Dec. 31, 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 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.
Aerospace’s OEM business offers a comprehensive range of in-house manufacturing solutions and capabilities, including components and assemblies. The applications for these components primarily include engines, airframes and nacelles. Aerospace OEM competes with a large number of fabrication and machining companies. Our competitive advantage is based mainly on value derived from quality, concurrent engineering and technical capability, product breadth, solutions-providing new product introduction, timeliness, service, price and intellectual property. Aerospace’s fabrication and machining operations, with facilities in Connecticut, Malaysia, Michigan, Ohio, Utah, Poland, the United Kingdom and Singapore, produce critical engine, nacelle and airframe components through technologically advanced manufacturing processes.
The Aerospace Aftermarket business supplements jet engine OEMs’ maintenance, repair and overhaul capabilities, and competes with the service centers of major commercial airlines and other independent service companies for the repair and overhaul of turbine engine components. The manufacture and supply of aerospace aftermarket spare parts, including those related to the RSPs, are dependent upon the reliable and timely delivery of high-quality components. Aerospace’s Aftermarket facilities, located in Connecticut, Ohio, Singapore and Taiwan, specialize in the repair and refurbishment of highly engineered components and assemblies such as cases, rotating life limited parts, rotating air seals, turbine shrouds, vanes and honeycomb air seals. Aerospace Aftermarket's facility in Malaysia is focused on the supply of spare parts.

The Company evaluates the performance of its reportable segments based on the operating profit of the respective businesses, which includes net sales, cost of sales, selling and administrative expenses and certain components of other expense (income), net, as well as the allocation of corporate overhead expenses.

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 industrial equipment, automation, personal care, packaging, electronics, mobility 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. 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 Motion Control Solutions business provides innovative cost-effective force and motion control solutions for a wide range of metal forming and other industrial markets and manufactures and supplies precision mechanical products used in mobility and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components. See Note 23 as the Company entered into a Share Purchase and Asset Agreement to sell its Associated Spring™ and Hänggi™ businesses, both within the Motion Control Solutions business, in January 2024.

Industrial competes with a broad base of large and small companies engaged in the manufacture and sale of engineered products, precision molds, hot runner systems, robotic handling solutions and precision components. Industrial competes on the basis of quality, service, reliability of supply, engineering and technical capability, geographic reach, product breadth, innovation, design, timeliness and price. Industrial has a global presence in multiple countries, with manufacturing, distribution
and assembly operations in the United States, China, Germany, Italy, Sweden and Switzerland, among others. Industrial also has sales and service operations in the United States, China/Hong Kong, Germany, Italy and Switzerland, among others.
 
Sales between the business segments and between the geographic areas in which the businesses operate are accounted for on the same basis as sales to unaffiliated customers. Additionally, revenues are attributed to countries based on the location of facilities.

The following table (in millions) sets forth summarized financial information by reportable business segment:
Aerospace (A)
IndustrialOtherTotal Company
Sales
2023$608.1 $842.8 $— $1,450.9 
2022429.2 832.7 — 1,261.9 
2021362.4 896.5 — 1,258.8 
Operating profit (loss)(B)
2023$53.0 $36.0 $— $89.0 
202276.2 (19.1)— 57.1 
202152.3 97.7 — 150.0 
Assets
2023$1,465.3 $1,685.3 $157.4 $3,308.0 
2022590.6 1,680.4 142.7 2,413.7 
2021583.0 1,827.9 165.9 2,576.8 
Depreciation and amortization
2023$61.6 $53.7 $0.5 $115.8 
202237.3 54.1 0.7 92.2 
202132.8 57.5 0.9 91.1 
Capital expenditures
2023$32.8 $22.4 $0.6 $55.7 
202214.9 19.2 1.0 35.1 
202112.7 21.3 0.2 34.1 
(A) The results of MB Aerospace, from the acquisition on August 31, 2023, have been included within the Company's Consolidated Financial Statements in the Aerospace segment for the period ended December 31, 2023.
(B) Industrial operating losses in the period ended December 31, 2022 include a $68,194 goodwill impairment charge. Assets at Industrial were impacted by a corresponding amount given the reduction to the goodwill balance. See Note 6.
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Notes:
One customer, General Electric, accounted for 21%, 16% and 17% of the Company’s total revenues in 2023, 2022 and 2021, respectively.
“Other” assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.
 
A reconciliation of the total reportable segments’ operating profit to income before income taxes follows (in millions):
202320222021
Operating profit$89.0 $57.1 $150.0 
Interest expense58.2 14.6 16.2 
Other expense (income), net(2.4)4.3 6.0 
Income before income taxes$33.3 $38.2 $127.8 
The following table (in millions) summarizes total net sales and long-lived assets of the Company by geographic area: 
DomesticInternationalOtherTotal
Company
Sales
2023 $599.9 $935.1 $(84.2)$1,450.9 
2022545.2 806.8 (90.2)1,261.9 
2021516.4 829.4 (87.0)1,258.8 
Long-lived assets
2023 $557.9 $1,833.1 $— $2,391.0 
2022360.2 1,303.2 — 1,663.4 
2021380.7 1,493.9 — 1,874.6 
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Notes: Germany, with sales of $225.8 million, $204.3 million and $243.1 million in 2023, 2022 and 2021, respectively, and Singapore, with sales of $183.3 million, $144.9 million and $136.8 million in 2023, 2022 and 2021, respectively, represent the only international countries with revenues in excess of 10% of the Company's total revenues in those years. “Other” revenues represent the elimination of inter-company sales between geographic locations, of which approximately 66%, 78% and 78% were sales from international locations to domestic locations in 2023, 2022 and 2021, respectively.

Germany, with long-lived assets of $405.8 million, $388.2 million and $428.9 million as of December 31, 2023, 2022 and 2021, respectively, Singapore, with long-lived assets of $196.7 million and $201.6 million as of December 31, 2022 and 2021, respectively, Italy, with long-lived assets of $303.9 million, $300.4 million and $398.2 million as of December 31, 2023, 2022 and 2021, respectively and Taiwan, with long-lived assets of $321.6 million as of December 31, 2023, represent the international countries with long-lived assets that exceeded 10% of the Company's total long-lived assets in those years.