Segments, Concentrations and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2018

Segment Reporting [Abstract]

Segment Financial Information and Reconciliation of Segments Revenue to Consolidated Revenue

Segment financial information and a reconciliation of segment results to consolidated results follows:

	Quarters Ended June 30,						Year to Date Ended June 30,
	2018			2017			2018			2017
Net Sales:
Couplings, Clutches & Brakes	$	122,734		$	110,969		$	242,907		$	217,201
Electromagnetic Clutches & Brakes		65,136			65,281			134,243			129,159
Gearing		51,567			49,149			105,452			96,177
Inter-segment eliminations		(2,114	)		(2,042	)		(4,894	)		(3,745	)
Net sales	$	237,323		$	223,357		$	477,708		$	438,792
Income from operations:
Segment earnings:
Couplings, Clutches & Brakes	$	18,740		$	12,007		$	32,160		$	20,352
Electromagnetic Clutches & Brakes		8,076			8,163			16,744			15,756
Gearing		6,399			6,590			12,515			12,115
Corporate expenses (1)		(4,600	)		(1,198	)		(12,181	)		(3,096	)
Restructuring & consolidation costs		(566	)		(2,413	)		(1,509	)		(4,316	)
Income from operations	$	28,049		$	23,149		$	47,729		$	40,811
Other non-operating (income) expense:
Loss on settlement of pension plan	$	—		$	—		$	5,086		$	—
Net interest expense		2,065			2,031			3,899			3,736
Other non-operating (income), net		(282	)		(136	)		(428	)		(666	)
Loss on extinguishment of convertible debt		—			—			—			1,797
	$	1,783		$	1,895		$	8,557		$	4,867
Income before income taxes		26,266			21,254			39,172			35,944
Provision for income taxes		7,259			5,870			11,164			10,234
Net income	$	19,007		$	15,384		$	28,008		$	25,710

(1) Certain expenses are maintained at the corporate level and not allocated to the segments. These include various administrative expenses related to the Company’s corporate headquarters, depreciation on capitalized software costs, non-capitalizable software implementation costs and acquisition related expenses.

Reconciliation of Segment Assets to Consolidated Assets

Selected information by segment (continued)

	Quarter Ended				Year to Date Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Depreciation and amortization:
Couplings, Clutches & Brakes	$	5,505	$	5,133	$	11,230	$	10,270
Electromagnetic Clutches & Brakes		1,005		1,201		1,935		2,416
Gearing		1,897		1,651		3,775		3,301
Corporate		869		824		1,739		1,628
Total depreciation and amortization	$	9,276	$	8,809	$	18,679	$	17,615
					June 30, 2018		June 30, 2017
Total assets:
Couplings, Clutches & Brakes					$	565,603	$	557,642
Electromagnetic Clutches & Brakes						158,325		185,839
Gearing						160,071		137,713
Corporate (2)						22,553		29,893
Total assets					$	906,552	$	911,087

(1) Corporate assets are primarily cash and cash equivalents, tax related asset accounts, certain capitalized software costs, property, plant and equipment and deferred financing costs.

Net Sales to Third Parties by Geographic Region

Net sales to third parties by geographic region are as follows:

	Net Sales
	Quarter Ended				Year to Date Ended
	June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
North America (primarily U.S.)	$	119,023	$	115,236	$	244,716	$	230,376
Europe		91,308		84,983		184,790		168,275
Asia and other		26,992		23,138		48,202		40,141
Total	$	237,323	$	223,357	$	477,708	$	438,792