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 and share-based compensation and corporate office costs. Segment operating income reconciles to consolidated income before income taxes by deducting corporate costs, certain non-cash items and interest expense.

Results by business segment were as follows:



	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016
	(In millions)
Net sales:
Supply Technologies	$	142.4		$	132.9		$	275.6		$	262.8
Assembly Components	126.0			134.3			265.3			266.0
Engineered Products	82.5			62.2			153.8			128.6
	$	350.9		$	329.4		$	694.7		$	657.4
Segment operating income:
Supply Technologies	$	12.4		$	10.9		$	23.7		$	21.1
Assembly Components	13.1			14.2			25.6			24.4
Engineered Products	5.8			3.2			7.5			4.6
Total segment operating income	31.3			28.3			56.8			50.1

Corporate costs	(7.2		)	(8.0		)	(13.8		)	(14.5		)
Litigation settlement gain	—			—			3.3			—
Asset impairment charge	—			—			—			(4.0		)
Operating income	24.1			20.3			46.3			31.6
Interest expense	(7.9		)	(7.0		)	(15.3		)	(14.1		)
Loss on extinguishment of debt	(11.0		)	—			(11.0		)	—
Income before income taxes	$	5.2		$	13.3		$	20.0		$	17.5