Segments

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Segments

SegmentsThe Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating (loss) 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 (loss) income reconciles to consolidated (loss) income before income taxes by deducting corporate costs, certain non-cash and/or non-operating items; Other components of pension income and other postretirement benefits (“OPEB”) expense, net; and interest expense, net.

Results by business segment were as follows:

	Year Ended December 31,
	2021		2020		2019
Net sales:
Supply Technologies	$	619.5	$	510.1	$	611.5
Assembly Components	482.5		441.5		539.5
Engineered Products	336.0		343.6		467.3
	$	1,438.0	$	1,295.2	$	1,618.3
Segment operating (loss) income:
Supply Technologies	$	42.8	$	30.2	$	42.0
Assembly Components	(26.4)		8.1		36.2
Engineered Products	(12.2)		3.5		37.7
Total segment operating income	4.2		41.8		115.9
Corporate costs	(26.4)		(26.1)		(28.5)
Gain on sale of assets(1)	14.7		—		—
Goodwill impairment(2)	(4.6)		—		—
One-time net expense related to former President	—		—		(4.3)
Operating (loss) income	(12.1)		15.7		83.1
Other components of pension income and other postretirement benefits expense, net	9.7		7.3		5.6
Interest expense, net	(30.1)		(30.3)		(33.8)
(Loss) income before income taxes	$	(32.5)	$	(7.3)	$	54.9

(1) Gain on sale of assets was primarily due to the sale of real estate, for which the Company received cash proceeds of $19.6 million, in connection with the restructuring of the forged and machined products operating unit, which is included in the Engineered Products segment.

(2) The Company wrote-off the full amount of $4.6 million of goodwill in the Aluminum Products operating unit, which is included in the Assembly Components segment.

	Year Ended December 31,
	2021		2020		2019
Capital expenditures:
Supply Technologies	$	4.1	$	6.5	$	6.1
Assembly Components	16.4		13.1		19.5
Engineered Products	10.4		6.5		14.3
Corporate	0.2		0.2		0.2
	$	31.1	$	26.3	$	40.1
Depreciation and amortization expense:
Supply Technologies	$	5.5	$	5.1	$	4.8
Assembly Components	22.6		20.7		20.1
Engineered Products	10.2		9.6		8.8
Corporate	0.4		0.4		0.5
	$	38.7	$	35.8	$	34.2
Identifiable assets:
Supply Technologies	$	398.5	$	347.6	$	355.9
Assembly Components	432.7		401.1		413.4
Engineered Products	414.9		439.7		455.1
Corporate	113.9		112.1		86.0
	$	1,360.0	$	1,300.5	$	1,310.4

At December 31, 2021, 2020 and 2019, approximately 71%, 70% and 71%, respectively, of the Company’s assets were located in the United States.