Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

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 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; Other components of pension income and other postretirement benefits expense, net; and interest expense, net.

Results by business segment were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
	(In millions)
Net sales:
Supply Technologies	$	175.8	$	155.0	$	344.6	$	312.7
Assembly Components	154.2		109.5		312.8		235.5
Engineered Products	98.6		85.5		189.6		161.4
	$	428.6	$	350.0	$	847.0	$	709.6
Segment operating income (loss):
Supply Technologies	$	12.7	$	10.2	$	24.7	$	22.5
Assembly Components	(7.5)		(6.1)		(5.5)		0.3
Engineered Products	7.1		(0.7)		8.9		(1.9)
Total segment operating income	12.3		3.4		28.1		20.9
Corporate costs	(7.5)		(6.8)		(15.4)		(12.0)
Gain on sale of assets	2.9		—		2.9		—
Operating income (loss)	7.7		(3.4)		15.6		8.9
Other components of pension income and other postretirement benefits expense, net	2.8		2.5		5.6		4.9
Interest expense, net	(8.3)		(7.4)		(16.1)		(14.8)
Income (loss) before income taxes	$	2.2	$	(8.3)	$	5.1	$	(1.0)