XML 24 R12.htm IDEA: XBRL DOCUMENT v3.22.4
Segments
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Segments Segments
The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. During the fourth quarter of 2022, we determined that the Aluminum Products business met the held-for-sale and discontinued operations accounting criteria. The Aluminum Products business was previously reported in the Company’s Assembly Components segment and now is shown as discontinued operations for all periods presented.
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 and share-based 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,
 202220212020
Net sales:
Supply Technologies$711.5 $619.5 $510.1 
Assembly Components388.8 321.5 298.4 
Engineered Products392.6 336.0 343.6 
$1,492.9 $1,277.0 $1,152.1 
Segment operating (loss) income:
Supply Technologies$45.7 $42.8 $30.2 
Assembly Components1.1 (2.6)10.9 
Engineered Products14.8 (12.2)3.5 
Total segment operating income61.6 28.0 44.6 
Corporate costs(30.6)(26.4)(26.1)
Gains on sales of assets, net2.4 14.7 — 
Operating income33.4 16.3 18.5 
Other components of pension income and other postretirement benefits expense, net
11.1 9.7 7.3 
Interest expense, net(33.8)(27.1)(27.6)
Income (loss) from continuing operations before income taxes$10.7 $(1.1)$(1.8)
Year Ended December 31,
202220212020
Capital expenditures:
Supply Technologies$3.4 $4.1 $6.5 
Assembly Components8.2 7.6 7.1 
Engineered Products15.2 10.4 6.5 
Corporate0.1 0.2 0.2 
$26.9 $22.3 $20.3 
Depreciation and amortization expense:
Supply Technologies$6.0 $5.5 $5.1 
Assembly Components13.7 14.7 13.1 
Engineered Products10.1 10.2 9.6 
Corporate0.4 0.4 0.4 
$30.2 $30.8 $28.2 
Identifiable assets:
Supply Technologies$465.7 $398.5 $347.6 
Assembly Components306.1 310.6 297.5 
Engineered Products436.9 414.9 439.7 
Corporate120.7 113.9 112.1 
Assets held-for-sale by discontinued operations107.2 122.1 103.6 
$1,436.6 $1,360.0 $1,300.5 
At December 31, 2022, 2021 and 2020, approximately 71%, 71% and 70%, respectively, of the Company’s assets (including assets held-for-sale) were located in the United States.