Segments

3 Months Ended

Mar. 31, 2023

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 adjusting for corporate costs; gain on sale of assets; 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 March 31,
		2023		2022
	(In millions)
NET SALES OF CONTINUING OPERATIONS:
Supply Technologies		$	195.8	$	168.8
Assembly Components1		110.4		97.9
Engineered Products		117.3		91.0
		$	423.5	$	357.7
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Supply Technologies		$	14.0	$	12.0
Assembly Components1		7.3		(0.4)
Engineered Products		5.0		1.8
Total segment operating income		26.3		13.4
Corporate costs		(6.9)		(8.0)
Gain on sale of assets		0.8		—
Operating income		20.2		5.4
Other components of pension income and other postretirement benefits expense, net		0.7		2.8
Interest expense, net		(10.7)		(7.1)
Income from continuing operations before income taxes1		$	10.2	$	1.1

(1) - Our continuing operations exclude the results of our Aluminum Products business unit, which is held-for-sale as of March 31, 2023 and December 31, 2022 and presented in discontinued operations for all periods presented.