Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segments

Segments

The 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 income (loss), 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 income (loss) before income taxes by deducting corporate costs, certain non-cash and/or non-operating items; Other components of pension and other postretirement benefits (“OPEB”) income, net; and interest expense, net.

Results by business segment were as follows:

	Year Ended December 31,
	2023		2022		2021
Net sales:
Supply Technologies	$	763.4	$	711.5	$	619.5
Assembly Components	427.8		388.8		321.5
Engineered Products	468.5		392.6		336.0
	$	1,659.7	$	1,492.9	$	1,277.0
Segment operating income (loss):
Supply Technologies	$	59.0	$	45.7	$	42.8
Assembly Components	33.4		1.1		(2.6)
Engineered Products	19.1		14.8		(12.2)
Total segment operating income	111.5		61.6		28.0
Corporate costs	(28.2)		(30.6)		(26.4)
Gains on sales of assets, net	0.8		2.4		14.7
Operating income	84.1		33.4		16.3
Other components of pension and other postretirement benefits income, net	2.5		11.1		9.7
Interest expense, net	(45.1)		(33.8)		(27.1)
Income (loss) from continuing operations before income taxes	$	41.5	$	10.7	$	(1.1)

	Year Ended December 31,
	2023		2022		2021
Capital expenditures:
Supply Technologies	$	6.3	$	3.4	$	4.1
Assembly Components	8.4		8.2		7.6
Engineered Products	12.7		15.2		10.4
Corporate	0.8		0.1		0.2
	$	28.2	$	26.9	$	22.3
Depreciation and amortization expense:
Supply Technologies	$	6.6	$	6.0	$	5.5
Assembly Components	13.4		13.7		14.7
Engineered Products	11.5		10.1		10.2
Corporate	0.2		0.4		0.4
	$	31.7	$	30.2	$	30.8
Identifiable assets:
Supply Technologies	$	462.8	$	465.7	$	398.5
Assembly Components	289.5		306.1		310.6
Engineered Products	462.0		436.9		414.9
Corporate	126.4		120.7		113.9
Assets held-for-sale by discontinued operations	—		107.2		122.1
	$	1,340.7	$	1,436.6	$	1,360.0

At December 31, 2023, 2022 and 2021, approximately 67%, 71% and 71%, respectively, of the Company’s assets were located in the United States.