Segments

3 Months Ended

Mar. 31, 2024

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; gains on sales of assets; other components of pension and other postretirement benefits income, net; and interest expense, net.

Results by business segment were as follows:

	Three Months Ended March 31,
	2024		2023
	(In millions)
NET SALES OF CONTINUING OPERATIONS:
Supply Technologies	$	196.9	$	195.8
Assembly Components	107.2		110.4
Engineered Products	113.5		117.3
	$	417.6	$	423.5
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES:
Supply Technologies	$	19.5	$	14.0
Assembly Components	8.6		7.3
Engineered Products	3.5		5.0
Total segment operating income	31.6		26.3
Corporate costs	(7.6)		(6.9)
Gain on sale of assets	—		0.8
Operating income	24.0		20.2
Other components of pension and other postretirement benefits income, net	1.3		0.7
Interest expense, net	(11.9)		(10.7)
Income from continuing operations before income taxes	$	13.4	$	10.2