Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segments

Segments

The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The chief operating decision maker is the Company's Chief Executive Officer. For purposes of measuring business segment performance, the chief operating decision maker 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 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 expenses; other components of pension and other postretirement benefits income, net; and interest expense, net.

Results by business segment were as follows:

	Year Ended December 31, 2024
	Supply Technologies		Assembly Components		Engineered Products		Corporate		Total
	(In millions)
Net sales	$	775.8	$	398.7	$	481.7	$	—	$	1,656.2
Cost of sales	631.5		353.6		389.7		—		1,374.8
Selling, general and administrative expenses	69.1		18.6		70.7		29.0		187.4
Restructuring and other special charges	0.2		1.1		3.6		—		4.9
Segment operating income (loss)	$	75.0	$	25.4	$	17.7	$	(29.0)	89.1
Gains on sales of assets, net									(2.5)
Other expense									5.0
Operating income									86.6
Other components of pension and other postretirement benefits income, net									5.2
Interest expense, net									(47.4)
Income from continuing operations before income taxes									$	44.4
	Year Ended December 31, 2023
	Supply Technologies		Assembly Components		Engineered Products		Corporate		Total
	(In millions)
Net sales	$	763.4	$	427.8	$	468.5	$	—	$	1,659.7
Cost of sales	639.1		369.5		379.7		—		1,388.3
Selling, general and administrative expenses	65.1		23.4		64.8		28.2		181.5
Restructuring, acquisition-related and other special charges	0.2		1.5		4.9		—		6.6
Segment operating income (loss)	$	59.0	$	33.4	$	19.1	$	(28.2)	83.3
Gains on sales of assets, net									(0.8)
Operating income									84.1
Other components of pension and other postretirement benefits income, net									2.5
Interest expense, net									(45.1)
Income from continuing operations before income taxes									$	41.5
	Year Ended December 31, 2022
	Supply Technologies		Assembly Components		Engineered Products		Corporate		Total
	(In millions)
Net sales	$	711.5	$	388.8	$	392.6	$	—	$	1,492.9
Cost of sales	608.2		366.3		307.9		—		1,282.4
Selling, general and administrative expenses	56.0		15.8		61.5		28.9		162.2

Restructuring, acquisition-related and other special charges	1.6		5.6		8.4		1.7		17.3
Segment operating income (loss)	$	45.7	$	1.1	$	14.8	$	(30.6)	31.0
Gains on sales of assets, net									(2.4)
Operating income									33.4
Other components of pension and other postretirement benefits income, net									11.1
Interest expense, net									(33.8)
Income from continuing operations before income taxes									$	10.7

	Year Ended December 31,
	2024		2023		2022
Capital expenditures:
Supply Technologies	$	10.5	$	6.3	$	3.4
Assembly Components	8.8		8.4		8.2
Engineered Products	10.1		12.7		15.2
Corporate	2.0		0.8		0.1
	$	31.4	$	28.2	$	26.9
Depreciation and amortization expense:
Supply Technologies	$	6.7	$	6.6	$	6.0
Assembly Components	13.8		13.4		13.7
Engineered Products	12.8		11.5		10.1
Corporate	0.3		0.2		0.4
	$	33.6	$	31.7	$	30.2
Identifiable assets:
Supply Technologies	$	465.6	$	462.8	$	465.7
Assembly Components	284.3		289.5		306.1
Engineered Products	468.8		462.0		436.9
Corporate	146.4		126.4		120.7
Assets held-for-sale by discontinued operations	—		—		107.2
	$	1,365.1	$	1,340.7	$	1,436.6

At December 31, 2024, 2023 and 2022, approximately 66%, 67% and 71%, respectively, of the Company’s assets were located in the United States.