Information on Business Segments

6 Months Ended

Jun. 30, 2012

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

In the first quarter of 2012, the Company changed its organizational structure to align its strategic business units into three reportable segments: Aerospace, Industrial and Distribution. The Company is organized based upon the nature of its products and services. Segment information is consistent with how management reviews the businesses, makes investing and resource allocation decisions and assesses operating performance. The Company has not aggregated operating segments for purposes of identifying reportable segments.

The Aerospace segment produces precision-machined and fabricated components and assemblies for original equipment manufacturer (“OEM”) turbine engine, airframe and industrial gas turbine builders throughout the world, and for the military. Aerospace also provides jet engine component overhaul and repair services for many of the world's major turbine engine manufacturers, commercial airlines and the military. In addition, Aerospace manufactures and provides aerospace aftermarket spare parts and provides repair services for aerospace engine components. The Industrial segment is a global supplier of high quality manufactured precision components for critical applications serving diverse industrial end markets such as transportation, energy, electronics, medical and consumer products. The Distribution segment is an industry leader in logistics support through vendor managed inventory and technical sales for maintenance, repair, operating and production supplies, as well as the design, assembly and distribution of engineered supplies for the global industrial base.

The following tables set forth information about the Company's operations by its three reportable segments:

	Three months ended June 30,						Six months ended June 30,
	2012			2011			2012			2011
Net sales
Aerospace	$	93,770		$	94,729		$	191,020		$	185,289
Industrial	110,244			114,004			225,592			225,434
Distribution	91,855			91,731			185,280			181,643
Intersegment sales	(2,447		)	(2,627		)	(5,374		)	(4,939		)
Total net sales	$	293,422		$	297,837		$	596,518		$	587,427
Operating profit
Aerospace	$	14,706		$	14,794		$	28,924		$	28,477
Industrial	11,217			10,977			21,321			21,935
Distribution	8,203			8,003			16,894			14,078
Total operating profit	34,126			33,774			67,139			64,490
Interest expense	2,435			2,350			4,803			6,005
Other expense (income), net	95			321			948			728
Income from continuing operations before income taxes	$	31,596		$	31,103		$	61,388		$	57,757

	June 30, 2012		December 31, 2011
Assets
Aerospace	$	533,622	$	544,943
Industrial	454,530		453,279
Distribution	282,395		278,139
Other (A)	186,685		164,004
Total assets	$	1,457,232	$	1,440,365

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets.