Information on Business Segments

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

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.

In the first quarter of 2013, the Company changed its organizational structure to align its strategic business units into two reportable segments: Aerospace and Industrial. The Company has transferred the Associated Spring Raymond business ("Raymond"), its remaining business within the former Distribution segment, to the Industrial segment. Raymond sells, among other products, springs that are manufactured by certain Industrial businesses. All previously reported financial information has been adjusted on a retrospective basis to reflect the segment realignment.

The Aerospace segment produces precision-machined and fabricated components and assemblies for original equipment manufacturers (“OEM”) of commercial jet engines, airframes and industrial gas turbines throughout the world, and for the military. Aerospace also provides jet engine component overhaul and repair services for many of the world's major jet engine manufacturers, commercial airlines and the military. In addition, Aerospace manufactures and provides aerospace aftermarket spare parts. The Industrial segment is a global supplier of high quality manufactured precision components for critical applications, and a leading designer and manufacturer of highly engineered and customized hot runner systems and components, serving diverse industrial end-markets such as transportation, energy, electronics, medical devices and consumer products. The Industrial segment also participates in the design, assembly and distribution of engineered supplies for the global industrial base.

The following tables, adjusted on a retrospective basis to reflect the segment alignment, set forth information about the Company's operations by its two reportable segments:

	Three months ended June 30,				Six months ended June 30,
	2013		2012		2013		2012
Net sales
Aerospace	$	96,834	$	93,770	$	194,878	$	191,020
Industrial	170,560		121,540		336,062		247,085
Intersegment sales	—		—		—		(1		)
Total net sales	$	267,394	$	215,310	$	530,940	$	438,104
Operating profit
Aerospace	$	15,226	$	13,023	$	25,573	$	25,677
Industrial	20,923		12,737		35,532		24,701
Total operating profit	36,149		25,760		61,105		50,378
Interest expense	3,241		2,435		7,598		4,803
Other expense (income), net	495		55		1,462		914
Income from continuing operations before income taxes	$	32,413	$	23,270	$	52,045	$	44,661

	June 30, 2013		December 31, 2012
Assets
Aerospace	$	534,167	$	533,465
Industrial	906,112		907,124
Other (A)	294,691		428,007
Total assets	$	1,734,970	$	1,868,596

(A) "Other" assets include corporate-controlled assets, the majority of which are cash and deferred tax assets. Other assets as of December 31, 2012 also include the assets of BDNA, which was sold on April 22, 2013. See Note 2.