Information on Business Segments

9 Months Ended

Sep. 30, 2016

Segment Reporting [Abstract]

Information on Business Segments

Information on Business Segments

The Company is organized based upon the nature of its products and services and reports under two global business segments: Industrial and Aerospace. 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 these two reportable segments.

The Industrial segment is a global manufacturer of highly-engineered, high-quality precision components, products and systems for critical applications serving a diverse customer base in end-markets such as transportation, industrial equipment, consumer products, packaging, electronics, medical devices, and energy. Focused on innovative custom solutions, Industrial participates in the design phase of components and assemblies whereby customers receive the benefits of application and systems engineering, new product development, testing and evaluation, and the manufacturing of final products. Products are sold primarily through its direct sales force and global distribution channels. Industrial consists of three strategic business units that include Molding Solutions, Nitrogen Gas Products and Engineered Components. Industrial's Molding Solutions businesses design and manufacture customized hot runner systems, advanced mold cavity sensors and process control systems, and precision high cavitation mold assemblies - collectively, the enabling technologies for many complex injection molding applications. Industrial's Nitrogen Gas Products business manufactures nitrogen gas springs for the tool and die industry and manifold systems used to precisely control stamping presses. It also specializes in gas hydraulic suspension systems for heavy duty off road vehicles. Industrial's Engineered Components businesses manufacture and supply precision mechanical products used in transportation and industrial applications, including mechanical springs, high-precision punched and fine-blanked components, and retention rings.

The Aerospace segment is a global provider of fabricated and precision-machined components and assemblies for original equipment manufacturer ("OEM") turbine engine, airframe and industrial gas turbine builders, and the military. The Aerospace Aftermarket provides jet engine component maintenance overhaul and repair ("MRO") services, including our Component Repair Programs ("CRP's"), for many of the world's major turbine engine manufacturers, commercial airlines and the military. The Aerospace Aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including the revenue sharing programs ("RSPs") under which the Company receives an exclusive right to supply designated aftermarket parts over the life of the related aircraft engine program.

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

	Three months ended September 30,						Nine months ended September 30,
	2016			2015			2016			2015
Net sales
Industrial	$	208,748		$	189,106		$	608,534		$	592,044
Aerospace	102,816			102,329			298,055			314,910
Intersegment sales	(3		)	(1		)	(3		)	(5		)
Total net sales	$	311,561		$	291,434		$	906,586		$	906,949
Operating profit
Industrial	$	34,958		$	27,304		$	99,445		$	88,262
Aerospace	16,859			16,443			41,359			50,029
Total operating profit	51,817			43,747			140,804			138,291
Interest expense	3,020			2,637			8,826			7,944
Other expense (income), net	621			(545		)	24			(228		)
Income before income taxes	$	48,176		$	41,655		$	131,954		$	130,575

	September 30, 2016		December 31, 2015
Assets
Industrial (A)	$	1,441,695	$	1,241,206
Aerospace	637,232		654,147
Other (B)	142,956		166,513
Total assets	$	2,221,883	$	2,061,866

(A) The change in assets within the Industrial segment primarily reflects an increase in assets resulting from the acquisition of FOBOHA.

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