Information on Business Segments

9 Months Ended

Sep. 30, 2020

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.

Industrial is a global provider 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, automation, personal care, packaging, electronics, and medical devices. 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's Molding Solutions business designs and manufactures 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. The Force & Motion Control business provides innovative cost effective force and motion control solutions for a wide range of metal forming and other industrial markets. The Automation business designs and develops robotic grippers, advanced end-of-arm tooling systems, sensors and other automation components for intelligent robotic handling solutions and industrial automation applications. Industrial's Engineered Components business manufactures and supplies precision mechanical products used in transportation and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components.

Aerospace's original equipment manufacturing ("OEM") business is a global manufacturer of complex fabricated and precision-machined components and assemblies for turbine engines, nacelles and structures for both commercial and military aircraft. The

Aerospace aftermarket business provides aircraft engine component MRO services, including services performed under our Component Repair Programs (“CRPs”), 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 Revenue Sharing Programs (“RSPs”) under which the Company receives an exclusive right to supply designated aftermarket parts over the life of specific aircraft engine programs.

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,
	2020		2019		2020		2019
Net sales
Industrial	$	196,916	$	231,688	$	561,047	$	707,594
Aerospace	72,148		140,899		274,227		413,353
Intersegment sales	(5)		—		(8)		—
Total net sales	$	269,059	$	372,587	$	835,266	$	1,120,947

Operating profit
Industrial	$	24,438	$	34,836	$	42,063	$	83,785
Aerospace	6,805		32,749		48,609		91,407
Total operating profit	31,243		67,585		90,672		175,192
Interest expense	3,701		5,344		11,924		15,856
Other expense (income), net	47		2,524		2,700		6,043
Income before income taxes	$	27,495	$	59,717	$	76,048	$	153,293


	September 30, 2020		December 31, 2019
Assets
Industrial	$	1,834,736	$	1,879,258
Aerospace	631,765		704,318
Other ^(A)	143,615		154,759
Total assets	$	2,610,116	$	2,738,335

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