Information on Business Segments

6 Months Ended

Jun. 30, 2022

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.

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 mobility, 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 mobility and industrial applications, including mechanical springs, and high-precision punched and fine-blanked components.

Aerospace is a global manufacturer of complex fabricated and precision machined components and assemblies for turbine engines, nacelles and structures for both commercial and defense-related aircraft. The Aerospace Aftermarket business provides aircraft engine component maintenance, repair and overhaul ("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 defense market. The Aerospace Aftermarket activities also include the manufacture and delivery of aerospace aftermarket spare parts, including through 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 June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net sales
Industrial	$	212,115	$	234,679	$	423,787	$	454,671
Aerospace	109,153		86,485		209,864		168,127
Intersegment sales	—		(6)		—		(11)
Total net sales	$	321,268	$	321,158	$	633,651	$	622,787
Operating (loss) profit
Industrial(A)	$	(48,743)	$	27,273	$	(33,990)	$	48,568
Aerospace	20,556		11,270		36,916		22,355
Total operating (loss) profit	(28,187)		38,543		2,926		70,923
Interest expense	3,325		4,475		6,893		8,416
Other expense (income), net	(403)		1,272		1,226		2,734
(Loss) income before income taxes	$	(31,109)	$	32,796	$	(5,193)	$	59,773

	June 30, 2022		December 31, 2021
Assets
Industrial	$	1,679,108	$	1,827,903
Aerospace	584,053		583,043
Other (B)	137,935		165,874
Total assets	$	2,401,096	$	2,576,820

(A) Industrial operating losses in the three and six-month periods ended June 30, 2022 include a $68,194 goodwill impairment charge. See Note 7.(B) "Other" assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.