Information on Business Segments (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table (in millions) sets forth summarized financial information by reportable business segment:

	Industrial		Aerospace		Other		Total Company
Sales
2022	$	832.7	$	429.2	$	—	$	1,261.9
2021	896.5		362.4		—		1,258.8
2020	770.1		354.3		—		1,124.4
Operating profit (loss)(A)
2022	$	(19.1)	$	76.2	$	—	$	57.1
2021	97.7		52.3		—		150.0
2020	66.6		56.8		—		123.4
Assets
2022	$	1,680.4	$	590.6	$	142.7	$	2,413.7
2021	1,827.9		583.0		165.9		2,576.8
2020	1,908.4		623.5		144.3		2,676.2
Depreciation and amortization
2022	$	54.1	$	37.3	$	0.7	$	92.2
2021	57.5		32.8		0.9		91.1
2020	57.7		29.0		0.9		87.7
Capital expenditures
2022	$	19.2	$	14.9	$	1.0	$	35.1
2021	21.3		12.7		0.2		34.1
2020	19.4		20.8		0.5		40.7

(A) Industrial operating losses in the period ended December 31, 2022 include a $68,194 goodwill impairment charge. Assets at Industrial were impacted by a corresponding amount given the reduction to the goodwill balance. See Note 6.

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Notes:

One customer, General Electric, accounted for 20%, 16% and 17% of the Company’s total revenues in 2022, 2021 and 2020, respectively.

“Other” assets include corporate-controlled assets, the majority of which are cash and cash equivalents and deferred tax assets.

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

A reconciliation of the total reportable segments’ operating profit to income before income taxes follows (in millions):

	2022		2021		2020
Operating profit	$	57.1	$	150.0	$	123.4
Interest expense	14.6		16.2		15.9
Other expense (income), net	4.3		6.0		5.9
Income before income taxes	$	38.2	$	127.8	$	101.5

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas

The following table (in millions) summarizes total net sales and long-lived assets of the Company by geographic area: 

	Domestic		International		Other		Total Company
Sales
2022	$	545.2	$	806.8	$	(90.2)	$	1,261.9
2021	516.4		829.4		(87.0)		1,258.8
2020	483.8		714.0		(73.4)		1,124.4
Long-lived assets
2022	$	360.2	$	1,303.2	$	—	$	1,663.4
2021	380.7		1,493.9		—		1,874.6
2020	383.2		1,628.6		—		2,011.8

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Notes: Germany, with sales of $204.3 million, $243.1 million and $223.3 million in 2022, 2021 and 2020, respectively, and Singapore, with sales of $144.9 million, $136.8 million and $129.8 million in 2022, 2021 and 2020, respectively, represent the only international countries with revenues in excess of 10% of the Company's total revenues in those years. “Other” revenues represent the elimination of inter-company sales between geographic locations, of which approximately 78%, 78% and 67% were sales from international locations to domestic locations in 2022, 2021 and 2020, respectively.

Germany, with long-lived assets of $388.2 million, $428.9 million and $481.5 million as of December 31, 2022, 2021 and 2020, respectively, Singapore, with long-lived assets of $196.7 million, $201.6 million and $214.8 million as of December 31, 2022, 2021 and 2020, respectively and Italy, with long-lived assets of $300.4 million, $398.2 million and $443.1 million as of December 31, 2022, 2021 and 2020, respectively, represent the international countries with long-lived assets that exceeded 10% of the Company's total long-lived assets in those years.