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Information on Business Segments (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Segment Reporting Information, by Segment

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


	Aerospace (A)		Industrial		Other		Total Company
Sales
2023	$	608.1	$	842.8	$	—	$	1,450.9
2022	429.2		832.7		—		1,261.9
2021	362.4		896.5		—		1,258.8
Operating profit (loss)(B)
2023	$	53.0	$	36.0	$	—	$	89.0
2022	76.2		(19.1)		—		57.1
2021	52.3		97.7		—		150.0
Assets
2023	$	1,465.3	$	1,685.3	$	157.4	$	3,308.0
2022	590.6		1,680.4		142.7		2,413.7
2021	583.0		1,827.9		165.9		2,576.8
Depreciation and amortization
2023	$	61.6	$	53.7	$	0.5	$	115.8
2022	37.3		54.1		0.7		92.2
2021	32.8		57.5		0.9		91.1
Capital expenditures
2023	$	32.8	$	22.4	$	0.6	$	55.7
2022	14.9		19.2		1.0		35.1
2021	12.7		21.3		0.2		34.1

(A) The results of MB Aerospace, from the acquisition on August 31, 2023, have been included within the Company's Consolidated Financial Statements in the Aerospace segment for the period ended December 31, 2023.

(B) 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 21%, 16% and 17% of the Company’s total revenues in 2023, 2022 and 2021, 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):


	2023		2022		2021
Operating profit	$	89.0	$	57.1	$	150.0
Interest expense	58.2		14.6		16.2
Other expense (income), net	(2.4)		4.3		6.0
Income before income taxes	$	33.3	$	38.2	$	127.8

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
2023	$	599.9	$	935.1	$	(84.2)	$	1,450.9
2022	545.2		806.8		(90.2)		1,261.9
2021	516.4		829.4		(87.0)		1,258.8
Long-lived assets
2023	$	557.9	$	1,833.1	$	—	$	2,391.0
2022	360.2		1,303.2		—		1,663.4
2021	380.7		1,493.9		—		1,874.6

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Notes: Germany, with sales of $225.8 million, $204.3 million and $243.1 million in 2023, 2022 and 2021, respectively, and Singapore, with sales of $183.3 million, $144.9 million and $136.8 million in 2023, 2022 and 2021, 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 66%, 78% and 78% were sales from international locations to domestic locations in 2023, 2022 and 2021, respectively.

Germany, with long-lived assets of $405.8 million, $388.2 million and $428.9 million as of December 31, 2023, 2022 and 2021, respectively, Singapore, with long-lived assets of $196.7 million and $201.6 million as of December 31, 2022 and 2021, respectively, Italy, with long-lived assets of $303.9 million, $300.4 million and $398.2 million as of December 31, 2023, 2022 and 2021, respectively and Taiwan, with long-lived assets of $321.6 million as of December 31, 2023, represent the international countries with long-lived assets that exceeded 10% of the Company's total long-lived assets in those years.