Information on Business Segments

3 Months Ended

Mar. 31, 2024

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: Aerospace and Industrial. 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.

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 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.

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 industrial equipment, automation, personal care, packaging, electronics, mobility 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 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. The Motion Control Solutions business provides innovative cost-effective force and motion control solutions for a wide range of metal forming and other industrial markets and manufactures and supplies precision mechanical products used in mobility and industrial applications. See Note 3 as the Company completed the Sale of its Associated Spring™ and Hänggi™ businesses, both within the Motion Control Solutions business, in April 2024.

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

	Three Months Ended March 31,
	2024		2023
Net sales
Aerospace(A)	$	221,371	$	117,256
Industrial	209,267		218,109
Intersegment sales	—		(8)
Total net sales	$	430,638	$	335,357
Operating profit
Aerospace(A)	$	31,087	$	18,751
Industrial	8,595		4,533
Total operating profit	39,682		23,284
Interest expense	24,831		5,308
Other expense (income), net	1,696		1,340
Income before income taxes	$	13,155	$	16,636

(A) The results of MB Aerospace have been included within the Company's Consolidated Financial Statements in the Aerospace segment for the three months ended March 31, 2024.

	March 31, 2024		December 31, 2023
Assets
Aerospace	$	1,498,177	$	1,465,347
Industrial	1,609,467		1,685,304
Other (A)	166,123		157,363
Total assets	$	3,273,767	$	3,308,014

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