Segments
The Company operates three reportable segments: Supply Technologies, Assembly Components and Engineered Products. The chief operating decision maker is the Company's Chief Executive Officer. For purposes of measuring business segment performance, the chief operating decision maker utilizes segment operating income, which is defined as revenues less expenses identifiable to the product lines within each segment. The Company does not allocate items that are non-operating; unusual in nature; or corporate expenses. Segment operating income reconciles to consolidated income before income taxes by adjusting for corporate expenses; loss on extinguishment of debt; gains on sales of assets; other unallocated expenses; other components of pension and other postretirement benefits income, net; and interest expense, net.
Results by business segment were as follows:
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| Year Ended December 31, 2025 |
| Supply Technologies | | Assembly Components | | Engineered Products | | | | Total |
| (In millions) |
| Net sales | $ | 747.5 | | | $ | 380.6 | | | $ | 471.0 | | | | | $ | 1,599.1 | |
| Cost of sales | 605.9 | | | 338.8 | | | 383.2 | | | | | 1,327.9 | |
| | | | | | | | | |
| Selling, general and administrative expenses | 67.9 | | | 19.9 | | | 70.5 | | | | | 158.3 | |
| Restructuring and other special charges | 1.4 | | | 2.8 | | | 1.8 | | | | | 6.0 | |
| Asset impairment charges | — | | | — | | | 8.9 | | | | | 8.9 | |
| Segment operating income | $ | 72.3 | | | $ | 19.1 | | | $ | 6.6 | | | | | 98.0 | |
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| | | | | | | | | |
| | | | | | | | | |
| Corporate expenses | | | | | | | | | (31.3) | |
| Corporate restructuring and other special charges | | | | | | | | | (0.4) | |
| Operating income | | | | | | | | | 66.3 | |
| Other components of pension and other postretirement benefits income, net | | | | | | | | | 7.0 | |
| Interest expense, net | | | | | | | | | (47.5) | |
| Loss on extinguishment of debt | | | | | | | | | (2.0) | |
| Income from continuing operations before income taxes | | | | | | | | | $ | 23.8 | |
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| Year Ended December 31, 2024 |
| Supply Technologies | | Assembly Components | | Engineered Products | | | | Total |
| (In millions) |
| Net sales | $ | 775.8 | | | $ | 398.7 | | | $ | 481.7 | | | | | $ | 1,656.2 | |
| Cost of sales | 631.5 | | | 353.6 | | | 389.7 | | | | | 1,374.8 | |
| | | | | | | | | |
| Selling, general and administrative expenses | 69.1 | | | 18.6 | | | 70.7 | | | | | 158.4 | |
| Restructuring and other special charges | 0.2 | | | 1.1 | | | 3.6 | | | | | 4.9 | |
| Segment operating income | $ | 75.0 | | | $ | 25.4 | | | $ | 17.7 | | | | | 118.1 | |
| Corporate expenses | | | | | | | | | (29.0) | |
| Gains on sales of assets, net | | | | | | | | | 2.5 | |
| Other expense | | | | | | | | | (5.0) | |
| Operating income | | | | | | | | | 86.6 | |
| Other components of pension and other postretirement benefits income, net | | | | | | | | | 5.2 | |
| Interest expense, net | | | | | | | | | (47.4) | |
| Income from continuing operations before income taxes | | | | | | | | | $ | 44.4 | |
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| Year Ended December 31, 2023 |
| Supply Technologies | | Assembly Components | | Engineered Products | | | | Total |
| (In millions) |
| Net sales | $ | 763.4 | | | $ | 427.8 | | | $ | 468.5 | | | | | $ | 1,659.7 | |
| Cost of sales | 639.1 | | | 369.5 | | | 379.7 | | | | | 1,388.3 | |
| | | | | | | | | |
| Selling, general and administrative expenses | 65.1 | | | 23.4 | | | 64.8 | | | | | 153.3 | |
| Restructuring, acquisition-related and other special charges | 0.2 | | | 1.5 | | | 4.9 | | | | | 6.6 | |
| Segment operating income | $ | 59.0 | | | $ | 33.4 | | | $ | 19.1 | | | | | 111.5 | |
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| Corporate expenses | | | | | | | | | (28.2) | |
| Gains on sales of assets, net | | | | | | | | | 0.8 | |
| Operating income | | | | | | | | | 84.1 | |
| Other components of pension and other postretirement benefits income, net | | | | | | | | | 2.5 | |
| Interest expense, net | | | | | | | | | (45.1) | |
| Income from continuing operations before income taxes | | | | | | | | | $ | 41.5 | |
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| Year Ended December 31, |
| 2025 | | 2024 | | 2023 |
| |
| Capital expenditures: | | | | | |
| Supply Technologies | $ | 17.4 | | | $ | 10.5 | | | $ | 6.3 | |
| Assembly Components | 6.9 | | | 8.8 | | | 8.4 | |
| Engineered Products | 12.8 | | | 10.1 | | | 12.7 | |
| Corporate | 3.2 | | | 2.0 | | | 0.8 | |
| $ | 40.3 | | | $ | 31.4 | | | $ | 28.2 | |
| Depreciation and amortization: | | | | | |
| Supply Technologies | $ | 6.7 | | | $ | 6.7 | | | $ | 6.6 | |
| Assembly Components | 13.0 | | | 13.8 | | | 13.4 | |
| Engineered Products | 12.6 | | | 12.8 | | | 11.5 | |
| Corporate | 0.7 | | | 0.3 | | | 0.2 | |
| $ | 33.0 | | | $ | 33.6 | | | $ | 31.7 | |
| Identifiable assets: | | | | | |
| Supply Technologies | $ | 489.4 | | | $ | 465.6 | | | $ | 462.8 | |
| Assembly Components | 293.3 | | | 284.3 | | | 289.5 | |
| Engineered Products | 465.9 | | | 468.8 | | | 462.0 | |
| Corporate | 171.0 | | | 146.4 | | | 126.4 | |
| | | | | |
| $ | 1,419.6 | | | $ | 1,365.1 | | | $ | 1,340.7 | |
At December 31, 2025, 2024 and 2023, approximately 66%, 66% and 67%, respectively, of the Company’s assets were located in the United States.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.