XML 40 R27.htm IDEA: XBRL DOCUMENT
v3.20.4

Segments | 12 Months Ended
--- | ---
Dec. 31, 2020
Segment Reporting [Abstract] |
Segments | SEGMENTS Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) | 2020 |  | 2019 |  | 2018
Sales: |  |  |  |  |
Aerospace | $ | 418,079 |  |  | $ | 692,614 |  |  | $ | 675,744 |
Less Inter-segment Sales | (91) |  |  | (5) |  |  | (119) |
Total Aerospace Sales | 417,988 |  |  | 692,609 |  |  | 675,625 |
Test Systems | 85,589 |  |  | 80,495 |  |  | 127,679 |
Less Inter-segment Sales | (990) |  |  | (402) |  |  | (48) |
Test Systems | 84,599 |  |  | 80,093 |  |  | 127,631 |
Total Consolidated Sales | $ | 502,587 |  |  | $ | 772,702 |  |  | $ | 803,256 |
Operating (Loss) Profit and Margins: |  |  |  |  |
Aerospace | $ | (89,833) |  |  | $ | 16,657 |  |  | $ | 69,761 |
| (21.5) | % |  | 2.4 | % |  | 10.3 | %
Test Systems | 5,549 |  |  | 4,494 |  |  | 10,718 |
| 6.6 | % |  | 5.6 | % |  | 8.4 | %
Total Operating (Loss) Profit | $ | (84,284) |  |  | $ | 21,151 |  |  | $ | 80,479 |
| (16.8) | % |  | 2.7 | % |  | 10.0 | %
Additions to (Deductions from) Operating Profit: |  |  |  |  |
Net Gain on Sale of Businesses | $ | — |  |  | $ | 78,801 |  |  | $ | — |
Interest Expense, Net of Interest Income | (6,741) |  |  | (6,141) |  |  | (9,710) |
Corporate and Other Expenses, Net | (21,385) |  |  | (25,508) |  |  | (18,487) |
(Loss) Income before Income Taxes | $ | (112,410) |  |  | $ | 68,303 |  |  | $ | 52,282 |
Depreciation and Amortization: |  |  |  |  |
Aerospace | $ | 25,624 |  |  | $ | 27,879 |  |  | $ | 29,947 |
Test Systems | 5,577 |  |  | 4,534 |  |  | 4,500 |
Corporate | 653 |  |  | 636 |  |  | 585 |
Total Depreciation and Amortization | $ | 31,854 |  |  | $ | 33,049 |  |  | $ | 35,032 |
Assets: |  |  |  |  |
Aerospace | $ | 484,885 |  |  | $ | 629,371 |  |  | $ | 647,870 |
Test Systems | 105,079 |  |  | 110,994 |  |  | 97,056 |
Corporate | 29,781 |  |  | 42,351 |  |  | 29,714 |
Total Assets | $ | 619,745 |  |  | $ | 782,716 |  |  | $ | 774,640 |
Capital Expenditures: |  |  |  |  |
Aerospace | $ | 6,494 |  |  | $ | 11,552 |  |  | $ | 14,680 |
Test Systems | 952 |  |  | 380 |  |  | 1,370 |
Corporate | 13 |  |  | 151 |  |  | 267 |
Total Capital Expenditures | $ | 7,459 |  |  | $ | 12,083 |  |  | $ | 16,317 |
Operating profit is sales less cost of products sold and other operating expenses, excluding interest expense and other corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. For the year ended December, 31 2020, there was a goodwill impairment loss of $86.3 million recorded in the Aerospace segment. For the year ended December, 31 2019, there was a goodwill impairment loss of $1.6 million and intangible asset impairment of $6.2 million recorded in the Aerospace segment. In 2018, there were no goodwill or purchased intangible asset impairment losses in either the Aerospace or Test System segment. In the Aerospace segment, goodwill amounted to $36.6 million and $123.0 million at December 31, 2020 and 2019, respectively. In the Test Systems segment, goodwill amounted to $21.6 million and $21.9 million as of December 31, 2020 and 2019, respectively. The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) | 2020 |  | 2019 |  | 2018
United States | $ | 377,218 |  |  | $ | 583,589 |  |  | $ | 575,830 |
North America (excluding United States) | 7,656 |  |  | 12,585 |  |  | 10,834 |
Asia | 27,579 |  |  | 40,764 |  |  | 112,135 |
Europe | 85,306 |  |  | 130,227 |  |  | 98,193 |
South America | 1,788 |  |  | 862 |  |  | 1,973 |
Other | 3,040 |  |  | 4,675 |  |  | 4,291 |
Total | $ | 502,587 |  |  | $ | 772,702 |  |  | $ | 803,256 |
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) | 2020 |  | 2019
United States | $ | 95,281 |  |  | $ | 101,169 |
France | 9,109 |  |  | 8,740 |
India | 1,223 |  |  | 1,509 |
Canada | 1,065 |  |  | 1,081 |
Total | $ | 106,678 |  |  | $ | 112,499 |
Sales recorded by the Company’s foreign operations were $52.3 million, $85.9 million and $70.6 million in 2020, 2019 and 2018, respectively. Net loss from these locations in 2020 was $6.6 million, and net income of $8.6 million and $5.5 million in 2019 and 2018, respectively. Net assets held outside of the U.S. total $63.3 million and $66.4 million at December 31, 2020 and 2019, respectively. The exchange gain included in determining net income was insignificant in 2020 and 2018, and the exchange loss was insignificant in 2019. Cumulative translation adjustments amounted to $(4.5) million and $(7.0) million at December 31, 2020 and 2019, respectively. The Company has a significant concentration of business with two major customers; The Boeing Company (“Boeing”) and Panasonic Aviation Corporation (“Panasonic”). The following is information relating to the activity with those customers:
| 2020 |  | 2019 |  | 2018
Percent of Consolidated Sales |  |  |  |  |
Boeing | 9.5% |  | 13.6% |  | 14.3%
Panasonic | 11.1% |  | 13.0% |  | 14.4%
(In thousands) | 2020 |  | 2019
Accounts Receivable at December 31, |  |  |
Boeing | $ | 6,490 |  |  | $ | 21,806 |
Panasonic | $ | 4,083 |  |  | $ | 15,831 |
Sales to Boeing and Panasonic are primarily in the Aerospace segment.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration