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SEGMENTS | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTSSegment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) | 2022 |  | 2021 |  | 2020
Sales: |  |  |  |  |
Aerospace | $ | 461,206 |  |  | $ | 365,261 |  |  | $ | 418,079 |
Less Inter-segment Sales | (10) |  |  | (23) |  |  | (91) |
Total Aerospace Sales | 461,196 |  |  | 365,238 |  |  | 417,988 |
Test Systems | 73,717 |  |  | 80,027 |  |  | 85,589 |
Less Inter-segment Sales | (19) |  |  | (357) |  |  | (990) |
Test Systems | 73,698 |  |  | 79,670 |  |  | 84,599 |
Total Consolidated Sales | $ | 534,894 |  |  | $ | 444,908 |  |  | $ | 502,587 |
Operating Loss and Margins: |  |  |  |  |
Aerospace | $ | (1,883) |  |  | $ | (8,614) |  |  | $ | (89,833) |
| (0.4) | % |  | (2.4) | % |  | (21.5) | %
Test Systems | (8,118) |  |  | (3,765) |  |  | 5,549 |
| (11.0) | % |  | (4.7) | % |  | 6.6 | %
Total Operating Loss | $ | (10,001) |  |  | $ | (12,379) |  |  | $ | (84,284) |
| (1.9) | % |  | (2.8) | % |  | (16.8) | %
Additions to (Deductions from) Operating Profit: |  |  |  |  |
Net Gain on Sale of Businesses | $ | 11,284 |  |  | $ | 10,677 |  |  | $ | — |
Interest Expense, Net of Interest Income | (9,422) |  |  | (6,804) |  |  | (6,741) |
Corporate and Other Expenses, Net | (21,654) |  |  | (18,454) |  |  | (21,385) |
Loss before Income Taxes | $ | (29,793) |  |  | $ | (26,960) |  |  | $ | (112,410) |
Depreciation and Amortization: |  |  |  |  |
Aerospace | $ | 22,384 |  |  | $ | 23,349 |  |  | $ | 25,624 |
Test Systems | 4,341 |  |  | 5,022 |  |  | 5,577 |
Corporate | 1,052 |  |  | 634 |  |  | 653 |
Total Depreciation and Amortization | $ | 27,777 |  |  | $ | 29,005 |  |  | $ | 31,854 |
Assets: |  |  |  |  |
Aerospace | $ | 481,416 |  |  | $ | 458,334 |  |  |
Test Systems | 111,513 |  |  | 105,335 |  |  |
Corporate | 22,102 |  |  | 45,469 |  |  |
Total Assets | $ | 615,031 |  |  | $ | 609,138 |  |  |
Capital Expenditures: |  |  |  |  |
Aerospace | $ | 4,289 |  |  | $ | 4,932 |  |  | $ | 6,494 |
Test Systems | 3,299 |  |  | 1,082 |  |  | 952 |
Corporate | 87 |  |  | 20 |  |  | 13 |
Total Capital Expenditures | $ | 7,675 |  |  | $ | 6,034 |  |  | $ | 7,459 |
Operating loss 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. Operating loss in the Aerospace segment in 2020 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 22, respectively. The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) | 2022 |  | 2021 |  | 2020
United States | $ | 419,431 |  |  | $ | 350,428 |  |  | $ | 377,218 |
North America (excluding United States) | 9,222 |  |  | 6,990 |  |  | 7,656 |
Asia | 21,242 |  |  | 21,089 |  |  | 27,579 |
Europe | 78,625 |  |  | 62,138 |  |  | 85,306 |
South America | 3,629 |  |  | 1,082 |  |  | 1,788 |
Other | 2,745 |  |  | 3,181 |  |  | 3,040 |
Total | $ | 534,894 |  |  | $ | 444,908 |  |  | $ | 502,587 |
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) | 2022 |  | 2021
United States | $ | 82,317 |  |  | $ | 85,681 |
France | 6,974 |  |  | 7,688 |
India | 653 |  |  | 936 |
Canada | 714 |  |  | 931 |
Total | $ | 90,658 |  |  | $ | 95,236 |
Sales recorded by the Company’s foreign operations were $50.0 million, $36.6 million and $52.3 million in 2022, 2021 and 2020, respectively. Net loss was $0.2 million, $3.8 million and $6.6 million in 2022, 2021 and 2020, respectively. Net assets held outside of the U.S. total $36.6 million and $40.5 million at December 31, 2022 and 2021, respectively. The exchange gain (loss) included in determining net (loss) income was insignificant in 2022, 2021 and 2020. Cumulative translation adjustments amounted to $7.3 million and $5.4 million at December 31, 2022 and 2021, respectively. The Company had a significant concentration of business in 2022 and 2021 with The Boeing Company (“Boeing”), and had a significant concentration with Panasonic Aviation Corporation (“Panasonic”) in 2020. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:
| 2022 |  | 2021 |  | 2020
Percent of Consolidated Sales |  |  |  |  |
Boeing | 11.0% |  | 10.0% |  | *
Panasonic | * |  | * |  | 11.1%
(In thousands) | 2022 |  | 2021
Accounts Receivable at December 31, |  |  |
Boeing | $ | 16,860 |  |  | $ | 14,545 |
Panasonic | * |  | *
* Sales represented less than 10% of total consolidated sales in during the given period.

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- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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