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Segment Information (Tables) | 3 Months Ended
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Apr. 01, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Below are the sales and operating profit by segment for the three months ended April 1, 2023 and April 2, 2022 and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.
|  |  | Three Months Ended
(In thousands) |  |  |  |  | April 1, 2023 |  | April 2, 2022
Sales: |  |  |  |  |  |  |
Aerospace |  |  |  |  | $ | 135,715 |  |  | $ | 101,394 |
Less Inter-segment Sales |  |  |  |  | (118) |  |  | — |
Total Aerospace Sales |  |  |  |  | 135,597 |  |  | 101,394 |
Test Systems |  |  |  |  | 20,941 |  |  | 14,798 |
Less Inter-segment Sales |  |  |  |  | — |  |  | (16) |
Total Test Systems Sales |  |  |  |  | 20,941 |  |  | 14,782 |
Total Consolidated Sales |  |  |  |  | $ | 156,538 |  |  | $ | 116,176 |
Segment Measure of Operating Profit and Margins |  |  |  |  |  |  |
Aerospace |  |  |  |  | $ | 4,087 |  |  | $ | 3,050 |
|  |  |  |  | 3.0 | % |  | 3.0 | %
Test Systems |  |  |  |  | (597) |  |  | (1,787) |
|  |  |  |  | (2.9) | % |  | (12.1) | %
Total Segment Measure of Operating Profit |  |  |  |  | 3,490 |  |  | 1,263 |
|  |  |  |  | 2.2 | % |  | 1.1 | %
Deductions from Segment Measure of Operating Profit: |  |  |  |  |  |  |
Net Gain on Sale of Business |  |  |  |  | (3,427) |  |  | (11,284) |
Interest Expense, Net of Interest Income |  |  |  |  | 5,470 |  |  | 1,631 |
Corporate Expenses and Other |  |  |  |  | 4,572 |  |  | 5,892 |
(Loss) Income Before Income Taxes |  |  |  |  | $ | (3,125) |  |  | $ | 5,024 |
During the three months ended April 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits operating loss for the period. Absent that benefit, Test Systems’ operating loss was $6.4 million. In the quarter ended April 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. Corporate expenses and other for the quarter ended April 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. This amount is included in Other Income, Net of Other Expense in the Consolidated Condensed Statement of Operations. Total Assets:
(In thousands) |  | April 1, 2023 |  | December 31, 2022
Aerospace |  | $ | 498,348 |  |  | $ | 481,416 |
Test Systems |  | 103,778 |  |  | 111,513 |
Corporate |  | 14,282 |  |  | 22,102 |
Total Assets |  | $ | 616,408 |  |  | $ | 615,031 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
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