XML 46 R37.htm IDEA: XBRL DOCUMENT
v3.23.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jul. 01, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information | Below are the sales and operating profit (loss) by segment for the three and six months ended July 1, 2023 and July 2, 2022 and a reconciliation of segment operating profit (loss) to loss before income taxes. Operating profit (loss) 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.
| Six Months Ended |  | Three Months Ended
(In thousands) | July 1, 2023 |  | July 2, 2022 |  | July 1, 2023 |  | July 2, 2022
Sales: |  |  |  |  |  |  |
Aerospace | $ | 294,101 |  |  | $ | 210,694 |  |  | $ | 158,386 |  |  | $ | 109,300 |
Less Inter-segment Sales | (122) |  |  | (10) |  |  | (4) |  |  | (10) |
Total Aerospace Sales | 293,979 |  |  | 210,684 |  |  | 158,382 |  |  | 109,290 |
Test Systems | 37,013 |  |  | 34,638 |  |  | 16,072 |  |  | 19,840 |
Less Inter-segment Sales | — |  |  | (19) |  |  | — |  |  | (3) |
Total Test Systems Sales | 37,013 |  |  | 34,619 |  |  | 16,072 |  |  | 19,837 |
Total Consolidated Sales | $ | 330,992 |  |  | $ | 245,303 |  |  | $ | 174,454 |  |  | $ | 129,127 |
Segment Measure of Operating Profit (Loss) and Margins |  |  |  |  |  |  |
Aerospace | $ | 17,806 |  |  | $ | (226) |  |  | $ | 13,719 |  |  | $ | (3,276) |
| 6.1 | % |  | (0.1) | % |  | 8.7 | % |  | (3.0) | %
Test Systems | (6,740) |  |  | (1,813) |  |  | (6,143) |  |  | (26) |
| (18.2) | % |  | (5.2) | % |  | (38.2) | % |  | (0.1) | %
Total Segment Measure of Operating Profit (Loss) | 11,066 |  |  | (2,039) |  |  | 7,576 |  |  | (3,302) |
| 3.3 | % |  | (0.8) | % |  | 4.3 | % |  | (2.6) | %
Deductions from Segment Measure of Operating Profit (Loss): |  |  |  |  |  |  |
Net Gain on Sale of Business | (3,427) |  |  | (11,284) |  |  | — |  |  | — |
Interest Expense, Net of Interest Income | 11,390 |  |  | 3,293 |  |  | 5,920 |  |  | 1,662 |
Corporate Expenses and Other | 10,130 |  |  | 11,277 |  |  | 5,558 |  |  | 5,385 |
Loss Before Income Taxes | $ | (7,027) |  |  | $ | (5,325) |  |  | $ | (3,902) |  |  | $ | (10,349) |
During the six months ended July 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 $12.6 million. Corporate expenses and other for the six months ended July 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. In the six months ended July 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. Total Assets:
(In thousands) |  | July 1, 2023 |  | December 31, 2022
Aerospace |  | $ | 520,564 |  |  | $ | 481,416 |
Test Systems |  | 119,440 |  |  | 111,513 |
Corporate |  | 13,584 |  |  | 22,102 |
Total Assets |  | $ | 653,588 |  |  | $ | 615,031 |

X
- 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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