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Segment Information | 6 Months Ended
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Jul. 01, 2023
Segment Reporting [Abstract] |
Segment Information | Segment 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 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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