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SEGMENTS | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENTS | SEGMENTS Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Sales: |  |  |  |  |
Aerospace | $ | 605,001 |  |  | $ | 461,206 |  |  | $ | 365,261 |
Less Inter-segment Sales | (171) |  |  | (10) |  |  | (23) |
Total Aerospace Sales | 604,830 |  |  | 461,196 |  |  | 365,238 |
Test Systems | 84,376 |  |  | 73,717 |  |  | 80,027 |
Less Inter-segment Sales | — |  |  | (19) |  |  | (357) |
Test Systems | 84,376 |  |  | 73,698 |  |  | 79,670 |
Total Consolidated Sales | $ | 689,206 |  |  | $ | 534,894 |  |  | $ | 444,908 |
Operating Income (Loss) and Margins: |  |  |  |  |
Aerospace | $ | 24,629 |  |  | $ | (1,883) |  |  | $ | (8,614) |
| 4.1 | % |  | (0.4) | % |  | (2.4) | %
Test Systems | (8,745) |  |  | (8,118) |  |  | (3,765) |
| (10.4) | % |  | (11.0) | % |  | (4.7) | %
Total Operating Income (Loss) | $ | 15,884 |  |  | $ | (10,001) |  |  | $ | (12,379) |
| 2.3 | % |  | (1.9) | % |  | (2.8) | %
Additions to (Deductions from) Operating Profit: |  |  |  |  |
Net Gain on Sale of Businesses | $ | 3,427 |  |  | $ | 11,284 |  |  | $ | 10,677 |
Interest Expense, Net of Interest Income | (23,328) |  |  | (9,422) |  |  | (6,804) |
Corporate and Other Expenses, Net | (22,294) |  |  | (21,654) |  |  | (18,454) |
Loss before Income Taxes | $ | (26,311) |  |  | $ | (29,793) |  |  | $ | (26,960) |
Depreciation and Amortization: |  |  |  |  |
Aerospace | $ | 20,801 |  |  | $ | 22,384 |  |  | $ | 23,349 |
Test Systems | 5,068 |  |  | 4,341 |  |  | 5,022 |
Corporate | 235 |  |  | 1,052 |  |  | 634 |
Total Depreciation and Amortization | $ | 26,104 |  |  | $ | 27,777 |  |  | $ | 29,005 |
Assets: |  |  |  |  |
Aerospace | $ | 493,660 |  |  | $ | 481,416 |  |  |
Test Systems | 122,681 |  |  | 111,513 |  |  |
Corporate | 17,451 |  |  | 22,102 |  |  |
Total Assets | $ | 633,792 |  |  | $ | 615,031 |  |  |
Capital Expenditures: |  |  |  |  |
Aerospace | $ | 5,003 |  |  | $ | 4,289 |  |  | $ | 4,932 |
Test Systems | 2,640 |  |  | 3,299 |  |  | 1,082 |
Corporate | — |  |  | 87 |  |  | 20 |
Total Capital Expenditures | $ | 7,643 |  |  | $ | 7,675 |  |  | $ | 6,034 |
Operating income (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. During the year ended December 31, 2023, a $3.6 million inventory reserve and a $7.5 million allowance for estimated credit losses associated with a bankrupt customer was recorded as an expense, negatively impacting Aerospace Operating Income. During the year ended December 31, 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 Test Systems’ operating loss for the year. Corporate expenses and other for the year ended December 31, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we are no longer required to make the associated payment. This amount is included in Other Income, Net. In the year ended December 31, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) | 2023 |  | 2022 |  | 2021
United States | $ | 518,096 |  |  | $ | 419,431 |  |  | $ | 350,428 |
North America (excluding United States) | 14,878 |  |  | 9,222 |  |  | 6,990 |
Asia | 26,165 |  |  | 21,242 |  |  | 21,089 |
Europe | 123,682 |  |  | 78,625 |  |  | 62,138 |
South America | 2,071 |  |  | 3,629 |  |  | 1,082 |
Other | 4,314 |  |  | 2,745 |  |  | 3,181 |
Total | $ | 689,206 |  |  | $ | 534,894 |  |  | $ | 444,908 |
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) | 2023 |  | 2022
United States | $ | 77,939 |  |  | $ | 82,317 |
France | 6,417 |  |  | 6,974 |
India | 487 |  |  | 653 |
Canada | 593 |  |  | 714 |
Total | $ | 85,436 |  |  | $ | 90,658 |
Sales recorded by the Company’s foreign operations were $69.3 million, $50.0 million and $36.6 million in 2023, 2022 and 2021, respectively. Net income (loss) from foreign operations was $5.3 million, $(0.2) million and $(3.8) million in 2023, 2022 and 2021, respectively. Net assets held outside of the U.S. total $39.1 million and $36.6 million at December 31, 2023 and 2022, respectively. The exchange gain (loss) included in determining net income (loss) was insignificant in 2023, 2022 and 2021. Cumulative translation adjustments amounted to $6.4 million and $7.3 million at December 31, 2023 and 2022, respectively. The Company has a significant concentration of business with The Boeing Company (“Boeing”). Sales to Boeing are primarily in the Aerospace segment. The following is information relating to the activity with this customer:
| 2023 |  | 2022 |  | 2021
Percent of Consolidated Sales |  |  |  |  |
Boeing | 11.0% |  | 11.0% |  | 10.0%
(In thousands) | 2023 |  | 2022
Accounts Receivable at December 31, |  |  |
Boeing | $ | 17,314 |  |  | $ | 16,860 |

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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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