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Segment Information | 6 Months Ended
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Jun. 29, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information Below are the sales and operating profit by segment for the three and six months ended June 29, 2024 and July 1, 2023, 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.
| Six Months Ended |  | Three Months Ended
(In thousands) | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Sales: |  |  |  |  |  |  |
Aerospace | $ | 340,623 |  |  | $ | 294,101 |  |  | $ | 176,948 |  |  | $ | 158,386 |
Less Inter-segment Sales | (42) |  |  | (122) |  |  | (5) |  |  | (4) |
Total Aerospace Sales | 340,581 |  |  | 293,979 |  |  | 176,943 |  |  | 158,382 |
Test Systems | 42,607 |  |  | 37,013 |  |  | 21,171 |  |  | 16,072 |
Less Inter-segment Sales | — |  |  | — |  |  | — |  |  | — |
Total Test Systems Sales | 42,607 |  |  | 37,013 |  |  | 21,171 |  |  | 16,072 |
Total Consolidated Sales | $ | 383,188 |  |  | $ | 330,992 |  |  | $ | 198,114 |  |  | $ | 174,454 |
Segment Measure of Operating Profit and Margins |  |  |  |  |  |  |
Aerospace | $ | 31,377 |  |  | $ | 17,806 |  |  | $ | 19,280 |  |  | $ | 13,719 |
| 9.2 | % |  | 6.1 | % |  | 10.9 | % |  | 8.7 | %
Test Systems | (8,415) |  |  | (6,740) |  |  | (5,336) |  |  | (6,143) |
| (19.8) | % |  | (18.2) | % |  | (25.2) | % |  | (38.2) | %
Total Segment Measure of Operating Profit | 22,962 |  |  | 11,066 |  |  | 13,944 |  |  | 7,576 |
| 6.0 | % |  | 3.3 | % |  | 7.0 | % |  | 4.3 | %
(Additions to) Deductions from Segment Measure of Operating Profit: |  |  |  |  |  |  |
Net Gain on Sale of Business | — |  |  | (3,427) |  |  | — |  |  | — |
Interest Expense, Net of Interest Income | 11,615 |  |  | 11,390 |  |  | 5,856 |  |  | 5,920 |
Corporate Expenses and Other | 14,617 |  |  | 10,130 |  |  | 6,829 |  |  | 5,558 |
(Loss) Income Before Income Taxes | $ | (3,270) |  |  | $ | (7,027) |  |  | $ | 1,259 |  |  | $ | (3,902) |
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 Test Systems’ operating loss for the period. 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 Expense (Income), Net in the Consolidated Condensed Statement of Operations. Total Assets:
(In thousands) |  | June 29, 2024 |  | December 31, 2023
Aerospace |  | $ | 504,462 |  |  | $ | 493,660 |
Test Systems |  | 123,294 |  |  | 122,681 |
Corporate |  | 17,103 |  |  | 17,451 |
Total Assets |  | $ | 644,859 |  |  | $ | 633,792 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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