XML 38 R29.htm IDEA: XBRL DOCUMENT
v3.23.3

Business Segment Information (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2023
Segment Reporting [Abstract] |
Schedule of Financial Information by Reportable Segment | Financial information by reportable operating segment was as follows:
|  | (Dollars in thousands) Three Months Ended |  | (Dollars in thousands) Nine Months Ended
|  | September 30, 2023 |  | October 1, 2022 |  | September 30, 2023 |  | October 1, 2022
Net Revenues |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 110,707 |  |  | $ | 113,404 |  |  | $ | 323,457 |  |  | $ | 320,602 |
Structural Systems |  | 85,543 |  |  | 73,186 |  |  | 241,304 |  |  | 203,667 |
Total Net Revenues |  | $ | 196,250 |  |  | $ | 186,590 |  |  | $ | 564,761 |  |  | $ | 524,269 |
Segment Operating Income (1) |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 12,710 |  |  | $ | 13,881 |  |  | $ | 32,249 |  |  | $ | 36,902 |
Structural Systems |  | 6,743 |  |  | 6,687 |  |  | 16,873 |  |  | 12,839 |
|  | 19,453 |  |  | 20,568 |  |  | 49,122 |  |  | 49,741 |
Corporate General and Administrative Expenses (2) |  | (10,844) |  |  | (7,351) |  |  | (29,136) |  |  | (19,647) |
Total Operating Income |  | $ | 8,609 |  |  | $ | 13,217 |  |  | $ | 19,986 |  |  | $ | 30,094 |
Depreciation and Amortization Expenses |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 3,567 |  |  | $ | 3,510 |  |  | $ | 10,626 |  |  | $ | 10,500 |
Structural Systems |  | 4,852 |  |  | 4,100 |  |  | 13,619 |  |  | 12,659 |
Corporate Administration |  | 59 |  |  | 59 |  |  | 176 |  |  | 176 |
Total Depreciation and Amortization Expenses |  | $ | 8,478 |  |  | $ | 7,669 |  |  | $ | 24,421 |  |  | $ | 23,335 |
Capital Expenditures |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 978 |  |  | $ | 3,192 |  |  | $ | 4,752 |  |  | $ | 7,831 |
Structural Systems |  | 3,802 |  |  | 1,175 |  |  | 11,043 |  |  | 7,033 |
Corporate Administration |  | — |  |  | — |  |  | — |  |  | — |
Total Capital Expenditures |  | $ | 4,780 |  |  | $ | 4,367 |  |  | $ | 15,795 |  |  | $ | 14,864 |
(1)The results for the three and nine months ended September 30, 2023 include BLR’s results of operations which have been included in our condensed consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 2. (2)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
Schedule of Segment Assets | Our segment assets are as follows:
|  | (Dollars in thousands)
|  | September 30, 2023 |  | December 31, 2022
Total Assets |  |  |  |
Electronic Systems |  | $ | 540,497 |  |  | $ | 543,298 |
Structural Systems (1) |  | 550,201 |  |  | 410,565 |
Corporate Administration (2) |  | 51,653 |  |  | 67,643 |
Total Assets |  | $ | 1,142,351 |  |  | $ | 1,021,506 |
Goodwill and Intangibles |  |  |  |
Electronic Systems |  | $ | 175,536 |  |  | $ | 182,501 |
Structural Systems (1) |  | 239,729 |  |  | 148,107 |
Total Goodwill and Intangibles |  | $ | 415,265 |  |  | $ | 330,608 |
(1)In April 2023, we acquired 100.0% of the outstanding equity interests of BLR for an initial purchase price of $115.0 million, net of cash acquired. We allocated the gross purchase price of $117.0 million to the assets acquired and liabilities assumed at their estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill. See Note 2. (2)Includes assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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