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Business Segment Information | 9 Months Ended
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Sep. 27, 2025
Segment Reporting [Abstract] |
Business Segment Information | Business Segment Information We supply products and services primarily to the aerospace and defense industries. Our subsidiaries are organized into two strategic businesses, Electronic Systems and Structural Systems, each of which is an operating segment as well as a reportable segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies. Our chief operating decision maker (“CODM”) is the Chairman, President and Chief Executive Officer. The measure used by the CODM to assess segment performance is segment operating income. Monitoring of segment operating income budgeted versus actual results is used for assessing performance of the segment and in establishing management’s compensation. Financial information by reportable segment was as follows:
|  | (Dollars in thousands) Three Months Ended |  | (Dollars in thousands) Nine Months Ended
|  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
|  | Electronic Systems |  | Structural Systems |  | Total |  | Electronic Systems |  | Structural Systems (1) |  | Total |  | Electronic Systems |  | Structural Systems |  | Total |  | Electronic Systems |  | Structural Systems (1) |  | Total
Consolidated Net Revenues |  | $123,082 |  | $89,476 |  | $212,558 |  | $115,412 |  | $86,000 |  | $201,412 |  | $343,056 |  | $265,876 |  | $608,932 |  | $324,391 |  | $264,868 |  | $589,259
Less: Significant Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of sales |  | 90,477 |  |  | 65,606 |  |  |  |  | 84,468 |  |  | 64,268 |  |  |  |  | 248,972 |  |  | 198,150 |  |  |  |  | 235,827 |  |  | 201,719 |  |  |
Selling, general and administrative expenses |  | 11,436 |  |  | 11,431 |  |  |  |  | 11,943 |  |  | 11,610 |  |  |  |  | 33,630 |  |  | 34,507 |  |  |  |  | 33,317 |  |  | 36,590 |  |  |
Restructuring charges |  | 71 |  |  | 512 |  |  |  |  | 91 |  |  | 1,833 |  |  |  |  | 242 |  |  | 1,375 |  |  |  |  | 562 |  |  | 4,843 |  |  |
Segment Operating Income |  | $ | 21,098 |  |  | $ | 11,927 |  |  | 33,025 |  |  | $ | 18,910 |  |  | $ | 8,289 |  |  | 27,199 |  |  | $ | 60,212 |  |  | $ | 31,844 |  |  | 92,056 |  |  | $ | 54,685 |  |  | $ | 21,716 |  |  | 76,401 |
Reconciliation of Profit or Loss (Segment Operating Income) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unallocated Amounts: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate general and administrative expenses (2) |  |  |  |  |  | (113,075) |  |  |  |  |  |  | (11,933) |  |  |  |  |  |  | (138,358) |  |  |  |  |  |  | (34,589) |
Operating (Loss) Income |  |  |  |  |  | (80,050) |  |  |  |  |  |  | 15,266 |  |  |  |  |  |  | (46,302) |  |  |  |  |  |  | 41,812 |
Interest Expense |  |  |  |  |  | (2,927) |  |  |  |  |  |  | (3,829) |  |  |  |  |  |  | (9,198) |  |  |  |  |  |  | (11,687) |
Other Income |  |  |  |  |  | — |  |  |  |  |  |  | — |  |  |  |  |  |  | 1,746 |  |  |  |  |  |  | — |
(Loss) Income Before Taxes |  |  |  |  |  | $ | (82,977) |  |  |  |  |  |  | $ | 11,437 |  |  |  |  |  |  | $ | (53,754) |  |  |  |  |  |  | $ | 30,125 |
(1) Structural Systems restructuring charges for the three and nine months ended September 28, 2024 included zero and $0.9 million, respectively, recorded as cost of sales. (2) Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments. Additional financial information by reportable segment was as follows:
|  | (Dollars in thousands) Three Months Ended |  | (Dollars in thousands) Nine Months Ended
|  | September 27, 2025 |  | September 28, 2024 |  | September 27, 2025 |  | September 28, 2024
Depreciation and Amortization Expenses |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 3,553 |  |  | $ | 3,575 |  |  | $ | 10,694 |  |  | $ | 10,869 |
Structural Systems |  | 4,670 |  |  | 4,849 |  |  | 14,182 |  |  | 14,058 |
Corporate Administration |  | 115 |  |  | 107 |  |  | 319 |  |  | 202 |
Total Depreciation and Amortization Expenses |  | $ | 8,338 |  |  | $ | 8,531 |  |  | $ | 25,195 |  |  | $ | 25,129 |
Capital Expenditures |  |  |  |  |  |  |  |
Electronic Systems |  | $ | 1,216 |  |  | $ | 1,011 |  |  | $ | 4,264 |  |  | $ | 2,950 |
Structural Systems |  | 1,029 |  |  | 1,295 |  |  | 6,272 |  |  | 4,172 |
Corporate Administration |  | 109 |  |  | — |  |  | 122 |  |  | 3,024 |
Total Capital Expenditures |  | $ | 2,354 |  |  | $ | 2,306 |  |  | $ | 10,658 |  |  | $ | 10,146 |
Segment assets include assets directly identifiable with each segment. Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets:
|  | (Dollars in thousands)
|  | September 27, 2025 |  | December 31, 2024
Total Assets |  |  |  |
Electronic Systems |  | $ | 551,863 |  |  | $ | 507,428 |
Structural Systems |  | 547,176 |  |  | 551,213 |
Corporate Administration |  | 149,531 |  |  | 67,460 |
Total Assets |  | $ | 1,248,570 |  |  | $ | 1,126,101 |
Goodwill and Intangibles |  |  |  |
Electronic Systems |  | $ | 156,960 |  |  | $ | 163,926 |
Structural Systems |  | 224,667 |  |  | 230,265 |
Total Goodwill and Intangibles |  | $ | 381,627 |  |  | $ | 394,191 |

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