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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
SEGMENT INFORMATION |
NOTE 20 - | SEGMENT INFORMATION
| a. | Segment Activities Disclosure:
TAT operates under four segments: (i) Original equipment manufacturing (“OEM”) of heat transfer solutions and aviation accessories mainly through our Gedera facility and our Limco subsidiary; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components (mainly APU and LG) through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary.
| - | OEM of heat transfer solutions and aviation accessories primarily include the design, development and manufacture of (i) broad range of heat transfer solutions, such as pre-coolers heat exchangers and oil/fuel hydraulic heat exchangers, used in mechanical and electronic systems on board of commercial, military and business aircraft; (ii) environmental control and power electronics cooling systems installed on board aircraft in and ground applications; and (iii) a variety of other mechanical aircraft accessories and systems such as pumps, valves, and turbine power units.
| - | MRO Services for heat transfer components and OEM of heat transfer solutions primarily include the MRO of heat transfer components and to a lesser extent, the manufacturing of certain heat transfer solutions. TAT’s Limco subsidiary operates an FAA-certified repair station, which provides heat transfer MRO services for airlines, air cargo carriers, maintenance service centers and the military.
| - | MRO services for aviation components include the MRO of APUs, landing gears and other aircraft components, as well as APU lease activity. TAT’s Piedmont subsidiary operates an FAA-certified repair station, which provides aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.
| - | TAT’s activities in the area of overhaul and coating of jet engine components includes the overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes and afterburner flaps. The discontinued operation in 2021 regarding to the JT8D activity is part of the coating jet engines component segment.
The Group’s chief operating decision-maker (CEO of the Company) evaluates performance, makes operating decisions and allocates resources based on financial data, consistent with the presentation in the accompanying financial statements. CODM reviews revenue, gross profit, operating income and total assets. During 2022 TAT completed its plan to consolidate the Company’s operations from four to three production sites by consolidating its production sites in Israel “OEM of heat transfer solutions and aviation accessories” with the “overhaul and coating of jet engine activity” and transferring the heat exchanges cores production operations from Israel to the Company’s production site in Tulsa, Oklahoma.
| b. | Segments statement operations disclosure:
The following financial information is the information that CODM uses for analyzing the segment results. The figures are presented in consolidated method as presented to CODM. The following financial information is a summary of the operating income of each operational segment:
|  | Year ended December 31, 2023 |
|  | OEM of Heat Transfer Solutions and Aviation Accessories |  |  | MRO Services for heat transfer components and OEM of heat transfer solutions |  |  | MRO services for Aviation Components and Lease |  |  | Overhaul and coating of jet engine components |  |  | Elimination of inter-Company sales |  |  | Consolidated |
Revenues external |  | $ | 27,555 |  |  | $ | 28,625 |  |  | $ | 50,760 |  |  | $ | 6,854 |  |  |  |  |  | $ | 113,794 |
Revenues internal |  |  |  |  |  |  | 4,370 |  |  |  |  |  |  |  |  |  |  |  | (4,370 | ) |  |  | - |
Cost of revenues |  |  | 20,193 |  |  |  | 30,176 |  |  |  | 41,788 |  |  |  | 4,110 |  |  |  | (4,941 | ) |  |  | 91,326 |
Gross profit |  |  | 7,362 |  |  |  | 2,819 |  |  |  | 8,972 |  |  |  | 2,744 |  |  |  | 571 |  |  |  | 22,468 |
Research and development |  |  | 159 |  |  |  | 177 |  |  |  | 268 |  |  |  | 111 |  |  |  |  |  |  |  | 715 |
Selling and marketing |  |  | 1,618 |  |  |  | 1,539 |  |  |  | 2,040 |  |  |  | 326 |  |  |  |  |  |  |  | 5,523 |
General and administrative |  |  | 2,772 |  |  |  | 3,436 |  |  |  | 3,555 |  |  |  | 825 |  |  |  |  |  |  |  | 10,588 |
Other expenses (income) |  |  | 9 |  |  |  | (3 | ) |  |  | (439 | ) |  |  | (423 | ) |  |  | 423 |  |  |  | (433 | )
Operating income (loss) |  | $ | 2,804 |  |  | $ | (2,330 | ) |  | $ | 3,548 |  |  | $ | 1,905 |  |  | $ | 148 |  |  | $ | 6,075 |
Financial expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,330 | )
Loss before tax benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,745 |
|  | Year ended December 31, 2022 |
|  | OEM of Heat Transfer Solutions and Aviation Accessories |  |  | MRO Services for heat transfer components and OEM of heat transfer solutions |  |  | MRO services for Aviation Components and Lease |  |  | Overhaul and coating of jet engine components |  |  | Elimination of inter-Company sales |  |  | Consolidated |
Revenues external |  | $ | 21,844 |  |  | $ | 21,063 |  |  | $ | 35,879 |  |  | $ | 5,770 |  |  |  | - |  |  | $ | 84,556 |
Revenues internal |  |  | - |  |  |  | 3,733 |  |  |  | - |  |  |  | - |  |  |  | (3,733 | ) |  |  | - |
Cost of revenues |  |  | 18,778 |  |  |  | 20,750 |  |  |  | 28,890 |  |  |  | 3,495 |  |  |  | (3,285 | ) |  |  | 68,628 |
Gross profit |  |  | 3,066 |  |  |  | 4,046 |  |  |  | 6,989 |  |  |  | 2,275 |  |  |  | (448 | ) |  |  | 15,928 |
Research and development |  |  | 193 |  |  |  | 54 |  |  |  | 286 |  |  |  | 19 |  |  |  | (74 | ) |  |  | 479 |
Selling and marketing |  |  | 1,936 |  |  |  | 926 |  |  |  | 2,383 |  |  |  | 330 |  |  |  | 54 |  |  |  | 5,629 |
General and administrative |  |  | 3,226 |  |  |  | 2,462 |  |  |  | 3,686 |  |  |  | 594 |  |  |  | 2 |  |  |  | 9,970 |
Other expenses (income) |  |  | (1,566 | ) |  |  | (52 | ) |  |  | (18 | ) |  |  | - |  |  |  | 1,547 |  |  |  | (90 | )
Restructuring expenses, net |  |  | 975 |  |  |  | 618 |  |  |  | - |  |  |  | 122 |  |  |  | - |  |  |  | 1,715 |
Operating income (loss) |  | $ | (1,698 | ) |  | $ | 38 |  |  | $ | 652 |  |  | $ | 1,210 |  |  | $ | (1,977 | ) |  | $ | (1,775 | )
Financial expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 127 |
Loss before tax benefits |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,648 | )
|  | Year ended December 31, 2021 |
|  | OEM of Heat Transfer Solutions and Aviation Accessories |  |  | MRO Services for heat transfer components and OEM of heat transfer solutions |  |  | MRO services for Aviation Components and lease |  |  | Overhaul and coating of jet engine components |  |  | Elimination of inter-Company sales |  |  | Consolidated |
Revenues external |  | $ | 25,977 |  |  | $ | 14,930 |  |  | $ | 33,232 |  |  | $ | 3,834 |  |  |  | - |  |  | $ | 77,973 |
Revenues internal |  |  | - |  |  |  | 3,916 |  |  |  | - |  |  |  | - |  |  |  | (3,916 | ) |  |  | - |
Cost of revenues |  |  | 24,044 |  |  |  | 16,922 |  |  |  | 26,444 |  |  |  | 2,978 |  |  |  | (3,685 | ) |  |  | 66,703 |
Gross profit (loss) |  |  | 1,933 |  |  |  | 1,924 |  |  |  | 6,788 |  |  |  | 856 |  |  |  | (231 | ) |  |  | 11,270 |
Research and development |  |  | 122 |  |  |  | 80 |  |  |  | 202 |  |  |  | 160 |  |  |  | (47 | ) |  |  | 517 |
Selling and marketing |  |  | 2,040 |  |  |  | 1,015 |  |  |  | 1,961 |  |  |  | 220 |  |  |  | (89 | ) |  |  | 5,147 |
General and administrative |  |  | 3,128 |  |  |  | 1,855 |  |  |  | 3,004 |  |  |  | 558 |  |  |  | (191 | ) |  |  | 8,354 |
Other expenses (income) |  |  | (913 | ) |  |  | - |  |  |  | (432 | ) |  |  | (19 | ) |  |  | 896 |  |  |  | (468 | )
Restructuring expenses, net |  |  | 1,338 |  |  |  | 386 |  |  |  | - |  |  |  | 31 |  |  |  | - |  |  |  | 1,755 |
Operating income (loss) |  | $ | (3,782 | ) |  | $ | (1,412 | ) |  | $ | 2,053 |  |  | $ | (94 | ) |  | $ | (800 | ) |  | $ | (4,035 | )
Financial expenses, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 540 |
Profit (loss) before taxes on income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,575 | )
c.The following financial information identifies the assets, depreciation and amortization, and capital expenditures to segments:
|  | Year ended December 31, 2023 |
|  | OEM of Heat Transfer Solutions and Aviation Accessories |  |  | MRO Services for heat transfer components and OEM of heat transfer solutions |  |  | MRO services for Aviation Components and Lease |  |  | Overhaul and coating of jet engine components |  |  | Amounts not allocated to segments |  |  | Consolidated |
Total assets |  |  | 39,131 |  |  |  | 42,491 |  |  |  | 58,023 |  |  |  | 9,400 |  |  |  | (3,468 | ) |  |  | 145,577 |
Depreciation and amortization |  |  | 557 |  |  |  | 878 |  |  |  | 3,078 |  |  |  | 268 |  |  |  | (71 | ) |  |  | 4,710 |
Expenditure for segment assets |  |  | 3,519 |  |  |  | 1,352 |  |  |  | 252 |  |  |  | 458 |  |  |  |  |  |  |  | 4,390 |
|  | Year ended December 31, 2022 |
|  | OEM of Heat Transfer Solutions and Aviation Accessories |  |  | MRO Services for heat transfer components and OEM of heat transfer solutions |  |  | MRO services for Aviation Components and Lease |  |  | Overhaul and coating of jet engine components |  |  | Amounts not allocated to segments |  |  | Consolidated |
Total assets |  |  | 24,251 |  |  |  | 39,193 |  |  |  | 55,616 |  |  |  | 8,846 |  |  |  | (1,255 | ) |  |  | 126,651 |
Depreciation and amortization |  |  | 690 |  |  |  | 432 |  |  |  | 2,325 |  |  |  | 259 |  |  |  | - |  |  |  | 3,706 |
Expenditure for segment assets |  |  | 1,012 |  |  |  | 9,345 |  |  |  | 5,411 |  |  |  | 2,107 |  |  |  | - |  |  |  | 17,875 |

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