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.

Financial information by reportable segment was as follows:



	(In thousands) Years Ended December 31,
	2019			2018			2017
Net Revenues
Electronic Systems	$	360,373		$	337,868		$	316,723
Structural Systems	360,715			291,439			241,460
Total Net Revenues	$	721,088		$	629,307		$	558,183
Segment Operating Income (Loss) ^(1)(2)(3)
Electronic Systems	$	38,613		$	30,916		$	31,236
Structural Systems	46,836			19,063			5,790
	85,449			49,979			37,026
Corporate General and Administrative Expenses ⁽⁴⁾	(29,216		)	(26,061		)	(21,392		)
Operating Income	$	56,233		$	23,918		$	15,634
Depreciation and Amortization Expenses
Electronic Systems	$	14,170		$	14,223		$	13,888
Structural Systems	13,663			10,525			8,860
Corporate Administration	472			548			97
Total Depreciation and Amortization Expenses	$	28,305		$	25,296		$	22,845
Capital Expenditures
Electronic Systems	$	5,508		$	6,719		$	5,019
Structural Systems	13,338			9,104			20,679
Corporate Administration	—			514			775
Total Capital Expenditures	$	18,846		$	16,337		$	26,473


(1)	The results for 2019 includes Nobles’ results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 3.


(2)	The results for 2018 includes CTP’s results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 3.


(3)	The results for 2017 includes LDS’ results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Electronic Systems segment.


(4)	Includes cost not allocated to either the Electronic Systems or Structural Systems operating segments.

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 for 2019 and 2018:



	(In thousands) December 31,
	2019		2018
Total Assets
Electronic Systems	$	411,981	$	405,743
Structural Systems	328,718		220,993
Corporate Administration	49,730		18,003
Total Assets	$	790,429	$	644,739
Goodwill and Intangibles
Electronic Systems	$	210,453	$	219,872
Structural Systems	98,826		28,277
Total Goodwill and Intangibles	$	309,279	$	248,149

On October 8, 2019, we acquired 100.0% of the outstanding equity interests of Nobles for a purchase price of $77.0 million, net of cash acquired. We allocated the gross purchase price of $77.3 million to the assets acquired and liabilities assumed at preliminary estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill. See Note 3.

In April 2018, we acquired 100.0% of the outstanding equity interests of CTP for a purchase price of $30.7 million, net of cash acquired. We allocated the gross purchase price of $30.8 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill. See Note 3.

In September 2017, we acquired 100.0% of the outstanding equity interests of LDS for a purchase price of $60.0 million, net of cash acquired. We allocated the gross purchase price of $62.0 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase over the aggregate fair values was recorded as goodwill.