Business Segment Information

12 Months Ended

Dec. 31, 2020

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.

Financial information by reportable segment was as follows:

	(In thousands) Years Ended December 31,
	2020		2019		2018
Net Revenues
Electronic Systems	$	392,633	$	360,373	$	337,868
Structural Systems	236,308		360,715		291,439
Total Net Revenues	$	628,941	$	721,088	$	629,307
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	51,894	$	38,613	$	30,916
Structural Systems	19,584		46,836		19,063
	71,478		85,449		49,979
Corporate General and Administrative Expenses (3)	(25,972)		(29,216)		(26,061)
Operating Income	$	45,506	$	56,233	$	23,918
Depreciation and Amortization Expenses
Electronic Systems	$	14,038	$	14,170	$	14,223
Structural Systems	14,559		13,663		10,525
Corporate Administration	253		472		548
Total Depreciation and Amortization Expenses	$	28,850	$	28,305	$	25,296
Capital Expenditures
Electronic Systems	$	5,037	$	5,508	$	6,719
Structural Systems	8,570		13,338		9,104
Corporate Administration	—		—		514
Total Capital Expenditures	$	13,607	$	18,846	$	16,337

(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 2.

(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.

(3)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 2020 and 2019:

	(In thousands) December 31,
	2020		2019
Total Assets
Electronic Systems	$	448,606	$	411,981
Structural Systems	325,604		328,718
Corporate Administration	63,137		49,730
Total Assets	$	837,347	$	790,429
Goodwill and Intangibles
Electronic Systems	$	201,077	$	210,453
Structural Systems	94,497		98,826
Total Goodwill and Intangibles	$	295,574	$	309,279

In October 2019, we acquired 100.0% of the outstanding equity interests of Nobles for an original purchase price of $77.0 million, net of cash acquired. We allocated the final gross purchase price of $77.1 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 2.