Business Segment Information

12 Months Ended

Dec. 31, 2021

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,
	2021		2020		2019
Net Revenues
Electronic Systems	$	412,648	$	392,633	$	360,373
Structural Systems	232,765		236,308		360,715
Total Net Revenues	$	645,413	$	628,941	$	721,088
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	57,629	$	51,894	$	38,613
Structural Systems	20,234		19,584		46,836
	77,863		71,478		85,449
Corporate General and Administrative Expenses (3)	(28,982)		(25,972)		(29,216)
Operating Income	$	48,881	$	45,506	$	56,233
Depreciation and Amortization Expenses
Electronic Systems	$	13,823	$	14,038	$	14,170
Structural Systems	14,331		14,559		13,663
Corporate Administration	235		253		472
Total Depreciation and Amortization Expenses	$	28,389	$	28,850	$	28,305
Capital Expenditures
Electronic Systems	$	7,471	$	5,037	$	5,508
Structural Systems	8,463		8,570		13,338
Corporate Administration	—		—		—
Total Capital Expenditures	$	15,934	$	13,607	$	18,846

(1)The results for 2021 include MagSeal’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 2.

(2)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.

(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 2021 and 2020:

	(In thousands) December 31,
	2021		2020
Total Assets
Electronic Systems	$	490,814	$	448,606
Structural Systems	408,118		325,604
Corporate Administration	79,803		63,137
Total Assets	$	978,735	$	837,347
Goodwill and Intangibles
Electronic Systems	$	191,789	$	201,077
Structural Systems	153,669		94,497
Total Goodwill and Intangibles	$	345,458	$	295,574

On December 16, 2021, we acquired 100.0% of the outstanding equity interests of MagSeal for a purchase price of $69.5 million, net of cash acquired. We allocated the preliminary gross purchase price of $71.3 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.