Business Segment Information

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Net Revenues (1)(2)
Electronic Systems	$	430,136	$	440,638	$	412,648
Structural Systems	326,856		271,899		232,765
Total Net Revenues	$	756,992	$	712,537	$	645,413
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	42,086	$	49,876	$	57,629
Structural Systems	23,460		17,225		20,234
	65,546		67,101		77,863
Corporate General and Administrative Expenses (3)	(36,629)		(27,313)		(28,982)
Operating Income	$	28,917	$	39,788	$	48,881
Depreciation and Amortization Expenses
Electronic Systems	$	14,276	$	13,974	$	13,823
Structural Systems	18,060		17,212		14,331
Corporate Administration	235		235		235
Total Depreciation and Amortization Expenses	$	32,571	$	31,421	$	28,389
Capital Expenditures
Electronic Systems	$	6,007	$	10,717	$	7,471
Structural Systems	13,127		8,834		8,463
Corporate Administration	—		—		—
Total Capital Expenditures	$	19,134	$	19,551	$	15,934

(1)The results for 2023 include BLR’s results of operations which have been included in our consolidated statements of income since the date of acquisition of April 25, 2023, as part of the Structural Systems segment. See Note 2.

(2)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 in December 2021 as part of the Structural Systems segment.

(3)Includes costs 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 2023 and 2022:

	(In thousands) December 31,
	2023		2022
Total Assets
Electronic Systems	$	505,371	$	543,298
Structural Systems (1)	552,641		410,565
Corporate Administration (2)	62,907		67,643
Total Assets	$	1,120,919	$	1,021,506
Goodwill and Intangibles
Electronic Systems	$	173,214	$	182,501
Structural Systems	237,729		148,107
Total Goodwill and Intangibles	$	410,943	$	330,608

(1)On April 25, 2023, we acquired 100.0% of the outstanding equity interests of BLR for an original purchase price of $115.0 million, net of cash acquired. We allocated the final gross purchase price of $117.0 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.

(2)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.