Business Segment Information

3 Months Ended

Mar. 30, 2024

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 a reportable operating segment.

Financial information by reportable operating segment was as follows:

	(Dollars in thousands) Three Months Ended
	March 30, 2024		April 1, 2023
Net Revenues
Electronic Systems	$	107,539	$	105,626
Structural Systems	83,308		75,565
Total Net Revenues	$	190,847	$	181,191
Segment Operating Income (1)
Electronic Systems	$	18,969	$	10,011
Structural Systems	2,868		4,745
	21,837		14,756
Corporate General and Administrative Expenses (2)	(9,215)		(8,384)
Total Operating Income	$	12,622	$	6,372
Depreciation and Amortization Expenses
Electronic Systems	$	3,632	$	3,498
Structural Systems	4,662		4,432
Corporate Administration	59		59
Total Depreciation and Amortization Expenses	$	8,353	$	7,989
Capital Expenditures
Electronic Systems	$	796	$	1,851
Structural Systems	1,524		3,130
Corporate Administration	2,425		—
Total Capital Expenditures	$	4,745	$	4,981

(1)The results for the three months ended March 30, 2024 include BLR’s results of operations which have been included in our condensed consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 2.

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

Segment assets include assets directly identifiable to or allocated to each segment. Our segment assets are as follows:

	(Dollars in thousands)
	March 30, 2024		December 31, 2023
Total Assets
Electronic Systems	$	525,901	$	505,371
Structural Systems (1)	549,233		552,641
Corporate Administration (2)	56,919		62,907
Total Assets	$	1,132,053	$	1,120,919
Goodwill and Intangibles
Electronic Systems	$	170,891	$	173,214
Structural Systems (1)	235,789		237,729
Total Goodwill and Intangibles	$	406,680	$	410,943

(1)In April 2023, we acquired 100.0% of the outstanding equity interests of BLR for an initial purchase price of $115.0 million, net of cash acquired. We allocated the 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 assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.