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Business Segment Information
 12 Months Ended
Dec. 31, 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 an operating segment as well as a reportable segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies.
Our chief operating decision maker (“CODM”) is the Chairman, President and Chief Executive Officer. The measure used by the CODM to assess segment performance is segment operating income. Monitoring of segment operating income budgeted versus actual results is used for assessing performance of the segment and in establishing management’s compensation.
Financial information by reportable segment was as follows:
(In thousands)
Years Ended December 31,
202420232022
 Electronic SystemsStructural SystemsTotalElectronic SystemsStructural SystemsTotalElectronic SystemsStructural SystemsTotal
Consolidated Net Revenues (1)
$431,363$355,188$786,551$430,136$326,856$756,992$440,638$271,899$712,537
Less: Significant Expenses
Cost of sales313,408 275,878 340,276 253,529 346,349 221,891 
Selling, general and administrative expenses44,112 48,079 41,629 41,579 40,626 30,412 
Restructuring charges177 6,267 6,145 8,288 3,787 2,371 
Segment Operating Income (1)
$73,666 $24,964 98,630 $42,086 $23,460 65,546 $49,876 $17,225 67,101 
Reconciliation of Profit or Loss (Segment Operating Income)
Unallocated Amounts:
Corporate general and administrative expenses (2)
(46,419)(36,520)(27,313)
Restructuring charges— (109)— 
Operating Income52,211 28,917 39,788 
Interest Expense(15,304)(20,773)(11,571)
Loss on Extinguishment of Debt— — (295)
Other Income— 8,235 5,400 
Income Before Taxes$36,907 $16,379 $33,322 
(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 in April 2023, 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.
Additional financial information by reportable segment was as follows:
(In thousands)
Years Ended December 31,
 202420232022
Depreciation and Amortization Expenses
Electronic Systems$14,455 $14,276 $13,974 
Structural Systems18,696 18,060 17,212 
Corporate Administration287 235 235 
Total Depreciation and Amortization Expenses$33,438 $32,571 $31,421 
Capital Expenditures
Electronic Systems$4,908 $6,007 $10,717 
Structural Systems6,281 13,127 8,834 
Corporate Administration3,220 — — 
Total Capital Expenditures$14,409 $19,134 $19,551 
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 2024 and 2023:
(In thousands)
December 31,
 20242023
Total Assets
Electronic Systems$507,428 $505,371 
Structural Systems (1)
551,213 552,641 
Corporate Administration (2)
67,460 62,907 
Total Assets$1,126,101 $1,120,919 
Goodwill and Intangibles
Electronic Systems$163,926 $173,214 
Structural Systems230,265 237,729 
Total Goodwill and Intangibles$394,191 $410,943 
(1)In April 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.