Business Segment Information

3 Months Ended

Mar. 29, 2025

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:

	(Dollars in thousands) Three Months Ended
	March 29, 2025						March 30, 2024
	Electronic Systems		Structural Systems		Total		Electronic Systems		Structural Systems		Total
Consolidated Net Revenues	$109,746		$84,368		$194,114		$107,539		$83,308		$190,847
Less: Significant Expenses
Cost of sales	80,785		61,732				77,721		66,186
Selling, general and administrative expenses	10,740		11,916				10,390		13,343
Restructuring charges	90		336				459		911
Segment Operating Income	$	18,131	$	10,384	28,515		$	18,969	$	2,868	21,837
Reconciliation of Profit or Loss (Segment Operating Income)
Unallocated Amounts:
Corporate general and administrative expenses (1)					(11,938)						(9,215)
Operating Income					16,577						12,622
Interest Expense					(3,263)						(3,883)
Income Before Taxes					$	13,314					$	8,739

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

Additional financial information by reportable segment was as follows:

	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Depreciation and Amortization Expenses
Electronic Systems	$	3,566	$	3,632
Structural Systems	4,916		4,662
Corporate Administration	102		59
Total Depreciation and Amortization Expenses	$	8,584	$	8,353
Capital Expenditures
Electronic Systems	$	2,265	$	796
Structural Systems	2,114		1,524
Corporate Administration	13		2,425
Total Capital Expenditures	$	4,392	$	4,745

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:

	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Total Assets
Electronic Systems	$	524,950	$	507,428
Structural Systems	545,426		551,213
Corporate Administration	58,239		67,460
Total Assets	$	1,128,615	$	1,126,101
Goodwill and Intangibles
Electronic Systems	$	161,604	$	163,926
Structural Systems	228,399		230,265
Total Goodwill and Intangibles	$	390,003	$	394,191