Business Segment Information

12 Months Ended

Dec. 31, 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:

	(In thousands) Years Ended December 31,
	2025						2024						2023
	Electronic Systems		Structural Systems		Total		Electronic Systems		Structural Systems		Total		Electronic Systems		Structural Systems		Total
Consolidated Net Revenues (1)	$462,682		$362,048		$824,730		$431,363		$355,188		$786,551		$430,136		$326,856		$756,992
Less: Significant Expenses
Cost of sales	334,932		268,183				313,408		275,878				340,276		253,529
Selling, general and administrative expenses	45,435		45,352				44,112		48,079				41,629		41,579
Restructuring charges	141		2,096				177		6,267				6,145		8,288
Segment Operating Income (1)	$	82,174	$	46,417	128,591		$	73,666	$	24,964	98,630		$	42,086	$	23,460	65,546
Reconciliation of Profit or Loss (Segment Operating [Loss] Income)
Unallocated Amounts:
Corporate general and administrative expenses (2)					(160,895)						(46,419)						(36,520)
Restructuring charges					—						—						(109)
Operating (Loss) Income					(32,304)						52,211						28,917
Interest Expense					(12,676)						(15,304)						(20,773)
Loss on Extinguishment of Debt					(581)						—						—
Other Income, Net					1,746						—						8,235
(Loss) Income Before Taxes					$	(43,815)					$	36,907					$	16,379

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

(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,
	2025		2024		2023
Depreciation and Amortization Expenses
Electronic Systems	$	14,302	$	14,455	$	14,276
Structural Systems	18,933		18,696		18,060
Corporate Administration	422		287		235
Total Depreciation and Amortization Expenses	$	33,657	$	33,438	$	32,571
Capital Expenditures
Electronic Systems	$	5,976	$	4,908	$	6,007
Structural Systems	8,515		6,281		13,127
Corporate Administration	166		3,220		—
Total Capital Expenditures	$	14,657	$	14,409	$	19,134

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 2025 and 2024:

	(In thousands) December 31,
	2025		2024
Total Assets
Electronic Systems	$	561,954	$	507,428
Structural Systems	538,109		551,213
Corporate Administration (1)	86,162		67,460
Total Assets	$	1,186,225	$	1,126,101
Goodwill and Intangibles
Electronic Systems	$	154,638	$	163,926
Structural Systems	222,801		230,265
Total Goodwill and Intangibles	$	377,439	$	394,191

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