FORM |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission File Number: |
(Exact name of registrant as specified in its charter) |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
| |||||
(Registrant’s telephone number, including area code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
☒ | No | ☐ |
☒ | No | ☐ |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ||||||||||||||
Smaller reporting company | ☐ | Emerging growth company |
☐ |
Yes | No | ☒ |
At April 28, 2023, there were | shares of Common Stock outstanding. |
March 31, 2023 | December 31, 2022 | |||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Contract assets | ||||||||||||||
Inventories | ||||||||||||||
Income tax refunds receivable | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net of accumulated depreciation of $ | ||||||||||||||
Operating right-of-use assets, net | ||||||||||||||
Goodwill | ||||||||||||||
Other intangible assets, net | ||||||||||||||
Deferred income taxes | ||||||||||||||
Other assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable – trade | $ | $ | ||||||||||||
Accrued salaries and wages | ||||||||||||||
Contract liabilities, current portion | ||||||||||||||
Operating lease liabilities, current portion | ||||||||||||||
Income taxes payable | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Long-term debt, excluding current portion, net of debt issuance costs | ||||||||||||||
Deferred income taxes | ||||||||||||||
Underfunded pension | ||||||||||||||
Contract liabilities, noncurrent portion | ||||||||||||||
Operating lease liabilities, noncurrent portion | ||||||||||||||
Other long-term liabilities | ||||||||||||||
Commitments and contingencies (Note 12) | ||||||||||||||
Shareholders' equity: | ||||||||||||||
Preferred stock, $ | ||||||||||||||
Common stock, $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Retained earnings | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Less | ( | ( | ||||||||||||
Total shareholders’ equity | ||||||||||||||
Total liabilities and shareholders’ equity | $ | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Net sales | $ | $ | ||||||||||||
Cost of sales | ||||||||||||||
Gross profit | ||||||||||||||
Selling, general and administrative expenses | ||||||||||||||
Research and development costs | ||||||||||||||
Intangible asset amortization expense | ||||||||||||||
Restructuring and severance costs | ||||||||||||||
Net (gain) loss on sale of assets | ( | |||||||||||||
Operating income | ||||||||||||||
Interest expense, net | ||||||||||||||
Non-service pension and post-retirement benefit income | ( | ( | ||||||||||||
Other (income) expense, net | ( | |||||||||||||
(Loss) earnings before income taxes | ( | |||||||||||||
Income tax (benefit) expense | ( | |||||||||||||
Net (loss) earnings | $ | ( | $ | |||||||||||
Earnings (loss) per share: | ||||||||||||||
Basic (loss) earnings per share | $ | ( | $ | |||||||||||
Diluted (loss) earnings per share | $ | ( | $ | |||||||||||
Average shares outstanding: | ||||||||||||||
Basic | ||||||||||||||
Diluted |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Net (loss) earnings | $ | ( | $ | |||||||||||
Other comprehensive income (loss), net of tax: | ||||||||||||||
Foreign currency translation adjustments | ( | |||||||||||||
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $ | ||||||||||||||
Loss on derivative instruments, net of tax benefit of $ | ( | |||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||
Comprehensive income (loss) | $ | $ | ( |
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS KAMAN CORPORATION AND SUBSIDIARIES (In thousands) (Unaudited) |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net (loss) earnings | $ | ( | $ | |||||||||||
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Amortization of debt issuance costs | ||||||||||||||
Provision for doubtful accounts | ||||||||||||||
Net (gain) loss on sale of assets | ( | |||||||||||||
Net (gain) loss on derivative instruments | ( | |||||||||||||
Stock compensation expense | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Changes in assets and liabilities, excluding effects of acquisitions/divestitures: | ||||||||||||||
Accounts receivable | ( | |||||||||||||
Contract assets | ( | |||||||||||||
Inventories | ( | ( | ||||||||||||
Income tax refunds receivable | ( | |||||||||||||
Operating right of use assets | ||||||||||||||
Other assets | ( | ( | ||||||||||||
Accounts payable - trade | ( | ( | ||||||||||||
Contract liabilities | ( | |||||||||||||
Operating lease liabilities | ( | ( | ||||||||||||
Other current liabilities | ( | ( | ||||||||||||
Income taxes payable | ( | |||||||||||||
Pension liabilities | ( | |||||||||||||
Other long-term liabilities | ( | |||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Expenditures for property, plant & equipment | ( | ( | ||||||||||||
Acquisition of businesses | ( | |||||||||||||
Other, net | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities: | ||||||||||||||
Borrowings under revolving credit agreement | ||||||||||||||
Repayments under revolving credit agreement | ( | |||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||||
Dividends paid | ( | ( | ||||||||||||
Other, net | ||||||||||||||
Net cash provided by (used in) financing activities | ( | |||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period | ||||||||||||||
Cash and cash equivalents at end of period | $ | $ |
Accounts receivable | $ | |||||||
Contract assets | ||||||||
Inventories | ||||||||
Property, plant and equipment | ||||||||
Goodwill | ||||||||
Other intangible assets(1) | ||||||||
Contract costs, noncurrent | ||||||||
Liabilities | ( | |||||||
Net assets acquired | ||||||||
Less cash received | ||||||||
Net consideration | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands | ||||||||||||||
Net sales: | ||||||||||||||
Engineered Products | $ | $ | ||||||||||||
Precision Products | ||||||||||||||
Structures | ||||||||||||||
Net sales | $ | $ | ||||||||||||
Operating income (loss): | ||||||||||||||
Engineered Products | $ | $ | ||||||||||||
Precision Products | ||||||||||||||
Structures | ( | ( | ||||||||||||
Corporate expense | ( | ( | ||||||||||||
Other unallocated expenses, net(1) | ( | ( | ||||||||||||
Operating income | $ | $ | ||||||||||||
Interest expense, net | ||||||||||||||
Non-service pension and post retirement benefit income, net | ( | ( | ||||||||||||
Other (income) expense, net | ( | |||||||||||||
(Loss) earnings before income taxes | $ | ( | $ |
For the Three Months Ended | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Engineered Products | Precision Products | Structures | Total | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Defense | $ | $ | $ | $ | ||||||||||||||||||||||
Safe and Arm Devices | ||||||||||||||||||||||||||
Commercial, Business & General Aviation | ||||||||||||||||||||||||||
Medical | ||||||||||||||||||||||||||
Industrial & Other | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
April 1, 2022 | ||||||||||||||||||||||||||
Engineered Products | Precision Products | Structures | Total | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Defense | $ | $ | $ | $ | ||||||||||||||||||||||
Safe and Arm Devices | ||||||||||||||||||||||||||
Commercial, Business & General Aviation | ||||||||||||||||||||||||||
Medical | ||||||||||||||||||||||||||
Industrial & Other | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
For the Three Months Ended | ||||||||||||||||||||||||||
March 31, 2023 | ||||||||||||||||||||||||||
Engineered Products | Precision Products | Structures | Total | |||||||||||||||||||||||
Original Equipment Manufacturer | % | % | % | % | ||||||||||||||||||||||
Aftermarket | % | % | % | % | ||||||||||||||||||||||
Safe and Arm Devices | % | % | % | % | ||||||||||||||||||||||
Total revenue | % | % | % | % | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||||
April 1, 2022 | ||||||||||||||||||||||||||
Engineered Products | Precision Products | Structures | Total | |||||||||||||||||||||||
Original Equipment Manufacturer | % | % | % | % | ||||||||||||||||||||||
Aftermarket | % | % | % | % | ||||||||||||||||||||||
Safe and Arm Devices | % | % | % | % | ||||||||||||||||||||||
Total revenue | % | % | % | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands | ||||||||||||||
Engineered Products | $ | $ | ||||||||||||
Precision Products | ||||||||||||||
Structures | ||||||||||||||
Total research and development costs | $ | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands | ||||||||||||||
Net (decrease) increase in revenue due to change in profit estimates | $ | ( | $ |
March 31, 2023(1) | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Engineered Products | $ | $ | ||||||||||||
Precision Products | ||||||||||||||
Structures | ||||||||||||||
Total Backlog | $ | $ |
Severance | Other(1) | Total | ||||||||||||||||||
In thousands | ||||||||||||||||||||
Restructuring accrual balance at December 31, 2022(2) | $ | $ | $ | |||||||||||||||||
Provision | ||||||||||||||||||||
Cash payments | ( | ( | ( | |||||||||||||||||
Changes in foreign currency exchange rates | ||||||||||||||||||||
Restructuring accrual balance at March 31, 2023(2) | $ | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
In thousands | ||||||||||||||
Trade receivables | $ | $ | ||||||||||||
U.S. Government contracts: | ||||||||||||||
Billed | ||||||||||||||
Cost and accrued profit - not billed | ||||||||||||||
Commercial and other government contracts | ||||||||||||||
Billed | ||||||||||||||
Cost and accrued profit - not billed | ||||||||||||||
Less allowance for doubtful accounts | ( | ( | ||||||||||||
Accounts receivable, net | $ | $ |
In thousands | ||||||||
Balance at December 31, 2022 | $ | ( | ||||||
Provision | ( | |||||||
Amounts written off | ||||||||
Recoveries | ||||||||
Changes in foreign currency exchange rates | ( | |||||||
Balance at March 31, 2023 | $ | ( |
March 31, 2023 | December 31, 2022 | $ Change | % Change | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Contract assets | $ | $ | $ | % | ||||||||||||||||||||||
Contract costs, current portion(1) | $ | $ | $ | ( | ( | % | ||||||||||||||||||||
Contract costs, noncurrent portion(2) | $ | $ | $ | % | ||||||||||||||||||||||
Contract liabilities, current portion | $ | $ | $ | % | ||||||||||||||||||||||
Contract liabilities, noncurrent portion | $ | $ | $ | ( | ( | % |
March 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Debt (1) | $ | $ | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
In thousands | ||||||||||||||
Raw materials | $ | $ | ||||||||||||
Contracts and other work in process (including certain general stock materials) | ||||||||||||||
Finished goods | ||||||||||||||
Inventories | $ | $ |
Engineered Products | Precision Products | Structures | Total | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Gross balance at December 31, 2022 | $ | $ | $ | $ | ||||||||||||||||||||||
Accumulated impairment | ( | ( | ( | |||||||||||||||||||||||
Net balance at December 31, 2022 | ||||||||||||||||||||||||||
Additions | ||||||||||||||||||||||||||
Impairments | ||||||||||||||||||||||||||
Foreign currency translation | ||||||||||||||||||||||||||
Ending balance at March 31, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
Accumulated impairment at end of period | $ | $ | ( | $ | ( | $ | ( |
At March 31, | At December 31, | |||||||||||||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||||||||||||||
Amortization Period | Gross Amount | Accumulated Amortization | Gross Amount | Accumulated Amortization | ||||||||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||||||||
Customer lists / relationships | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||
Developed technologies | ( | ( | ||||||||||||||||||||||||||||||
Trademarks / trade names | ( | ( | ||||||||||||||||||||||||||||||
Non-compete agreements and other | ( | ( | ||||||||||||||||||||||||||||||
Patents | ( | ( | ||||||||||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ | $ | ( |
For the Three Months Ended | ||||||||||||||||||||||||||
Qualified Pension Plan | SERP | |||||||||||||||||||||||||
March 31, 2023 | April 1, 2022 | March 31, 2023 | April 1, 2022 | |||||||||||||||||||||||
In thousands | ||||||||||||||||||||||||||
Service cost | $ | $ | $ | $ | ||||||||||||||||||||||
Interest cost on projected benefit obligation | ||||||||||||||||||||||||||
Expected return on plan assets | ( | ( | ||||||||||||||||||||||||
Amortization of net loss | ||||||||||||||||||||||||||
Net pension cost (income) | $ | $ | ( | $ | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands, except per share amounts | ||||||||||||||
Net (loss) earnings | $ | ( | $ | |||||||||||
Basic: | ||||||||||||||
Weighted average number of shares outstanding | ||||||||||||||
Basic (loss) earnings per share | $ | ( | $ | |||||||||||
Diluted: | ||||||||||||||
Weighted average number of shares outstanding | ||||||||||||||
Weighted average shares issuable on exercise of dilutive stock options | ||||||||||||||
Total | ||||||||||||||
Diluted (loss) earnings per share | $ | ( | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | ||||||||||||||
Options | Weighted - average exercise price | |||||||||||||
Options outstanding at beginning of period | $ | |||||||||||||
Granted | $ | |||||||||||||
Exercised | $ | |||||||||||||
Forfeited or expired | ( | $ | ||||||||||||
Options outstanding at March 31, 2023 | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | ||||||||||||||
Restricted Stock | Weighted- average grant date fair value | |||||||||||||
Restricted Stock outstanding at beginning of period | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited or expired | ( | $ | ||||||||||||
Restricted Stock outstanding at March 31, 2023 | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | ||||||||||||||
Performance Stock | Weighted- average grant date fair value | |||||||||||||
Performance Stock outstanding at beginning of period | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | $ | |||||||||||||
Forfeited or expired | ( | $ | ||||||||||||
Performance Stock outstanding at March 31, 2023 | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Expected term (years) | ||||||||||||||
Expected volatility | % | % | ||||||||||||
Risk-free interest rate | % | % | ||||||||||||
Expected dividend yield | % | % | ||||||||||||
Per share fair value of performance stock granted | $ | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands | ||||||||||||||
Beginning balance | $ | $ | ||||||||||||
Comprehensive income (loss) | ( | |||||||||||||
Dividends declared (per share of common stock, $ | ( | ( | ||||||||||||
Employee stock plans and related tax benefit | ||||||||||||||
Purchase of treasury shares | ( | ( | ||||||||||||
Share-based compensation expense | ||||||||||||||
Impact of change in accounting standard(1) | ( | |||||||||||||
Ending balance | $ | $ |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
In thousands | ||||||||||||||
Foreign currency translation: | ||||||||||||||
Beginning balance | $ | ( | $ | |||||||||||
Net gain (loss) on foreign currency translation | ( | |||||||||||||
Other comprehensive income (loss), net of tax | ( | |||||||||||||
Ending balance | $ | $ | ||||||||||||
Pension and other post-retirement benefits(1): | ||||||||||||||
Beginning balance | $ | ( | $ | ( | ||||||||||
Amortization of net loss, net of tax expense of $ | ||||||||||||||
Other comprehensive income, net of tax | ||||||||||||||
Ending balance | $ | ( | $ | ( | ||||||||||
Derivative instruments(2): | ||||||||||||||
Beginning balance | $ | $ | ||||||||||||
Loss on derivative instruments, net of tax benefit of $ | ( | |||||||||||||
Reclassification to net income, net of tax benefit of $ | $ | ( | $ | |||||||||||
Other comprehensive (loss) income, net of tax | ( | |||||||||||||
Ending balance | $ | ( | $ | |||||||||||
Total accumulated other comprehensive loss | $ | ( | $ | ( |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Effective Income Tax Rate | % | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net sales | $ | 194,542 | $ | 158,048 | ||||||||||
$ change | 36,494 | (13,568) | ||||||||||||
% change | 23.1 | % | (7.9) | % | ||||||||||
Acquisition sales | 18,543 | $ | — | |||||||||||
Organic sales | $ | 175,999 | $ | 158,048 | ||||||||||
$ change | 17,951 | |||||||||||||
% change | 11.4 | % |
Product Line | Increase (Decrease) | $ (in millions) | % | |||||||||||||||||
Defense | ↑ | $5.9 | 18.9% | |||||||||||||||||
Safe and Arm Devices | ↓ | $(11.0) | (29.7)% | |||||||||||||||||
Commercial, Business and General Aviation | ↑ | $19.0 | 40.5% | |||||||||||||||||
Medical | ↑ | $3.7 | 16.2% | |||||||||||||||||
Industrial | ↑ | $0.4 | 2.1% |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Gross profit | $ | 67,544 | $ | 50,587 | ||||||||||
$ change | 16,957 | (2,318) | ||||||||||||
% change | 33.5 | % | (4.4) | % | ||||||||||
% of net sales | 34.7 | % | 32.0 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
S,G&A | $ | 43,698 | $ | 39,721 | ||||||||||
$ change | 3,977 | 1,593 | ||||||||||||
% change | 10.0 | % | 4.2 | % | ||||||||||
% of net sales | 22.5 | % | 25.1 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Restructuring and severance costs | $ | 2,190 | $ | 169 |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Operating income | $ | 8,628 | $ | 3,057 | ||||||||||
$ change | 5,571 | (2,556) | ||||||||||||
% change | 182.2 | % | (45.5) | % | ||||||||||
% of net sales | 4.4 | % | 1.9 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Interest expense, net | $ | 9,604 | $ | 2,481 |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Effective income tax rate | 20.8 | % | 24.5 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net sales | $ | 123,326 | $ | 81,452 | ||||||||||
$ change | 41,874 | 9,673 | ||||||||||||
% change | 51.4 | % | 13.5 | % | ||||||||||
Operating income | $ | 19,356 | $ | 11,042 | ||||||||||
$ change | 8,314 | 6,136 | ||||||||||||
% change | 75.3 | % | 125.1 | % | ||||||||||
% of net sales | 15.7 | % | 13.6 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net sales | $ | 37,971 | $ | 47,549 | ||||||||||
$ change | (9,578) | (12,984) | ||||||||||||
% change | (20.1) | % | (21.4) | % | ||||||||||
Operating income | $ | 1,674 | $ | 3,409 | ||||||||||
$ change | (1,735) | (9,644) | ||||||||||||
% change | (50.9) | % | (73.9) | % | ||||||||||
% of net sales | 4.4 | % | 7.2 | % |
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net sales | $ | 33,245 | $ | 29,047 | ||||||||||
$ change | 4,198 | (10,257) | ||||||||||||
% change | 14.5 | % | (26.1) | % | ||||||||||
Operating loss | $ | (237) | $ | (617) | ||||||||||
$ change | (380) | (937) | ||||||||||||
% change | (61.6) | % | (292.8) | % | ||||||||||
% of net sales | (0.7) | % | (2.1) | % |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Engineered Products | $ | 369,713 | $ | 322,452 | ||||||||||
Precision Products | 111,750 | 134,903 | ||||||||||||
Structures | 251,531 | 263,581 | ||||||||||||
Total Backlog | $ | 732,994 | $ | 720,936 |
For the Three Months Ended | ||||||||||||||||||||
March 31, 2023 | April 1, 2022 | 2023 vs. 2022 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total cash provided by (used in): | ||||||||||||||||||||
Operating activities | $ | (5,453) | $ | (1,017) | $ | (4,436) | ||||||||||||||
Investing activities | (8,798) | (6,453) | (2,345) | |||||||||||||||||
Financing activities | 43,970 | (4,035) | 48,005 | |||||||||||||||||
Free Cash Flow (a) | ||||||||||||||||||||
Net cash used in operating activities | $ | (5,453) | $ | (1,017) | $ | (4,436) | ||||||||||||||
Expenditures for property, plant and equipment | (5,948) | (6,877) | 929 | |||||||||||||||||
Free cash flow | $ | (11,401) | $ | (7,894) | $ | (3,507) |
March 31, 2023 | December 31, 2022 | |||||||||||||
In thousands | ||||||||||||||
Total facility | $ | 800,000 | $ | 800,000 | ||||||||||
Amounts outstanding, excluding letters of credit | 411,000 | 363,000 | ||||||||||||
Amounts available for borrowing, excluding letters of credit | 389,000 | 437,000 | ||||||||||||
Letters of credit under the credit facility(1)(2) | 51,480 | 51,630 | ||||||||||||
Amounts available for borrowing | $ | 337,520 | $ | 385,370 | ||||||||||
Amounts available for borrowing subject to EBITDA, as defined by the Credit Agreement | $ | 193,037 | $ | 211,131 |
Organic Sales (in thousands) | ||||||||||||||
For the Three Months Ended | ||||||||||||||
March 31, 2023 | April 1, 2022 | |||||||||||||
Net sales | $ | 194,542 | $ | 158,048 | ||||||||||
Acquisition sales | 18,543 | — | ||||||||||||
Organic Sales | $ | 175,999 | $ | 158,048 |
Period | Total Number of Shares Purchased (a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Plan (b) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plan(b) (in thousands) | ||||||||||||||||||||||
January 1, 2023 - January 27, 2023 | 6,294 | $ | 23.37 | — | $50,000 | |||||||||||||||||||||
January 28, 2023 - February 24, 2023 | 4,366 | $ | 25.23 | — | $50,000 | |||||||||||||||||||||
February 25, 2023 - March 31, 2023 | 9,467 | $ | 26.00 | — | $50,000 | |||||||||||||||||||||
Total | 20,127 | — |
10.1 | Kaman Corporation Second Amended and Restated 2013 Management Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated April 21, 2023, File No. 001-35419).* | Previously Filed | ||||||
10.2 | Form of Non-Employee Director Equity Award Agreement (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K dated April 21, 2023, File No. 001-35419).* | Previously Filed | ||||||
10.3 | Form of Restricted Share Agreement under the Amended and Restated Kaman Corporation 2013 Management Incentive Plan, for awards granted on or after February 21, 2023 (incorporated by reference to Exhibit 10.8 to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, File No. 001-35419).* | Previously Filed | ||||||
10.4 | Separation and Release Agreement, dated January 17, 2023, by and between the Company and Russell J. Bartlett (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K dated January 18, 2023, File No. 001-35419).* | Previously Filed | ||||||
10.5 | Separation and Release Agreement, dated January 17, 2023, by and between the Company and Shawn G. Lisle (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K dated January 18, 2023, File No. 001-35419).* | Previously Filed | ||||||
10.6 | Separation and Release Agreement, dated January 17, 2023, by and between the Company and Rafael Z. Cohen (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K dated January 18, 2023, File No. 001-35419).* | Previously Filed | ||||||
31.1 | Filed Herewith | |||||||
31.2 | Filed Herewith | |||||||
32.1 | Furnished Herewith | |||||||
32.2 | Furnished Herewith | |||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | Cover Page Interactive Data File, formatted in iXBRL and contained in Exhibit 101 |
KAMAN CORPORATION | ||||||||||||||
Registrant | ||||||||||||||
Date: | May 2, 2023 | /s/ Ian K. Walsh | ||||||||||||
By: | Ian K. Walsh | |||||||||||||
Chairman, President and | ||||||||||||||
Chief Executive Officer |
Date: | May 2, 2023 | /s/ James G. Coogan | ||||||||||||
By: | James G. Coogan | |||||||||||||
Senior Vice President, | ||||||||||||||
Chief Financial Officer and Treasurer |
Date: | May 2, 2023 | By: | /s/ Ian K. Walsh | ||||||||
Ian K. Walsh | |||||||||||
Chairman, President and | |||||||||||
Chief Executive Officer |
Date: | May 2, 2023 | By: | /s/ James G. Coogan | ||||||||
James G. Coogan | |||||||||||
Senior Vice President, | |||||||||||
Chief Financial Officer and Treasurer |
By: | /s/ Ian K. Walsh | |||||||
Ian K. Walsh | ||||||||
Chairman, President and | ||||||||
Chief Executive Officer | ||||||||
May 2, 2023 |
By: | /s/ James G. Coogan | |||||||
James G. Coogan | ||||||||
Senior Vice President, | ||||||||
Chief Financial Officer and Treasurer | ||||||||
May 2, 2023 |
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net (loss) earnings | $ (19) | $ 4,028 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | 2,538 | (5,218) |
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $434 and $228, respectively | 1,441 | 762 |
Other Comprehensive Income, Other, Net of Tax | (351) | 0 |
Other comprehensive income (loss) | 3,628 | (4,456) |
Comprehensive income (loss) | $ 3,609 | $ (428) |
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $ 274,458 | $ 268,089 |
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract] | ||
Preferred stock, par value (in usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized (in shares) | 200,000 | 200,000 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common stock, par value (in usd per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 30,766,419 | 30,640,068 |
Treasury Stock, Common, Shares | 2,632,334 | 2,607,841 |
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | $ 434 | $ 228 |
Net (loss) earnings | (19) | 4,028 |
Foreign currency translation adjustments | 2,538 | (5,218) |
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $434 and $228, respectively | 1,441 | 762 |
Other Comprehensive Income, Other, Net of Tax | (351) | 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (91) | 0 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 3,628 | (4,456) |
Comprehensive income (loss) | 3,609 | (428) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, Tax | $ 106 | $ 0 |
Basis of Presentation |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented, but do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The first quarters for 2023 and 2022 ended on March 31, 2023, and April 1, 2022, respectively.
|
Business Combinations |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination Disclosure | . BUSINESS COMBINATIONS AND INVESTMENTS Aircraft Wheel & Brake On September 16, 2022, the Company acquired all of the assets and related liabilities of Parker-Hannifin Corporation's ("Parker") Aircraft Wheel and Brake division, of Avon, Ohio, at a purchase price of $442.8 million. Aircraft Wheel and Brake is a leader in the design, development, qualification, manufacturing and assembly, product support and repair of wheels, brakes and related hydraulic components for fixed-wing aircraft and rotorcraft. With this acquisition, the Company has expanded its portfolio of engineered products, broadening the number of offerings available to serve customers across a range of critical applications and has increased the Company's exposure within the aerospace and defense end markets. This acquisition was accounted for under the acquisition method. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows (in thousands):
(1)Refer to Note 3, Business Combinations and Investments, in the Annual Report on Form 10-K for the year ended December 31, 2022 for information on the Company's determination of the fair value of identifiable assets. During the first quarter of 2023, the Company paid Parker an additional $1.5 million for the working capital adjustment, which resulted in an increase to goodwill. All purchase price allocations were finalized within the one-year measurement period and no further adjustments are expected. The goodwill associated with this acquisition is tax deductible and is the result of expected synergies from combining the operations of the acquired business with the Company's operations and intangible assets that do not qualify for separate recognition, such as an assembled workforce. The goodwill associated with this acquisition was recognized in the Engineered Products segment. Aircraft Wheel and Brake's results of operations have been included in the Company's financial statements for the period subsequent to the completion of the acquisition on September 16, 2022. Aircraft Wheel and Brake contributed $18.5 million of revenue and $0.8 million of operating income for the three-month fiscal period ended March 31, 2023.
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Segment and Geographic Information (Notes) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure | . REVENUE AND SEGMENT INFORMATION The Company is organized based upon the nature of its products and services, and is composed of three operating segments, each overseen by a segment manager. These segments are reflective of how the Company’s Chief Executive Officer, who is its Chief Operating Decision Maker ("CODM"), reviews operating results for the purposes of allocating resources and assessing performance. The Company has not aggregated operating segments for purposes of identifying reportable segments. The Engineered Products segment serves the aerospace and defense, industrial and medical markets providing sophisticated proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; and wheels, brakes and related hydraulic components for helicopters and fixed-wing and unmanned aerial vehicle ("UAV") aircraft. The Precision Products segment serves the aerospace and defense markets providing precision safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of the Company's SH-2G Super Seasprite maritime helicopters; support of the heavy lift K-MAX® manned helicopter; and development of the KARGO UAV unmanned aerial system, a purpose built autonomous medium lift logistics vehicle. The Structures segment serves the aerospace and defense and medical end markets providing sophisticated complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft, and medical imaging solutions. Summarized financial information by business segment is as follows:
(1) Other unallocated expenses, net include restructuring and severance costs and net (gain) loss on sale of assets. 3. REVENUE AND SEGMENT INFORMATION (CONTINUED) Disaggregation of Revenue The following tables disaggregate segment revenue by major product line:
The following table disaggregates total revenue by product types.
3. REVENUE AND SEGMENT INFORMATION (CONTINUED) Disaggregation of Research and Development Costs The following table presents research and development costs by segment:
Other For contracts in which revenue is recognized over time, the Company performs detailed quarterly reviews of the progress and execution of its performance obligations under these contracts. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management's judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. Based upon these reviews, the Company will record the effects of adjustments in profit estimates each period. If at any time management determines that in the case of a particular contract total costs will exceed total contract revenue, a provision for the entire anticipated contract loss is recorded at that time. Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:
In the three-month fiscal period ended March 31, 2023, the net decrease in revenue was primarily related to cost growth on certain structures and precision products contracts, partially offset by favorable cost performance on the joint programmable fuze ("JPF") contract with the U.S. Government ("USG") and the JASSM contract. In the three-month fiscal period ended April 1, 2022, the net increase in revenue was primarily related to favorable cost performance on the JPF contract with the USG, partially offset by cost growth on certain structures programs and legacy fuzing contracts. 3. REVENUE AND SEGMENT INFORMATION (CONTINUED) Unfulfilled Performance Obligations Unfulfilled performance obligations ("backlog") represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts. Backlog at March 31, 2023 and December 31, 2022, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:
(1) The Company expects to recognize revenue on approximately 73% of backlog as of March 31, 2023 over the next twelve months.
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Restructuring Costs |
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Restructuring Costs [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring Costs | . RESTRUCTURING AND SEVERANCE COSTS Restructuring and severance costs are included in restructuring and severance costs on the Company's Condensed Consolidated Statements of Operations and other unallocated expenses, net within in Note 3, Revenue and Segment Information. Transformation Restructuring In December 2022, the Company began a review of all businesses and programs to increase efficiencies, improve working capital management and focus on sustainable and consistent revenue and profit generating activities. As a result of this review, the Company identified areas to reduce annualized costs in the Precision Products segment and at Corporate through streamlining processes, consolidating the production of fuzes for the JPF program at its Middletown facility, discontinuing K-MAX® helicopter production and right-sizing the Company's total cost structure. In the three-month fiscal period ended March 31, 2023, the Company incurred $2.2 million in severance costs associated with these actions. Of this amount, $0.3 million was related to share-based compensation expense. The following table summarizes the accrual balances by cost type for the restructuring actions:
(1) Includes costs associated with the consolidation of facilities. (2) Of the above accrual balance, $1.0 million was included in other long-term liabilities on the Company's Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. The remainder is included in other current liabilities.
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Accounts Receivable, Net |
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Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, Net | ACCOUNTS RECEIVABLE, NET Accounts receivable, net consisted of the following:
The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information, to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provide evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss. The following table summarizes the activity in the allowance for doubtful accounts in the three-month fiscal period ended March 31, 2023:
There were no amounts included in accounts receivable, net for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs at March 31, 2023 and December 31, 2022.
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Contract Assets, Contract Costs and Contract Liabilities |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contract Assets, Contract Costs and Contract Liabilities | Activity related to contract assets, contract costs and contract liabilities was as follows:
(1) Contract costs, current portion are included within other current assets on the Company's Condensed Consolidated Balance Sheets. (2) Contract costs, noncurrent portion are included within other assets on the Company's Condensed Consolidated Balance Sheets. Contract Assets The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations for work performed and not yet billed on certain programs with Boeing and the AH-1 blade program compared to lower amounts billed in the current period on the JPF program. There were no significant impairment losses related to the Company's contract assets during the three-month fiscal periods ended March 31, 2023 and April 1, 2022. There were no amounts included in contract assets for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs at March 31, 2023 and December 31, 2022. Contract Costs At March 31, 2023 and December 31, 2022, costs to fulfill a contract were $1.2 million and $1.4 million, respectively. These amounts were included in other current assets and other assets on the Company's Condensed Consolidated Balance Sheets at March 31, 2023 and December 31, 2022. There were no costs to obtain a contract at March 31, 2023 and December 31, 2022. Contract costs, current portion at March 31, 2023 decreased compared to the balance at December 31, 2022. This was primarily attributable to the amortization of contract costs. Amortization of contract costs was $0.1 million for the three-month fiscal periods ended March 31, 2023 and April 1, 2022. Contract costs, noncurrent portion at March 31, 2023 remained relatively flat when compared to the balance at December 31, 2022. Contract Liabilities Contract liabilities, current portion at March 31, 2023 increased compared to the balance at December 31, 2022. This was primarily due to advances received for the SH-2G program with New Zealand and the reclassification of liabilities on the FireburstTM enhanced fuzing capability program from contract liabilities, noncurrent portion, partially offset by revenue recognized on the JASSM® program. Revenue recognized related to contract liabilities, current portion was $0.5 million in the three-month fiscal periods ended March 31, 2023 and April 1, 2022. Contract liabilities, noncurrent portion at March 31, 2023 decreased compared to the balance at December 31, 2022 due to the reclassification of liabilities on the FireBurstTM enhanced fuzing capability program to contract liabilities, current portion, partially offset by advances received for the JPF program. For the three-month fiscal periods ended March 31, 2023 and April 1, 2022, the Company did not recognize revenue against contract liabilities, noncurrent portion. Refer to Note 12, Commitments and Contingencies, for further information on the Company's offset agreements.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: •Level 1 — Quoted prices in active markets for identical assets or liabilities. •Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data. •Level 3 — Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The following table presents the carrying value and fair value of financial instruments that are not carried at fair value:
(1) These amounts are classified within Level 2. The above fair values were computed based on quoted market prices and discounted future cash flows (observable inputs), as applicable. Differences from carrying values are attributable to interest rate changes subsequent to when the transactions occurred. The fair values of cash and cash equivalents, accounts receivable, net and accounts payable - trade approximate their carrying amounts due to the short-term maturities of these instruments. The Company's cash and cash equivalents at March 31, 2023 and December 31, 2022 included $35.1 million and $0.1 million, respectively, of Level 1 money market funds. Recurring Fair Value Measurements The Company holds derivative instruments for foreign exchange contracts and interest rate swaps that are measured at fair value using observable market inputs such as forward rates and its counterparties’ credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At March 31, 2023, the interest rate swaps were included in other current liabilities and other long-term liabilities on the Company's Condensed Consolidated Balance Sheets. At March 31, 2023 and December 31, 2022, the foreign exchange contracts were included in other current assets and other current liabilities on the Company's Condensed Consolidated Balance Sheets. Based on the Company's continued ability to trade and enter into forward contracts and interest rate swaps, the Company considers the markets for its fair value instruments to be active. The Company evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of March 31, 2023, such credit risks had not had an adverse impact on the fair value of these instruments.
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Derivative Financial Instruments |
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Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTSThe Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in foreign currency exchange rates and interest rates. Derivative financial instruments are recognized on the Condensed Consolidated Balance Sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes. 8. DERIVATIVE FINANCIAL INSTRUMENTS (CONTINUED) Cash Flow Hedges Interest Rate Swaps The Company's Credit Agreement (as defined in "Management's Discussion and Analysis of Financial Condition and Results of Operations" below) contains floating rate obligations and is subject to interest rate fluctuations. In late 2022, the Company entered into interest rate swap agreements with a notional value of $200.0 million, effective January 1, 2023, for the purposes of hedging the eight quarterly variable-rate Credit Agreement interest payments due in 2023 and 2024. These interest rate swap agreements were designated as cash flow hedges and intended to manage interest rate risk associated with the Company's variable-rate borrowings and minimize the impact on earnings and cash flows of interest rate fluctuations attributable to changes in the Secured Overnight Financing Rate. These interest rate swaps were not material to the Company's Condensed Consolidated Financial Statements for the three-month fiscal period ended March 31, 2023. Over the next twelve months, the income related to cash flow hedges expected to be reclassified from other comprehensive income is $0.3 million. Forward Exchange Contracts The Company holds forward exchange contracts designed to hedge forecasted transactions denominated in foreign currencies and to minimize the impact of foreign currency fluctuations on the Company’s earnings and cash flows. These contracts were not material to the Company's Condensed Consolidated Balance Sheets as of March 31, 2023 and December 31, 2022. The activity related to these contracts was not material to the Company's Condensed Consolidated Financial Statements for the three-month fiscal periods ended March 31, 2023 and April 1, 2022.
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Inventories |
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Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | INVENTORIES Inventories consisted of the following:
There were no amounts included in inventories associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs at March 31, 2023 and December 31, 2022. At March 31, 2023 and December 31, 2022, $25.6 million and $24.7 million, respectively, of K-MAX® inventory was included in contracts and other work in process inventory and finished goods on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $23.4 million of the K-MAX® inventory will be sold after March 31, 2024, based upon the requirements to support the fleet for the foreseeable future. In December 2022, the Company began a review of all businesses and programs to increase efficiencies, improving working capital management and focus on sustainable and consistent revenue and profit generating activities. As a result, the Company determined it would discontinue K-MAX® aircraft production and wrote off $44.5 million of inventory associated with the program as of December 31, 2022. There were no additional inventory write-offs for the period ended March 31, 2023; however, production material for the K-MAX® includes long lead parts, which the Company evaluates for alternative use as received. Any write-offs related to these parts are not expected to have a material adverse effect on the Company's results of operations or financial position. At March 31, 2023 and December 31, 2022, $6.4 million and $6.2 million, respectively, of SH-2G(I) inventory was included in contracts and other work in process inventory on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $5.3 million of the SH-2G(I) inventory will be sold after March 31, 2024. This balance represents spares requirements and inventory to be used on SH-2G programs.
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Goodwill and Other Intangible Assets, Net |
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Intangible Assets, Net (Including Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets, Net | GOODWILL AND OTHER INTANGIBLE ASSETS, NET Goodwill The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company:
Other Intangible Assets Other intangible assets consisted of:
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Pension Plans |
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Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Employee Benefit Plans | PENSION PLANS Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") were as follows:
11. PENSION PLANS (CONTINUED) No contributions are expected to be made to the qualified pension plan during 2023. The Company contributed $0.1 million to the SERP through the end of the first quarter of 2023 and plans to contribute an additional $0.4 million to the SERP in 2023. No contributions were made to the qualified pension plan during 2022. For the 2022 plan year, the Company contributed $0.5 million to the SERP.
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Commitments and Contingencies |
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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES New Hartford Property In connection with the sale of the Company’s Music segment in 2007, the Company assumed responsibility for meeting certain requirements of the Connecticut Transfer Act (the “Transfer Act”) that applied to the transfer of the New Hartford, Connecticut, facility leased by that segment for guitar manufacturing purposes (“Ovation”). Under the Transfer Act, those responsibilities essentially consist of assessing the site's environmental conditions and remediating environmental impairments, if any, caused by Ovation's operations prior to the sale. The site is a multi-tenant industrial park, in which Ovation and other unrelated entities lease space. The environmental assessment process, which began in 2008, has been completed and site remediation is in process. The Company's estimate of its portion of the cost to assess the environmental conditions and remediate this site is $2.3 million, all of which has been accrued. The remediation has been nearly completed and the Company continues to monitor the results of the remediation. The total amount paid to date in connection with these environmental remediation activities is $1.8 million. At March 31, 2023, the Company had $0.5 million accrued for these environmental remediation activities. A portion ($0.1 million) of the accrual related to this property is included in other current liabilities and the balance is included in other long-term liabilities. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. Bloomfield Property In connection with the Company’s 2008 purchase of the portion of the Bloomfield campus that Kaman Aerospace Corporation had leased from NAVAIR, the Company assumed responsibility for environmental remediation at the facility as may be required under the Transfer Act and is currently remediating the property under the guidance of the Connecticut Department of Environmental Protection. The assumed environmental liability of $10.3 million was determined by taking the undiscounted estimated remediation liability of $20.8 million and discounting it at a rate of 8%. This remediation process will take many years to complete. The total amount paid to date in connection with these environmental remediation activities is $15.4 million. At March 31, 2023, the Company had $2.1 million accrued for these environmental remediation activities. A portion ($0.2 million) of the accrual related to this property is included in other current liabilities, and the balance is included in other long-term liabilities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. Offset Agreement The Company has entered into offset agreements as a condition to obtaining orders from a Middle Eastern customer for the Company's JPF product. Offset agreements are designed to return economic value to the foreign country by requiring the Company to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities or addressing other local development priorities. Such agreements may be satisfied through activities that do not require a direct cash payment, including transferring technology, providing manufacturing, training and other consulting support to in-country projects and the purchase by third parties of supplies from in-country vendors. The agreements may also be satisfied through the Company's use of cash for activities, such as subcontracting with local partners, purchasing supplies from in-country vendors, providing financial support for in-country projects and making investments in local ventures. At March 31, 2023, the aggregate amount of the Company's offset agreements had an outstanding notional value of approximately $220.9 million, which is equal to sixty percent of the contract value as defined by the agreement between the customer and the Company. The amount ultimately applied against offset agreements is based on negotiations with the customer and may require cash outlays that represent only a fraction of the notional value in the offset agreement. 12. COMMITMENTS AND CONTINGENCIES (CONTINUED) Offset Agreement - continued The Company continues to work with the customer to further define the requirements to satisfy the offset agreements. In February 2023, the Company announced that it received a Business Plan Approval Letter to establish a manufacturing and final assembly facility in collaboration with an in-country vendor, which will enhance the technological capabilities available in this country. Offset programs typically extend over several years and may provide for penalties in the event the Company fails to perform according to offset requirements. The satisfaction of the offset requirements will be determined by the customer. In the event the offset requirements of the contract are not met, the Company could be liable for potential penalties up to $18.8 million payable to the customer. Failure to satisfy the offset requirements could also negatively impact the Company's ability to attract future orders from this customer. The Company considers these potential penalties to be a reduction to the transaction price in its determination of the value of the performance obligations within these contracts. At March 31, 2023, $18.8 million in contract liabilities associated with the potential penalties of the offset requirements were included on the Company's Condensed Consolidated Balance Sheets. Guarantees During 2020, the Company and the USG entered into a Guaranty Agreement, pursuant to which the Company agreed to guarantee the full, complete and satisfactory performance of its subsidiary, Kaman Precision Products, Inc. ("KPPI") under all current and future contracts with the USG. As of the date of this filing, the only contract in place between KPPI and the USG relates to the production and sale of the JPF. KPPI is currently fulfilling the requirements of Option 16. The guarantee was provided in lieu of a periodic financial capability review by the Financial Capacity Team ("FCT") of the Defense Contract Management Agency ("DCMA"). The Company is unable to estimate the maximum potential amount of future payments under the guarantee as it is dependent on costs incurred by the USG in the event of default. Although the Company believes the risk of default is low given the maturity and operational performance of the JPF program, there can be no assurance that the guarantee will not have a material adverse effect on the Company's results of operations, financial position and cash flows. On September 16, 2022, the Company acquired all of the assets and related liabilities of Parker's Aircraft Wheel and Brake division. In association with the acquisition, the Company entered into a novation agreement in which Parker's contractual obligations with respect to Aircraft Wheel and Brake at the time of the acquisition were transferred to the Company. There can be no assurance that this agreement will not have a material adverse effect on the Company's results of operations, financial position and cash flows.
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Computation of Earnings Per Share |
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Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Earnings Per Share | COMPUTATION OF EARNINGS PER SHARE The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its convertible notes and shares issuable upon redemption of outstanding warrants.
Equity awards For the three-month fiscal periods ended March 31, 2023 and April 1, 2022, respectively, 698,648 and 645,403 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods. All outstanding stock awards were excluded in the computation of diluted earnings per share in the three-month fiscal period ended March 31, 2023 because their effect was antidilutive due to the net loss. For the three-month fiscal periods ended March 31, 2023, an additional 149,699 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the net loss. 2024 Convertible Notes For both three-month fiscal periods ended March 31, 2023 and April 1, 2022, 3,056,879 shares issuable under Convertible Notes due 2024 were excluded from the diluted earnings per share calculation because their effect was antidilutive.
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Share-based Arrangements |
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Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement | 14. SHARE-BASED ARRANGEMENTS The Company accounts for stock options, restricted stock awards ("RSAs"), restricted stock units ("RSUs") and performance stock units ("PSUs") as equity awards and measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the statement of operations. The Company also has an employee stock purchase plan, which is accounted for as a liability award. Compensation expense for stock options, RSAs, RSUs and PSUs is recognized on a straight-line basis over the vesting period of the awards. Throughout the course of the vesting period, the Company monitors the achievement level for the return on invested capital ("ROIC") metric of the PSUs compared to the ROIC target and adjusts the number of shares expected to be earned, and the related compensation expense recorded thereafter, to reflect the most probable outcome. The PSUs granted in 2023 and 2022 assumed a 100% achievement level. Share-based compensation expense recorded for the three-month fiscal periods ended March 31, 2023 and April 1, 2022 was $2.0 million and $2.1 million, respectively. For the three-month fiscal period ended March 31, 2023, $0.3 million was recorded to restructuring and severance costs and the remaining amount was recorded to selling, general and administrative expenses on the Company's Condensed Consolidated Statements of Operations. 14. SHARE-BASED ARRANGEMENTS (CONTINUED) Stock option activity was as follows:
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. No options were granted in the three-month fiscal periods ended March 31, 2023 and April 1, 2022. Restricted stock award and restricted stock unit activity were as follows:
Performance stock unit activity was as follows:
The fair value of the PSUs based on total shareholder return ("TSR") was estimated on the date of grant using a Monte-Carlo simulation model. The following table indicates the weighted-average assumptions used in estimating fair value:
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Shareholders' Equity and Accumulated Other Comprehensive Income |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity and Accumulated Other Comprehensive Income | SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME Changes in shareholders’ equity for the three-month fiscal periods ended March 31, 2023, and April 1, 2022, were as follows:
(1) At January 1, 2022, the Company adopted Accounting Standard Update 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity" ("ASU 2020-06"). Refer to Note 1, Summary of Significant Accounting Policies, of the Company's Annual Report on Form 10-K for the year ended December 31, 2022 for further information on the adoption of ASU 2020-06. The components of accumulated other comprehensive income (loss) are shown below:
(See Note 11, Pension Plans, for additional information.) (2) See Note 8, Derivative Financial Instruments, for additional information regarding derivative instruments.
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Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | INCOME TAXES
The effective income tax rate represents the combined federal, state and foreign tax effects attributable to pretax earnings for the period. The decrease in the effective tax rate for the three-month period ended March 31, 2023 as compared to the corresponding rate in the prior year period was primarily driven by lower net earnings in the current period.
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Subsequent Events |
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Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the issuance date of these financial statements. No material subsequent events were identified that require disclosure. |
Basis of Presentation Basis of Presentation (Policies) |
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Mar. 31, 2023 | |
Basis of Presentation [Abstract] | |
Consolidation, Policy [Policy Text Block] | BASIS OF PRESENTATION In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented, but do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The first quarters for 2023 and 2022 ended on March 31, 2023, and April 1, 2022, respectively.
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Business Combinations (Tables) |
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Acquisitions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | This acquisition was accounted for under the acquisition method. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows (in thousands):
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Segment and Geographic Information (Tables) |
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Reconciliation of Revenue from Segments to Consolidated | Summarized financial information by business segment is as follows:
(1) Other unallocated expenses, net include restructuring and severance costs and net (gain) loss on sale of assets.
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Disaggregation of Revenue [Table Text Block] | Disaggregation of Revenue The following tables disaggregate segment revenue by major product line:
The following table disaggregates total revenue by product types.
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Research and Development | The following table presents research and development costs by segment:
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Schedule of Change in Accounting Estimate [Table Text Block] | Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:
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Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Backlog at March 31, 2023 and December 31, 2022, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:
(1) The Company expects to recognize revenue on approximately 73% of backlog as of March 31, 2023 over the next twelve months.
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Restructuring Costs (Tables) |
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Restructuring and Related Costs | The following table summarizes the accrual balances by cost type for the restructuring actions:
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Accounts Receivable, Net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable, after Allowance for Credit Loss [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts Receivable, Net | Accounts receivable, net consisted of the following:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financing Receivable, Allowance for Credit Loss [Table Text Block] | The following table summarizes the activity in the allowance for doubtful accounts in the three-month fiscal period ended March 31, 2023:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Receivable Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Cost | There were no amounts included in accounts receivable, net for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs at March 31, 2023 and December 31, 2022. |
Contract Assets, Contract Costs and Contract Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity Related to Contract Assets, Contract Costs, and Contract Liabilities | Activity related to contract assets, contract costs and contract liabilities was as follows:
|
Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Instruments That Are Not Carried At Fair Value | The following table presents the carrying value and fair value of financial instruments that are not carried at fair value:
(1) These amounts are classified within Level 2.
|
Inventories (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consisted of the following:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Contract Costs | There were no amounts included in inventories associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs at March 31, 2023 and December 31, 2022. |
Goodwill and Other Intangible Assets, Net (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Including Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | The following table sets forth the change in the carrying amount of goodwill for each reportable segment and for the Company:
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Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other intangible assets consisted of:
|
Pension Plans (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs | Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") were as follows:
|
Computation of Earnings Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted |
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Share-based Arrangements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement, Noncash Expense [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Option Activity | Stock option activity was as follows:
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Fair Value Assumptions | The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. No options were granted in the three-month fiscal periods ended March 31, 2023 and April 1, 2022. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Award and Restricted Stock Unit Activity | Restricted stock award and restricted stock unit activity were as follows:
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Share-based Payment Arrangement, Performance Shares, Activity | Performance stock unit activity was as follows:
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Schedule of Share-based Payment Awards, Performance Shares, Valuation Assumptions | The following table indicates the weighted-average assumptions used in estimating fair value:
|
Shareholders' Equity and Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stockholders Equity | Changes in shareholders’ equity for the three-month fiscal periods ended March 31, 2023, and April 1, 2022, were as follows:
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Schedule of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are shown below:
(See Note 11, Pension Plans, for additional information.) (2) See Note 8, Derivative Financial Instruments, for additional information regarding derivative instruments.
|
Income Taxes (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rates |
|
Revenue Changes in Revenue due to Estimates in Over Time Contracts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Change in Accounting Estimate [Line Items] | ||
Net sales | $ 194,542 | $ 158,048 |
Performance obligations satisfied in previous periods [Member] | ||
Change in Accounting Estimate [Line Items] | ||
Reductions in Revenues | $ (1,269) | $ 905 |
Accounts Receivable, Net Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Allowance for Doubtful Accounts [Abstract] | ||
Less allowance for doubtful accounts | $ (2,744) | $ (2,066) |
Provision for Other Credit Losses | (805) | |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 57 | |
Accounts Receivable, Allowance for Credit Loss, Recovery | 71 | |
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation | $ (1) |
Accounts Receivable, Net - Accounts Receivable due to contract changes, negotiated settlements and claims for unanticipated cost (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Contracts Receivable, Claims and Uncertain Amounts | $ 0 | $ 0 |
Fair Value Measurements - Fair Value of Financial Instruments not carried at Fair Value (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Money Market Funds, at Carrying Value | $ 35,100 | $ 100 |
Goodwill, Impairment Loss | 0 | |
Level 2 | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 610,500 | 562,500 |
Level 2 | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 592,533 | $ 547,393 |
Derivative Financial Instruments (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2023
USD ($)
| |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative, Notional Amount | $ 200.0 |
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ 0.3 |
Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 27,595 | $ 25,798 |
Contracts and other work in process (including certain general stock materials) | 124,953 | 110,609 |
Finished goods | 33,947 | 40,061 |
Inventories | $ 186,495 | $ 176,468 |
Inventories - Inventory Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Contract Costs (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Inventory due to contract changes, negotiated settlements and claims for unanticipated contract costs | $ 0 | $ 0 |
Inventories - Other Inventory Information (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Mar. 31, 2023 |
|
Schedule of Inventory [Line Items] | ||
Inventories | $ 176,468 | $ 186,495 |
Program Inventory Impairment | 44,500 | |
K-MAX® | ||
Schedule of Inventory [Line Items] | ||
Inventory, gross | 24,700 | 25,600 |
Inventory noncurrent | 23,400 | |
SH 2GA Super Seasprite Program | ||
Schedule of Inventory [Line Items] | ||
Inventory, gross | $ 6,200 | 6,400 |
Inventory noncurrent | $ 5,300 |
Pension Plans - Pension plan net periodic benefit costs (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Qualified Pension Plan | ||
Defined Benefit Plan Disclosure | ||
Service cost | $ (1,450) | $ (800) |
Interest cost on projected benefit obligation | 7,250 | 4,250 |
Expected return on plan assets | (9,550) | (10,525) |
Amortization of net loss | 1,875 | 975 |
Net pension cost (income) | 1,025 | (4,500) |
SERP | ||
Defined Benefit Plan Disclosure | ||
Service cost | 0 | 0 |
Interest cost on projected benefit obligation | 44 | 22 |
Expected return on plan assets | 0 | 0 |
Amortization of net loss | 0 | 15 |
Net pension cost (income) | $ 44 | $ 37 |
Pension Plans - Contributions (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Qualified Pension Plan | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Contributions paid-to-date | $ 0.0 | |
Expected future contributions | $ 0.0 | |
SERP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Contributions paid-to-date | 0.1 | $ 0.5 |
Expected future contributions | $ 0.4 |
Computation of Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Earnings Per Share Reconciliation [Abstract] | ||
Net (loss) earnings | $ (19) | $ 4,028 |
Basic: | ||
Weighted average number of shares outstanding (in shares) | 28,117 | 27,950 |
Basic earnings per share (in usd per share) | $ (0.00) | $ 0.14 |
Diluted: | ||
Weighted average shares issuable on exercise of dilutive stock options (in shares) | 0 | 132 |
Diluted (in shares) | 28,117 | 28,082 |
Diluted earnings per share from continuing operations | $ (0.00) | |
Diluted earnings per share (in usd per share) | $ 0.14 |
Computation of Earnings Per Share - Narrative (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
2024 Notes | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Aggregate shares to be issued upon conversion, convertible | 3,056,879 | 3,056,879 |
Stock Compensation Plan | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Antidilutive securities excluded from EPS | 698,648 | 645,403 |
Equity Securities | ||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities | 149,699 |
Share-based Arrangements - Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Share-based Compensation Arrangement by Share-based Payment Award | ||
Stock compensation expense | $ 2,003 | $ 2,081 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | 100.00% |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Stock compensation expense | $ 2,000 | $ 2,100 |
Restructuring and Severance | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Stock compensation expense | $ 300 |
Income Taxes - Effective Income Tax Rate (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Apr. 01, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate | 20.80% | 24.50% |
Label | Element | Value |
---|---|---|
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 24,154,000 |
Cash, Including Discontinued Operations | us-gaap_CashIncludingDiscontinuedOperations | $ 140,800,000 |
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