Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segments

SEGMENTS

Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:

(In thousands)	2020			2019			2018
Sales:
Aerospace	$	418,079		$	692,614		$	675,744
Less Inter-segment Sales	(91)			(5)			(119)
Total Aerospace Sales	417,988			692,609			675,625
Test Systems	85,589			80,495			127,679
Less Inter-segment Sales	(990)			(402)			(48)
Test Systems	84,599			80,093			127,631
Total Consolidated Sales	$	502,587		$	772,702		$	803,256
Operating (Loss) Profit and Margins:
Aerospace	$	(89,833)		$	16,657		$	69,761
	(21.5)		%	2.4		%	10.3		%
Test Systems	5,549			4,494			10,718
	6.6		%	5.6		%	8.4		%
Total Operating (Loss) Profit	$	(84,284)		$	21,151		$	80,479
	(16.8)		%	2.7		%	10.0		%
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses	$	—		$	78,801		$	—
Interest Expense, Net of Interest Income	(6,741)			(6,141)			(9,710)
Corporate and Other Expenses, Net	(21,385)			(25,508)			(18,487)
(Loss) Income before Income Taxes	$	(112,410)		$	68,303		$	52,282
Depreciation and Amortization:
Aerospace	$	25,624		$	27,879		$	29,947
Test Systems	5,577			4,534			4,500
Corporate	653			636			585
Total Depreciation and Amortization	$	31,854		$	33,049		$	35,032
Assets:
Aerospace	$	484,885		$	629,371		$	647,870
Test Systems	105,079			110,994			97,056
Corporate	29,781			42,351			29,714
Total Assets	$	619,745		$	782,716		$	774,640
Capital Expenditures:
Aerospace	$	6,494		$	11,552		$	14,680
Test Systems	952			380			1,370
Corporate	13			151			267
Total Capital Expenditures	$	7,459		$	12,083		$	16,317

Operating profit is sales less cost of products sold and other operating expenses, excluding interest expense and other corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.

For the year ended December, 31 2020, there was a goodwill impairment loss of $86.3 million recorded in the Aerospace segment. For the year ended December, 31 2019, there was a goodwill impairment loss of $1.6 million and intangible asset impairment of $6.2 million recorded in the Aerospace segment. In 2018, there were no goodwill or purchased intangible asset impairment losses in either the Aerospace or Test System segment. In the Aerospace segment, goodwill amounted to $36.6 million and $123.0 million at December 31, 2020 and 2019, respectively. In the Test Systems segment, goodwill amounted to $21.6 million and $21.9 million as of December 31, 2020 and 2019, respectively.

The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:

(In thousands)	2020		2019		2018
United States	$	377,218	$	583,589	$	575,830
North America (excluding United States)	7,656		12,585		10,834
Asia	27,579		40,764		112,135
Europe	85,306		130,227		98,193
South America	1,788		862		1,973
Other	3,040		4,675		4,291
Total	$	502,587	$	772,702	$	803,256

The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:

(In thousands)	2020		2019
United States	$	95,281	$	101,169
France	9,109		8,740
India	1,223		1,509
Canada	1,065		1,081
Total	$	106,678	$	112,499

Sales recorded by the Company’s foreign operations were $52.3 million, $85.9 million and $70.6 million in 2020, 2019 and 2018, respectively. Net loss from these locations in 2020 was $6.6 million, and net income of $8.6 million and $5.5 million in 2019 and 2018, respectively. Net assets held outside of the U.S. total $63.3 million and $66.4 million at December 31, 2020 and 2019, respectively. The exchange gain included in determining net income was insignificant in 2020 and 2018, and the exchange loss was insignificant in 2019. Cumulative translation adjustments amounted to $(4.5) million and $(7.0) million at December 31, 2020 and 2019, respectively.

The Company has a significant concentration of business with two major customers; The Boeing Company (“Boeing”) and Panasonic Aviation Corporation (“Panasonic”). The following is information relating to the activity with those customers:

	2020	2019	2018
Percent of Consolidated Sales
Boeing	9.5%	13.6%	14.3%
Panasonic	11.1%	13.0%	14.4%

(In thousands)	2020		2019
Accounts Receivable at December 31,
Boeing	$	6,490	$	21,806
Panasonic	$	4,083	$	15,831

Sales to Boeing and Panasonic are primarily in the Aerospace segment.