SEGMENTS

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENTS

SEGMENTS

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

(In thousands)	2021			2020			2019
Sales:
Aerospace	$	365,261		$	418,079		$	692,614
Less Inter-segment Sales	(23)			(91)			(5)
Total Aerospace Sales	365,238			417,988			692,609
Test Systems	80,027			85,589			80,495
Less Inter-segment Sales	(357)			(990)			(402)
Test Systems	79,670			84,599			80,093
Total Consolidated Sales	$	444,908		$	502,587		$	772,702
Operating (Loss) Profit and Margins:
Aerospace	$	(8,614)		$	(89,833)		$	16,657
	(2.4)		%	(21.5)		%	2.4		%
Test Systems	(3,765)			5,549			4,494
	(4.7)		%	6.6		%	5.6		%
Total Operating (Loss) Profit	$	(12,379)		$	(84,284)		$	21,151
	(2.8)		%	(16.8)		%	2.7		%
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses	$	10,677		$	—		$	78,801
Interest Expense, Net of Interest Income	(6,804)			(6,741)			(6,141)
Corporate and Other Expenses, Net	(18,454)			(21,385)			(25,508)
(Loss) Income before Income Taxes	$	(26,960)		$	(112,410)		$	68,303
Depreciation and Amortization:
Aerospace	$	23,349		$	25,624		$	27,879
Test Systems	5,022			5,577			4,534
Corporate	634			653			636
Total Depreciation and Amortization	$	29,005		$	31,854		$	33,049
Assets:
Aerospace	$	458,334		$	484,885
Test Systems	105,335			105,079
Corporate	45,469			29,781
Total Assets	$	609,138		$	619,745
Capital Expenditures:
Aerospace	$	4,932		$	6,494		$	11,552
Test Systems	1,082			952			380
Corporate	20			13			151
Total Capital Expenditures	$	6,034		$	7,459		$	12,083

Operating (loss) 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. Operating (loss) profit in the Aerospace segment in 2020 and 2019 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 23, respectively.

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

(In thousands)	2021		2020		2019
United States	$	350,428	$	377,218	$	583,589
North America (excluding United States)	6,990		7,656		12,585
Asia	21,089		27,579		40,764
Europe	62,138		85,306		130,227
South America	1,082		1,788		862
Other	3,181		3,040		4,675
Total	$	444,908	$	502,587	$	772,702

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

(In thousands)	2021		2020
United States	$	85,681	$	95,281
France	7,688		9,109
India	936		1,223
Canada	931		1,065
Total	$	95,236	$	106,678

Sales recorded by the Company’s foreign operations were $36.6 million, $52.3 million and $85.9 million in 2021, 2020 and 2019, respectively. Net loss from these locations was $3.8 million and $6.6 million in 2021 and 2020, respectively, and net income was $8.6 million in 2019. Net assets held outside of the U.S. total $40.5 million and $63.3 million at December 31, 2021 and 2020, respectively. The exchange gain included in determining net income was insignificant in 2021 and 2020, and the exchange loss was insignificant in 2019. Cumulative translation adjustments amounted to $5.4 million and $4.5 million at December 31, 2021 and 2020, respectively.

The Company had a significant concentration of business in 2021 with The Boeing Company (“Boeing”), and had a significant concentration with both Boeing and Panasonic Aviation Corporation (“Panasonic”) in prior years. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:

	2021	2020	2019
Percent of Consolidated Sales
Boeing	10.0%	9.5%	13.6%
Panasonic	*	11.1%	13.0%

(In thousands)	2021		2020
Accounts Receivable at December 31,
Boeing	$	14,545	$	6,490
Panasonic	*		$	4,083

* Sales to Panasonic represented less than 10% of total consolidated sales in 2021.