SEGMENTS

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENTS

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

(In thousands)	2022			2021			2020
Sales:
Aerospace	$	461,206		$	365,261		$	418,079
Less Inter-segment Sales	(10)			(23)			(91)
Total Aerospace Sales	461,196			365,238			417,988
Test Systems	73,717			80,027			85,589
Less Inter-segment Sales	(19)			(357)			(990)
Test Systems	73,698			79,670			84,599
Total Consolidated Sales	$	534,894		$	444,908		$	502,587
Operating Loss and Margins:
Aerospace	$	(1,883)		$	(8,614)		$	(89,833)
	(0.4)		%	(2.4)		%	(21.5)		%
Test Systems	(8,118)			(3,765)			5,549
	(11.0)		%	(4.7)		%	6.6		%
Total Operating Loss	$	(10,001)		$	(12,379)		$	(84,284)
	(1.9)		%	(2.8)		%	(16.8)		%
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses	$	11,284		$	10,677		$	—
Interest Expense, Net of Interest Income	(9,422)			(6,804)			(6,741)
Corporate and Other Expenses, Net	(21,654)			(18,454)			(21,385)
Loss before Income Taxes	$	(29,793)		$	(26,960)		$	(112,410)
Depreciation and Amortization:
Aerospace	$	22,384		$	23,349		$	25,624
Test Systems	4,341			5,022			5,577
Corporate	1,052			634			653
Total Depreciation and Amortization	$	27,777		$	29,005		$	31,854
Assets:
Aerospace	$	481,416		$	458,334
Test Systems	111,513			105,335
Corporate	22,102			45,469
Total Assets	$	615,031		$	609,138
Capital Expenditures:
Aerospace	$	4,289		$	4,932		$	6,494
Test Systems	3,299			1,082			952
Corporate	87			20			13
Total Capital Expenditures	$	7,675		$	6,034		$	7,459

Operating loss 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 in the Aerospace segment in 2020 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 22, respectively.

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

(In thousands)	2022		2021		2020
United States	$	419,431	$	350,428	$	377,218
North America (excluding United States)	9,222		6,990		7,656
Asia	21,242		21,089		27,579
Europe	78,625		62,138		85,306
South America	3,629		1,082		1,788
Other	2,745		3,181		3,040
Total	$	534,894	$	444,908	$	502,587

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

(In thousands)	2022		2021
United States	$	82,317	$	85,681
France	6,974		7,688
India	653		936
Canada	714		931
Total	$	90,658	$	95,236

Sales recorded by the Company’s foreign operations were $50.0 million, $36.6 million and $52.3 million in 2022, 2021 and 2020, respectively. Net loss was $0.2 million, $3.8 million and $6.6 million in 2022, 2021 and 2020, respectively. Net assets held outside of the U.S. total $36.6 million and $40.5 million at December 31, 2022 and 2021, respectively. The exchange gain (loss) included in determining net (loss) income was insignificant in 2022, 2021 and 2020. Cumulative translation adjustments amounted to $7.3 million and $5.4 million at December 31, 2022 and 2021, respectively.

The Company had a significant concentration of business in 2022 and 2021 with The Boeing Company (“Boeing”), and had a significant concentration with Panasonic Aviation Corporation (“Panasonic”) in 2020. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:

	2022	2021	2020
Percent of Consolidated Sales
Boeing	11.0%	10.0%	*
Panasonic	*	*	11.1%

(In thousands)	2022		2021
Accounts Receivable at December 31,
Boeing	$	16,860	$	14,545
Panasonic	*		*

* Sales represented less than 10% of total consolidated sales in during the given period.