Segment Information

6 Months Ended

Jun. 29, 2024

Segment Reporting [Abstract]

Segment Information

Segment Information

Below are the sales and operating profit by segment for the three and six months ended June 29, 2024 and July 1, 2023, and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.

	Six Months Ended						Three Months Ended
(In thousands)	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Sales:
Aerospace	$	340,623		$	294,101		$	176,948		$	158,386
Less Inter-segment Sales	(42)			(122)			(5)			(4)
Total Aerospace Sales	340,581			293,979			176,943			158,382
Test Systems	42,607			37,013			21,171			16,072
Less Inter-segment Sales	—			—			—			—
Total Test Systems Sales	42,607			37,013			21,171			16,072
Total Consolidated Sales	$	383,188		$	330,992		$	198,114		$	174,454
Segment Measure of Operating Profit and Margins
Aerospace	$	31,377		$	17,806		$	19,280		$	13,719
	9.2		%	6.1		%	10.9		%	8.7		%
Test Systems	(8,415)			(6,740)			(5,336)			(6,143)
	(19.8)		%	(18.2)		%	(25.2)		%	(38.2)		%
Total Segment Measure of Operating Profit	22,962			11,066			13,944			7,576
	6.0		%	3.3		%	7.0		%	4.3		%
(Additions to) Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business	—			(3,427)			—			—
Interest Expense, Net of Interest Income	11,615			11,390			5,856			5,920
Corporate Expenses and Other	14,617			10,130			6,829			5,558
(Loss) Income Before Income Taxes	$	(3,270)		$	(7,027)		$	1,259		$	(3,902)

During the six months ended July 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits Test Systems’ operating loss for the period. Corporate expenses and other for the six months ended July 1, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. This amount is included in Other Expense (Income), Net in the Consolidated Condensed Statement of Operations.

Total Assets:

(In thousands)	June 29, 2024		December 31, 2023
Aerospace	$	504,462	$	493,660
Test Systems	123,294		122,681
Corporate	17,103		17,451
Total Assets	$	644,859	$	633,792