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Segment Information
 9 Months Ended
Sep. 28, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating profit (loss) by segment for the three and nine months ended September 28, 2024 and September 30, 2023, and a reconciliation of segment operating profit (loss) to loss before income taxes. Operating profit (loss) 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.
Nine Months EndedThree Months Ended
(In thousands)September 28, 2024September 30, 2023September 28, 2024September 30, 2023
Sales:
Aerospace$518,187 $436,217 $177,564 $142,116 
Less Inter-segment Sales(52)(134)(10)(12)
Total Aerospace Sales518,135 436,083 177,554 142,104 
Test Systems68,790 57,831 26,183 20,818 
Less Inter-segment Sales(39)— (39)— 
Total Test Systems Sales68,751 57,831 26,144 20,818 
Total Consolidated Sales$586,886 $493,914 $203,698 $162,922 
Segment Measure of Operating Profit (Loss) and Margins
Aerospace
$45,628 $10,342 $14,251 $(7,464)
8.8 %2.4 %8.0 %(5.3)%
Test Systems
(8,428)(8,521)(13)(1,781)
(12.3)%(14.7)%— %(8.6)%
Total Segment Measure of Operating Profit (Loss)37,200 1,821 14,238 (9,245)
6.3 %0.4 %7.0 %(5.7)%
(Additions to) Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business— (3,427)— — 
Loss on Extinguishment of Debt6,987 — 6,987 — 
Interest Expense, Net of Interest Income
17,832 17,381 6,217 5,991 
Corporate Expenses and Other
20,824 15,712 6,207 5,582 
Loss Before Income Taxes$(8,443)$(27,845)$(5,173)$(20,818)
During the three and nine months ended September 28, 2024 and September 30, 2023, reserves associated with customer bankruptcies of $2.2 million and $11.1 million, respectively, were recorded in Aerospace Operating Profit (Loss). See Note 1 for further discussion. Aerospace Operating Profit included $3.2 million and $8.5 million in compensation expense related to the resumption of the Company’s incentive programs in the three and nine months ended September 28, 2024, respectively. Aerospace Operating Profit in the three and nine months ended September 28, 2024 was negatively impacted by a $3.5 million atypical warranty reserve related to a new product launch that requires a field modification.
During the nine months ended September 30, 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. Test Systems Operating Loss included $0.7 million and $1.8 million in compensation expense related to the resumption of the Company’s incentive programs in the three and nine months ended September 28, 2024, respectively.
Corporate expenses and other for the nine months ended September 30, 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)
September 28, 2024December 31, 2023
Aerospace
$508,514 $493,660 
Test Systems
127,839 122,681 
Corporate
15,244 17,451 
Total Assets
$651,597 $633,792