Segment Information

3 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

The Company reports segment information based on the management approach, which designates the internal reporting used by the Chief Operating Decision Maker (“CODM”) for making decisions and assessing performance as the source of the Company’s reportable segments. The CODM, which is the Company’s Chief Executive Officer, allocates resources and assesses the performance of each operating segment based on historical and potential future product sales, gross margin associated with those sales, and operating income (loss) before interest, taxes, and corporate expenses. The Company has determined its reportable segments to be Aerospace and Test Systems based on the information used by the CODM.

Segment information and reconciliations to consolidated amounts are as follows:

	Three Months Ended
(In thousands)	March 29, 2025			March 30, 2024
Sales:
Aerospace	$	191,388		$	163,675
Less Inter-segment Sales	(13)			(37)
Total Aerospace Sales	191,375			163,638
Test Systems	14,592			21,436
Less Inter-segment Sales	(31)			—
Total Test Systems Sales	14,561			21,436
Total Consolidated Sales	205,936			185,074
Less1
Cost of Products Sold:
Aerospace	132,892			119,257
	69.4		%	72.9		%
Test Systems	12,195			18,303
	83.8		%	85.4		%
Other Segment Items2
Aerospace	36,219			32,284
Test Systems	4,589			6,212
Operating Income (Loss) and Margins:
Aerospace	22,264			12,097
	11.6		%	7.4		%
Test Systems	(2,223)			(3,079)
	(15.3)		%	(14.4)		%
Total Operating Income	20,041			9,018
	9.7		%	4.9		%
Deductions from Segment Measure of Operating Profit:
Interest Expense, Net of Interest Income	3,150			5,759
Corporate Expenses and Other	6,717			7,788
Income (Loss) Before Income Taxes	$	10,174		$	(4,529)

1 The significant expenses and amounts presented align with the segment-level information that is regularly provided to the CODM. Inter-segment expenses are included within the amounts shown.

2 Other segment items include Selling, General and Administrative Expenses, Research and Development Expenses, and sublease and rental income.

(In thousands)	March 29, 2025		December 31, 2024
Total Assets:
Aerospace	$	512,912	$	498,528
Test Systems	121,465		128,828
Corporate	27,865		21,408
Total Assets	$	662,242	$	648,764

	Three Months Ended
(In thousands)	March 29, 2025		March 30, 2024
Depreciation and Amortization:
Aerospace	$	4,498	$	5,021
Test Systems	1,078		1,251
Corporate	12		56
Total Depreciation and Amortization	$	5,588	$	6,328
Capital Expenditures:
Aerospace	$	2,082	$	1,470
Test Systems	23		118
Corporate	—		10
Total Capital Expenditures	$	2,105	$	1,598