|12 Months Ended|
Dec. 31, 2015
|Segment Reporting [Abstract]|
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
Operating 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.
For the years ended December 31, 2015, 2014 and 2013, there was no goodwill or purchased intangible asset impairment losses in either the Aerospace or Test System segment. In the Aerospace segment, goodwill amounted to $115.4 million and $100.2 million at December 31, 2015 and 2014, respectively. In the Test Systems segment, there was no goodwill as of December 31, 2015 and 2014.
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
Sales recorded by the Company’s foreign operations were $50.8 million, $64.5 million and $16.5 million in 2015, 2014 and 2013, respectively. Net income from these locations was $3.4 million, $4.1 million and $0.2 million in 2015, 2014 and 2013, respectively. Net assets held outside of the U.S. total $36.1 million and $38.0 million at December 31, 2015 and 2014, respectively. The exchange gain included in determining net income was $1.0 million in 2015 and was insignificant in 2014 and 2013. Cumulative translation adjustments amounted to $(8.0) million and $(3.4) million at December 31, 2015 and 2014, respectively.
The Company has a significant concentration of business with three major customers; Panasonic Aviation Corporation (“Panasonic”), Apple Inc. (“Apple”), and The Boeing Company (“Boeing”). The following is information relating to the activity with those customers:
Sales to Apple are in the Test Systems segment. Sales to Panasonic are in the Aerospace segment. Sales to Boeing occur in both segments.
The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
Reference 1: http://www.xbrl.org/2003/role/presentationRef