Annual report pursuant to Section 13 and 15(d)

Segments (Tables)

v3.19.3.a.u2
Segments (Tables)
12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Summary of Segment Reporting Information
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) 2019 2018 2017
Sales:
Aerospace $ 692,614    $ 675,744    $ 534,724   
Less Inter-segment Sales (5)   (119)   (121)  
Total Aerospace Sales 692,609    675,625    534,603   
Test Systems 80,495    127,679    89,861   
Less Inter-segment Sales (402)   (48)   —   
Test Systems 80,093    127,631    89,861   
Total Consolidated Sales $ 772,702    $ 803,256    $ 624,464   
Operating Profit and Margins:
Aerospace $ 16,657    $ 69,761    $ 38,888   
2.4  % 10.3  % 7.3  %
Test Systems 4,494    10,718    7,359   
5.6  % 8.4  % 8.2  %
Total Operating Profit $ 21,151    $ 80,479    $ 46,247   
2.7  % 10.0  % 7.4  %
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses $ 78,801    $ —    $ —   
Interest Expense, Net of Interest Income (6,141)   (9,710)   (5,369)  
Corporate and Other Expenses, Net (25,508)   (18,487)   (15,887)  
Income before Income Taxes $ 68,303    $ 52,282    $ 24,991   
Depreciation and Amortization:
Aerospace $ 27,879    $ 29,947    $ 22,111   
Test Systems 4,534    4,500    4,302   
Corporate 636    585    650   
Total Depreciation and Amortization $ 33,049    $ 35,032    $ 27,063   
Assets:
Aerospace $ 629,371    $ 647,870    $ 621,047   
Test Systems 110,994    97,056    90,859   
Corporate 42,351    29,714    24,050   
Total Assets $ 782,716    $ 774,640    $ 735,956   
Capital Expenditures:
Aerospace $ 11,552    $ 14,680    $ 10,656   
Test Systems 380    1,370    2,721   
Corporate 151    267    101   
Total Capital Expenditures $ 12,083    $ 16,317    $ 13,478   
Summarizes the Company's Sales and Long-Lived Assets by Geographic Region
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) 2019 2018 2017
United States $ 583,589    $ 575,830    $ 482,219   
North America (excluding United States) 12,585    10,834    6,198   
Asia 40,764    112,135    58,732   
Europe 130,227    98,193    73,677   
South America 862    1,973    1,280   
Other 4,675    4,291    2,358   
Total $ 772,702    $ 803,256    $ 624,464   
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) 2019 2018
United States $ 101,169    $ 110,738   
France 8,740    9,241   
India 1,509    —   
Canada 1,081    883   
Total $ 112,499    $ 120,862   
Schedule of Activities with Major Customers The following is information relating to the activity with those customers:
2019 2018 2017
Percent of Consolidated Sales
Boeing 13.6%    14.3%    16.8%   
Panasonic 13.0%    14.4%    19.1%   

(In thousands) 2019 2018
Accounts Receivable at December 31,
Boeing $ 21,806    $ 24,649   
Panasonic $ 15,831    $ 14,994