Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.23.2
Segment Information
 6 Months Ended
Jul. 01, 2023
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating profit (loss) by segment for the three and six months ended July 1, 2023 and July 2, 2022 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.
Six Months Ended Three Months Ended
(In thousands) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022
Sales:
Aerospace $ 294,101  $ 210,694  $ 158,386  $ 109,300 
Less Inter-segment Sales (122) (10) (4) (10)
Total Aerospace Sales 293,979  210,684  158,382  109,290 
Test Systems 37,013  34,638  16,072  19,840 
Less Inter-segment Sales —  (19) —  (3)
Total Test Systems Sales 37,013  34,619  16,072  19,837 
Total Consolidated Sales $ 330,992  $ 245,303  $ 174,454  $ 129,127 
Segment Measure of Operating Profit (Loss) and Margins
Aerospace
 $ 17,806  $ (226) $ 13,719  $ (3,276)
6.1  % (0.1) % 8.7  % (3.0) %
Test Systems
 (6,740) (1,813) (6,143) (26)
(18.2) % (5.2) % (38.2) % (0.1) %
Total Segment Measure of Operating Profit (Loss) 11,066  (2,039) 7,576  (3,302)
3.3  % (0.8) % 4.3  % (2.6) %
Deductions from Segment Measure of Operating Profit (Loss):
Net Gain on Sale of Business (3,427) (11,284) —  — 
Interest Expense, Net of Interest Income
 11,390  3,293  5,920  1,662 
Corporate Expenses and Other
 10,130  11,277  5,558  5,385 
Loss Before Income Taxes $ (7,027) $ (5,325) $ (3,902) $ (10,349)
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 operating loss for the period. Absent that benefit, Test Systems’ operating loss was $12.6 million. 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 Income, Net of Other Expense in the Consolidated Condensed Statement of Operations. In the six months ended July 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment.
Total Assets:
(In thousands)
 July 1, 2023 December 31, 2022
Aerospace
 $ 520,564  $ 481,416 
Test Systems
 119,440  111,513 
Corporate
 13,584  22,102 
Total Assets
 $ 653,588  $ 615,031