Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating profit by segment for the three months ended March 30, 2024 and April 1, 2023, and a reconciliation of segment operating profit to loss before income taxes. Operating profit 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.
Three Months Ended
(In thousands) March 30, 2024 April 1, 2023
Sales:
Aerospace $ 163,675  $ 135,715 
Less Inter-segment Sales (37) (118)
Total Aerospace Sales 163,638  135,597 
Test Systems 21,436  20,941 
Less Inter-segment Sales —  — 
Total Test Systems Sales 21,436  20,941 
Total Consolidated Sales $ 185,074  $ 156,538 
Segment Measure of Operating Profit and Margins
Aerospace
 $ 12,097  $ 4,087 
7.4  % 3.0  %
Test Systems
 (3,079) (597)
(14.4) % (2.9) %
Total Segment Measure of Operating Profit 9,018  3,490 
4.9  % 2.2  %
Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business —  (3,427)
Interest Expense, Net of Interest Income
 5,759  5,470 
Corporate Expenses and Other
 7,788  4,572 
Loss Before Income Taxes $ (4,529) $ (3,125)
During the three months ended April 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 Test Systems’ operating loss for the period. Corporate expenses and other for the three months ended April 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 Expense (Income), Net in the Consolidated Condensed Statement of Operations.
Total Assets:
(In thousands)
 March 30, 2024 December 31, 2023
Aerospace
 $ 490,506  $ 493,660 
Test Systems
 126,008  122,681 
Corporate
 13,450  17,451 
Total Assets
 $ 629,964  $ 633,792