Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 29, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Below are the sales and operating profit by segment for the three and six months ended June 29, 2024 and July 1, 2023, and a reconciliation of segment operating profit to (loss) income 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.
Six Months Ended Three Months Ended
(In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023
Sales:
Aerospace $ 340,623  $ 294,101  $ 176,948  $ 158,386 
Less Inter-segment Sales (42) (122) (5) (4)
Total Aerospace Sales 340,581  293,979  176,943  158,382 
Test Systems 42,607  37,013  21,171  16,072 
Less Inter-segment Sales —  —  —  — 
Total Test Systems Sales 42,607  37,013  21,171  16,072 
Total Consolidated Sales $ 383,188  $ 330,992  $ 198,114  $ 174,454 
Segment Measure of Operating Profit and Margins
Aerospace
 $ 31,377  $ 17,806  $ 19,280  $ 13,719 
9.2  % 6.1  % 10.9  % 8.7  %
Test Systems
 (8,415) (6,740) (5,336) (6,143)
(19.8) % (18.2) % (25.2) % (38.2) %
Total Segment Measure of Operating Profit 22,962  11,066  13,944  7,576 
6.0  % 3.3  % 7.0  % 4.3  %
(Additions to) Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business —  (3,427) —  — 
Interest Expense, Net of Interest Income
 11,615  11,390  5,856  5,920 
Corporate Expenses and Other
 14,617  10,130  6,829  5,558 
(Loss) Income Before Income Taxes $ (3,270) $ (7,027) $ 1,259  $ (3,902)
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 Test Systems’ operating loss for the period. 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 Expense (Income), Net in the Consolidated Condensed Statement of Operations.
Total Assets:
(In thousands)
 June 29, 2024 December 31, 2023
Aerospace
 $ 504,462  $ 493,660 
Test Systems
 123,294  122,681 
Corporate
 17,103  17,451 
Total Assets
 $ 644,859  $ 633,792