Annual report pursuant to Section 13 and 15(d)

SEGMENTS

v3.22.0.1
SEGMENTS
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands) 2021 2020 2019
Sales:
Aerospace $ 365,261  $ 418,079  $ 692,614 
Less Inter-segment Sales (23) (91) (5)
Total Aerospace Sales 365,238  417,988  692,609 
Test Systems 80,027  85,589  80,495 
Less Inter-segment Sales (357) (990) (402)
Test Systems 79,670  84,599  80,093 
Total Consolidated Sales $ 444,908  $ 502,587  $ 772,702 
Operating (Loss) Profit and Margins:
Aerospace $ (8,614) $ (89,833) $ 16,657 
(2.4) % (21.5) % 2.4  %
Test Systems (3,765) 5,549  4,494 
(4.7) % 6.6  % 5.6  %
Total Operating (Loss) Profit $ (12,379) $ (84,284) $ 21,151 
(2.8) % (16.8) % 2.7  %
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses $ 10,677  $ —  $ 78,801 
Interest Expense, Net of Interest Income (6,804) (6,741) (6,141)
Corporate and Other Expenses, Net (18,454) (21,385) (25,508)
(Loss) Income before Income Taxes $ (26,960) $ (112,410) $ 68,303 
Depreciation and Amortization:
Aerospace $ 23,349  $ 25,624  $ 27,879 
Test Systems 5,022  5,577  4,534 
Corporate 634  653  636 
Total Depreciation and Amortization $ 29,005  $ 31,854  $ 33,049 
Assets:
Aerospace $ 458,334  $ 484,885 
Test Systems 105,335  105,079 
Corporate 45,469  29,781 
Total Assets $ 609,138  $ 619,745 
Capital Expenditures:
Aerospace $ 4,932  $ 6,494  $ 11,552 
Test Systems 1,082  952  380 
Corporate 20  13  151 
Total Capital Expenditures $ 6,034  $ 7,459  $ 12,083 
Operating (loss) 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. Operating (loss) profit in the Aerospace segment in 2020 and 2019 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 23, respectively.
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands) 2021 2020 2019
United States $ 350,428  $ 377,218  $ 583,589 
North America (excluding United States) 6,990  7,656  12,585 
Asia 21,089  27,579  40,764 
Europe 62,138  85,306  130,227 
South America 1,082  1,788  862 
Other 3,181  3,040  4,675 
Total $ 444,908  $ 502,587  $ 772,702 
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands) 2021 2020
United States $ 85,681  $ 95,281 
France 7,688  9,109 
India 936  1,223 
Canada 931  1,065 
Total $ 95,236  $ 106,678 
Sales recorded by the Company’s foreign operations were $36.6 million, $52.3 million and $85.9 million in 2021, 2020 and 2019, respectively. Net loss from these locations was $3.8 million and $6.6 million in 2021 and 2020, respectively, and net income was $8.6 million in 2019. Net assets held outside of the U.S. total $40.5 million and $63.3 million at December 31, 2021 and 2020, respectively. The exchange gain included in determining net income was insignificant in 2021 and 2020, and the exchange loss was insignificant in 2019. Cumulative translation adjustments amounted to $5.4 million and $4.5 million at December 31, 2021 and 2020, respectively.
The Company had a significant concentration of business in 2021 with The Boeing Company (“Boeing”), and had a significant concentration with both Boeing and Panasonic Aviation Corporation (“Panasonic”) in prior years. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:
2021 2020 2019
Percent of Consolidated Sales
Boeing 10.0% 9.5% 13.6%
Panasonic * 11.1% 13.0%
(In thousands) 2021 2020
Accounts Receivable at December 31,
Boeing $ 14,545  $ 6,490 
Panasonic
*
 $ 4,083 
* Sales to Panasonic represented less than 10% of total consolidated sales in 2021.