| SEGMENTS |
SEGMENTSSegment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
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| (In thousands) |
2022 |
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2021 |
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2020 |
| Sales: |
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| Aerospace |
$ |
461,206 |
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|
$ |
365,261 |
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|
$ |
418,079 |
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| Less Inter-segment Sales |
(10) |
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(23) |
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|
(91) |
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| Total Aerospace Sales |
461,196 |
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|
365,238 |
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|
417,988 |
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| Test Systems |
73,717 |
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|
80,027 |
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|
85,589 |
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| Less Inter-segment Sales |
(19) |
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|
(357) |
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|
(990) |
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| Test Systems |
73,698 |
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|
79,670 |
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|
84,599 |
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| Total Consolidated Sales |
$ |
534,894 |
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$ |
444,908 |
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$ |
502,587 |
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| Operating Loss and Margins: |
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| Aerospace |
$ |
(1,883) |
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$ |
(8,614) |
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|
$ |
(89,833) |
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(0.4) |
% |
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(2.4) |
% |
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(21.5) |
% |
| Test Systems |
(8,118) |
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|
(3,765) |
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|
5,549 |
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(11.0) |
% |
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(4.7) |
% |
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6.6 |
% |
| Total Operating Loss |
$ |
(10,001) |
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$ |
(12,379) |
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$ |
(84,284) |
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(1.9) |
% |
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(2.8) |
% |
|
(16.8) |
% |
| Additions to (Deductions from) Operating Profit: |
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| Net Gain on Sale of Businesses |
$ |
11,284 |
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$ |
10,677 |
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|
$ |
— |
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| Interest Expense, Net of Interest Income |
(9,422) |
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|
(6,804) |
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|
(6,741) |
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| Corporate and Other Expenses, Net |
(21,654) |
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|
(18,454) |
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(21,385) |
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| Loss before Income Taxes |
$ |
(29,793) |
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$ |
(26,960) |
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$ |
(112,410) |
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| Depreciation and Amortization: |
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| Aerospace |
$ |
22,384 |
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$ |
23,349 |
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$ |
25,624 |
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| Test Systems |
4,341 |
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|
5,022 |
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|
5,577 |
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| Corporate |
1,052 |
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|
634 |
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|
653 |
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| Total Depreciation and Amortization |
$ |
27,777 |
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$ |
29,005 |
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$ |
31,854 |
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| Assets: |
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| Aerospace |
$ |
481,416 |
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$ |
458,334 |
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| Test Systems |
111,513 |
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|
105,335 |
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| Corporate |
22,102 |
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|
45,469 |
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| Total Assets |
$ |
615,031 |
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$ |
609,138 |
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| Capital Expenditures: |
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| Aerospace |
$ |
4,289 |
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$ |
4,932 |
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$ |
6,494 |
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| Test Systems |
3,299 |
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|
1,082 |
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|
952 |
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| Corporate |
87 |
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|
20 |
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13 |
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| Total Capital Expenditures |
$ |
7,675 |
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$ |
6,034 |
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$ |
7,459 |
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Operating loss 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 in the Aerospace segment in 2020 included goodwill impairment and restructuring charges, discussed in Note 7 and Note 22, respectively.
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
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| (In thousands) |
2022 |
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2021 |
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2020 |
| United States |
$ |
419,431 |
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$ |
350,428 |
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$ |
377,218 |
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| North America (excluding United States) |
9,222 |
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|
6,990 |
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|
7,656 |
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| Asia |
21,242 |
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|
21,089 |
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|
27,579 |
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| Europe |
78,625 |
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|
62,138 |
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|
85,306 |
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| South America |
3,629 |
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|
1,082 |
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|
1,788 |
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| Other |
2,745 |
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|
3,181 |
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|
3,040 |
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| Total |
$ |
534,894 |
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$ |
444,908 |
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$ |
502,587 |
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The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
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| (In thousands) |
2022 |
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2021 |
| United States |
$ |
82,317 |
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$ |
85,681 |
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| France |
6,974 |
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|
7,688 |
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| India |
653 |
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|
936 |
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| Canada |
714 |
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|
931 |
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| Total |
$ |
90,658 |
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$ |
95,236 |
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Sales recorded by the Company’s foreign operations were $50.0 million, $36.6 million and $52.3 million in 2022, 2021 and 2020, respectively. Net loss was $0.2 million, $3.8 million and $6.6 million in 2022, 2021 and 2020, respectively. Net assets held outside of the U.S. total $36.6 million and $40.5 million at December 31, 2022 and 2021, respectively. The exchange gain (loss) included in determining net (loss) income was insignificant in 2022, 2021 and 2020. Cumulative translation adjustments amounted to $7.3 million and $5.4 million at December 31, 2022 and 2021, respectively.
The Company had a significant concentration of business in 2022 and 2021 with The Boeing Company (“Boeing”), and had a significant concentration with Panasonic Aviation Corporation (“Panasonic”) in 2020. Sales to Boeing and Panasonic are primarily in the Aerospace segment. The following is information relating to the activity with those customers:
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2022 |
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2021 |
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2020 |
| Percent of Consolidated Sales |
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| Boeing |
11.0% |
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10.0% |
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* |
| Panasonic |
* |
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* |
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11.1% |
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| (In thousands) |
2022 |
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2021 |
| Accounts Receivable at December 31, |
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| Boeing |
$ |
16,860 |
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$ |
14,545 |
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| Panasonic |
* |
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* |
* Sales represented less than 10% of total consolidated sales in during the given period.
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