Segment and Geographic Information (Tables)

3 Months Ended

Apr. 01, 2022

Reconciliation of Revenue from Segments to Consolidated

Summarized financial information by business segment is as follows:


	For the Three Months Ended
	April 1, 2022		April 2, 2021
In thousands
Net sales:
Engineered Products	$	81,452	$	71,779
Precision Products	47,549		60,533
Structures	29,047		39,304
Net sales	$	158,048	$	171,616
Operating income (loss):
Engineered Products	$	11,042	$	4,906
Precision Products	3,409		13,053
Structures	(617)		320
Corporate expense	(10,548)		(10,365)
Other unallocated expenses, net(1)	(229)		(2,301)
Operating income	$	3,057	$	5,613

(1) Other unallocated expenses, net include costs from the TSA, restructuring and severance costs, loss on sale of business, and net loss on sale of assets.

Disaggregation of Revenue [Table Text Block]


	For the Three Months Ended
	April 1, 2022
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	9,653	$	5,322	$	16,255	$	31,230
Safe and Arm Devices	—		37,322		—		37,322
Commercial, Business & General Aviation	32,378		3,767		10,813		46,958
Medical	21,149		—		1,979		23,128
Industrial & Other	18,272		1,138		—		19,410
Total revenue	$	81,452	$	47,549	$	29,047	$	158,048

	For the Three Months Ended
	April 2, 2021
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	11,228	$	6,994	$	25,389	$	43,611
Safe and Arm Devices	—		41,586		—		41,586
Commercial, Business & General Aviation	25,072		10,902		11,984		47,958
Medical	18,652		—		1,931		20,583
Industrial & Other	16,827		1,051		—		17,878
Total revenue	$	71,779	$	60,533	$	39,304	$	171,616

5. REVENUE AND SEGMENT INFORMATION (CONTINUED)

Disaggregation of Revenue - continued

COVID-19

The impact of the novel coronavirus (“COVID-19”) and the precautionary measures instituted by governments and businesses to mitigate the spread, including limiting non-essential travel, have contributed to a general slowdown in the global economy. The Company has implemented strategies to limit the risk to its operations with a continued focus on the health of its employees and the satisfaction of its customers’ requirements. Despite all of these efforts to mitigate the risks associated with COVID-19, the effects of the pandemic have adversely impacted our commercial end markets, more specifically Commercial, Business and General Aviation customers. Management is encouraged by the recoveries for these products and the strong order intake seen in the first three months of 2022. The extent and duration of time to which COVID-19 may adversely impact the Company depends on future developments, which continue to be uncertain and unpredictable.

The following table disaggregates total revenue by product types.


	For the Three Months Ended
	April 1, 2022
	Engineered Products		Precision Products		Structures		Total
Original Equipment Manufacturer	41	%	2	%	18	%	61	%
Aftermarket	11	%	4	%	—	%	15	%
Safe and Arm Devices	—	%	24	%	—	%	24	%
Total revenue	52	%	30	%	18	%	100	%

	For the Three Months Ended
	April 2, 2021
	Engineered Products		Precision Products		Structures		Total
Original Equipment Manufacturer	32	%	8	%	23	%	63	%
Aftermarket	10	%	3	%	—	%	13	%
Safe and Arm Devices	—	%	24	%	—	%	24	%
Total revenue	42	%	35	%	23	%	100	%

Research and Development

The following table presents research and development costs by segment:


	For the Three Months Ended
	April 1, 2022		April 2, 2021
In thousands
Engineered Products	$	2,243	$	2,822
Precision Products	2,803		1,402
Structures	67		2
Total research and development costs	$	5,113	$	4,226

Schedule of Change in Accounting Estimate [Table Text Block]

Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:


	For the Three Months Ended
	April 1, 2022		April 2, 2021
In thousands
Net change in revenue due to change in profit estimates	$	905	$	2,865

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Backlog at April 1, 2022 and December 31, 2021, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:


	April 1, 2022(1)		December 31, 2021
In thousands
Backlog	$	705,023	$	700,923

(1) The Company expects to recognize revenue on approximately 62% of backlog as of April 1, 2022 over the next twelve months.

^[1]

[1]	The Company expects to recognize revenue on approximately 62% of backlog as of April 1, 2022 over the next twelve months.