Segment and Geographic Information (Tables)

6 Months Ended

Jul. 01, 2022

Revenue [Abstract]

Reconciliation of Revenue from Segments to Consolidated

Summarized financial information by business segment is as follows:

	For the Three Months Ended				For the Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
In thousands
Net sales:
Engineered Products	$	89,765	$	78,956	$	171,217	$	150,735
Precision Products	41,267		71,539		88,816		132,072
Structures	29,734		31,899		58,781		71,203
Net sales	$	160,766	$	182,394	$	318,814	$	354,010
Operating income (loss):
Engineered Products	$	15,467	$	9,758	$	26,509	$	14,664
Precision Products	2,550		19,429		5,959		32,482
Structures	(830)		(1,521)		(1,447)		(1,201)
Corporate expense	(11,984)		(10,314)		(22,532)		(20,679)
Other unallocated expenses, net(1)	(2,923)		(2,520)		(3,152)		(4,821)
Operating income	$	2,280	$	14,832	$	5,337	$	20,445

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

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following tables disaggregate segment revenue by major product line:

	For the Three Months Ended
	July 1, 2022
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	9,342	$	6,629	$	16,098	$	32,069
Safe and Arm Devices	—		21,563		—		21,563
Commercial, Business & General Aviation	37,644		11,895		11,319		60,858
Medical	22,683		—		2,317		25,000
Industrial & Other	20,096		1,180		—		21,276
Total revenue	$	89,765	$	41,267	$	29,734	$	160,766
	For the Three Months Ended
	July 2, 2021
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	11,857	$	7,259	$	20,664	$	39,780
Safe and Arm Devices	—		58,006		—		58,006
Commercial, Business & General Aviation	26,860		4,872		9,398		41,130
Medical	21,025		—		1,837		22,862
Industrial & Other	19,214		1,402		—		20,616
Total revenue	$	78,956	$	71,539	$	31,899	$	182,394

5. REVENUE AND SEGMENT INFORMATION (CONTINUED)

Disaggregation of Revenue - continued

	For the Six Months Ended
	July 1, 2022
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	18,995	$	11,951	$	32,353	$	63,299
Safe and Arm Devices	—		58,885		—		58,885
Commercial, Business & General Aviation	70,022		15,662		22,132		107,816
Medical	43,832		—		4,296		48,128
Industrial & Other	38,368		2,318		—		40,686
Total revenue	$	171,217	$	88,816	$	58,781	$	318,814
	For the Six Months Ended
	July 2, 2021
	Engineered Products		Precision Products		Structures		Total
In thousands
Defense	$	23,085	$	14,253	$	46,053	$	83,391
Safe and Arm Devices	—		99,592		—		99,592
Commercial, Business & General Aviation	51,932		15,774		21,382		89,088
Medical	39,677		—		3,768		43,445
Industrial & Other	36,041		2,453		—		38,494
Total revenue	$	150,735	$	132,072	$	71,203	$	354,010

Impacts from Current Economy

The U.S. economy is experiencing broad and rapid inflation and rising interest rates, as well as supply issues in material, services and labor due to economic policy, the coronavirus ("COVID-19") pandemic and, more recently, the war in Ukraine. These impacts are likely to persist through 2022 and beyond. We cannot predict the impact on the Company’s end markets or input costs nor the ability of the Company to recover cost increases through pricing.

The Company has implemented strategies to limit the risk COVID-19 poses 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, 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 six 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.

5. REVENUE AND SEGMENT INFORMATION (CONTINUED)

Disaggregation of Revenue - continued

The following table disaggregates total revenue by product types.

	For the Three Months Ended								For the Three Months Ended
	July 1, 2022								July 2, 2021
	Engineered Products		Precision Products		Structures		Total		Engineered Products		Precision Products		Structures		Total
Original Equipment Manufacturer	43	%	6	%	18	%	67	%	34	%	3	%	18	%	55	%
Aftermarket	13	%	7	%	—	%	20	%	9	%	4	%	—	%	13	%
Safe and Arm Devices	—	%	13	%	—	%	13	%	—	%	32	%	—	%	32	%
Total revenue	56	%	26	%	18	%	100	%	43	%	39	%	18	%	100	%
	For the Six Months Ended								For the Six Months Ended
	July 1, 2022								July 2, 2021
	Engineered Products		Precision Products		Structures		Total		Engineered Products		Precision Products		Structures		Total
Original Equipment Manufacturer	42	%	5	%	18	%	65	%	34	%	5	%	20	%	59	%
Aftermarket	12	%	5	%	—	%	17	%	9	%	4	%	—	%	13	%
Safe and Arm Devices	—	%	18	%	—	%	18	%	—	%	28	%	—	%	28	%
Total revenue	54	%	28	%	18	%	100	%	43	%	37	%	20	%	100	%

Research and Development

The following table presents research and development costs by segment:

	For the Three Months Ended				For the Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
In thousands
Engineered Products	$	2,121	$	1,781	$	4,364	$	4,603
Precision Products	2,984		1,436		5,787		2,838
Structures	110		21		177		23
Total research and development costs	$	5,215	$	3,238	$	10,328	$	7,464

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				For the Six Months Ended
	July 1, 2022		July 2, 2021		July 1, 2022		July 2, 2021
In thousands
Net increase (decrease) in revenue due to change in profit estimates	$	567	$	(3,446)	$	1,472	$	(581)

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

Backlog at July 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:

	July 1,  2022(1)		December 31, 2021
	(in thousands)
Engineered Products	$	224,563	$	169,144
Precision Products	196,406		180,082
Structures	353,939		351,697
Total Backlog	$	774,908	$	700,923

(1) The Company expects to recognize revenue on approximately 59% of backlog as of July 1, 2022 over the next twelve months.

^[1]

[1] The Company expects to recognize revenue on approximately 59% of backlog as of July 1, 2022 over the next twelve months.