Business Combinations (Tables)

12 Months Ended

Dec. 31, 2022

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

This acquisition was accounted for under the acquisition method. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows (in thousands):

Accounts receivable(1)	$	7,635
Contract assets	171
Inventories	11,246
Property, plant and equipment	7,686
Goodwill	169,790
Other intangible assets	250,500
Contract costs, noncurrent	41
Liabilities	(5,729)
Net assets acquired	$	441,340
Less cash received	—
Net consideration	$	441,340

This acquisition was accounted for under the acquisition method. The assets acquired and liabilities assumed were recorded based on their fair values at the date of acquisition as follows (in thousands):

Cash	$	10,953
Restricted cash	1,932
Accounts receivable	9,525
Contract assets	784
Inventories	13,500
Property, plant and equipment	81,997
Operating right-of-use asset	653
Other tangible assets	2,492
Goodwill	95,089
Other intangible assets	110,300
Liabilities	(9,679)
Net assets acquired	317,546
Less cash received	(12,885)
Net consideration	$	304,661

Business Acquisition, Pro Forma Information

Pro Forma Information (Unaudited)

The following table reflects the unaudited pro forma operating results of the Company for the years ended December 31, 2022, 2021 and 2020 which assumes the acquisition of Aircraft Wheel and Brake occurred on January 1, 2021 and the acquisition of Bal Seal occurred on January 1, 2019. The pro forma results are based on assumptions that the Company believes are reasonable under the circumstances. The pro forma results are not necessarily indicative of the operating results that would have occurred had the acquisition of Aircraft Wheel and Brake been effective January 1, 2021 or had the acquisition of Bal Seal been effective January 1, 2019, nor are they intended to be indicative of results that may occur in the future. The underlying pro forma information includes the historical financial results of the Company and the acquired business adjusted for certain items discussed below. The pro forma information does not include the effects of any synergies, cost reduction initiatives or anticipated integration costs related to the acquisitions.

	For the year ended December 31,
	2022		2021		2020
In thousands
Net sales	$	740,960	$	778,167	$	784,459
(Loss) earnings from continuing operations	$	(41,679)	$	13,840	$	(35,681)
Net (loss) earnings	$	(41,679)	$	13,840	$	(34,989)