Accounting Changes and Error Corrections

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Change in Accounting Estimate

ACCOUNTING CHANGES

Revision of Previously Issued Consolidated Financial Statements

During the second quarter of 2023, the Company identified errors related to (1) the accounting for certain labor costs at one business in the Precision Products segment and (2) the net realizable value on certain portions of the Company's inventory at another business in the Structures segment, each resulting in an overstatement of inventory and an understatement of cost of sales and related tax impacts. The Company concluded that these errors were not material, either individually or in aggregate, to previously issued consolidated financial statements; however, the Company has determined it was appropriate to revise its previously issued consolidated financial statements as of December 31, 2022, and for the years ended December 31, 2022 and 2021 and its unaudited condensed consolidated financial statements as of and for the quarters and year-to-date fiscal periods ended July 1, 2022, September 30, 2022 and March 31, 2023. Accordingly, the accompanying financial statements and relevant footnotes to the condensed consolidated financial statements in this Annual Report on Form 10-K have been revised to correct for these errors. The Company will present the revision of its previously issued unaudited condensed consolidated financial statements for the quarter ended March 31, 2023 with the future filing of its Quarterly Report on Form 10-Q for the quarter ending March 29, 2024.

The revision to the accompanying unaudited condensed consolidated balance sheet, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income and condensed consolidated statement of cash flows are as follows. There were no changes to the consolidated statement of stockholders' equity that have not otherwise been reflected in the condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of comprehensive income as detailed in the tables below.

Condensed Consolidated Balance Sheet
In thousands
	December 31, 2022
	As Previously Reported		Adjustments		As Corrected
Assets
Inventories(1)	$	176,468	$	(4,085)	$	172,383
Income tax refunds receivable	13,981		862		14,843
Total	$	190,449	$	(3,223)	$	187,226
Shareholders' equity
Retained earnings	$	688,457	$	(3,223)	$	685,234
	December 31, 2021
	As Previously Reported		Adjustments		As Corrected
Assets
Inventories(2)	$	193,100	$	(1,110)	$	191,990
Income tax refunds receivable	13,832		234		14,066
Total	$	206,932	$	(876)	$	206,056
Shareholders' equity
Retained earnings	$	750,445	$	(876)	$	749,569

(1) At December 31, 2022, the adjustments to inventories consisted of an adjustment of $2.5 million for certain labor costs at a business within the Precision Products segment and an adjustment of $1.6 million for the net realizable value on certain portions of the inventory at a business within the Structures segment.

(2) At December 31, 2021, the adjustments to inventories consisted of an adjustment of $1.1 million for certain labor costs at a business within the Precision Products segment.

2. ACCOUNTING CHANGES (CONTINUED)

Revision of Previously Issued Consolidated Financial Statements - continued

Condensed Consolidated Statements of Operations
In thousands, except per share amounts
	December 31, 2022
	As Previously Reported		Adjustments		As Corrected
Cost of sales	$	464,470	$	2,975	$	467,445
Income tax benefit	(16,732)		(628)		(17,360)
Net loss	(46,226)		(2,347)		(48,573)
Basic loss per share	$	(1.65)	$	(0.08)	$	(1.73)
Diluted loss per share	$	(1.65)	$	(0.08)	$	(1.73)
	December 31, 2021
	As Previously Reported		Adjustments		As Corrected
Cost of sales	$	472,375	$	7	$	472,382
Income tax expense	16,832		(1)		16,831
Net earnings	43,676		(6)		43,670
Basic earnings per share	$	1.57	$	—	$	1.57
Diluted earnings per share	$	1.57	$	—	$	1.57

Condensed Consolidated Statements of Comprehensive (Loss) Income
In thousands
	December 31, 2022
	As Previously Reported		Adjustments		As Corrected
Comprehensive loss	$	(93,262)	$	(2,347)	$	(95,609)
	December 31, 2021
	As Previously Reported		Adjustments		As Corrected
Comprehensive income	$	63,112	$	(6)	$	63,106

Condensed Consolidated Statement of Cash Flows
In thousands
	December 31, 2022
	As Previously Reported		Adjustments		As Corrected
Net loss	$	(46,226)	$	(2,347)	$	(48,573)
Inventories	(17,848)		2,975		(14,873)
Income tax refunds receivable	(144)		(628)		(772)
Net cash provided by operating activities	20,969		—		20,969
	December 31, 2021
	As Previously Reported		Adjustments		As Corrected
Net earnings	$	43,676	$	(6)	$	43,670
Inventories	(10,357)		7		(10,350)
Income tax refunds receivable	(8,565)		(1)		(8,566)
Net cash provided by operating activities	48,698		—		48,698