Segment Information

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Segment Information

Segment Information

Below are the sales and operating profit by segment for the three months ended April 1, 2023 and April 2, 2022 and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.

	Three Months Ended
(In thousands)	April 1, 2023			April 2, 2022
Sales:
Aerospace	$	135,715		$	101,394
Less Inter-segment Sales	(118)			—
Total Aerospace Sales	135,597			101,394
Test Systems	20,941			14,798
Less Inter-segment Sales	—			(16)
Total Test Systems Sales	20,941			14,782
Total Consolidated Sales	$	156,538		$	116,176
Segment Measure of Operating Profit and Margins
Aerospace	$	4,087		$	3,050
	3.0		%	3.0		%
Test Systems	(597)			(1,787)
	(2.9)		%	(12.1)		%
Total Segment Measure of Operating Profit	3,490			1,263
	2.2		%	1.1		%
Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business	(3,427)			(11,284)
Interest Expense, Net of Interest Income	5,470			1,631
Corporate Expenses and Other	4,572			5,892
(Loss) Income Before Income Taxes	$	(3,125)		$	5,024

During the three months ended April 1, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits operating loss for the period. Absent that benefit, Test Systems’ operating loss was $6.4 million. In the quarter ended April 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. Corporate expenses and other for the quarter ended April 1, 2023 includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make

the associated payment. This amount is included in Other Income, Net of Other Expense in the Consolidated Condensed Statement of Operations.

Total Assets:

(In thousands)	April 1, 2023		December 31, 2022
Aerospace	$	498,348	$	481,416
Test Systems	103,778		111,513
Corporate	14,282		22,102
Total Assets	$	616,408	$	615,031