Segment Information (Tables)

6 Months Ended

Jul. 01, 2023

Schedule of Segment Reporting Information

Below are the sales and operating profit (loss) by segment for the three and six months ended July 1, 2023 and July 2, 2022 and a reconciliation of segment operating profit (loss) to loss before income taxes. Operating profit (loss) 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.


	Six Months Ended						Three Months Ended
(In thousands)	July 1, 2023			July 2, 2022			July 1, 2023			July 2, 2022
Sales:
Aerospace	$	294,101		$	210,694		$	158,386		$	109,300
Less Inter-segment Sales	(122)			(10)			(4)			(10)
Total Aerospace Sales	293,979			210,684			158,382			109,290
Test Systems	37,013			34,638			16,072			19,840
Less Inter-segment Sales	—			(19)			—			(3)
Total Test Systems Sales	37,013			34,619			16,072			19,837
Total Consolidated Sales	$	330,992		$	245,303		$	174,454		$	129,127
Segment Measure of Operating Profit (Loss) and Margins
Aerospace	$	17,806		$	(226)		$	13,719		$	(3,276)
	6.1		%	(0.1)		%	8.7		%	(3.0)		%
Test Systems	(6,740)			(1,813)			(6,143)			(26)
	(18.2)		%	(5.2)		%	(38.2)		%	(0.1)		%
Total Segment Measure of Operating Profit (Loss)	11,066			(2,039)			7,576			(3,302)
	3.3		%	(0.8)		%	4.3		%	(2.6)		%
Deductions from Segment Measure of Operating Profit (Loss):
Net Gain on Sale of Business	(3,427)			(11,284)			—			—
Interest Expense, Net of Interest Income	11,390			3,293			5,920			1,662
Corporate Expenses and Other	10,130			11,277			5,558			5,385
Loss Before Income Taxes	$	(7,027)		$	(5,325)		$	(3,902)		$	(10,349)

During the six months ended July 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 $12.6 million. Corporate expenses and other for the six months ended July 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. In the six months ended July 2, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment.

Total Assets:


(In thousands)	July 1, 2023		December 31, 2022
Aerospace	$	520,564	$	481,416
Test Systems	119,440		111,513
Corporate	13,584		22,102
Total Assets	$	653,588	$	615,031