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SEGMENTS
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENTS SEGMENTS
Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows:
(In thousands)202320222021
Sales:
Aerospace$605,001 $461,206 $365,261 
Less Inter-segment Sales(171)(10)(23)
Total Aerospace Sales604,830 461,196 365,238 
Test Systems84,376 73,717 80,027 
Less Inter-segment Sales— (19)(357)
Test Systems84,376 73,698 79,670 
Total Consolidated Sales$689,206 $534,894 $444,908 
Operating Income (Loss) and Margins:
Aerospace$24,629 $(1,883)$(8,614)
4.1 %(0.4)%(2.4)%
Test Systems(8,745)(8,118)(3,765)
(10.4)%(11.0)%(4.7)%
Total Operating Income (Loss)$15,884 $(10,001)$(12,379)
2.3 %(1.9)%(2.8)%
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses$3,427 $11,284 $10,677 
Interest Expense, Net of Interest Income(23,328)(9,422)(6,804)
Corporate and Other Expenses, Net(22,294)(21,654)(18,454)
Loss before Income Taxes$(26,311)$(29,793)$(26,960)
Depreciation and Amortization:
Aerospace$20,801 $22,384 $23,349 
Test Systems5,068 4,341 5,022 
Corporate235 1,052 634 
Total Depreciation and Amortization$26,104 $27,777 $29,005 
Assets:
Aerospace$493,660 $481,416 
Test Systems122,681 111,513 
Corporate17,451 22,102 
Total Assets$633,792 $615,031 
Capital Expenditures:
Aerospace$5,003 $4,289 $4,932 
Test Systems2,640 3,299 1,082 
Corporate— 87 20 
Total Capital Expenditures$7,643 $7,675 $6,034 
Operating income (loss) is sales less cost of products sold and other operating expenses, excluding interest expense and other corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment.
During the year ended December 31, 2023, a $3.6 million inventory reserve and a $7.5 million allowance for estimated credit losses associated with a bankrupt customer was recorded as an expense, negatively impacting Aerospace Operating Income. During the year ended December 31, 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 Test Systems’ operating loss for the year. Corporate expenses and other for the year ended December 31, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity
investment, as we are no longer required to make the associated payment. This amount is included in Other Income, Net. In the year ended December 31, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment.
The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31:
(In thousands)202320222021
United States$518,096 $419,431 $350,428 
North America (excluding United States)14,878 9,222 6,990 
Asia26,165 21,242 21,089 
Europe123,682 78,625 62,138 
South America2,071 3,629 1,082 
Other4,314 2,745 3,181 
Total$689,206 $534,894 $444,908 
The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31:
(In thousands)20232022
United States$77,939 $82,317 
France6,417 6,974 
India487 653 
Canada593 714 
Total$85,436 $90,658 
Sales recorded by the Company’s foreign operations were $69.3 million, $50.0 million and $36.6 million in 2023, 2022 and 2021, respectively. Net income (loss) from foreign operations was $5.3 million, $(0.2) million and $(3.8) million in 2023, 2022 and 2021, respectively. Net assets held outside of the U.S. total $39.1 million and $36.6 million at December 31, 2023 and 2022, respectively. The exchange gain (loss) included in determining net income (loss) was insignificant in 2023, 2022 and 2021. Cumulative translation adjustments amounted to $6.4 million and $7.3 million at December 31, 2023 and 2022, respectively.
The Company has a significant concentration of business with The Boeing Company (“Boeing”). Sales to Boeing are primarily in the Aerospace segment. The following is information relating to the activity with this customer:
202320222021
Percent of Consolidated Sales
Boeing11.0%11.0%10.0%
(In thousands)20232022
Accounts Receivable at December 31,
Boeing$17,314 $16,860