v3.25.2
Business Segment Information
 6 Months Ended
Jun. 28, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
We supply products and services primarily to the aerospace and defense industries. Our subsidiaries are organized into two strategic businesses, Electronic Systems and Structural Systems, each of which is an operating segment as well as a reportable segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies.
Our chief operating decision maker (“CODM”) is the Chairman, President and Chief Executive Officer. The measure used by the CODM to assess segment performance is segment operating income. Monitoring of segment operating income budgeted versus actual results is used for assessing performance of the segment and in establishing management’s compensation.
Financial information by reportable segment was as follows:
(Dollars in thousands)
Three Months Ended		(Dollars in thousands)
Six Months Ended
June 28, 2025June 29, 2024June 28, 2025June 29, 2024
 Electronic SystemsStructural SystemsTotalElectronic SystemsStructural Systems (1)TotalElectronic SystemsStructural SystemsTotalElectronic SystemsStructural Systems (1)Total
Consolidated Net Revenues$110,228$92,032$202,260$101,440$95,560$197,000$219,974$176,400$396,374$208,979$178,868$387,847
Less: Significant Expenses
Cost of sales77,710 70,812 73,641 71,265 158,495 132,544 151,359 137,451 
Selling, general and administrative expenses11,454 11,160 10,993 11,625 22,194 23,076 21,386 24,968 
Restructuring charges81 527 — 2,111 171 863 459 3,022 
Segment Operating Income$20,983 $9,533 30,516 $16,806 $10,559 27,365 $39,114 $19,917 59,031 $35,775 $13,427 49,202 
Reconciliation of Profit or Loss (Segment Operating Income)
Unallocated Amounts:
Corporate general and administrative expenses (2)
(13,345)(13,441)(25,283)(22,656)
Operating Income17,171 13,924 33,748 26,546 
Interest Expense(3,008)(3,975)(6,271)(7,858)
Other Income1,746 — 1,746 — 
Income Before Taxes$15,909 $9,949 $29,223 $18,688 
(1) Structural systems restructuring charges for the three and six months ended ended June 29, 2024 each included $0.9 million recorded as cost of sales.
(2) Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
Additional financial information by reportable segment was as follows:
(Dollars in thousands)
Three Months Ended		(Dollars in thousands)
Six Months Ended
 June 28,
2025		June 29,
2024		June 28,
2025		June 29,
2024
Depreciation and Amortization Expenses
Electronic Systems$3,575 $3,662 $7,141 $7,294 
Structural Systems4,596 4,547 9,512 9,209 
Corporate Administration102 36 204 95 
Total Depreciation and Amortization Expenses$8,273 $8,245 $16,857 $16,598 
Capital Expenditures
Electronic Systems$783 $1,143 $3,048 $1,939 
Structural Systems3,129 1,353 5,243 2,877 
Corporate Administration — 723 13 3,148 
Total Capital Expenditures$3,912 $3,219 $8,304 $7,964 

Segment assets include assets directly identifiable with each segment. Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets:
(Dollars in thousands)
 June 28,
2025		December 31,
2024
Total Assets
Electronic Systems$529,444 $507,428 
Structural Systems 543,706 551,213 
Corporate Administration67,681 67,460 
Total Assets$1,140,831 $1,126,101 
Goodwill and Intangibles
Electronic Systems$159,282 $163,926 
Structural Systems 226,533 230,265 
Total Goodwill and Intangibles$385,815 $394,191