v3.26.1
Business Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information (As Restated)
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:
(In thousands)
Years Ended December 31,
202520242023
 Electronic SystemsStructural SystemsTotalElectronic SystemsStructural SystemsTotalElectronic SystemsStructural SystemsTotal
(As Restated)(As Restated)(As Restated)(As Restated)(As Restated)(As Restated)
Consolidated Net Revenues (1)
$462,682$362,157$824,839$431,363$355,079$786,442$430,136$326,856$756,992
Less: Significant Expenses
Cost of sales334,932 268,292 313,408 275,769 340,276 253,529 
Selling, general and administrative expenses45,435 45,352 44,112 48,079 41,629 41,579 
Restructuring charges141 2,096 177 6,267 6,145 8,288 
Segment Operating Income (1)
$82,174 $46,417 128,591 $73,666 $24,964 98,630 $42,086 $23,460 65,546 
Reconciliation of Profit or Loss (Segment Operating [Loss] Income)
Unallocated Amounts:
Corporate general and administrative expenses (2)
(164,326)(56,410)(36,520)
Restructuring charges— — (109)
Operating (Loss) Income(35,735)42,220 28,917 
Interest Expense(12,676)(15,304)(20,773)
Loss on Extinguishment of Debt(581)— — 
Other Income, Net1,746 — 8,235 
(Loss) Income Before Taxes$(47,246)$26,916 $16,379 
(1)The results for 2023 include BLR’s results of operations which have been included in our consolidated statements of operations since the date of acquisition in April 2023, as part of the Structural Systems segment.
(2)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.
Additional financial information by reportable segment was as follows:
(In thousands)
Years Ended December 31,
 202520242023
Depreciation and Amortization Expenses
Electronic Systems$14,302 $14,455 $14,276 
Structural Systems18,933 18,696 18,060 
Corporate Administration422 287 235 
Total Depreciation and Amortization Expenses$33,657 $33,438 $32,571 
Capital Expenditures
Electronic Systems$5,976 $4,908 $6,007 
Structural Systems8,515 6,281 13,127 
Corporate Administration166 3,220 — 
Total Capital Expenditures$14,657 $14,409 $19,134 
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 for 2025 and 2024:
(In thousands)
December 31,
 20252024
(As Restated)(As Restated)
Total Assets
Electronic Systems$561,954 $507,428 
Structural Systems538,109 551,213 
Corporate Administration (1)
86,352 67,632 
Total Assets$1,186,415 $1,126,273 
Goodwill and Intangibles
Electronic Systems$154,638 $163,926 
Structural Systems222,801 230,265 
Total Goodwill and Intangibles$377,439 $394,191 
(1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.