Astronics (ATRO) 10-Q 9 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	0-7087
Entity Registrant Name	ASTRONICS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0959303
Entity Address, Address Line One	130 Commerce Way
Entity Address, City or Town	East Aurora
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14052
City Area Code	716
Local Phone Number	805-1599
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	ATRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0000008063
Current Fiscal Year End Date	--12-31
Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		27,948,897
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		5,991,581

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 3,981	$ 13,778
Restricted Cash	3,670	0
Accounts Receivable, Net of Allowance for Estimated Credit Losses	152,961	147,790
Inventories	203,900	187,983
Prepaid Expenses and Other Current Assets	16,714	15,743
Total Current Assets	381,226	365,294
Property, Plant and Equipment, Net of Accumulated Depreciation	86,742	90,658
Operating Right-of-Use Assets	28,137	13,028
Other Assets	7,915	8,605
Intangible Assets, Net of Accumulated Amortization	68,682	79,277
Goodwill	58,169	58,169
Total Assets	630,871	615,031
Current Liabilities:
Current Maturities of Long-term Debt	8,996	4,500
Accounts Payable	69,561	64,193
Current Operating Lease Liabilities	4,598	4,441
Accrued Expenses and Other Current Liabilities	48,941	45,911
Customer Advance Payments and Deferred Revenue	26,127	32,567
Total Current Liabilities	158,223	151,612
Long-term Debt	160,000	159,500
Long-term Operating Lease Liabilities	25,025	9,942
Other Liabilities	55,216	54,057
Total Liabilities	398,464	375,111
Shareholders’ Equity:
Common Stock	368	354
Accumulated Other Comprehensive Loss	(9,086)	(9,526)
Other Shareholders’ Equity	241,125	249,092
Total Shareholders’ Equity	232,407	239,920
Total Liabilities and Shareholders’ Equity	$ 630,871	$ 615,031

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Statement [Abstract]
Sales	$ 162,922	$ 131,438	$ 493,914	$ 376,741
Cost of Products Sold	142,304	117,050	413,091	326,711
Gross Profit	20,618	14,388	80,823	50,030
Selling, General and Administrative Expenses	35,097	28,702	95,276	76,907
Loss from Operations	(14,479)	(14,314)	(14,453)	(26,877)
Net Gain on Sale of Business	0	0	(3,427)	(11,284)
Other (Income) Expense, Net of Other Expense (Income)	348	427	(562)	1,180
Interest Expense, Net of Interest Income	5,991	2,519	17,381	5,812
Loss Before Income Taxes	(20,818)	(17,260)	(27,845)	(22,585)
Provision for (Benefit from) Income Taxes	(3,835)	(2,403)	5,552	6,383
Net Loss	$ (16,983)	$ (14,857)	$ (33,397)	$ (28,968)
Loss Per Share:
Basic (in usd per share)	$ (0.51)	$ (0.46)	$ (1.02)	$ (0.90)
Diluted (in usd per share)	$ (0.51)	$ (0.46)	$ (1.02)	$ (0.90)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Statement of Comprehensive Income [Abstract]
Net Loss	$ (16,983)	$ (14,857)	$ (33,397)	$ (28,968)
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	(828)	(1,674)	(117)	(3,241)
Retirement Liability Adjustment – Net of Tax	185	348	557	1,046
Total Other Comprehensive Income (Loss)	(643)	(1,326)	440	(2,195)
Comprehensive Loss	$ (17,626)	$ (16,183)	$ (32,957)	$ (31,163)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022
Cash Flows from Operating Activities:
Net Loss	$ (33,397)	$ (28,968)
Adjustments to Reconcile Net Loss to Cash Flows from Operating Activities:
Depreciation and Amortization	19,758	20,905
Amortization of Deferred Financing Fees	2,148	0
Provisions for Non-Cash Losses on Inventory and Receivables	13,713	1,033
Equity-based Compensation Expense	5,603	5,178
Operating Lease Non-Cash Expense	3,816	4,568
Non-Cash Accrued 401K Contribution	3,773	3,300
Net Gain on Sale of Business, Before Taxes	(3,427)	(11,284)
Non-Cash Litigation Provision Adjustment	(1,305)	2,000
Non-Cash Deferred Liability Recovery	(5,824)	0
Other	911	2,997
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(12,980)	(28,196)
Inventories	(24,024)	(35,444)
Accounts Payable	4,033	17,595
Accrued Expenses	5,111	935
Customer Advance Payments and Deferred Revenue	(562)	1,990
Income Taxes	3,443	14,583
Operating Lease Liabilities	(3,660)	(5,715)
Supplemental Retirement Plan Liabilities	(304)	(306)
Other Assets and Liabilities	898	(4,312)
Net Cash Used by Operating Activities	(22,276)	(39,141)
Cash Flows from Investing Activities:
Proceeds from Sale of Business and Assets	3,427	21,981
Capital Expenditures	(6,037)	(4,283)
Net Cash (Used) Provided by Investing Activities	(2,610)	17,698
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	135,732	109,625
Principal Payments on Long-term Debt	(125,984)	(113,625)
Stock Award Activity	2,480	104
Proceeds from At-the-Market Stock Sales	13,045	0
Finance Lease Principal Payments	(47)	(85)
Debt Acquisition Costs	(6,447)	(968)
Net Cash Provided (Used) by Financing Activities	18,779	(4,949)
Effect of Exchange Rates on Cash	(20)	(797)
Decrease in Cash and Cash Equivalents and Restricted Cash	(6,127)	(27,189)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	13,778	29,757
Cash and Cash Equivalents and Restricted Cash at End of Period	7,651	2,568
Supplemental Disclosure of Cash Flow Information
Non-Cash Investing Activities: Capital Expenditures in Accounts Payable	$ 0	$ 1,392

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock	Common Stock Convertible Class B Stock	Additional Paid in Capital	Accumulated Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning of Period at Dec. 31, 2021		$ 289	$ 64	$ 92,037	$ (14,495)	$ 287,225	$ (108,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		1
Class B Stock Converted to Common Stock		1	(1)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				5,579
Tax Withholding Related to Issuance of RSU’s				(298)
Foreign Currency Translation Adjustments	$ (3,241)				(3,241)
Retirement Liability Adjustment – Net of Taxes					1,046
Net Loss	(28,968)					(28,968)
Shares Issued to Fund 401K Obligation						(9,158)	15,523
End of Period at Oct. 01, 2022	237,088	$ 291	$ 63	97,318	(16,690)	249,099	$ (92,993)
Beginning of Period (in shares) at Dec. 31, 2021		28,911,000	6,375,000
Beginning of Period (in shares) at Dec. 31, 2021							3,808,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance from Exercise of Stock Options (in shares)		20,000	24,000
Net Issuance of Common Stock for RSU’s (in shares)		105,000
Class B Stock Converted to Common Stock (in shares)		74,000	(74,000)
Shares issued to fund 401k obligation (in shares)							(545,000)
End of Period (in shares) at Oct. 01, 2022		29,110,000	6,325,000
End of Period (in shares) at Oct. 01, 2022							3,263,000
Beginning of Period at Jul. 02, 2022		$ 290	$ 64	95,861	(15,364)	266,338	$ (96,513)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class B Stock Converted to Common Stock		1	(1)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				1,457
Foreign Currency Translation Adjustments	(1,674)				(1,674)
Retirement Liability Adjustment – Net of Taxes					348
Net Loss	(14,857)					(14,857)
Shares Issued to Fund 401K Obligation						(2,382)	3,520
End of Period at Oct. 01, 2022	237,088	$ 291	$ 63	97,318	(16,690)	249,099	$ (92,993)
Beginning of Period (in shares) at Jul. 02, 2022		29,047,000	6,331,000
Beginning of Period (in shares) at Jul. 02, 2022							3,387,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance of Common Stock for RSU’s (in shares)		57,000
Class B Stock Converted to Common Stock (in shares)		6,000	(6,000)
Shares issued to fund 401k obligation (in shares)							(124,000)
End of Period (in shares) at Oct. 01, 2022		29,110,000	6,325,000
End of Period (in shares) at Oct. 01, 2022							3,263,000
Beginning of Period at Dec. 31, 2022	239,920	$ 291	$ 63	98,630	(9,526)	240,360	$ (89,898)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock Through At-the-Market (“ATM”) Offering		8		13,611
Net Exercise of Stock Options, including ESPP		4
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		2
Class B Stock Converted to Common Stock		3	(3)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				8,714
Tax Withholding Related to Issuance of RSU’s				(636)
Foreign Currency Translation Adjustments	(117)				(117)
Retirement Liability Adjustment – Net of Taxes					557
Net Loss	(33,397)					(33,397)
Shares Issued to Fund 401K Obligation						(3,142)	6,883
End of Period at Sep. 30, 2023	232,407	$ 308	$ 60	120,319	(9,086)	203,821	$ (83,015)
Beginning of Period (in shares) at Dec. 31, 2022		29,122,000	6,314,000
Beginning of Period (in shares) at Dec. 31, 2022							3,155,000
Increase (Decrease) in Stockholders' Equity (in shares)
Issuance of Common Stock Through ATM Offering (in shares)		834,000
Net Issuance from Exercise of Stock Options (in shares)		438,000
Net Issuance of Common Stock for RSU’s (in shares)		145,000
Class B Stock Converted to Common Stock (in shares)		305,000	(305,000)
Shares issued to fund 401k obligation (in shares)							(242,000)
End of Period (in shares) at Sep. 30, 2023		30,844,000	6,009,000
End of Period (in shares) at Sep. 30, 2023							2,913,000
Beginning of Period at Jul. 01, 2023		$ 295	$ 60	102,020	(8,443)	221,698	$ (85,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock Through At-the-Market (“ATM”) Offering		8		13,611
Net Exercise of Stock Options, including ESPP		4
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		1
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				4,721
Tax Withholding Related to Issuance of RSU’s				(33)
Foreign Currency Translation Adjustments	(828)				(828)
Retirement Liability Adjustment – Net of Taxes					185
Net Loss	(16,983)					(16,983)
Shares Issued to Fund 401K Obligation						(894)	2,214
End of Period at Sep. 30, 2023	$ 232,407	$ 308	$ 60	$ 120,319	$ (9,086)	$ 203,821	$ (83,015)
Beginning of Period (in shares) at Jul. 01, 2023		29,478,000	6,049,000
Beginning of Period (in shares) at Jul. 01, 2023							2,991,000
Increase (Decrease) in Stockholders' Equity (in shares)
Issuance of Common Stock Through ATM Offering (in shares)		834,000
Net Issuance from Exercise of Stock Options (in shares)		437,000
Net Issuance of Common Stock for RSU’s (in shares)		55,000
Class B Stock Converted to Common Stock (in shares)		40,000	(40,000)
Shares issued to fund 401k obligation (in shares)							(78,000)
End of Period (in shares) at Sep. 30, 2023		30,844,000	6,009,000
End of Period (in shares) at Sep. 30, 2023							2,913,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. In addition, the COVID-19 pandemic and supply chain disruptions have increased the volatility we experience in our financial results in recent periods and this could continue in future interim and annual periods. Operating results for the nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet on December 31, 2022, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. For further information, refer to the financial statements and footnotes included in Astronics Corporation’s 2022 annual report on Form 10-K. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, systems and certification, aircraft structures, and automated test systems. We have principal operations in the United States (“U.S.”), Canada, France, and England, as well as engineering offices in Ukraine and India. On February 13, 2019, the Company completed a divestiture of its semiconductor test business within the Test Systems segment. The transaction included two elements of contingent earnouts. In March 2022, the Company agreed with the earnout calculation for the calendar 2021 earnout for $11.3 million. The Company recorded the gain and received the payment in the first quarter of 2022. In March 2023, the Company agreed with the final earnout calculation for the calendar 2022 earnout for $3.4 million. The Company recorded the gain and received the payment in the first quarter of 2023. In April 2023, the Test Systems segment implemented restructuring initiatives to align the workforce and management structure with near-term revenue expectations and operational needs. The Company incurred $0.6 million in severance charges during the nine months ended September 30, 2023 recorded as selling, general and administrative expenses, of which $0.1 million remain unpaid as of September 30, 2023. In November 2023, a non-core contract manufacturing customer reported within the Aerospace segment filed for bankruptcy under Chapter 11. As a result, the Company recorded a full reserve of $7.5 million for outstanding accounts receivable and $3.6 million for dedicated inventory. The reserves are non-cash in the current quarter and year to date, as the associated assets existed prior to 2023. Impact of the COVID-19 Pandemic On March 11, 2020, the World Health Organization classified the COVID-19 outbreak as a pandemic. The spread of the COVID-19 pandemic disrupted businesses on a global scale, led to significant volatility in financial markets, and affected the aviation and industrial industries. The impacts of the pandemic continue to place labor and supply chain pressures on our business and we have been impacted by customer demand variability. Although we saw a stable and growing backlog during 2022 and into 2023 in our aerospace business, supply chain-related disruptions are ongoing and continue to adversely challenge our markets. While we remain bullish about the aerospace business, we believe the recovery to pre-pandemic activity, particularly in the widebody market, will take longer than originally anticipated at the outset of the pandemic. As economic activity continues to recover, we will continue to monitor the situation, assessing further possible implications on our operations, supply chain, liquidity, cash flow, and customer orders. In September 2021 the Company was awarded a grant of up to $14.7 million from the U.S. Department of Transportation (“USDOT”) under the Aviation Manufacturing Jobs Protection Program (“AMJP”). The Company received $5.2 million in the first quarter of 2022. The grant benefit was recognized ratably over the performance period as a reduction to cost of products sold in proportion to the compensation expense that the award was intended to defray. During the nine months ended October 1, 2022, the Company recognized $6.0 million of the award. Restricted Cash Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7), the Company has a lockbox arrangement with the banking institution for its accounts within the United States whereby daily lockbox receipts are contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility debt. Lockbox balances that have not yet been applied to the ABL Revolving Credit Facility are classified as restricted cash in the accompanying Consolidated Condensed Balance Sheets. The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) September 30, 2023 October 1, 2022 Cash and Cash Equivalents $ 3,981 $ 2,568 Restricted Cash 3,670 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 7,651 $ 2,568 Trade Accounts Receivable and Contract Assets The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay. In November 2023, a non-core contract manufacturing customer filed for bankruptcy under Chapter 11, and as a result, an additional allowance for credit losses was recorded on outstanding receivables of $7.5 million in the three and nine months ended September 30, 2023. The allowance for estimated credit losses balance was $9.2 million and $2.6 million at September 30, 2023 and December 31, 2022, respectively. The Company’s bad debt expense was $7.5 million and $7.7 million during the three and nine months ended September 30, 2023, and $0.3 million and $0.4 million during the three and nine months ended October 1, 2022. Total write-offs charged against the allowance were $0.4 million and $1.2 million in the three and nine months ended September 30, 2023, and insignificant in the three and nine months ended October 1, 2022. Total recoveries were insignificant in the three and nine months ended September 30, 2023 and October 1, 2022. The Company's exposure to credit losses may increase if its customers are adversely affected by global economic recessions, disruption associated with the COVID-19 pandemic or the Russian/Ukrainian conflict, industry conditions, or other customer-specific factors. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables and contract assets as airlines and other aerospace companies’ cash flows are impacted by the COVID-19 pandemic and associated supply chain disruptions. Research and Development Expenses Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs, and depreciation. Research and development expenses amounted to $14.1 million and $12.0 million for the three months ended and $39.5 million and $36.8 million for the nine months ended September 30, 2023 and October 1, 2022, respectively. These costs are included in cost of products sold. Valuation of Goodwill and Long-Lived Assets The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value. As of September 30, 2023 and October 1, 2022, the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed in the nine-month periods then ended. Foreign Currency Translation The aggregate foreign currency transaction gain or loss included in operations was insignificant for the three and nine months ended September 30, 2023 and October 1, 2022. Newly Adopted Accounting Pronouncement We consider the applicability and impact of all ASUs. Recent ASUs were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

Revenue

Revenue	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On September 30, 2023, we had $604.3 million of remaining performance obligations, which we refer to as total backlog. In conjunction with the customer bankruptcy discussed in Note 1, we have removed all outstanding backlog, approximately $19.9 million, related to such customer. We expect to recognize approximately $505.3 million of our remaining performance obligations as revenue over the next twelve months and the balance thereafter. We recognized $9.3 million and $7.3 million during the three months ended and $22.1 million and $13.3 million during the nine months ended September 30, 2023 and October 1, 2022, respectively, in revenues that were included in the contract liability balance at the beginning of the period. The Company's contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities during the nine months ended September 30, 2023: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2023 $ 27,349 $ 33,209 Ending Balance, September 30, 2023 $ 39,654 $ 27,029 The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Work in Progress within Inventories in the accompanying Consolidated Condensed Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. As of September 30, 2023 and December 31, 2022, the Company capitalized $4.2 million and $2.5 million of costs, respectively. The following table presents our revenue disaggregated by Market Segments as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Aerospace Segment Commercial Transport $ 308,016 $ 211,721 $ 101,724 $ 78,389 Military Aircraft 44,335 41,336 16,687 12,463 General Aviation 60,656 48,748 16,193 14,751 Other 23,076 21,056 7,500 6,574 Aerospace Total 436,083 322,861 142,104 112,177 Test Systems Segment Government & Defense 57,831 53,880 20,818 19,261 Test Systems Total 57,831 53,880 20,818 19,261 Total $ 493,914 $ 376,741 $ 162,922 $ 131,438 The following table presents our revenue disaggregated by Product Lines as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Aerospace Segment Electrical Power & Motion $ 185,712 $ 132,757 $ 64,312 $ 46,155 Lighting & Safety 116,967 90,339 38,496 29,740 Avionics 83,011 67,453 22,347 24,172 Systems Certification 19,832 6,656 6,535 3,985 Structures 7,485 4,600 2,914 1,551 Other 23,076 21,056 7,500 6,574 Aerospace Total 436,083 322,861 142,104 112,177 Test Systems 57,831 53,880 20,818 19,261 Total $ 493,914 $ 376,741 $ 162,922 $ 131,438

Inventories

Inventories	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: ( In thousands ) September 30, 2023 December 31, 2022 Finished Goods $ 32,690 $ 30,703 Work in Progress 34,532 29,895 Raw Material 136,678 127,385 $ 203,900 $ 187,983

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment consisted of the following: (In thousands) September 30, 2023 December 31, 2022 Land $ 8,567 $ 8,578 Buildings and Improvements 71,255 73,744 Machinery and Equipment 125,578 123,071 Construction in Progress 6,013 6,415 211,413 211,808 Less Accumulated Depreciation 124,671 121,150 $ 86,742 $ 90,658

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes acquired intangible assets as follows: September 30, 2023 December 31, 2022 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,132 $ 2,146 $ 2,066 Non-compete Agreement 4 years 11,082 11,067 11,082 11,052 Trade Names 10 years 11,393 9,879 11,402 9,350 Completed and Unpatented Technology 9 years 47,840 38,010 47,855 34,877 Customer Relationships 15 years 142,107 84,798 142,133 77,996 Total Intangible Assets 12 years $ 214,568 $ 145,886 $ 214,618 $ 135,341 All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amortization Expense $ 10,577 $ 11,254 $ 3,381 $ 3,728 Amortization expense for acquired intangible assets expected for 2023 and for each of the next five years is summarized as follows: (In thousands) 2023 $ 13,893 2024 $ 12,856 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037

Goodwill

Goodwill	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2023: (In thousands) December 31, 2022 Foreign Currency Translation September 30, 2023 Aerospace $ 36,534 $ — $ 36,534 Test Systems 21,635 — 21,635 $ 58,169 $ — $ 58,169

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Long-term Debt and Notes Payable	Long-term Debt and Notes Payable The Company's long-term debt on December 31, 2022, consisted of borrowings under its Fifth Amended and Restated Credit Agreement (the “Agreement”). The maturity date of the loans under the Agreement was November 30, 2023. On December 31, 2022, there was $164.0 million outstanding on the Agreement and there remained $6.0 million available. The Company amended the Agreement on January 19, 2023, by entering into the Sixth Amended and Restated Credit Agreement (the “ABL Revolving Credit Facility”). The ABL Revolving Credit Facility set the maximum aggregate amount that the Company can borrow under the revolving credit line at $115 million, with borrowings subject to a borrowing base determined primarily by certain domestic inventory and accounts receivable. The maturity date of borrowings under the ABL Revolving Credit Facility is January 19, 2026. Under the terms of the ABL Revolving Credit Facility, the Company pays interest on the unpaid principal amount of the facility at a rate equal to SOFR (which is required to be at least 1.00%) plus 2.25% to 2.75%. The Company will pay a quarterly commitment fee under the ABL Revolving Credit Facility in an amount equal to 0.25% or 0.375% based on the Company’s average excess availability. On June 28, 2023, the Company amended the ABL Revolving Credit Facility, temporarily increasing the maximum aggregate amount that the Company can borrow under the revolving credit line by $5 million from $115 million to $120 million until October 31, 2023, at which time the limit was to return to $115 million. On October 31, 2023, the Company executed a second amendment to the ABL Revolving Credit facility to extend the temporary limit of $120 million until January 31, 2024. Under the provisions of the ABL Revolving Credit Facility, the Company has a cash dominion arrangement with the lead banking institution whereby eligible daily cash receipts are contractually utilized to pay down outstanding borrowings. Eligible cash receipts that have not yet been applied to outstanding debt balances are classified as restricted cash in the accompanying consolidated balance sheets. The Company is also required to maintain minimum liquidity of $20 million through the date of delivery of the compliance certificate for the quarter ended March 31, 2024, and $10 million thereafter. On September 30, 2023, there was $86.0 million outstanding on the ABL Revolving Credit Facility and there remained $33.7 million available, net of outstanding letters of credit. The Company also entered into a $90 million asset-based credit agreement (the “Term Loan Facility”) on January 19, 2023. The Term Loan Facility is secured primarily by fixed assets, real estate, and intellectual property. The maturity date of the Term Loan Facility is the earlier of the stated maturity date of the ABL Revolving Credit Facility or January 19, 2027, provided the ABL Revolving Credit Facility is extended beyond that date. The Company pays interest under the Term Loan Facility at a rate equal to SOFR (which is required to be at least 2.50%) plus 8.75%. The Company will pay a commitment fee under the Term Loan Facility of 5% of the total aggregate commitment, or $4.5 million, $1.8 million which was paid on the closing date, $1.8 million which was paid on June 20, 2023, and $0.9 million of which will be paid in the second quarter of 2024. Amortization of the principal under the Term Loan Facility began in April with a monthly amortization rate of 0.292% of the outstanding term loan principal balance for the period April 1, 2023 through June 1, 2023, increased to 0.542% per month for the period July 1, 2023 through September 1, 2023, and increased to 0.833% thereafter. Total scheduled principal payments of approximately $9.0 million are payable over the next twelve months and as such, have been classified as current in the accompanying Consolidated Condensed Balance Sheet as of September 30, 2023. The weighted-average interest rate on current maturities of long-debt is 14.1%. The remaining balance of $78.8 million on September 30, 2023, is recorded as long-term in the accompanying Consolidated Condensed Balance Sheet. Pursuant to the ABL Revolving Credit Facility and the Term Loan Facility, the Company is required to comply with a minimum trailing four-quarter EBITDA of $23.3 million in the second quarter, $39.2 million in the third quarter, $51.7 million in the fourth quarter, $57.6 million in the first quarter of 2024, $65.2 million in the second quarter of 2024 and $70 million thereafter. The non-cash accounts receivable reserve recorded in the quarter was not required to be included in the calculation of EBITDA pursuant to our ABL Revolving Credit Facility and the Term Loan Facility. In addition, mandatory prepayment of a portion of excess cash flow, as defined by the Term Loan Facility, is payable towards the principal amount outstanding on an annual basis. Any voluntary prepayments made are subject to a prepayment fee, as defined by the Term Loan Facility. Beginning with the first quarter of 2024, the Company is subject to a minimum fixed charge coverage ratio of 1.10 to 1.00. Further, the Company is subject to restrictions on additional indebtedness, share repurchases and dividend payments, and a limitation on capital expenditures. The Company is in compliance with all covenant requirements as of September 30, 2023. The Company incurred $8.6 million in incremental debt issuance costs related to the new facilities, allocated between the ABL Revolving Credit Facility and the Term Loan Facility. All costs are amortized to interest expense over the term of the respective agreement. Unamortized deferred debt issuance costs associated with the ABL Revolving Credit Facility ($2.2 million as of September 30, 2023) are recorded within other assets and those associated with the Term Loan Facility ($4.8 million as of September 30, 2023) are recorded as a reduction of the carrying value of the debt on the Consolidated Condensed Balance Sheet. Certain of the Company’s subsidiaries are borrowers or guarantors under the ABL Revolving Credit Facility and the Term Loan Facility. In the event of voluntary or involuntary bankruptcy of the Company or any subsidiary, all unpaid principal and other amounts owing under the credit facilities automatically become due and payable. Other events of default, such as failure to make payments as they become due and breach of financial and other covenants, change of control, cross-default under other material debt agreements, and a going concern qualification for any reason other than loan maturity date give the agent the option to declare all such amounts immediately due and payable. The Company expects its sales growth, reductions in working capital and availability under its ABL Revolving Credit Facility will provide sufficient cash flows to fund operations. However, the Company may also evaluate various actions and alternatives to enhance its profitability and cash generation from operating activities, which could include manufacturing efficiency initiatives, cost-reduction measures, working with vendors and suppliers to reduce lead times and expedite shipment of critical components, and working with customers or other institutions to expedite receivable collections.

Product Warranties

Product Warranties	9 Months Ended
	Sep. 30, 2023
Guarantees [Abstract]
Product Warranties	Product Warranties In the ordinary course of business, the Company warrants its products against defects in design, materials, and workmanship typically over periods ranging from twelve Activity in the warranty accrual is summarized as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Balance at Beginning of Period $ 8,009 $ 8,183 $ 7,705 $ 7,759 Warranties Issued 4,463 2,541 2,555 858 Warranties Settled (3,060) (2,769) (909) (859) Reassessed Warranty Exposure (548) (221) (487) (24) Balance at End of Period $ 8,864 $ 7,734 $ 8,864 $ 7,734

Leases

Leases	9 Months Ended
	Sep. 30, 2023
Leases [Abstract]
Leases	LeasesDuring the nine months ended September 30, 2023, the Company entered into an operating lease and recorded a right-of-use asset and corresponding liabilities of $12.7 million. The lease will require annual payments between $1.6 million and $1.9 million into 2033. Associated lease costs are $1.7 million per year. Other leasing activity during the year was insignificant.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates were approximately 18.4% and 13.9% for the three months ended and (19.9)% and (28.3)% for the nine months ended September 30, 2023 and October 1, 2022, respectively. Beginning with the 2022 tax year, certain research and development costs are required to be capitalized and amortized over sixty months for income tax purposes. The tax rate in the 2023 period was impacted by a valuation allowance applied against the deferred tax asset associated with the research and development costs that are expected to be capitalized and was partially offset by the removal of valuation allowances related to net operating losses and certain timing differences that are expected to reverse during 2023. In addition, the tax rate in the 2023 period was also impacted by state income taxes and the federal research and development credit expected for 2023. The Company records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Company will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Company weighs all relevant positive and negative evidence and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. Losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, combined with the significant uncertainty brought about by the COVID-19 pandemic, are collectively considered significant negative evidence under ASC 740 when assessing whether an entity can use projected income as a basis for concluding that deferred tax assets are realizable on a more-likely than not basis. For purposes of assessing the recoverability of deferred tax assets, the Company

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted weighted-average shares outstanding are as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Weighted Average Shares - Basic 32,707 32,085 33,000 32,241 Net Effect of Dilutive Stock Options — — — — Weighted Average Shares - Diluted 32,707 32,085 33,000 32,241 Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares covered by out-of-the-money stock options was approximately 594,000 shares as of September 30, 2023 and 1,106,000 shares as of October 1, 2022. Further, due to our net loss in the three and nine-month periods ended September 30, 2023 and October 1, 2022, the assumed exercise of stock compensation had an anti-dilutive effect and therefore was excluded from the computation of diluted loss per share. Currently, the Company expects to fund its discretionary 401K contribution for the quarter ended September 30, 2023, with treasury stock in lieu of cash. The earnings per share calculation for the quarter ended September 30, 2023, is inclusive of the approximately 0.1 million in shares outstanding for the equivalent shares needed to fulfill the obligation using the closing share price as of September 30, 2023. Actual shares issued may differ based on the sale price on the settlement date.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Buyback and Reissuance The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreements, the Company is currently restricted from further stock repurchases. When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and the reissuance price is included in Retained earnings. During the nine month periods ended September 30, 2023 and October 1, 2022, the Company reissued 242,000 and 545,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $3.1 million and $9.2 million, respectively, as a reduction to Retained earnings. At-the-Market Equity Offering On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) having an aggregate offering price of up to $30.0 million. Shares of Common Stock under the ATM Program are offered using Wells Fargo Securities, LLC and HSBC Securities (USA) Inc., as sales agents (the “Sales Agents” and each a “Sales Agent”), pursuant to the equity distribution agreement, dated August 8, 2023, by and among the Company and the Sales Agents (the “Equity Distribution Agreement”). Under the terms of the Equity Distribution Agreement and subject to the instructions of the Company, the Sales Agents may sell shares of Common Stock by any lawful method deemed to be an “at-the-market offering” defined by Rule 415(a)(4) of the Securities Act of 1933, as amended, including without limitation sales made directly on the Nasdaq Global Select Market, on any other existing trading market for the shares of Common Stock, to or through a market maker or in negotiated transactions. The timing and volume of any sales of shares of Common Stock under the ATM Program will depend on a variety of factors to be determined by the Company. Sales may be made at market prices prevailing at the time of the sale, at prices related to prevailing market prices, or at negotiated prices and, as a result, sales prices may vary. Under the terms of the Equity Distribution Agreement, the Sales Agents are entitled to compensation at a fixed commission rate of 1.5% of the gross proceeds from the sale of shares of Common Stock under the ATM Program. During the three and nine months ended September 30, 2023, the Company sold 834,228 shares of our common stock under the ATM Program. The Company generated $13.9 million in aggregate gross proceeds from sales under the ATM Program at an average sale price of $16.70 per share. Aggregate net proceeds from the ATM Program were $13.6 million after deducting related expenses, including commissions to the Sales Agents and issuance costs. Of this amount, $13.1 million in net cash proceeds were received in the three and nine months ended September 30, 2023, with the remainder received in October 2023. The Company currently is obligated to use the net proceeds from any sale of shares of Common Stock pursuant to the ATM Program to pay down the outstanding principal amount of, and any unpaid interest on, the ABL Revolving Credit Facility. However, any principal amount paid down on our ABL Revolving Credit Facility using the proceeds of the ATM Program will be, subject to compliance with the requirements and conditions set forth in the ABL Revolving Credit Facility, available to be reborrowed by the Company and used for, among other items, working capital and general corporate purposes. If the outstanding principal amount balance of the ABL Revolving Credit Facility has been reduced to zero, then the Company intends to use the net proceeds of the ATM Program for general corporate purposes. As of September 30, 2023, the Company had remaining capacity under the ATM Program to sell shares of Common Stock having an aggregate offering price up to approximately $16.1 million. Comprehensive Income (Loss) and Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: (In thousands) September 30, 2023 December 31, 2022 Foreign Currency Translation Adjustments $ (7,452) $ (7,335) Retirement Liability Adjustment – Before Tax (3,916) (4,473) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (1,634) (2,191) Accumulated Other Comprehensive Loss $ (9,086) $ (9,526) The components of other comprehensive income (loss) are as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Foreign Currency Translation Adjustments $ (117) $ (3,241) $ (828) $ (1,674) Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 288 302 95 101 Amortization of Net Actuarial Losses 269 744 90 247 Retirement Liability Adjustment 557 1,046 185 348 Other Comprehensive Income (Loss) $ 440 $ (2,195) $ (643) $ (1,326)

Supplemental Retirement Plan an

Supplemental Retirement Plan and Related Post Retirement Benefits	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Supplemental Retirement Plan and Related Post Retirement Benefits	Supplemental Retirement Plan and Related Post Retirement Benefits The Company has two non-qualified supplemental retirement defined benefit plans (“SERP” and “SERP II”) for certain current and retired executive officers. The following table sets forth information regarding the net periodic pension cost for the plans. Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service Cost $ 79 $ 103 $ 26 $ 34 Interest Cost 976 626 324 209 Amortization of Prior Service Cost 288 290 95 97 Amortization of Net Actuarial Losses 269 712 90 238 Net Periodic Cost $ 1,612 $ 1,731 $ 535 $ 578 Participants in the SERP are entitled to paid medical, dental, and long-term care insurance benefits upon retirement under the plan. The Company also has a defined benefit plan related to its subsidiary in France. The net periodic cost for both plans for the three and nine months ended September 30, 2023 and October 1, 2022, is immaterial.

Sales to Major Customers

Sales to Major Customers	9 Months Ended
	Sep. 30, 2023
Risks and Uncertainties [Abstract]
Sales to Major Customers	Sales to Major CustomersThe loss of major customers or a significant reduction in business with a major customer would significantly, and negatively impact our sales and earnings. In the three and nine months ended September 30, 2023, the Company had one customer over 10% of consolidated sales. Sales to The Boeing Company (“Boeing”) accounted for 11.6% and 11.1% of sales in the three and nine months ended September 30, 2023. Accounts receivable from Boeing on September 30, 2023 were approximately $17.8 million. In the three and nine months ended October 1, 2022, the Company had no customers over 10% of consolidated sales.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings Lufthansa One of the Company’s subsidiaries is involved in numerous patent infringement actions brought by Lufthansa Technik AG (“Lufthansa”) in Germany, the United Kingdom (“UK”) and France. The Company is vigorously defending all such litigation and proceedings. Additional information about these legal proceedings can be found in Note 19 “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. On July 12, 2023, the Higher Regional Court of Karlsruhe in Germany (the “German Court”) reduced the Company’s liability for direct damages. Additionally, accrued interest on direct damages had previously been assessed at 5%. As part of the July 12, 2023 ruling, the German Court reduced that interest rate to 4%. Accordingly, the Company reclaimed overpaid damages and interest from Lufthansa in the amount of approximately $1.2 million. We recorded this gain in the third quarter of 2023 as an offset to Selling, General and Administrative Expenses upon receipt of the refund. The reserve for the German indirect claim and interest was approximately $17.8 million on December 31, 2022 and $16.9 million on September 30, 2023. Accrued interest on the indirect damages reserve was estimated using the same interest rate as the direct damages. Given the reduction in the direct damages interest rate as discussed above, we recorded a reduction to the indirect damages reserve of $1.3 million in the nine months ended September 30, 2023, which was recorded as an offset to Selling, General and Administrative Expenses. The Company currently believes it is unlikely that the damages in the indirect proceedings and related interest will be paid within the next twelve months. Therefore, the liability related to these matters is classified within Other Liabilities (non-current) in the Consolidated Condensed Balance Sheets on September 30, 2023 and December 31, 2022. In the matter before the UK High Court of Justice, as previously disclosed, Lufthansa has pleaded its case for monetary compensation, which will be determined at a separate trial, which is now set to take place in October 2024. Lufthansa has elected to pursue a claim in relation to the defendants’ profits from their infringing activities. We have estimated damages and accrued interest for AES and its indemnified customers of approximately $7.1 million and $7.0 million as of September 30, 2023 and December 31, 2022, respectively. This variance is due to currency fluctuation and interest accrued. Interest will accrue until the final payment to Lufthansa. This amount is subject to change as additional data is received and evaluated, and as additional information regarding the nature of its claim is put forward by Lufthansa in advance of the damages trial. The damages trial is scheduled to be heard starting in October 2024, with payment likely due in late 2024 or early 2025. The Company currently believes it is unlikely that the appeals process will be completed or the damages and related interest will be paid within the next twelve months. Therefore, the liability related to these matters is classified within Other Liabilities (non-current) in the Consolidated Condensed Balance Sheets on September 30, 2023 and December 31, 2022. As previously disclosed, in 2020, Lufthansa filed a patent infringement action on December 29, 2017, before the Paris Court of First Instance. The Court held the French patent invalid for all asserted claims. There can consequently be no finding of infringement on first instance. Lufthansa has appealed this judgment. The appeal hearing took place on December 8, 2022, and on February 24, 2023, the Paris Court of Appeal upheld the first instance judgment in favor of AES. On March 20, 2023, Lufthansa lodged an appeal before the French Supreme Court. In September 2023, the French Supreme Court determined it will review the Paris Court of Appeal’s reasoning around the nullification of a certain claim of the subject patent. The Company’s brief supporting the decision of the Paris Court of Appeal is due on January 22, 2024. As loss exposure is not probable and estimable at this time, the Company has not recorded any liability with respect to the French matter as of September 30, 2023 or December 31, 2022. There were no other significant developments in any of these matters during the nine months ended September 30, 2023. A liability for reimbursement of Lufthansa’s legal expenses associated with the UK matter was approximately $0.7 million on September 30, 2023 and December 31, 2022, which is expected to be paid within the next twelve months and, as such, is classified in Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheet as of September 30, 2023. Other On March 23, 2020, Teradyne, Inc. filed a complaint against the Company and its subsidiary, Astronics Test Systems (“ATS”) (together, “the Defendants”) in the United States District Court for the Central District of California alleging patent infringement of its digital instruments providing over-voltage detection and protection and copyright infringement of test equipment software, specifically emulating software using Teradyne’s declarations, and certain other related claims. The Defendants moved to dismiss certain claims from the case. On November 6, 2020, the Court dismissed the Company from the case, and also dismissed a number of claims, though the patent and copyright infringement claims remained. The case proceeded to discovery. In addition, on December 21, 2020, ATS filed a petition for inter partes review (“IPR”) with the US Patent Trial and Appeal Board (“PTAB”), seeking to invalidate the subject patent, and on July 21, 2021, the PTAB instituted IPR. ATS requested and, on August 26, 2021, the District Court granted, a stay of litigation during the IPR proceeding. Oral arguments on the IPR were held on April 21, 2022. The PTAB issued its decision on July 20, 2022, in which it invalidated all of Teradyne’s patent claims. Teradyne will not appeal the decision. The stay of litigation was lifted with respect to the remaining claims in August 2022. Discovery has been completed. On June 5, 2023, the parties attended a court-ordered mediation but did not reach a settlement. After the mediation, Teradyne agreed to drop its remaining state law claims in exchange for ATS dropping one of its defenses, leaving only its copyright claim. The parties are currently engaged in summary judgment briefing with a hearing on the motions scheduled for December 4, 2023. If the case is not disposed of on summary judgment, a trial will be held in 2024, though no trial date is currently set. No amounts have been accrued for this matter in the September 30, 2023, or December 31, 2022 financial statements, as loss exposure was neither probable nor estimable at such times. Other than these proceedings, we are not party to any significant pending legal proceedings that management believes will result in a material adverse effect on our financial condition or results of operations.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information Below are the sales and operating profit (loss) by segment for the three and nine months ended September 30, 2023 and October 1, 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. Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Sales: Aerospace $ 436,217 $ 322,871 $ 142,116 $ 112,177 Less Inter-segment Sales (134) (10) (12) — Total Aerospace Sales 436,083 322,861 142,104 112,177 Test Systems 57,831 53,899 20,818 19,261 Less Inter-segment Sales — (19) — — Total Test Systems Sales 57,831 53,880 20,818 19,261 Total Consolidated Sales $ 493,914 $ 376,741 $ 162,922 $ 131,438 Segment Measure of Operating Profit (Loss) and Margins Aerospace $ 10,342 $ (7,085) $ (7,464) $ (6,859) 2.4 % (2.2) % (5.3) % (6.1) % Test Systems (8,521) (4,125) (1,781) (2,312) (14.7) % (7.7) % (8.6) % (12.0) % Total Segment Measure of Operating Profit (Loss) 1,821 (11,210) (9,245) (9,171) 0.4 % (3.0) % (5.7) % (7.0) % Deductions from Segment Measure of Operating Profit (Loss): Net Gain on Sale of Business (3,427) (11,284) — — Interest Expense, Net of Interest Income 17,381 5,812 5,991 2,519 Corporate Expenses and Other 15,712 16,847 5,582 5,570 Loss Before Income Taxes $ (27,845) $ (22,585) $ (20,818) $ (17,260) During the the three and nine months ended September 30, 2023, $3.6 million reduction to inventory and $7.5 million of allowance for estimated credit losses associated with a bankrupt customer was recorded to Aerospace Operating Profit (Loss). See Note 1 for further discussion. During the nine months ended September 30, 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 $14.3 million. Corporate expenses and other for the nine months ended September 30, 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 nine months ended October 1, 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) September 30, 2023 December 31, 2022 Aerospace $ 497,054 $ 481,416 Test Systems 117,648 111,513 Corporate 16,169 22,102 Total Assets $ 630,871 $ 615,031

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value	Fair Value There were no financial assets or liabilities carried at fair value measured on a recurring basis on September 30, 2023 or December 31, 2022. There were no non-recurring fair value measurements performed in the nine months ended September 30, 2023 and October 1, 2022.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Pay vs Performance Disclosure
Net Loss	$ (16,983)	$ (14,857)	$ (33,397)	$ (28,968)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Description of the Business	The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, systems and certification, aircraft structures, and automated test systems. We have principal operations in the United States (“U.S.”), Canada, France, and England, as well as engineering offices in Ukraine and India.
Operating Results	Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. In addition, the COVID-19 pandemic and supply chain disruptions have increased the volatility we experience in our financial results in recent periods and this could continue in future interim and annual periods. Operating results for the nine months ended September 30, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. The balance sheet on December 31, 2022, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements.
Restricted Cash	Restricted CashUnder the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7), the Company has a lockbox arrangement with the banking institution for its accounts within the United States whereby daily lockbox receipts are contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility debt. Lockbox balances that have not yet been applied to the ABL Revolving Credit Facility are classified as restricted cash in the accompanying Consolidated Condensed Balance Sheets.
Trade Accounts Receivable and Contract Assets	Trade Accounts Receivable and Contract AssetsThe allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay.The Company's exposure to credit losses may increase if its customers are adversely affected by global economic recessions, disruption associated with the COVID-19 pandemic or the Russian/Ukrainian conflict, industry conditions, or other customer-specific factors. Although the Company has historically not experienced significant credit losses, it is possible that there could be a material adverse impact from potential adjustments of the carrying amount of trade receivables and contract assets as airlines and other aerospace companies’ cash flows are impacted by the COVID-19 pandemic and associated supply chain disruptions.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs, and depreciation. Research and development expenses amounted to $14.1 million and $12.0 million for the three months ended and $39.5 million and $36.8 million for the nine months ended September 30, 2023 and October 1, 2022, respectively. These costs are included in cost of products sold.
Valuation of Goodwill and Long-Lived Assets	Valuation of Goodwill and Long-Lived Assets The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows
Newly Adopted Accounting Pronouncement	Newly Adopted Accounting Pronouncement We consider the applicability and impact of all ASUs. Recent ASUs were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash	The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) September 30, 2023 October 1, 2022 Cash and Cash Equivalents $ 3,981 $ 2,568 Restricted Cash 3,670 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 7,651 $ 2,568
Schedule of Reconciliation of Restricted Cash	The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) September 30, 2023 October 1, 2022 Cash and Cash Equivalents $ 3,981 $ 2,568 Restricted Cash 3,670 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 7,651 $ 2,568

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	The following table presents the beginning and ending balances of contract assets and contract liabilities during the nine months ended September 30, 2023: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2023 $ 27,349 $ 33,209 Ending Balance, September 30, 2023 $ 39,654 $ 27,029
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by Market Segments as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Aerospace Segment Commercial Transport $ 308,016 $ 211,721 $ 101,724 $ 78,389 Military Aircraft 44,335 41,336 16,687 12,463 General Aviation 60,656 48,748 16,193 14,751 Other 23,076 21,056 7,500 6,574 Aerospace Total 436,083 322,861 142,104 112,177 Test Systems Segment Government & Defense 57,831 53,880 20,818 19,261 Test Systems Total 57,831 53,880 20,818 19,261 Total $ 493,914 $ 376,741 $ 162,922 $ 131,438 The following table presents our revenue disaggregated by Product Lines as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Aerospace Segment Electrical Power & Motion $ 185,712 $ 132,757 $ 64,312 $ 46,155 Lighting & Safety 116,967 90,339 38,496 29,740 Avionics 83,011 67,453 22,347 24,172 Systems Certification 19,832 6,656 6,535 3,985 Structures 7,485 4,600 2,914 1,551 Other 23,076 21,056 7,500 6,574 Aerospace Total 436,083 322,861 142,104 112,177 Test Systems 57,831 53,880 20,818 19,261 Total $ 493,914 $ 376,741 $ 162,922 $ 131,438

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: ( In thousands ) September 30, 2023 December 31, 2022 Finished Goods $ 32,690 $ 30,703 Work in Progress 34,532 29,895 Raw Material 136,678 127,385 $ 203,900 $ 187,983

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, Plant and Equipment consisted of the following: (In thousands) September 30, 2023 December 31, 2022 Land $ 8,567 $ 8,578 Buildings and Improvements 71,255 73,744 Machinery and Equipment 125,578 123,071 Construction in Progress 6,013 6,415 211,413 211,808 Less Accumulated Depreciation 124,671 121,150 $ 86,742 $ 90,658

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	The following table summarizes acquired intangible assets as follows: September 30, 2023 December 31, 2022 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,132 $ 2,146 $ 2,066 Non-compete Agreement 4 years 11,082 11,067 11,082 11,052 Trade Names 10 years 11,393 9,879 11,402 9,350 Completed and Unpatented Technology 9 years 47,840 38,010 47,855 34,877 Customer Relationships 15 years 142,107 84,798 142,133 77,996 Total Intangible Assets 12 years $ 214,568 $ 145,886 $ 214,618 $ 135,341
Schedule of Amortization Expense for Acquired Intangibles	All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Amortization Expense $ 10,577 $ 11,254 $ 3,381 $ 3,728
Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years	Amortization expense for acquired intangible assets expected for 2023 and for each of the next five years is summarized as follows: (In thousands) 2023 $ 13,893 2024 $ 12,856 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 30, 2023: (In thousands) December 31, 2022 Foreign Currency Translation September 30, 2023 Aerospace $ 36,534 $ — $ 36,534 Test Systems 21,635 — 21,635 $ 58,169 $ — $ 58,169

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 30, 2023
Guarantees [Abstract]
Schedule of Activity in Warranty Accrual	The Company determines warranty reserves needed by product line based on experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Balance at Beginning of Period $ 8,009 $ 8,183 $ 7,705 $ 7,759 Warranties Issued 4,463 2,541 2,555 858 Warranties Settled (3,060) (2,769) (909) (859) Reassessed Warranty Exposure (548) (221) (487) (24) Balance at End of Period $ 8,864 $ 7,734 $ 8,864 $ 7,734

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Weighted-Average Shares Outstanding	Basic and diluted weighted-average shares outstanding are as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Weighted Average Shares - Basic 32,707 32,085 33,000 32,241 Net Effect of Dilutive Stock Options — — — — Weighted Average Shares - Diluted 32,707 32,085 33,000 32,241

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss are as follows: (In thousands) September 30, 2023 December 31, 2022 Foreign Currency Translation Adjustments $ (7,452) $ (7,335) Retirement Liability Adjustment – Before Tax (3,916) (4,473) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (1,634) (2,191) Accumulated Other Comprehensive Loss $ (9,086) $ (9,526)
Schedule of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) are as follows: Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Foreign Currency Translation Adjustments $ (117) $ (3,241) $ (828) $ (1,674) Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 288 302 95 101 Amortization of Net Actuarial Losses 269 744 90 247 Retirement Liability Adjustment 557 1,046 185 348 Other Comprehensive Income (Loss) $ 440 $ (2,195) $ (643) $ (1,326)

Supplemental Retirement Plan _2

Supplemental Retirement Plan and Related Post Retirement Benefits (Tables)	9 Months Ended
	Sep. 30, 2023
Retirement Benefits [Abstract]
Schedule of the Components of Net Periodic Cost	The following table sets forth information regarding the net periodic pension cost for the plans. Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Service Cost $ 79 $ 103 $ 26 $ 34 Interest Cost 976 626 324 209 Amortization of Prior Service Cost 288 290 95 97 Amortization of Net Actuarial Losses 269 712 90 238 Net Periodic Cost $ 1,612 $ 1,731 $ 535 $ 578

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Below are the sales and operating profit (loss) by segment for the three and nine months ended September 30, 2023 and October 1, 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. Nine Months Ended Three Months Ended (In thousands) September 30, 2023 October 1, 2022 September 30, 2023 October 1, 2022 Sales: Aerospace $ 436,217 $ 322,871 $ 142,116 $ 112,177 Less Inter-segment Sales (134) (10) (12) — Total Aerospace Sales 436,083 322,861 142,104 112,177 Test Systems 57,831 53,899 20,818 19,261 Less Inter-segment Sales — (19) — — Total Test Systems Sales 57,831 53,880 20,818 19,261 Total Consolidated Sales $ 493,914 $ 376,741 $ 162,922 $ 131,438 Segment Measure of Operating Profit (Loss) and Margins Aerospace $ 10,342 $ (7,085) $ (7,464) $ (6,859) 2.4 % (2.2) % (5.3) % (6.1) % Test Systems (8,521) (4,125) (1,781) (2,312) (14.7) % (7.7) % (8.6) % (12.0) % Total Segment Measure of Operating Profit (Loss) 1,821 (11,210) (9,245) (9,171) 0.4 % (3.0) % (5.7) % (7.0) % Deductions from Segment Measure of Operating Profit (Loss): Net Gain on Sale of Business (3,427) (11,284) — — Interest Expense, Net of Interest Income 17,381 5,812 5,991 2,519 Corporate Expenses and Other 15,712 16,847 5,582 5,570 Loss Before Income Taxes $ (27,845) $ (22,585) $ (20,818) $ (17,260) During the the three and nine months ended September 30, 2023, $3.6 million reduction to inventory and $7.5 million of allowance for estimated credit losses associated with a bankrupt customer was recorded to Aerospace Operating Profit (Loss). See Note 1 for further discussion. During the nine months ended September 30, 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 $14.3 million. Corporate expenses and other for the nine months ended September 30, 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 nine months ended October 1, 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) September 30, 2023 December 31, 2022 Aerospace $ 497,054 $ 481,416 Test Systems 117,648 111,513 Corporate 16,169 22,102 Total Assets $ 630,871 $ 615,031

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Millions		1 Months Ended		3 Months Ended			9 Months Ended
	Feb. 13, 2019 element	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Apr. 02, 2022 USD ($)	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Nov. 06, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2021 USD ($)
Business Acquisition [Line Items]
Allowance for doubtful accounts				$ 9.2			$ 9.2			$ 2.6
Bad debt expense				7.5	$ 0.3		7.7	$ 0.4
Total write-offs charged against allowance				0.4	0		1.2	0
Research and development expense				14.1	$ 12		39.5	36.8
USDOT | AMPJ Award
Business Acquisition [Line Items]
USDOT grant receivable amount (up to)											$ 14.7
Portion of grant received						$ 5.2
Revenue recognized included in contract liability balance								$ 6
Non-Aerospace Contract Manufacturing Customer
Business Acquisition [Line Items]
Allowance for doubtful accounts				7.5			7.5
Inventory reserve				3.6			3.6
Non-Aerospace Contract Manufacturing Customer | Subsequent Event
Business Acquisition [Line Items]
Allowance for doubtful accounts									$ 7.5
Inventory reserve									$ 3.6
Test Systems Segment
Business Acquisition [Line Items]
Severance charges							0.6
Restructuring				$ 0.1			$ 0.1
Sold | Semiconductor Test Business | Test Systems Segment
Business Acquisition [Line Items]
Number of elements for contingent earnouts | element	2
Earnout proceeds received		$ 3.4	$ 11.3

Basis of Presentation - Reconci

Basis of Presentation - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022	Oct. 01, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 3,981	$ 13,778	$ 2,568
Restricted Cash	3,670		0
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$ 7,651	$ 13,778	$ 2,568	$ 29,757

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 604.3		$ 604.3
Customer backlog removed	19.9		19.9
Revenue recognized included in contract liability balance	9.3	$ 7.3	22.1	$ 13.3
Capitalized cost	4.2		4.2		$ 2.5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 505.3		$ 505.3
Period of recognition (in months)	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of recognition (in months)

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jan. 01, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 39,654	$ 27,349
Contract Liabilities	$ 27,029	$ 33,209

Revenue - Revenue Disaggregated

Revenue - Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 162,922	$ 131,438	$ 493,914	$ 376,741
Aerospace
Disaggregation of Revenue [Line Items]
Sales	142,104	112,177	436,083	322,861
Aerospace | Commercial Transport
Disaggregation of Revenue [Line Items]
Sales	101,724	78,389	308,016	211,721
Aerospace | Military Aircraft
Disaggregation of Revenue [Line Items]
Sales	16,687	12,463	44,335	41,336
Aerospace | General Aviation
Disaggregation of Revenue [Line Items]
Sales	16,193	14,751	60,656	48,748
Aerospace | Other
Disaggregation of Revenue [Line Items]
Sales	7,500	6,574	23,076	21,056
Test Systems Segment
Disaggregation of Revenue [Line Items]
Sales	20,818	19,261	57,831	53,880
Test Systems Segment | Government & Defense
Disaggregation of Revenue [Line Items]
Sales	$ 20,818	$ 19,261	$ 57,831	$ 53,880

Revenue - Disaggregated by Prod

Revenue - Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Disaggregation of Revenue [Line Items]
Sales	$ 162,922	$ 131,438	$ 493,914	$ 376,741
Aerospace
Disaggregation of Revenue [Line Items]
Sales	142,104	112,177	436,083	322,861
Aerospace | Electrical Power & Motion
Disaggregation of Revenue [Line Items]
Sales	64,312	46,155	185,712	132,757
Aerospace | Lighting & Safety
Disaggregation of Revenue [Line Items]
Sales	38,496	29,740	116,967	90,339
Aerospace | Avionics
Disaggregation of Revenue [Line Items]
Sales	22,347	24,172	83,011	67,453
Aerospace | Systems Certification
Disaggregation of Revenue [Line Items]
Sales	6,535	3,985	19,832	6,656
Aerospace | Structures
Disaggregation of Revenue [Line Items]
Sales	2,914	1,551	7,485	4,600
Aerospace | Other
Disaggregation of Revenue [Line Items]
Sales	7,500	6,574	23,076	21,056
Test Systems
Disaggregation of Revenue [Line Items]
Sales	$ 20,818	$ 19,261	$ 57,831	$ 53,880

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Nov. 06, 2023	Sep. 30, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished Goods		$ 32,690	$ 30,703
Work in Progress		34,532	29,895
Raw Material		136,678	127,385
Inventory, net		203,900	$ 187,983
Non-Aerospace Contract Manufacturing Customer
Subsequent Event [Line Items]
Inventory reserve		$ 3,600
Non-Aerospace Contract Manufacturing Customer | Subsequent Event
Subsequent Event [Line Items]
Inventory reserve	$ 3,600

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment
Property, plant and equipment, gross	$ 211,413	$ 211,808
Less Accumulated Depreciation	124,671	121,150
Property, plant and equipment, net	86,742	90,658
Land
Property, Plant and Equipment
Property, plant and equipment, gross	8,567	8,578
Buildings and Improvements
Property, Plant and Equipment
Property, plant and equipment, gross	71,255	73,744
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	125,578	123,071
Construction in Progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 6,013	$ 6,415

Intangible Assets - Schedule of

Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Weighted Average Life	12 years
Gross Carrying Amount	$ 214,568	$ 214,618
Accumulated Amortization	$ 145,886	135,341
Patents
Finite-Lived Intangible Assets
Weighted Average Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 2,132	2,066
Non-compete Agreement
Finite-Lived Intangible Assets
Weighted Average Life	4 years
Gross Carrying Amount	$ 11,082	11,082
Accumulated Amortization	$ 11,067	11,052
Trade Names
Finite-Lived Intangible Assets
Weighted Average Life	10 years
Gross Carrying Amount	$ 11,393	11,402
Accumulated Amortization	$ 9,879	9,350
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,840	47,855
Accumulated Amortization	$ 38,010	34,877
Customer Relationships
Finite-Lived Intangible Assets
Weighted Average Life	15 years
Gross Carrying Amount	$ 142,107	142,133
Accumulated Amortization	$ 84,798	$ 77,996

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Amortization Expense for Acquired Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 3,381	$ 3,728	$ 10,577	$ 11,254

Intangible Assets - Schedule _3

Intangible Assets - Schedule of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 13,893
2024	12,856
2025	10,935
2026	9,533
2027	7,825
2028	$ 7,037

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 58,169
Foreign Currency Translation	0
Balance at end of period	58,169
Operating Segments | Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	36,534
Foreign Currency Translation	0
Balance at end of period	36,534
Operating Segments | Test Systems
Goodwill [Roll Forward]
Balance at beginning of period	21,635
Foreign Currency Translation	0
Balance at end of period	$ 21,635

Long-Term Debt and Notes Paya_2

Long-Term Debt and Notes Payable (Details)			3 Months Ended
	Jun. 20, 2023 USD ($)	Jan. 19, 2023 USD ($)	Jun. 29, 2024 USD ($)	Oct. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 28, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument
Principal payment					$ 8,996,000		$ 4,500,000
Debt issuance costs		$ 8,600,000
Line of Credit | Restated Agreement and Term Loan Agreement | Quarter Ended March 31, 2024
Debt Instrument
Minimum liquidity		20,000,000
Line of Credit | Restated Agreement and Term Loan Agreement | After Quarter Ended March 31, 2024
Debt Instrument
Minimum liquidity		10,000,000
Line of Credit | Restated Agreement and Term Loan Agreement | Second Quarter Of 2023
Debt Instrument
Minimum trailing EBITDA amount		23,300,000
Line of Credit | Restated Agreement and Term Loan Agreement | Third Quarter Of 2023
Debt Instrument
Minimum trailing EBITDA amount		39,200,000
Line of Credit | Restated Agreement and Term Loan Agreement | Forth Quarter Of 2023
Debt Instrument
Minimum trailing EBITDA amount		51,700,000
Line of Credit | Restated Agreement and Term Loan Agreement | First Quarter Of 2024
Debt Instrument
Minimum trailing EBITDA amount		$ 57,600,000
Minimum fixed charge coverage ratio		1.10
Line of Credit | Restated Agreement and Term Loan Agreement | Second Quarter Of 2024
Debt Instrument
Minimum trailing EBITDA amount		$ 65,200,000
Line of Credit | Restated Agreement and Term Loan Agreement | After Second Quarter Of 2024
Debt Instrument
Minimum trailing EBITDA amount		$ 70,000,000
Line of Credit | Term Loan Agreement
Debt Instrument
Commitment fee (as a percent)		5%
Face amount		$ 90,000,000
Commitment fee amount		4,500,000
Commitment fees paid on closing date	$ 1,800,000	$ 1,800,000
Principal payment					$ 9,000,000
Weighted-average interest rate					14.10%
Remaining balance					$ 78,800,000
Deferred debt issuance costs					4,800,000
Line of Credit | Term Loan Agreement | Forecast
Debt Instrument
Commitment fees paid on closing date			$ 900,000
Line of Credit | Term Loan Agreement | April 1, 2023 Through June 1, 2023
Debt Instrument
Monthly amortization rate		0.292%
Line of Credit | Term Loan Agreement | July 1, 2023 Through September 1, 2023
Debt Instrument
Monthly amortization rate		0.542%
Line of Credit | Term Loan Agreement | After September 1, 2023
Debt Instrument
Monthly amortization rate		0.833%
Line of Credit | Term Loan Agreement | SOFR (at least)
Debt Instrument
Basis spread on variable rate		2.50%
Line of Credit | Term Loan Agreement | SOFR
Debt Instrument
Basis spread on variable rate		8.75%
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement
Debt Instrument
Amounts outstanding under revolving line of credit					86,000,000		164,000,000
Remaining capacity under the credit facility					33,700,000		$ 6,000,000
Maximum borrowing capacity		$ 115,000,000				$ 120,000,000
Increase in borrow						$ 5,000,000
Deferred debt issuance costs					$ 2,200,000
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | Subsequent Event
Debt Instrument
Maximum borrowing capacity				$ 120,000,000
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | Minimum
Debt Instrument
Commitment fee (as a percent)		0.25%
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | Maximum
Debt Instrument
Commitment fee (as a percent)		0.375%
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | SOFR (at least) | Minimum
Debt Instrument
Basis spread on variable rate		1%
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | SOFR | Minimum
Debt Instrument
Basis spread on variable rate		2.25%
Line of Credit | Revolving Credit Facility | Restated Agreement and Term Loan Agreement | SOFR | Maximum
Debt Instrument
Basis spread on variable rate		2.75%

Product Warranties - Narrative

Product Warranties - Narrative (Details)	9 Months Ended
	Sep. 30, 2023
Minimum
Product Warranty Liability
Product warranty period (in months)	12 months
Maximum
Product Warranty Liability
Product warranty period (in months)	60 months

Product Warranties - Schedule o

Product Warranties - Schedule of Activity in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 7,705	$ 7,759	$ 8,009	$ 8,183
Warranties Issued	2,555	858	4,463	2,541
Warranties Settled	(909)	(859)	(3,060)	(2,769)
Reassessed Warranty Exposure	(487)	(24)	(548)	(221)
Balance at End of Period	$ 8,864	$ 7,734	$ 8,864	$ 7,734

Leases (Details)

Leases (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Right-of-use asset and corresponding liabilities	$ 12.7
Annual lease costs	1.7
Minimum
Lessee, Lease, Description [Line Items]
Annual payments	1.6
Maximum
Lessee, Lease, Description [Line Items]
Annual payments	$ 1.9

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	18.40%	13.90%	(19.90%)	(28.30%)

Earnings Per Share (Details)

Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Earnings Per Share [Abstract]
Weighted Average Shares - Basic (in shares)	33,000	32,241	32,707	32,085
Net Effect of Dilutive Stock Options (in shares)	0	0	0	0
Weighted Average Shares - Diluted (in shares)	33,000	32,241	32,707	32,085
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares included in EPS computation for the equivalent shares needed to fulfill the 401K obligation (in shares)			100
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Common shares excluded from computation (in shares)			594	1,106

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)		3 Months Ended			9 Months Ended
	Aug. 08, 2023	Oct. 31, 2023	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Aug. 08, 2022
Stockholders Equity
Difference between the cost and the reissuance price					$ 3,100,000	$ 9,200,000
Share Par Value (in usd per share)	$ 0.01
ATM Program
Stockholders Equity
Authorized repurchase of common stock, amount							$ 30,000,000
Fixed commission rate	1.50%
Number of shares issued in transaction			834,228		834,228
Aggregate gross proceeds from sales					$ 13,900,000
Sale of stock, price per share (in usd per share)			$ 16.70		$ 16.70
Aggregate net proceeds from sales			$ 13,100,000		$ 13,100,000
Remaining available for sale			$ 16,100,000		$ 16,100,000
ATM Program | Subsequent Event
Stockholders Equity
Aggregate net proceeds from sales		$ 13,600,000
Treasury Stock
Stockholders Equity
Shares issued to fund 401k obligation (in shares)			78,000	124,000	242,000	545,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022	Oct. 01, 2022	Jul. 02, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 232,407		$ 239,920	$ 237,088
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(7,452)		(7,335)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(1,634)		(2,191)
Retirement Liability Adjustment – Before Tax	(3,916)		(4,473)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (9,086)	$ (8,443)	$ (9,526)	$ (16,690)	$ (15,364)	$ (14,495)

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Other Comprehensive Income (Loss)	$ (643)	$ (1,326)	$ 440	$ (2,195)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Other Comprehensive Income (Loss)	(828)	(1,674)	(117)	(3,241)
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment	95	101	288	302
Amortization of Net Actuarial Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment	90	247	269	744
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment	$ 185	$ 348	$ 557	$ 1,046

Supplemental Retirement Plan _3

Supplemental Retirement Plan and Related Post Retirement Benefits (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Oct. 01, 2022 USD ($)	Sep. 30, 2023 USD ($) retirement_plan	Oct. 01, 2022 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of non-qualified supplemental retirement defined benefit plans | retirement_plan			2
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 26	$ 34	$ 79	$ 103
Interest Cost	324	209	976	626
Amortization of Prior Service Cost	95	97	288	290
Amortization of Net Actuarial Losses	90	238	269	712
Net Periodic Cost	$ 535	$ 578	$ 1,612	$ 1,731

Sales to Major Customers (Detai

Sales to Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 152,961	$ 152,961	$ 147,790
Customer Concentration Risk | Boeing | Consolidated sales
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue (in excess of)	11.60%	11.10%
Customer Concentration Risk | Boeing | Accounts Receivable
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 17,800	$ 17,800

Legal Proceedings (Details)

Legal Proceedings (Details) - USD ($)			9 Months Ended
	Jul. 12, 2023	Jul. 11, 2023	Sep. 30, 2023	Dec. 31, 2022
Lufthansa Technik AG
Loss Contingencies [Line Items]
Estimated litigation liability			$ 700,000	$ 700,000
Teradyne, Inc. Alleged Patent Infringement
Loss Contingencies [Line Items]
Reserve			0	0
AES | Indirect Sales | Patent Infringement
Loss Contingencies [Line Items]
Interest rate accrued above bank rate until final payment	4%	5%
Reclaim overpaid damages and interest	$ 1,200,000
Reserve			16,900,000	17,800,000
Indirect damages reserve			1,300,000
Loss contingency, estimate of possible loss			$ 7,100,000	$ 7,000,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Oct. 01, 2022	Sep. 30, 2023	Oct. 01, 2022	Dec. 31, 2022
Segment Reporting Information
Sales	$ 162,922	$ 131,438	$ 493,914	$ 376,741
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	(14,479)	(14,314)	(14,453)	(26,877)
Deductions from Segment Measure of Operating Profit (Loss):
Net Gain on Sale of Business	0	0	(3,427)	(11,284)
Interest Expense, Net of Interest Income	5,991	2,519	17,381	5,812
Loss Before Income Taxes	(20,818)	(17,260)	(27,845)	(22,585)
Allowance for doubtful accounts	9,200		9,200		$ 2,600
Reversal of a deferred revenue liability	(9,300)	(7,300)	(22,100)	(13,300)
Total Assets	630,871		630,871		615,031
Non-Aerospace Contract Manufacturing Customer
Deductions from Segment Measure of Operating Profit (Loss):
Inventory reserve	3,600		3,600
Allowance for doubtful accounts	7,500		7,500
Aerospace
Segment Reporting Information
Sales	142,104	112,177	436,083	322,861
Test Systems
Segment Reporting Information
Sales	20,818	19,261	57,831	53,880
Operating Segments
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ (9,245)	$ (9,171)	$ 1,821	$ (11,210)
Operating margins, percentage	(5.70%)	(7.00%)	0.40%	(3.00%)
Operating Segments | Aerospace
Segment Reporting Information
Sales	$ 142,116	$ 112,177	$ 436,217	$ 322,871
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ (7,464)	$ (6,859)	$ 10,342	$ (7,085)
Operating margins, percentage	(5.30%)	(6.10%)	2.40%	(2.20%)
Deductions from Segment Measure of Operating Profit (Loss):
Jobs protection program grant, recognized				$ 6,000
Total Assets	$ 497,054		$ 497,054		481,416
Operating Segments | Test Systems
Segment Reporting Information
Sales	20,818	$ 19,261	57,831	53,899
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ (1,781)	$ (2,312)	$ (8,521)	$ (4,125)
Operating margins, percentage	(8.60%)	(12.00%)	(14.70%)	(7.70%)
Deductions from Segment Measure of Operating Profit (Loss):
Reversal of a deferred revenue liability			$ (5,800)
Operating loss			(14,300)
Total Assets	$ 117,648		117,648		111,513
Less Inter-segment Sales | Aerospace
Segment Reporting Information
Sales	(12)	$ 0	(134)	$ (10)
Less Inter-segment Sales | Test Systems
Segment Reporting Information
Sales	0	0	0	(19)
Corporate Expenses and Other
Deductions from Segment Measure of Operating Profit (Loss):
Corporate Expenses and Other	5,582	$ 5,570	15,712	$ 16,847
Income associated with reversal of liability related to equity investment			(1,800)
Total Assets	$ 16,169		$ 16,169		$ 22,102

Fair Value (Details)

Fair Value (Details) - Recurring Basis - Level 3 - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Other Assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial assets carried at fair value	$ 0	$ 0
Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities carried at fair value	$ 0	$ 0

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Nov. 06, 2023	Sep. 30, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Allowance for doubtful accounts		$ 9.2	$ 2.6
Non-Aerospace Contract Manufacturing Customer
Subsequent Event [Line Items]
Allowance for doubtful accounts		7.5
Inventory reserve		$ 3.6
Subsequent Event | Non-Aerospace Contract Manufacturing Customer
Subsequent Event [Line Items]
Allowance for doubtful accounts	$ 7.5
Inventory reserve	$ 3.6