Astronics (ATRO) 10-K 4 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Feb. 26, 2024	Jun. 30, 2023
Document Information
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 593
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000008063
Common Stock
Document Information
Entity Common Stock, Shares Outstanding		28,639,141
Convertible Class B Stock
Document Information
Entity Common Stock, Shares Outstanding		5,882,378

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Buffalo, New York

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Sales	$ 689,206	$ 534,894	$ 444,908
Cost of Products Sold	568,410	463,354	379,545
Gross Profit	120,796	71,540	65,363
Selling, General and Administrative Expenses	127,467	101,584	99,051
Net Gain on Sale of Facility	0	0	5,014
Loss from Operations	(6,671)	(30,044)	(28,674)
Net Gain on Sale of Businesses	3,427	11,284	10,677
Other (Income) Expense, Net	(261)	1,611	2,159
Interest Expense, Net of Interest Income	23,328	9,422	6,804
Loss Before Income Taxes	(26,311)	(29,793)	(26,960)
Provision for (Benefit from) Income Taxes	110	5,954	(1,382)
Net Loss	$ (26,421)	$ (35,747)	$ (25,578)
Basic Earnings Loss Per Share (in usd per share)	$ (0.80)	$ (1.11)	$ (0.82)
Diluted Earnings Loss Per Share (in usd per share)	$ (0.80)	$ (1.11)	$ (0.82)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Loss	$ (26,421)	$ (35,747)	$ (25,578)
Other Comprehensive Income:
Foreign Currency Translation Adjustments	984	(1,928)	(939)
Retirement Liability Adjustment – Net of Tax	(884)	6,897	2,894
Total Other Comprehensive Income	100	4,969	1,955
Comprehensive Loss	$ (26,321)	$ (30,778)	$ (23,623)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets:
Cash and Cash Equivalents	$ 4,756	$ 13,778
Restricted Cash	6,557	0
Accounts Receivable, Net of Allowance for Estimated Credit Losses	172,108	147,790
Inventories	191,801	187,983
Prepaid Expenses and Other Current Assets	14,560	15,743
Total Current Assets	389,782	365,294
Property, Plant and Equipment, Net of Accumulated Depreciation	85,436	90,658
Operating Right-of-Use Assets	27,909	13,028
Other Assets	7,035	8,605
Intangible Assets, Net of Accumulated Amortization	65,420	79,277
Goodwill	58,210	58,169
Total Assets	633,792	615,031
Current Liabilities:
Current Maturities of Long-term Debt	8,996	4,500
Accounts Payable	61,134	64,193
Accrued Payroll and Employee Benefits	22,038	15,588
Accrued Income Taxes	3,045	6,410
Current Operating Lease Liabilities	5,069	4,441
Other Accrued Expenses	21,023	23,913
Customer Advanced Payments and Deferred Revenue	22,029	32,567
Total Current Liabilities	143,334	151,612
Long-term Debt	159,237	159,500
Supplemental Retirement Plan and Other Liabilities for Pension Benefits	29,290	26,604
Long-term Operating Lease Liabilities	24,376	9,942
Other Liabilities	26,730	25,583
Deferred Income Taxes	1,307	1,870
Total Liabilities	384,274	375,111
Shareholders’ Equity:
Additional Paid-in Capital	129,544	98,630
Accumulated Other Comprehensive Loss	(9,426)	(9,526)
Retained Earnings	209,753	240,360
Treasury Stock, 2,832,825 Shares at December 31, 2023 3,154,691 Shares at December 31, 2022	(80,726)	(89,898)
Total Shareholders’ Equity	249,518	239,920
Total Liabilities and Shareholders’ Equity	633,792	615,031
Common Stock
Shareholders’ Equity:
Common Stock	314	291
Convertible Class B Stock
Shareholders’ Equity:
Common Stock	$ 59	$ 63

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Treasury stock, shares (in shares)	2,832,825	3,154,691
Common Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	31,402,141	29,121,924
Common stock, shares outstanding (in shares)	28,569,316	25,967,233
Convertible Class B Stock
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	15,000,000	15,000,000
Common stock, shares issued (in shares)	5,952,203	6,314,430
Common stock, shares outstanding (in shares)	5,952,203	6,314,430

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities
Net Loss	$ (26,421,000)	$ (35,747,000)	$ (25,578,000)
Adjustments to Reconcile Net Loss to Cash Flows from Operating Activities:
Depreciation and Amortization	26,104,000	27,777,000	29,005,000
Amortization of Deferred Financing Fees	3,023,000	0	0
Provisions for Non-Cash Losses on Inventory and Receivables	16,003,000	3,415,000	3,942,000
Equity-based Compensation Expense	7,198,000	6,497,000	6,460,000
Deferred Tax Expense (Benefit)	146,000	19,000	(441,000)
Operating Lease Non-cash Expense	5,088,000	6,028,000	5,198,000
Net Gain on Sales of Assets	0	0	(5,083,000)
Contingent Consideration Liability Fair Value Adjustment	0	0	(2,200,000)
Non-cash Accrued 401K Contribution	5,106,000	4,512,000	4,199,000
Non-cash Accrued Stock Bonus Expense	4,249,000	0	0
Net Gain on Sale of Business, Before Taxes	(3,427,000)	(11,284,000)	(10,677,000)
Non-cash Litigation Provision Adjustment	(1,305,000)	500,000	8,374,000
Non-cash Deferred Liability Recovery	(5,824,000)	0	0
Other	1,913,000	3,086,000	4,179,000
Changes in Operating Assets and Liabilities:
Accounts Receivable	(31,872,000)	(41,646,000)	(14,832,000)
Inventories	(13,283,000)	(34,058,000)	(5,150,000)
Accounts Payable	(4,495,000)	27,843,000	8,610,000
Accrued Expenses	4,634,000	1,193,000	(5,344,000)
Income Taxes	(1,949,000)	16,134,000	156,000
Customer Advanced Payments and Deferred Revenue	(4,835,000)	5,264,000	(235,000)
Operating Lease Liabilities	(4,880,000)	(7,295,000)	(6,036,000)
Supplemental Retirement Plan Liabilities	(408,000)	(405,000)	(404,000)
Other Assets and Liabilities	1,285,000	(145,000)	327,000
Net Cash from Operating Activities	(23,950,000)	(28,312,000)	(5,530,000)
Cash Flows from Investing Activities
Proceeds from Sale of Businesses and Assets	3,537,000	22,061,000	9,213,000
Capital Expenditures	(7,643,000)	(7,675,000)	(6,034,000)
Net Cash from Investing Activities	(4,106,000)	14,386,000	3,179,000
Cash Flows from Financing Activities
Proceeds from Long-term Debt	139,732,000	125,825,000	20,000,000
Principal Payments on Long-term Debt	(131,233,000)	(124,825,000)	(30,000,000)
Stock Award and Employee Stock Purchase Plan (“ESPP”) activity	2,476,000	97,000	3,396,000
Proceeds from At-the-Market (“ATM”) Stock Sales	21,269,000	0	0
Finance Lease Principal Payments	(47,000)	(93,000)	(901,000)
Debt Acquisition Costs	(6,762,000)	(2,416,000)	0
Net Cash from Financing Activities	25,435,000	(1,412,000)	(7,505,000)
Effect of Exchange Rates on Cash	156,000	(641,000)	(799,000)
Decrease in Cash and Cash Equivalents and Restricted Cash	(2,465,000)	(15,979,000)	(10,655,000)
Cash and Cash Equivalents and Restricted Cash at Beginning of Year	13,778,000	29,757,000	40,412,000
Cash and Cash Equivalents and Restricted Cash at End of Year	11,313,000	13,778,000	29,757,000
Supplemental Disclosure of Cash Flow Information
Interest Paid	17,689,000	7,605,000	5,951,000
Income Taxes Paid (Refunded), Net of (Refunds) Payments	$ 1,964,000	$ (9,978,000)	$ (1,250,000)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED 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 Year at Dec. 31, 2020		$ 278	$ 69	$ 82,187	$ (16,450)	$ 312,803	$ (108,516)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Exercise of Stock Options, including ESPP		5
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)		1
Class B Stock Converted to Common Stock		5	(5)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				10,029
Tax Withholding Related to Issuance of RSUs				(179)
Foreign Currency Translation Adjustments	$ (939)				(939)
Retirement Liability Adjustment – Net of Taxes					2,894
Net Loss	(25,578)					(25,578)
End of Year at Dec. 31, 2021	256,604	$ 289	$ 64	92,037	(14,495)	287,225	$ (108,516)
Beginning of year (in shares) at Dec. 31, 2020		27,825,000	6,877,000
Treasury stock, Beginning of year (in shares) at Dec. 31, 2020							3,808,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance from Exercise of Stock Options, including ESPP (in shares)		485,000	25,000
Net Issuance of Common Stock for RSU’s (in shares)		70,000	4,000
Class B Stock Converted to Common Stock (in shares)		531,000	(531,000)
End of year (in shares) at Dec. 31, 2021		28,911,000	6,375,000
Treasury stock, End of year (in shares) at Dec. 31, 2021							3,808,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)		$ 1
Class B Stock Converted to Common Stock		1	$ (1)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				6,897
Tax Withholding Related to Issuance of RSUs				(304)
Foreign Currency Translation Adjustments	(1,928)				(1,928)
Retirement Liability Adjustment – Net of Taxes					6,897
Net Loss	(35,747)					(35,747)
Shares Issued to Fund 401K Obligation						(11,118)	$ 18,618
End of Year at Dec. 31, 2022	$ 239,920	$ 291	$ 63	98,630	(9,526)	240,360	$ (89,898)
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance from Exercise of Stock Options, including ESPP (in shares)		20,000	24,000
Net Issuance of Common Stock for RSU’s (in shares)		106,000
Class B Stock Converted to Common Stock (in shares)		85,000	(85,000)
Shares Issued to Fund 401K Obligation (in shares)							(653,000)
End of year (in shares) at Dec. 31, 2022		29,122,000	6,314,000
Treasury stock, End of year (in shares) at Dec. 31, 2022	3,154,691						3,155,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock Through At-the-Market Offering		$ 14		21,246
Net Exercise of Stock Options, including ESPP		4
Net Issuance of Common Stock for Restricted Stock Units (“RSUs”)		1
Class B Stock Converted to Common Stock		4	$ (4)
Net Exercise of Stock Options, including ESPP, and Equity-based Compensation Expense				10,309
Tax Withholding Related to Issuance of RSUs				(641)
Foreign Currency Translation Adjustments	$ 984				984
Retirement Liability Adjustment – Net of Taxes					(884)
Net Loss	(26,421)					(26,421)
Shares Issued to Fund 401K Obligation						(4,186)	$ 9,172
End of Year at Dec. 31, 2023	$ 249,518	$ 314	$ 59	$ 129,544	$ (9,426)	$ 209,753	$ (80,726)
Increase (Decrease) in Stockholders' Equity (in shares)
Issuance of Common Stock Through ATM Offering (in shares)		1,334,000
Net Issuance from Exercise of Stock Options, including ESPP (in shares)	6,570	437,000
Net Issuance of Common Stock for RSU’s (in shares)		147,000
Class B Stock Converted to Common Stock (in shares)		362,000	(362,000)
Shares Issued to Fund 401K Obligation (in shares)							(322,000)
End of year (in shares) at Dec. 31, 2023		31,402,000	5,952,000
Treasury stock, End of year (in shares) at Dec. 31, 2023	2,832,825						2,833,000

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES	SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES 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 seat 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. The Company has two reportable segments, Aerospace and Test Systems. The Aerospace segment designs and manufactures products for the global aerospace and defense industry. Our Test Systems segment designs, develops, manufactures and maintains automated test systems that support the aerospace and defense, communications and mass transit industries as well as training and simulation devices for both commercial and military applications. See Note 21 for details of our divestiture related activities in 2023, 2022 and 2021. There was no acquisition activity in 2023, 2022 or 2021. Impact of the COVID-19 Pandemic Our business continues to face varying levels of supply chain pressures from the residual impacts of the COVID-19 pandemic. Domestic air travel has recovered from the impact of the COVID-19 pandemic, and international travel utilizing primarily widebody aircraft is close to pre-pandemic levels. 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 $7.3 million and $7.4 million under the grant in 2022 and 2021, respectively. The grant benefit was recognized ratably over the six-month performance period as a reduction to Cost of Products Sold in proportion to the compensation expense that the award is intended to defray. During the years ended December 31, 2022 and 2021, the Company recognized $6.0 million and $8.7 million of the award, respectively. Additionally, the Company qualified for government subsidies from the Canadian and French governments as a result of the COVID-19 pandemic’s impact on our foreign operations. The Canadian and French subsidies are income-based grants intended to reimburse the Company for certain employee wages. The grants are recognized as income over the periods in which the Company recognizes as expenses the costs the grants are intended to defray, primarily during 2021 with an immaterial amount recognized during 2022. The following table presents the COVID-19 related government assistance, including AMJP, recorded during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Reduction in Cost of Products Sold $ — $ 6,062 $ 10,682 Reduction in Selling, General and Administrative Expenses — 11 228 Total $ — $ 6,073 $ 10,910 Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The Company accounts for its acquisitions under ASC Topic 805, Business Combinations and Reorganizations (“ASC Topic 805”). ASC Topic 805 provides guidance on how the acquirer recognizes and measures the consideration transferred, identifiable assets acquired, liabilities assumed, non-controlling interests, and goodwill acquired in a business combination. ASC Topic 805 also expands required disclosures surrounding the nature and financial effects of business combinations. There were no acquisitions in 2023, 2022 or 2021. Cost of Products Sold, Research and Development and Selling, General and Administrative Expenses Cost of Products Sold includes the costs to manufacture products such as direct materials and labor and manufacturing overhead as well as all engineering and developmental costs. The Company is engaged in a variety of research and development activities directed to the substantial improvement or new application of the Company’s existing technologies. Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs and depreciation. Research and development expenses amounted to $53.5 million in 2023, $48.3 million in 2022 and $43.3 million in 2021. These costs are included in Cost of Products Sold. SG&A expenses include costs primarily related to our sales, marketing and administrative departments. Interest expense is shown net of interest income. Interest income was insignificant for the years ended December 31, 2023, 2022 and 2021. Shipping and Handling Shipping and handling costs are included in Cost of Products Sold. Equity-Based Compensation The Company accounts for its stock options following Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation (“ASC Topic 718”). ASC Topic 718 requires all equity-based payments to employees, including grants of employee stock options and restricted stock units (“RSUs”), to be recognized in the statement of earnings based on the grant date fair value of the award. For awards with graded vesting, the Company uses a straight-line method of attributing the value of stock-based compensation expense, subject to minimum levels of expense, based on vesting. The Company accounts for forfeitures as they occur. Under ASC Topic 718, stock compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Equity-based compensation expense is included in SG&A Expenses. Cash and Cash Equivalents All highly liquid instruments with a maturity of three months or less at the time of purchase are considered cash equivalents. Restricted Cash Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 8), the Company has a cash dominion arrangement with the banking institution for its accounts within the United States whereby daily cash receipts are contractually utilized to pay down outstanding balances on the ABL Revolving Credit Facility. Account balances that have not yet been applied to the ABL Revolving Credit Facility are classified as restricted cash in the accompanying Consolidated Balance Sheets. The following table provides a reconciliation of cash and restricted cash included in Consolidated Balance Sheets to the amounts included in the Consolidated Statements of Cash Flows. December 31, (In thousands) 2023 2022 Cash and Cash Equivalents $ 4,756 $ 13,778 Restricted Cash 6,557 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 11,313 $ 13,778 Accounts Receivable and Allowance for Estimated Credit Losses Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. The Company records a valuation allowance to account for estimated credit losses. The estimate for 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. Balances are written off when determined to be uncollectible. Although the Company has historically not experienced significant credit losses, the Company’s exposure to credit losses may increase if its customers are adversely affected by global economic recessions, industry conditions, or other customer-specific factors. Inventories We record our inventories at the lower of cost or net realizable value. We determine the cost basis of our inventory on a first-in, first-out or weighted average basis using a standard cost methodology that approximates actual cost. The Company records reserves to provide for excess, slow moving or obsolete inventory. In determining the appropriate reserve, the Company considers the age of inventory on hand, the overall inventory levels in relation to forecasted demands as well as reserving for specifically identified inventory that the Company believes is no longer salable or whose value has diminished. Cloud Computing Arrangements The Company incurs costs to implement cloud computing arrangements that are hosted by third party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization is calculated on a straight-line basis over the contractual term of the cloud computing arrangement. Capitalized amounts related to such arrangements are recorded within Other Current Assets and other non-current assets in the Consolidated Balance Sheets and were insignificant as of December 31, 2023 and December 31, 2022. Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation. Depreciation of property, plant and equipment (“PP&E”) is computed using the straight-line method for financial reporting purposes and using accelerated methods for income tax purposes. Estimated useful lives of the assets are as follows: buildings, 25-40 years; and machinery and equipment, 4-10 years. Leased buildings and associated leasehold improvements are amortized over the shorter of the terms of the lease or the estimated useful lives of the assets, with the amortization of such assets included within depreciation expense. The cost of properties sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the accounts and the resulting gain or loss, as well as maintenance and repair expenses, is reflected within operating income. Replacements and improvements are capitalized. Depreciation expense was approximately $12.2 million, $12.0 million and $12.7 million in 2023, 2022 and 2021, respectively. Deferred Financing Costs The Company incurs debt issuance costs in connection with amending or entering into new credit facilities. These costs are amortized as an adjustment to interest expense over term of the credit facility on a straight-line basis, which approximates the effective interest method. Debt issuance amortization expense was approximately $3.0 million, $0.8 million and $0.4 million in 2023, 2022 and 2021, respectively. On January 19, 2023, the Company completed a financing transaction, which refinanced its previous revolving credit facility which was scheduled to mature in November 2023. The new financing consists of a $90 million asset-based term loan (the “Term Loan Facility”) and a $115 million asset-based revolving credit facility (the “ABL Revolving Credit Facility”). The Company incurred $8.8 million in debt issuance costs related to the new facilities, allocated between the ABL Revolving Credit Facility and the Term Loan Facility. Unamortized deferred debt issuance costs associated with the ABL Revolving Credit Facility ($2.0 million as of December 31, 2023) are recorded within Other Assets and those associated with the Term Loan Facility ($4.3 million as of December 31, 2023) are recorded as a reduction of the carrying value of the debt on the Consolidated Balance Sheets. The unamortized balance of deferred financing costs on our previous credit facility of $3.2 million is recorded within Other Assets on the Consolidated Balance Sheet at December 31, 2022. Long-Lived Assets Long-lived assets to be held and used are initially recorded at cost. The carrying value of these assets is evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are recognized if future undiscounted cash flows from operations are not expected to be sufficient to recover long-lived assets. The carrying amounts are then reduced to fair value, which is typically determined by using a discounted cash flow model. Assets held for sale are to be reported at lower of its carrying amount or fair value less cost to sell. Judgment is required in estimating the sales price of assets held for sale and the time required to sell the assets. These estimates are based upon available market data and operating cash flows of the assets held for sale. During the fourth quarter of 2021, we sold a facility resulting in a gain of $5.0 million. Refer to Note 21. Goodwill 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. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for all or selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative test. We may also elect to perform a quantitative test instead of a qualitative test for any or all of our reporting units. Quantitative testing requires a comparison of the fair value of each reporting unit to its carrying value. We use the discounted cash flow method to estimate the fair value of our reporting units. The discounted cash flow method incorporates various assumptions, the most significant being projected sales growth rates, operating margins and cash flows, the terminal growth rate and the weighted average cost of capital. If the carrying value of the reporting unit exceeds its fair value, goodwill impairment is measured as the amount by which the reporting unit’s carrying value exceeds its fair value, not to exceed the carrying value of goodwill. The 2023, 2022 and 2021 assessments indicated no impairment to the carrying value of goodwill in any of the Company’s reporting units and no impairment charges were recognized. Intangible Assets The estimated fair values of acquired intangibles are generally determined based upon future economic benefits such as earnings and cash flows. Acquired identifiable intangible assets are recorded at fair value and are amortized over their estimated useful lives. Acquired intangible assets with an indefinite life are not amortized, but are reviewed for impairment at least annually or more frequently whenever events or changes in circumstances indicate that the carrying amounts of those assets are below their estimated fair values. Impairment is tested under ASC Topic 350, Intangibles - Goodwill and Other, as amended by Accounting Standards Update (“ASU”) 2012-2. Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and long-term debt. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company does not hold or issue financial instruments for trading purposes. Due to their short-term nature, the carrying values of cash and equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments. From time to time, the Company makes long-term, strategic equity investments in companies to promote business and strategic objectives. These investments as classified within other assets in the Consolidated Balance Sheets. For investments requiring equity method accounting, we recognize our share of the investee’s earnings or losses within Other Expense, Net of Other Income in the Consolidated Statements of Operations. For investments not requiring equity method accounting, if the investment has no readily determinable fair value, we have elected the practicability exception of ASU 2016-01, under which the investment is measured at cost, less impairment, plus or minus observable price changes from orderly transactions of an identical or similar investment of the same issuer. We recognized 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 an associated payment. This amount is included in Other Expense, Net of Other Income in the Consolidated Statement of Operations as of December 31, 2023. Our ownership percentage in this company was diluted during 2023, thus our equity investment was converted to the cost method. Deferred Tax Asset Valuation Allowance 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. After considering the losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, the Company determined that projections of future taxable income could not be relied upon as a source of income to realize its deferred tax assets. However, the Company is relying on a significant portion of its existing deferred tax liabilities for the realizability of deferred tax assets. As a result, the Company has valuation allowances against its deferred tax assets of approximately $65.6 million, $57.4 million, and $43.5 million during the years ended December 31, 2023, 2022 and 2021, respectively, for the portion of deferred tax asset not realizable by the Company’s existing deferred tax liabilities. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of sales and expenses during the reporting periods in the financial statements and accompanying notes. Actual results could differ from those estimates. Foreign Currency Translation The Company accounts for its foreign currency translation in accordance with ASC Topic 830, Foreign Currency Translation . The aggregate transaction gains and losses included in operations were insignificant in 2023, 2022 and 2021. Dividends The Company has not paid any cash dividends in the three-year period ended December 31, 2023. Loss Contingencies Loss contingencies may from time to time arise from situations such as claims and other legal actions. Loss contingencies are recorded as liabilities when it is probable that a liability has been incurred and the amount of the loss is reasonably estimable. In all other instances, legal fees are expensed as incurred. Disclosure is required when there is a reasonable possibility that the ultimate loss will exceed the recorded provision. Contingent liabilities are often resolved over long time periods. In recording liabilities for probable losses, management is required to make estimates and judgments regarding the amount or range of the probable loss. Management continually assesses the adequacy of estimated loss contingencies and, if necessary, adjusts the amounts recorded as better information becomes known. Newly Adopted and Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2023-06 This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s Consolidated Financial Statements. ASU No. 2023-07 The standard includes updates to the disclosure requirements for a public entity’s reportable segments and provides more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of adopting this guidance. We expect adoption to result in additional disclosures in the notes to our Consolidated Financial Statements. ASU No. 2023-09 The amendments in this update require enhanced disclosures within the annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclosure of both percentages and dollar amounts, and disaggregation of the reconciling items by nature when they meet a quantitative threshold. The update also includes enhanced disclosure requirements for income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. We expect adoption to result in additional disclosures in the notes to our Consolidated Financial Statements. We consider the applicability and impact of all ASUs. ASUs not listed above 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	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
REVENUE	REVENUE Revenue is recognized when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or services. Sales shown on the Company’s Consolidated Statements of Operations are from contracts with customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 90 days after the performance obligation has been satisfied; or in certain cases, up-front deposits. In circumstances where the timing of revenue recognition differs from the timing of receipt of consideration, the Company has determined that the Company’s contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. The Company recognizes an asset for the incremental, material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. The Company has elected the practical expedient available under ASC 340-40-25-4 to immediately expense the incremental cost of obtaining a contract when the expected benefit of those costs is less than one year. As of December 31, 2023 and 2022, the Company did not have material incremental costs on any open contracts with an original expected duration of greater than one year. 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 Inventories in the accompanying Consolidated 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. The Company has capitalized $4.7 million and $2.5 million of costs as of December 31, 2023 and 2022, respectively. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Thus, the contract’s transaction price is the revenue recognized when or as that performance obligation is satisfied. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development, production, maintenance and support). For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus margin approach, under which expected costs are forecast to satisfy a performance obligation and then an appropriate margin is added for that distinct good or service. Shipping and handling activities that occur after the customer has obtained control of the good are considered fulfillment activities, not performance obligations. Some of our contracts offer price discounts or free units after a specified volume has been purchased. The Company evaluates these options to determine whether they provide a material right to the customer, representing a separate performance obligation. If the option provides a material right to the customer, revenue is allocated to these rights and recognized when those future goods or services are transferred, or when the option expires. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as new contracts. The effect of modifications has been reflected when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The majority of the Company’s revenue from contracts with customers is recognized at a point in time, when the customer obtains control of the promised product. In general, the customer has obtained control when they have legal title, significant risks and rewards of ownership of the asset, and the Company has a present right to payment for the product. These contracts may provide credits or incentives, which may be accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Variable consideration is treated as a change to the sales transaction price and based on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Most of our contracts do not contain rights to return product; where this right does exist, it is evaluated as possible variable consideration. For contracts that are subject to the requirement to accrue anticipated losses, the Company recognizes the entire anticipated loss in the period that the loss becomes probable. For contracts with customers in which the Company promises to provide a product to the customer that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time, using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. The Company also recognizes revenue from service contracts (including service-type warranties) over time. The Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company’s performance. The Company typically recognizes revenue over time using a cost-to-cost method, where revenues are recognized proportionally as costs are incurred, or on a straight-line basis throughout the contract period. On December 31, 2023, we had $592.3 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $526.5 million of our remaining performance obligations as revenue in 2024. Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs in excess of billings are classified as current assets, within Accounts Receivable, Net of Allowance for Estimated Credit Losses on our Consolidated Balance Sheets. Billings in excess of cost includes billings in excess of revenue recognized as well as other elements of deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are reported in our Consolidated Balance Sheets classified as current liabilities, within Customer Advance Payments and Deferred Revenue, and non-current liabilities, within Other Liabilities. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract-by-contract basis when the Company satisfies the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. We recognized $27.6 million and $14.8 million during the year ended December 31, 2023 and 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 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: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2023 $ 27,349 $ 33,209 Ending Balance, December 31, 2023 $ 46,321 $ 22,888 The increase in contract assets reflects the net impact of new revenue recognized in excess of billings exceeding billing of previously unbilled revenue during the period. The decrease in contract liabilities reflects the net impact of revenue recognized in excess of new customer advances or deferred revenues recorded, as well as a $5.8 million 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, resulting in revenue recognized during the year ended December 31, 2023. The following table presents our revenue disaggregated by Market Segments as of December 31 as follows: (In thousands) 2023 2022 2021 Aerospace Segment Commercial Transport $ 432,199 $ 314,564 $ 201,990 Military Aircraft 61,617 54,534 70,312 General Aviation 80,842 63,395 56,673 Other 30,172 28,703 36,263 Aerospace Total 604,830 461,196 365,238 Test Systems Segment Government & Defense 84,376 73,698 79,670 Test Systems Total 84,376 73,698 79,670 Total $ 689,206 $ 534,894 $ 444,908 The following table presents our revenue disaggregated by Product Lines as of December 31 as follows: (In thousands) 2023 2022 2021 Aerospace Segment Electrical Power & Motion $ 268,049 $ 187,446 $ 141,746 Lighting & Safety 157,434 124,347 103,749 Avionics 113,117 97,234 64,901 Systems Certification 26,255 17,222 13,050 Structures 9,803 6,244 5,529 Other 30,172 28,703 36,263 Aerospace Total 604,830 461,196 365,238 Test Systems 84,376 73,698 79,670 Total $ 689,206 $ 534,894 $ 444,908

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
ACCOUNTS RECEIVABLE	ACCOUNTS RECEIVABLE Accounts receivable at December 31 consists of: (In thousands) 2023 2022 Trade Accounts Receivable $ 134,980 $ 123,071 Unbilled Recoverable Costs and Accrued Profits 46,321 27,349 Total Receivables, Gross 181,301 150,420 Less Allowance for Estimated Credit Losses (9,193) (2,630) Total Receivables, Net $ 172,108 $ 147,790 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. The following table provides a rollforward of the allowance for estimated credit losses that is deducted from accounts receivable to present the net amount expected to be collected at December 31: (In thousands) Balance at December 31, 2021 $ 3,183 Bad Debt Expense, Net of Recoveries 565 Write-off Charges Against the Allowance and Other Adjustments (1,118) Balance at December 31, 2022 2,630 Bad Debt Expense, Net of Recoveries 7,772 Write-off Charges Against the Allowance and Other Adjustments (1,209) Balance at December 31, 2023 $ 9,193

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories at December 31 are as follows: (In thousands) 2023 2022 Finished Goods $ 29,013 $ 30,703 Work in Progress 32,118 29,895 Raw Material 130,670 127,385 Total Inventories $ 191,801 $ 187,983 At December 31, 2023, the Company’s reserve for inventory valuation was $38.5 million, or 16.7% of gross inventory. At December 31, 2022, the Company’s reserve for inventory valuation was $36.8 million, or 16.4% of gross inventory. 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 $3.6 million for dedicated inventory.

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY, PLANT AND EQUIPMENT	PROPERTY, PLANT AND EQUIPMENT Property, Plant and Equipment at December 31 are as follows: (In thousands) 2023 2022 Land $ 8,606 $ 8,578 Building and Improvements 71,480 73,744 Machinery and Equipment 126,725 123,071 Construction in Progress 4,219 6,415 Total Property, Plant and Equipment, Gross 211,030 211,808 Less Accumulated Depreciation 125,594 121,150 Total Property, Plant and Equipment, Net $ 85,436 $ 90,658

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS	INTANGIBLE ASSETS The following table summarizes acquired intangible assets at December 31 as follows: 2023 2022 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,146 $ 2,146 $ 2,066 Non-compete Agreement 4 years 11,082 11,072 11,082 11,052 Trade Names 10 years 11,426 9,973 11,402 9,350 Completed and Unpatented Technology 9 years 47,896 38,961 47,855 34,877 Customer Relationships 15 years 142,208 87,186 142,133 77,996 Total Intangible Assets 12 years $ 214,758 $ 149,338 $ 214,618 $ 135,341 Amortization is computed on the straight line method for financial reporting purposes. Amortization expense for intangibles was $13.9 million, $14.9 million and $15.4 million for 2023, 2022 and 2021, respectively. Based upon acquired intangible assets at December 31, 2023, amortization expense for each of the next five years is estimated to be: (In thousands) 2024 $ 12,856 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037

GOODWILL

GOODWILL	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL	GOODWILL The following table summarizes the changes in the carrying amount of goodwill at December 31 as follows: (In thousands) Aerospace Test Systems Total Balance at December 31, 2021 $ 36,648 $ 21,634 $ 58,282 Foreign Currency Translations and Other (114) 1 (113) Balance at December 31, 2022 36,534 21,635 58,169 Foreign Currency Translations and Other 41 — 41 Balance at December 31, 2023 $ 36,575 $ 21,635 $ 58,210 Goodwill, Gross $ 157,276 $ 21,635 $ 178,911 Accumulated Impairment Losses (120,701) — (120,701) Goodwill, Net $ 36,575 $ 21,635 $ 58,210 The Company’s four reporting units with goodwill as of the first day of our fourth quarters of 2023, 2022 and 2021 were subject to the annual goodwill impairment test. Based on our quantitative assessments of our reporting units performed during our annual goodwill impairment tests, the Company concluded that no impairment to the carrying value of goodwill in any of the Company’s reporting units was indicated and no impairment charges were recognized in 2023, 2022 and 2021.

LONG-TERM DEBT

LONG-TERM DEBT	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company amended the existing revolving credit facility 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 must 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 extend the temporary limit of $120 million until January 31, 2024, at which time the limit returned to $115 million. 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 and any cash balances subject to the dominion arrangement collateralize the outstanding borrowings under the ABL Revolving Credit Facility. Eligible cash balances 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 December 31, 2023, there was $87.0 million outstanding on the ABL Revolving Credit Facility and there remained $32.7 million available, net of outstanding letters of credit (though subject to the minimum liquidity requirement). The Company also entered into a $90 million asset-based 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, if 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 must pay a commitment fee under the Term Loan Facility of 5% of the total aggregate commitment, or $4.5 million, $1.8 million of which was paid on the closing date, $1.8 million of which was paid on June 19, 2023 and $0.9 million of which is due 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, 0.542% per month for the period July 1, 2023 through September 1, 2023 and 0.833% monthly thereafter. Total scheduled principal payments of $9.0 million are payable in 2024 and as such, have been classified as current in the accompanying Consolidated Balance Sheets as of December 31, 2023. The interest rate on current maturities of long-term debt is variable at SOFR plus 8.75%, and was 14.2% at December 31, 2023. The remaining balance of $76.5 million as of December 31, 2023, is recorded as long-term in the accompanying Consolidated Balance Sheets. Pursuant to the ABL Revolving Credit Facility and the Term Loan Facility, the Company was required to comply with a minimum trailing four quarter Adjusted EBITDA, as defined in the ABL Revolving Credit Facility and Term Loan Facility Agreements, of $51.7 million in the Company’s fourth quarter of 2023, increasing to $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 associated with the customer bankruptcy recorded in 2023 was not required to be included in the calculation of EBITDA pursuant to our ABL Revolving Credit Facility and the Term Loan Facility. 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. No such amounts are payable for the year ended December 31, 2023. 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 excess cash flow repayment provisions, restrictions on additional indebtedness, share repurchases and dividend payments, and a limitation on capital expenditures. The Company was in compliance with debt covenants under the ABL Revolving Credit Facility and Term Loan Facility as of and for the year ended December 31, 2023. The Company incurred $8.8 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 ($2.0 million as of December 31, 2023) are recorded within Other Assets and those associated with the Term Loan Facility ($4.3 million as of December 31, 2023) are recorded as a reduction of the carrying value of the debt on the Consolidated Balance Sheets. 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 and reductions in working capital 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 to expedite receivable collections. Our ability to maintain sufficient liquidity and comply with financial debt covenants is highly dependent upon achieving expected operating results. Failure to achieve expected operating results could have a material adverse effect on our liquidity, our ability to obtain financing or access our existing financing, and our operations in the future and could allow our debt holders to demand payment of all outstanding amounts. Refer to Item 1A, Risk Factors, for further discussion.

WARRANTY

WARRANTY	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
WARRANTY	WARRANTY In the ordinary course of business, the Company warrants its products against defects in design, materials and workmanship typically over periods ranging from twelve (In thousands) 2023 2022 2021 Balance at Beginning of the Year $ 8,009 $ 8,183 $ 7,018 Warranties Issued 6,260 3,407 6,083 Reassessed Warranty Exposure (397) (65) (1,474) Warranties Settled (4,121) (3,516) (3,444) Balance at End of the Year $ 9,751 $ 8,009 $ 8,183

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES	LEASES The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combine d lease and non-lease components for all lease contracts. For our real estate leases, the payments used in the calculation of a new lease liability include fixed payments and variable payments (if the variable payments are based on an index) over the remaining lease term. Variable lease payments based on indices have been included in the related right-of-use assets and lease liabilities on our Consolidated Balance Sheets, while variable lease payments based on usage of the underlying asset have been excluded and are expensed in the period they are incurred, as they do not represent present rights or obligations. Variable lease components for leases relate primarily to common area maintenance charges and other separately billed lessor services, sales and real estate taxes. Any new additional operating and financing lease liabilities and corresponding right-of-use (“ROU”) assets are based on the present value of the remaining minimum rental payments. The Company’s operating lease liability increased approximately $19.9 million as a result of acquiring ROU assets from new leases entered into during the year ended December 31, 2023. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution. The following is a summary of the Company’s ROU assets and lease liabilities at December 31: (In thousands) 2023 2022 Operating Leases: Operating Right-of-Use Assets, Gross $ 43,528 $ 29,466 Less Accumulated Right-of-Use Asset Impairment 53 1,710 Less Accumulated Amortization 15,566 14,728 Operating Right-of-Use Assets, Net $ 27,909 $ 13,028 Short-term Operating Lease Liabilities $ 5,069 $ 4,441 Long-term Operating Lease Liabilities 24,376 9,942 Operating Lease Liabilities $ 29,445 $ 14,383 Finance Leases: Finance Right-of-Use Assets, Gross $ 274 $ 231 Less Accumulated Amortization 80 138 Finance Right-of-Use Assets, Net — Included in Other Assets $ 194 $ 93 Short-term Finance Lease Liabilities — Included in Other Accrued Expenses $ 97 $ 29 Long-term Finance Lease Liabilities — Included in Other Liabilities 104 67 Finance Lease Liabilities $ 201 $ 96 The following is a summary of the Company’s total lease costs as of December 31: (In thousands) 2023 2022 Finance Lease Cost: Amortization of ROU Assets $ 54 $ 94 Interest on Lease Liabilities 9 4 Total Finance Lease Cost 63 98 Operating Lease Cost 6,352 6,627 Impairment Charge of Operating Lease ROU Asset 53 — Variable Lease Cost 2,240 1,757 Short-term Lease Cost (excluding month-to-month) 251 602 Less Sublease and Rental Income (548) (1,329) Total Operating Lease Cost 8,348 7,657 Total Net Lease Cost $ 8,411 $ 7,755 The following is a summary of cash paid for amounts included in the measurement of lease liabilities as of December 31: (In thousands) 2023 2022 Operating Cash Flow for Finance Leases $ 9 $ 4 Operating Cash Flow for Operating Leases $ 6,180 $ 7,873 Financing Cash Flow for Finance Leases $ 47 $ 93 As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and ROU asset. The weighted-average remaining term for the Company’s operating and financing leases are approximately 8 years and 2 years, respectively. The weighted-average discount rates for the Company’s operating and financing leases are approximately 5.7% and 5.8%, respectively. The following is a summary of the Company’s maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2024 $ 6,511 $ 122 2025 5,728 62 2026 4,303 20 2027 3,579 7 2028 3,404 — Thereafter 13,183 — Total Lease Payments 36,708 211 Less: Interest 7,263 10 Total Lease Liability $ 29,445 $ 201
LEASES	LEASES The Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. We have concluded that when an agreement grants us the right to substantially all of the economic benefits associated with an identified asset, and we are able to direct the use of that asset throughout the term of the agreement, we have a lease. We lease certain office equipment under finance leases, and we lease certain production facilities, office equipment and vehicles under operating leases. Some of our leases include options to extend or terminate the leases and these options have been included in the relevant lease term to the extent that they are reasonably certain to be exercised. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combine d lease and non-lease components for all lease contracts. For our real estate leases, the payments used in the calculation of a new lease liability include fixed payments and variable payments (if the variable payments are based on an index) over the remaining lease term. Variable lease payments based on indices have been included in the related right-of-use assets and lease liabilities on our Consolidated Balance Sheets, while variable lease payments based on usage of the underlying asset have been excluded and are expensed in the period they are incurred, as they do not represent present rights or obligations. Variable lease components for leases relate primarily to common area maintenance charges and other separately billed lessor services, sales and real estate taxes. Any new additional operating and financing lease liabilities and corresponding right-of-use (“ROU”) assets are based on the present value of the remaining minimum rental payments. The Company’s operating lease liability increased approximately $19.9 million as a result of acquiring ROU assets from new leases entered into during the year ended December 31, 2023. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution. The following is a summary of the Company’s ROU assets and lease liabilities at December 31: (In thousands) 2023 2022 Operating Leases: Operating Right-of-Use Assets, Gross $ 43,528 $ 29,466 Less Accumulated Right-of-Use Asset Impairment 53 1,710 Less Accumulated Amortization 15,566 14,728 Operating Right-of-Use Assets, Net $ 27,909 $ 13,028 Short-term Operating Lease Liabilities $ 5,069 $ 4,441 Long-term Operating Lease Liabilities 24,376 9,942 Operating Lease Liabilities $ 29,445 $ 14,383 Finance Leases: Finance Right-of-Use Assets, Gross $ 274 $ 231 Less Accumulated Amortization 80 138 Finance Right-of-Use Assets, Net — Included in Other Assets $ 194 $ 93 Short-term Finance Lease Liabilities — Included in Other Accrued Expenses $ 97 $ 29 Long-term Finance Lease Liabilities — Included in Other Liabilities 104 67 Finance Lease Liabilities $ 201 $ 96 The following is a summary of the Company’s total lease costs as of December 31: (In thousands) 2023 2022 Finance Lease Cost: Amortization of ROU Assets $ 54 $ 94 Interest on Lease Liabilities 9 4 Total Finance Lease Cost 63 98 Operating Lease Cost 6,352 6,627 Impairment Charge of Operating Lease ROU Asset 53 — Variable Lease Cost 2,240 1,757 Short-term Lease Cost (excluding month-to-month) 251 602 Less Sublease and Rental Income (548) (1,329) Total Operating Lease Cost 8,348 7,657 Total Net Lease Cost $ 8,411 $ 7,755 The following is a summary of cash paid for amounts included in the measurement of lease liabilities as of December 31: (In thousands) 2023 2022 Operating Cash Flow for Finance Leases $ 9 $ 4 Operating Cash Flow for Operating Leases $ 6,180 $ 7,873 Financing Cash Flow for Finance Leases $ 47 $ 93 As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and ROU asset. The weighted-average remaining term for the Company’s operating and financing leases are approximately 8 years and 2 years, respectively. The weighted-average discount rates for the Company’s operating and financing leases are approximately 5.7% and 5.8%, respectively. The following is a summary of the Company’s maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2024 $ 6,511 $ 122 2025 5,728 62 2026 4,303 20 2027 3,579 7 2028 3,404 — Thereafter 13,183 — Total Lease Payments 36,708 211 Less: Interest 7,263 10 Total Lease Liability $ 29,445 $ 201

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities. Deferred tax assets are reduced, if deemed necessary, by a valuation allowance for the amount of tax benefits which are not more likely than not to be realized. The provision for (benefit from) income taxes at December 31 consists of the following: (In thousands) 2023 2022 2021 Current U.S. Federal $ (2,573) $ 5,338 $ (1,713) State 937 (153) (667) Foreign 1,600 750 1,439 Current (36) 5,935 (941) Deferred U.S. Federal (336) 113 (237) State 583 (239) (87) Foreign (101) 145 (117) Deferred 146 19 (441) Total $ 110 $ 5,954 $ (1,382) The effective tax rates differ from the statutory federal income tax rate as follows: 2023 2022 2021 Statutory Federal Income Tax Rate 21.0 % 21.0 % 21.0 % Permanent Items Stock Compensation Expense (1.4) % (2.2) % (2.1) % Contingent Consideration Liability Fair Value Adjustment — % — % 1.7 % Other (1.4) % (0.3) % (0.7) % Foreign Tax Rate Differential (0.4) % (2.8) % (2.7) % State Income Tax, Net of Federal Income Tax Effect (4.6) % 1.0 % 2.2 % Research and Development Tax Credits 14.1 % 7.7 % 12.8 % Change in Valuation Allowance (26.1) % (44.6) % (29.8) % Net GILTI and FDII Tax (Benefit) Expense (1.0) % 1.8 % — % Foreign Tax Credit for Dividend Withholding — % (1.5) % 1.7 % Tax Rate Change on 2020 Federal Net Operating Loss (NOL) Carryback — % — % 0.9 % Other (0.6) % (0.1) % 0.1 % Effective Tax Rate (0.4) % (20.0) % 5.1 % Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes as well as tax attributes. Significant components of the Company’s deferred tax assets and liabilities at December 31, are as follows: (In thousands) 2023 2022 Deferred Tax Assets: Asset Reserves $ 19,609 $ 17,680 Deferred Compensation 6,968 6,798 Section 163(j) - Interest Expense Limitation 1,777 — State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax 1,430 1,128 Customer Advanced Payments and Deferred Revenue 870 1,917 Net Operating Loss Carryforwards and Other 11,178 11,307 Goodwill and Intangible Assets 1,001 1,277 ASC 606 Revenue Recognition 92 197 Research & Development Costs 25,659 19,892 Lease Liabilities 6,952 3,201 Other 5,308 6,135 Total Gross Deferred Tax Assets 80,844 69,532 Valuation Allowance (65,640) (57,369) Deferred Tax Assets 15,204 12,163 Deferred Tax Liabilities: Depreciation 8,593 8,886 ASC 606 Revenue Recognition - Section 481(a) Adjustment 227 525 Lease Assets 6,595 2,905 Earnout Income Accrual 99 — Other 997 1,005 Deferred Tax Liabilities 16,511 13,321 Net Deferred Tax Liabilities $ (1,307) $ (1,158) The net deferred tax assets and liabilities presented in the Consolidated Balance Sheets are as follows at December 31: (In thousands) 2023 2022 Other Assets — Long-term $ — $ 712 Deferred Tax Liabilities — Long-term (1,307) (1,870) Net Deferred Tax Liabilities $ (1,307) $ (1,158) 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. After considering the losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, the Company determined that projections of future taxable income could not be relied upon as a source of income to realize its deferred tax assets. However, the Company is relying on a significant portion of its existing deferred tax liabilities for the realizability of deferred tax assets. As a result, the Company has valuation allowances against its deferred tax assets of approximately $65.6 million, $57.4 million, and $43.5 million during the years ended December 31, 2023, 2022 and 2021, respectively, for the portion of deferred tax asset not realizable by the Company’s existing deferred tax liabilities. Beginning January 1, 2022, the Tax Cuts and Jobs Act (TCJA) of 2017 eliminated the option to deduct research and development expenditures in the current year and now requires taxpayers to capitalize and amortize research and development costs pursuant to Internal Revenue Code (“IRC”) Section 174. The capitalized expenses are amortized over a 5-year period for domestic expenses and a 15-year period for foreign expenses. As a result of this provision of the TCJA, deferred tax assets related to capitalized research expenses increased by approximately $5.8 million and $19.9 million during the years ended December 31, 2023 and 2022, respectively. The Company maintains a full valuation allowance against this deferred tax asset. At December 31, 2023, gross federal net operating losses amounted to approximately $1.9 million, which are subject to annual limitations under Internal Revenue Code Section 382. Of these net operating losses, $1.5 million expire in 2038 and the remaining $0.4 million will carryforward indefinitely. The Company maintains a full valuation allowance against this deferred tax asset. At December 31, 2023, gross state net operating loss carryforwards amounted to approximately $138.6 million. These state net operating loss carryforwards begin to expire at various dates from 2023 through 2043. The Company maintains a full valuation allowance against this deferred tax asset. At December 31, 2023, state income tax credit carryforwards amounted to approximately $0.9 million and begin to expire at various dates from 2023 to 2040. Additionally, the Company has approximately $0.2 million of foreign tax credits that it can carry forward through 2027 and approximately $0.5 million of research and development tax credits that it can carry forward through 2043. The Company maintains a full valuation allowance against these credits. The Company has analyzed its filing positions in all of the federal and state jurisdictions where it is required to file income tax returns, as well as all open tax years in these jurisdictions. Should the Company need to accrue a liability for uncertain tax benefits, any interest and penalties associated with that liability would be recorded as income tax expense. A reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: (in thousands) 2023 2022 2021 Balance at Beginning of the Year $ 443 $ 1,412 $ 1,890 Decreases as a Result of Tax Positions Taken in Prior Years (343) (969) (478) Balance at End of the Year $ 100 $ 443 $ 1,412 There are no material penalties or interest liabilities accrued as of December 31, 2023, 2022, or 2021, nor are any material penalties or interest costs included in expense for each of the years ended December 31, 2023, 2022 and 2021. The years under which we conducted our evaluation coincided with the tax years currently still subject to examination by major federal and state tax jurisdictions, those being 2019 through 2023 for federal purposes and 2017 through 2023 for state purposes. Pretax income (loss) from the Company’s foreign subsidiaries amounted to approximately $6.5 million, $0.1 million and $(3.3) million for 2023, 2022 and 2021, respectively. The balance of pretax earnings or loss for each of those years were domestic. Historically, we have asserted that the unremitted earnings of our foreign subsidiaries were indefinitely reinvested. However, for the years ended December 31, 2023 and 2022, we determined that we can no longer assert indefinite reinvestment on approximately $1.9 million and $3.4 million of the unremitted earnings of Luminescent Systems Canada Inc, respectively. As a result, we have recorded a deferred tax liability of approximately $0.1 million and $0.2 million at December 31, 2023 and 2022, respectively, related to local country withholding taxes that are expected to be incurred upon ultimate repatriation of such earnings. All other foreign unremitted earnings, which total approximately $13.6 million, continue to be indefinitely reinvested. We continue to be permanently reinvested in outside basis differences other than unremitted earnings as we have no plans to liquidate or sell any foreign subsidiaries. In addition, we have not provided deferred taxes on any outside basis differences of our domestic subsidiaries as we have the ability and intent to recover these basis differences in a tax-free manner. It is not practicable to determine the amount of unrecognized deferred tax related to these basis differences. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted in response to the economic uncertainty resulting from the COVID-19 pandemic. The CARES Act includes many measures to assist companies, including temporary changes to income and non-income based laws, some of which were enacted as part of the Tax Cuts and Jobs Act of 2017 (“TCJA”). Some of the key changes include eliminating the 80% of taxable income limitation by allowing corporate entities to fully utilize NOLs to offset taxable income in 2018, 2019 and 2020, allowing NOLs originating in 2018, 2019 and 2020 to be carried back five years, enhanced interest deductibility, and retroactively clarifying the immediate recovery of qualified improvement property costs rather than over a 39-year recovery period. During the year ended December 31, 2021, the Company recorded a tax benefit relating to the NOL carryback provisions and the technical correction for qualified improvement property provided for in the CARES Act of approximately $0.3 million. No tax benefit was recorded for the years ending December 31, 2023 and 2022. The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022. Key provisions under the IRA include a 15% corporate alternative minimum tax imposed on certain large corporations and the extension and expansion of clean energy tax incentives. There were no impacts related to the IRA recorded for the years ending December 31, 2023 and 2022. Under an Organization for Economic Co-operation and Development Inclusive Framework, countries that agreed to enact a two-pillar solution aim to address the challenges arising from the digitalization of the world economy (Pillar Two). Pillar Two sets out global minimum Effective Tax Rate (ETR) rules to ensure that large multinational businesses with consolidated revenue over €750 million are subject to a minimum ETR of 15% on income arising in low-tax jurisdictions. Rules under Pillar Two are expected to be enacted beginning January 1, 2024. The Company will continue to monitor the impact of Pillar Two; however, the Pillar Two is currently not applicable as the Company does not meet the threshold of having consolidated revenue over €750 million.

PROFIT SHARING_401K PLAN

PROFIT SHARING/401K PLAN	12 Months Ended
	Dec. 31, 2023
Postemployment Benefits [Abstract]
PROFIT SHARING/401K PLAN	PROFIT SHARING/401K PLAN The Company offers eligible domestic full-time employees participation in a safe harbor 401K plan. The plan provides for an annual company contribution. In addition, employees may contribute a portion of their salary to the plan. In response to the impact of the COVID-19 pandemic, Company contributions were temporarily suspended beginning in the second quarter of 2020. The Company contributions were reinstated in the fourth quarter of 2021. The plan may be amended or terminated at any time. Total charges to income before income taxes for this plan was approximately $5.3 million, $4.7 million and $4.3 million in 2023, 2022 and 2021, respectively. The Company has funded the 2022 and 2023 contributions to date with treasury stock in lieu of cash and will fund the remaining 2023 contribution with treasury stock in the first quarter of 2024.

RETIREMENT PLANS AND RELATED PO

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS	RETIREMENT PLANS 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 accumulated benefit obligation of the plans as of December 31, 2023 and 2022 amounts to $22.0 million and $20.5 million, respectively. The plans provide for benefits based upon average annual compensation and years of service and, in the case of SERP, there are offsets for social security and profit sharing benefits. It is the Company’s intent to fund the plans as plan benefits become payable, since no assets exist at December 31, 2023 or 2022 for either of the plans. The Company accounts for the funded status (i.e., the difference between the fair value of plan assets and the projected benefit obligations) of its pension plans in accordance with the recognition and disclosure provisions of ASC Topic 715, Compensation, Retirement Benefits , which requires the Company to recognize the funded status in its balance sheet, with a corresponding adjustment to Accumulated Other Comprehensive Income (“AOCI”), net of tax. These amounts will be subsequently recognized as net periodic pension cost pursuant to the Company’s historical policy for amortizing such amounts. Further, actuarial gains and losses that arise in subsequent periods and are not recognized as net periodic pension cost in the same periods will be recognized as a component of AOCI. Those amounts will be subsequently recognized as a component of net periodic pension cost on the same basis as the amounts recognized in AOCI. Unrecognized prior service costs of $0.6 million ($1.2 million net of $0.6 million in taxes) and unrecognized actuarial losses of $2.0 million ($3.6 million net of $1.6 million in taxes) are included in AOCI at December 31, 2023 and have not yet been recognized in net periodic pension cost. The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows: (In thousands) 2023 2022 Funded Status Projected Benefit Obligation Beginning of the Year — January 1 $ 26,210 $ 30,503 Service Cost 105 138 Interest Cost 1,302 834 Actuarial Loss (Gain) 1,529 (4,917) Benefits Paid (348) (348) End of the Year — December 31 $ 28,798 $ 26,210 In 2023, the net actuarial loss of $1.5 million is due to the change in the salary scale and the decrease of 21 basis points in the discount rate used to measure the benefit obligation as of December 31, 2023 compared to the prior year. The assumptions used to calculate the projected benefit obligation as of December 31 are as follows: 2023 2022 Discount Rate 4.79% 5.00% Future Average Compensation Increases 3.00% 2.00% - 3.00% The plans are unfunded at December 31, 2023 and are recognized in the accompanying Consolidated Balance Sheets as a current accrued pension liability of $0.3 million and a long-term accrued pension liability of $28.4 million. The service cost component of net periodic benefit cost is included in SG&A expenses, and all other net periodic benefit costs components (such as interest cost, prior service cost amortization and actuarial gain/loss amortization) are reported outside of operating income, within Other (Income) Expense, Net in the accompanying Consolidated Statements of Operations. The following table summarizes the components of the net periodic cost for the years ended December 31: (In thousands) 2023 2022 2021 Net Periodic Cost Service Cost — Benefits Earned During Period $ 105 $ 138 $ 195 Interest Cost 1,302 834 764 Amortization of Prior Service Cost 386 386 386 Amortization of Losses 358 949 1,292 Net Periodic Cost $ 2,151 $ 2,307 $ 2,637 The assumptions used to determine the net periodic cost are as follows: 2023 2022 2021 Discount Rate 5.00% 2.75% 2.42% Future Average Compensation Increases 2.00% - 3.00% 2.00% - 3.00% 2.00% - 3.00% Benefit payments expected in each of the next five years are as follows: 2024 - $0.7 million, 2025 - $0.6 million, 2026 - $0.6 million, 2027 - $0.9 million, and 2028 - $1.9 million. Benefits expected to be paid in the aggregate between 2029 and 2033 are $11.1 million. Given that the plans are unfunded, these amounts are what the Company expects to contribute to the plans in each respective year. Participants in the SERP are entitled to paid medical, dental and long-term care insurance benefits upon retirement under the plan. The measurement date for determining the plan obligation and cost is December 31. The accumulated postretirement benefit obligation is $0.8 million at December 31, 2023 and 2022. The plan is recognized in the accompanying Consolidated Balance Sheets as a current accrued pension liability of less than $0.1 million and a long-term accrued pension liability of $0.8 million. The net periodic cost for the years ended December 31, 2023, 2022 and 2021 was not material. The Company is a participating employer in a trustee-managed multiemployer defined benefit pension plan for employees who participate in collective bargaining agreements. The plan generally provides retirement benefits to employees based on years of service to the Company. Contributions are based on the hours worked and are expensed on a current basis. The plan is 99.2% funded as of January 1, 2023. The Company’s contributions to the plan were $0.7 million in 2023, $0.5 million in 2022 and $0.4 million in 2021. These contributions represent less than 1% of total contributions to the plan.

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
SHAREHOLDERS’ EQUITY	SHAREHOLDERS’ EQUITY Share Buyback Program 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. The Company has the capacity under the currently authorized program to repurchase additional shares of its common stock with a maximum dollar value of $41.5 million. Under its current credit agreement, and as described further in Note 8, the Company is currently restricted from further stock repurchases under this program. 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”). During the year ended December 31, 2023, the Company sold 1,334,228 shares of our Common Stock under the ATM Program. The Company generated $21.8 million in aggregate gross proceeds from sales under the ATM Program at an average sale price of $16.31 per share of Common Stock. Aggregate net proceeds from the ATM Program were $21.3 million after deducting related expenses, including commissions to the Sales Agents and issuance costs. As of December 31, 2023, the Company had remaining capacity under the ATM Program to sell shares of Common Stock having an aggregate offering price up to approximately $8.2 million. Reserved Common Stock At December 31, 2023, approximately 9.7 million shares of Common Stock were reserved for issuance upon conversion of the Class B stock, exercise of stock options, issuance of restricted stock and purchases under the Employee Stock Purchase Plan. Class B Stock is identical to Common Stock, except Class B Stock has ten votes per share, is automatically converted to Common Stock on a one-for-one basis when sold or transferred other than via gift, devise or bequest and cannot receive dividends unless an equal or greater amount of dividends is declared on Common Stock. Comprehensive Loss and Accumulated Other Comprehensive Loss Comprehensive income or loss consists of net income or loss and the after-tax impact of retirement liability adjustments. No income tax effect is recorded for currency translation adjustments. The components of accumulated other comprehensive loss are as follows: (In thousands) 2023 2022 Foreign Currency Translation Adjustments $ (6,351) $ (7,335) Retirement Liability Adjustment – Before Tax (5,357) (4,473) Tax Benefit 2,282 2,282 Retirement Liability Adjustment – After Tax (3,075) (2,191) Accumulated Other Comprehensive Loss $ (9,426) $ (9,526) In 2023, 2022 and 2021, no tax benefit was recognized as the Company had recorded a full valuation allowance on the deferred tax asset associated with the retirement liability. The components of other comprehensive income are as follows: (In thousands) 2023 2022 2021 Foreign Currency Translation Adjustments $ 984 $ (1,928) $ (939) Retirement Liability Adjustment (884) 6,897 2,894 Other Comprehensive Income $ 100 $ 4,969 $ 1,955

LOSS PER SHARE

LOSS PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
LOSS PER SHARE	LOSS PER SHARE Loss per share computations are based upon the following table: (In thousands, except per share data) 2023 2022 2021 Net Loss $ (26,421) $ (35,747) $ (25,578) Basic Earnings Weighted Average Shares 33,104 32,164 31,061 Net Effect of Dilutive Stock Options — — — Diluted Earnings Weighted Average Shares 33,104 32,164 31,061 Basic Loss Per Share $ (0.80) $ (1.11) $ (0.82) Diluted Loss Per Share $ (0.80) $ (1.11) $ (0.82) 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 Company incurred a net loss for the years ended December 31, 2023, 2022, and 2021, therefore all outstanding stock options and unvested restricted stock units are excluded from the computation of diluted loss per share because the effect of their inclusion would be antidilutive. The number of common shares excluded from the computation was approximately 0.8 million shares for the year ended December 31, 2023, 1.4 million shares for the year ended December 31, 2022, and 1.4 million shares for the year ended December 31, 2021. The Company has funded substantially all of its 2022 and 2023 401K contributions, and will fund the remaining 2023 401K contributions outstanding with treasury stock in lieu of cash. The earnings per share computations for the years ended December 31, 2023 and 2022 are each inclusive of approximately 0.1 million in shares outstanding for the equivalent shares needed to fulfill the respective period’s 401K obligation using the closing share price as of December 31, 2023 and 2022. Actual shares issued may differ based on the share price on the settlement date.

EQUITY COMPENSATION

EQUITY COMPENSATION	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	EQUITY COMPENSATION The Company has equity compensation plans that authorize the issuance of restricted stock units or options for shares of Common Stock to directors, officers and key employees. Equity-based compensation is designed to reward long-term contributions to the Company and provide incentives for recipients to join and to remain with the Company. The exercise price of stock options, determined by a committee of the Board of Directors, is equal to the fair market value of the Common Stock on the grant date. Options become exercisable over periods not exceeding ten years, and must be exercised within ten years from the grant date. The Company’s practice has been to issue new shares upon the exercise of the options. The Company established its Incentive Stock Option Plans for the purpose of attracting and retaining executive officers and key employees, and to align management’s interest with those of the shareholders. At December 31, 2023, the Company had options outstanding for 587,482 shares under the plans. The Company established the Directors Stock Option Plans for the purpose of attracting and retaining the services of experienced and knowledgeable outside directors, and to align their interest with those of the shareholders. At December 31, 2023, the Company had options outstanding for 31,906 shares under the plans. During 2017, the Company established the Long Term Incentive Plan for the purpose of attracting and retaining directors, executive officers and key employees, and to align management’s interest with those of the shareholders. The Long Term Incentive Plan contemplates the use of a mix of equity award types. For stock options, the exercise price is equal to the share price on the date of grant. Upon inception, the remaining options available for future grant under the 2011 Incentive Stock Option Plan and the Directors Stock Option Plans were rolled in the Long Term Incentive Plan, and no further grants may be made out of those plans. At December 31, 2023, the Company had stock options and RSUs outstanding that covered 1,445,256 shares under the Long Term Incentive Plan, and there were 835,076 shares available for future grant under this plan. Stock compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Vesting requirements vary for directors, officers and key employees. In general, options or RSUs granted to outside directors vest six months from the date of grant and options granted to officers and key employees straight line vest over a three The following table provides compensation expense information based on the fair value of stock options and RSUs for the years ended December 31 as follows: (In thousands) 2023 2022 2021 Equity-based Compensation Expense $ 7,198 $ 6,497 $ 6,460 Tax Benefit (1,259) (1,068) (924) Equity-based Compensation Expense, Net of Tax $ 5,939 $ 5,429 $ 5,536 Tax benefit excludes the impact of valuation allowances recorded against deferred tax assets. Stock Options 2023 2022 2021 Weighted Average Fair Value of the Options Granted $ 8.39 $ 5.97 $ 7.05 The weighted average fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: 2023 2022 2021 Risk-free Interest Rate 4.20% - 4.33% 3.48% - 3.62% 0.45% - 1.52% Dividend Yield —% —% —% Volatility Factor 0.58 0.61 0.58 Expected Life in Years 3 - 7 years 5 - 9 years 5 - 10 years To determine expected volatility, the Company uses historical volatility based on weekly closing prices of its Common Stock and considers currently available information to determine if future volatility is expected to differ over the expected terms of the options granted. The risk-free rate is based on the U.S. Treasury yield curve at the time of grant for the appropriate term of the options granted. Expected dividends are based on the Company’s history and expectation of dividend payouts. The expected term of stock options is based on vesting schedules, expected exercise patterns and contractual terms. A summary of the Company’s stock option activity and related information for the year ended December 31 is as follows: 2023 (Aggregate intrinsic value in thousands) Options Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1 1,376,718 $ 20.37 $ — Options Granted 125,400 $ 15.15 $ — Options Exercised (6,570) $ 12.64 $ — Options Forfeited / Expired (84,564) $ 28.23 $ — Outstanding at December 31 1,410,984 $ 19.47 $ — Exercisable at December 31 860,637 $ 23.42 $ — The aggregate intrinsic value in the preceding table represents the total pretax option holder’s intrinsic value, based on the closing stock price of the Company’s Common Stock which would have been received by the option holders had all option holders exercised their options as of that date. The closing stock price of the Company’s Common Stock was $17.42, $10.30 and $12.00 as of December 31, 2023, 2022 and 2021, respectively. As the stock price of $17.42 was below the weighted average exercise price, intrinsic value is zero. The weighted average fair value of options vested during 2023, 2022 and 2021 was $11.53, $12.89 and $14.58, respectively. The total fair value of options that vested during the year amounted to $3.0 million, $2.4 million and $1.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. At December 31, 2023, total compensation costs related to non-vested option awards not yet recognized amounts to $3.6 million and will be recognized over a weighted average period of approximately 2 years. The following is a summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options as of December 31, 2023: Outstanding Exercisable Exercise Price Range Shares Weighted Average Remaining Life in Years Weighted Average Exercise Price Shares Weighted Average Remaining Life in Years Weighted Average Exercise Price $9.74 – $15.15 870,050 8.3 $ 12.08 347,364 8.0 $ 11.58 $22.93 – $35.82 536,370 3.9 $ 31.23 508,709 3.8 $ 31.30 $45.89 – $45.89 4,564 1.2 $ 45.89 4,564 1.2 $ 45.89 1,410,984 6.6 $ 19.47 860,637 5.5 $ 23.42 Restricted Stock Units The fair value of each RSU granted is equal to the fair market value of the Company’s Common Stock on the date of grant. The RSUs granted to employees generally cliff vest three years from the date of grant, while RSUs granted to directors cliff vest six months from the date of grant. 2023 RSU Shares Weighted Average Grant Date Fair Value Unvested at January 1 578,214 $ 15.85 Granted 293,704 $ 14.79 Vested (190,135) $ 17.81 Forfeited (28,123) $ 16.75 Unvested at December 31 653,660 $ 14.77 Included in total equity-based compensation expense for the year ended December 31, 2023 was $4.0 million related to RSUs. At December 31, 2023, total compensation costs related to non-vested awards not yet recognized amounts to $3.5 million and will be recognized over a weighted average period of approximately 2 years. Employee Stock Purchase Plan In addition to the stock options and RSUs discussed above, the Company has established the Employee Stock Purchase Plan to encourage employees to invest in the Company. The plan provides employees the opportunity to invest up to the IRS annual maximum of approximately $25,000 in the Company’s common stock at a price equal to 85% of the fair market value of the Company’s common stock, determined each October 1. Employees are allowed to enroll annually. Employees indicate the number of shares they wish to obtain through the program and their intention to pay for the shares through payroll deductions over the annual cycle of October 1 through September 30. Employees can withdraw anytime during the annual cycle, and all money withheld from the employees’ pay is returned. If an employee remains enrolled in the program, enough money will have been withheld from the employees’ pay during the year to pay for all the shares that the employee opted for under the program. At December 31, 2023, employees had subscribed to purchase 235,140 shares at $13.50 per share. The weighted average fair value of the options was approximately $4.94, $2.39 and $5.00 for options granted during the year ended December 31, 2023, 2022 and 2021, respectively. The fair value for the options granted under the Employee Stock Purchase Plan was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: 2023 2022 2021 Risk-free Interest Rate 5.49 % 4.01 % 0.09 % Dividend Yield — % — % — % Volatility Factor 0.56 0.50 0.71 Expected Life in Years 1.0 1.0 1.0

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE ASC Topic 820, Fair Value Measurements and Disclosures , (“ASC Topic 820”) defines fair value, establishes a framework for measuring fair value and expands the related disclosure requirements. This statement applies under other accounting pronouncements that require or permit fair value measurements. The statement indicates, among other things, that a fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. ASC Topic 820 defines fair value based upon an exit price model. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and involves consideration of factors specific to the asset or liability. ASC Topic 820 establishes a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. On a Recurring Basis: A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. On October 4, 2019, the Company acquired the stock of the primary operating subsidiaries as well as certain other assets from mass transit and defense market test solution provider, Diagnosys Test Systems Limited. The purchase consideration included an earnout estimated at a fair value of $2.5 million at the time of acquisition. The terms of the Diagnosys acquisition allow for a potential earnout of up to an additional $13.0 million over the three years post-acquisition based on achievement of new order levels of over $72.0 million during that period. The fair value assigned to the earnout was determined using the real options method, which requires Level 3 inputs such as new order forecasts, discount rate, volatility factors, and other market variables to assess the probability of Diagnosys achieving certain order levels over the period. Based on actual and forecasted new orders, the fair value was zero as of December 31, 2021, with the contingent consideration liability fair value adjustment of $2.2 million recorded within SG&A expenses in the Consolidated Statements of Operations in the year ended December 31, 2021. The earnout period has expired and no amounts were paid or are payable related to this earnout. There were no other financial assets or liabilities carried at fair value measured on a recurring basis at December 31, 2023 or 2022. On a Non-recurring Basis: 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 of the asset or asset group (which are Level 3 inputs) with the asset of asset group’s 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. There were no impairment charges related to long-lived assets in 2023, 2022 or 2021 and no long-lived assets are required to be measured at fair value for purposes of the long-lived asset recoverability test. Due to their short-term nature, the carrying value of cash and equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments.

SELECTED QUARTERLY FINANCIAL IN

SELECTED QUARTERLY FINANCIAL INFORMATION	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
SELECTED QUARTERLY FINANCIAL INFORMATION	SELECTED QUARTERLY FINANCIAL INFORMATION The following table summarizes selected quarterly financial information for 2023 and 2022: Quarter Ended (Unaudited) December 31, December 31, (In thousands, except for per share data) 2023 2022 Sales $ 195,292 $ 158,153 Gross Profit (Sales Less Cost of Products Sold) $ 39,973 $ 21,510 Income (Loss) Before Income Taxes $ 1,534 $ (7,208) Net Income (Loss) $ 6,976 $ (6,779) Basic Earnings (Loss) Per Share $ 0.20 $ (0.21) Diluted Earnings (Loss) Per Share $ 0.20 $ (0.21) Non-cash stock bonus expense increased $4.2 million in the fourth quarter of 2023 compared to zero in the prior year, $1.5 million was recorded to Cost of Products Sold and $2.8 million was recorded as SG&A expense. In 2019, a former customer filed a lawsuit alleging damages associated with defective product. Mediation of the matter was held in November 2022 and the Company was indemnified by other parties for approximately $1.5 million and recorded a gain as an offset to SG&A expense in the fourth quarter of 2022. These increases in SG&A were more than offset by increased gross profit compared to the prior year fourth quarter resulting from the higher sales volume.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
LEGAL PROCEEDINGS	LEGAL PROCEEDINGS Lufthansa On December 29, 2010, Lufthansa Technik AG (“Lufthansa”) filed a Statement of Claim in the Regional State Court of Mannheim, Germany. Lufthansa’s claim asserted that a subsidiary of the Company, AES, sold, marketed, and brought into use in Germany a power supply system that infringes upon a German patent held by Lufthansa. Lufthansa sought an order requiring AES to stop selling and marketing the allegedly infringing power supply system, a recall of allegedly infringing products sold to commercial customers in Germany since November 26, 2003, and compensation for damages related to direct sales of the allegedly infringing power supply system in Germany (referred to as “direct sales”). AES modified the outlet units at the end of 2014 and the overwhelming majority of the modified outlet units sold from 2015 do not infringe the patent of Lufthansa. In February 2015, the Regional State Court of Mannheim, Germany held that the patent was infringed. The judgment did not require AES to recall products that are already installed in aircraft or had been sold to other end users. The Company appealed to the Higher Regional Court of Karlsruhe. On November 15, 2016, the Higher Regional Court of Karlsruhe upheld the lower court’s decision. The Company sought permission to appeal to the German Federal Supreme Court. By judgment of March 26, 2019, the German Federal Supreme Court dismissed AES's appeal. With this decision, the above-mentioned proceedings are complete. In July 2017, Lufthansa filed an action in the Regional State Court of Mannheim for payment of damages caused by AES’s direct sales of the product into Germany. A first instance decision in this matter was handed down on December 6, 2019. According to this ruling, Lufthansa was awarded damages in the amount of approximately $3.2 million plus interest. In 2020, AES made payment of $4.7 million, inclusive of interest, in satisfaction of the first instance judgment. On July 12, 2023, the Higher Regional Court of Karlsruhe in Germany reduced the Company’s liability for direct damages on appeal from approximately $3.2 million plus interest to approximately $2.8 million plus interest. Additionally, in its judgment, the Court reduced the interest rate on damages from 5% (as held by the Regional Court of Mannheim) to 4%. Accordingly, the Company reclaimed overpaid damages and interest from LHT in the amount of approximately $1.2 million. This was recorded as an offset to Selling, General and Administrative expenses in the third quarter of 2023, upon receipt of the refund. Both Lufthansa and AES have filed requests with the German Federal Supreme Court to be granted leave to file appeals against this decision. On December 29, 2017, Lufthansa filed another infringement action against AES in the Regional State Court of Mannheim claiming that sales by AES to its international customers have infringed Lufthansa's patent if AES's customers later shipped the products to Germany (referred to as “indirect sales”). This action, therefore, addresses sales other than those covered by the action filed on December 29, 2010, discussed above. No amount of claimed damages has been specified by Lufthansa. A first instance decision in this matter was issued on December 6, 2019. The Court found that indirect sales (as defined above) by AES to international customers infringe the patent under the conditions specified in the judgment and that the sale of components of the EmPower system to Germany constitutes an indirect patent infringement. The Court rejected Lufthansa's claim that AES is also liable for damages for the sale of modified products. This means that AES is not liable for damages based on the sale of modified outlet units that removed the infringing feature. AES and Lufthansa both appealed this decision. On July 12, 2023, the Higher Regional Court of Karlsruhe essentially upheld the first instance ruling. According to the Higher Regional Court of Karlsruhe ruling, AES is responsible for payment of damages for indirect sales of patent-infringing EmPower in-seat power supply systems in the period from December 29, 2007 to May 22, 2018. However, because the outlet units were modified at the end of 2014, the period for which AES is liable for damages in connection with indirect sales into Germany substantially finished at the end of 2014. Both Lufthansa and AES have filed requests with the German Federal Supreme Court to be granted leave to file appeals against this decision. After the accounting, Lufthansa is expected to enforce its claim for damages in separate court proceedings. These proceedings would most likely be tried before the Mannheim Court again, which makes it probable that the Mannheim Court will determine the damages for the indirect sales based on the same principles as in the direct sales proceedings (unless the latter ruling of the Mannheim Court is reversed on appeal). Based on the information available and the determination of the damages in the direct sales claim discussed above, we estimated that the Company’s total exposure related to these matters that was probable and that could be reasonably estimated at December 31, 2019, was approximately $11.6 million plus accrued interest. 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 year ended December 31, 2023, as an offset to Selling, General and Administrative Expenses. Approximately $0.7 million, $0.6 million and $0.6 million was recorded within Selling, General and Administrative Expenses in the Company’s Consolidated Statements of Operations for each of 2023, 2022 and 2021, respectively, for additional interest accrued during such periods. In connection with the indirect sales claims, we currently believe it is unlikely that the appeals process will be completed and any damages and related interest will be paid before December 31, 2024. Therefore, the liability related to this matter (inclusive of accrued interest), totaling $17.1 million and $17.8 million, is classified within other liabilities (non-current) in the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. This amount may be adjusted depending on the decision of the Court on the direct sales damages appeal referred to previously. In December 2017, Lufthansa filed patent infringement cases in the United Kingdom (“UK”) and in France. The Lufthansa patent expired in May 2018. In those cases, Lufthansa accuses AES and certain of its customers of having manufactured, used, sold and offered for sale a power supply system, and offered and supplied parts for a power supply system that infringed upon a Lufthansa patent in those respective countries. In the normal course of its supply arrangements, AES has indemnified its customers from liability arising from such matters, and as such will bear responsibility for any monetary damages arising from such claims. On December 4, 2020, 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 Court upheld the first instance judgment in favor of AES. Lufthansa lodged an appeal before the French Supreme Court; the French Supreme Court will review the Court of Appeal of Paris reasoning around the nullification of one of the claims of the patent. AES filed a brief with the French Supreme Court on January 22, 2024 in response to Lufthansa’s appeal and awaits guidance on further briefing or a decision from the Court. 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 December 31, 2023 or 2022. In the UK matter, the Court held the UK patent valid and 3 out of 4 asserted claims infringed in June 2020. In contrast to the decisions in Germany, the UK Court found that the modified components infringed a valid claim of the patent, and accordingly, the period for which AES or its customers would be liable for damages in connection with direct sales into the UK extends until the expiration of the patent in May 2018. While AES appealed the ruling, the Court dismissed the appeal on all grounds. The damages trial is scheduled for October 2024. The case for monetary compensation will require extensive data gathering and analysis which is ongoing. This analysis includes evaluating whether any units sold into the UK were subsequently shipped into Germany, where they would be subject to the indirect sales claim discussed above. If this is the case, compensation may be assessed in either the UK, or in the indirect sales matter in Germany, but not in both matters. Lufthansa has elected to pursue a claim in relation to the defendants’ profits from their infringing activities. We have estimated compensation of approximately $6.2 million, plus accrued interest, for AES and its indemnified customers. Interest will accrue until final payment to Lufthansa. A reserve of $7.3 million was recorded within Selling, General & Administrative expenses in the accompanying Consolidated Statement of Operations for the year ended December 31, 2021. This amount is subject to change as additional data is received and evaluated, and as additional information regarding the damages methodology is claimed 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 early 2025. Therefore, the liability related to this matter, totaling $7.4 million and $7.0 million, is classified within other liabilities (non-current) in the Consolidated Balance Sheets at December 31, 2023 and 2022, respectively. The variance is due to currency fluctuation. Separate from any such damages Lufthansa may seek in connection with the UK infringement decision discussed above, as a result of the first instance judgement in their favor, Lufthansa was entitled to reimbursement from AES of a proportion of its legal expenditures in the UK case. An interim reimbursement was paid to Lufthansa in August 2020. As a result of the appeal decision, Lufthansa will be entitled to reimbursement from AES of a larger proportion of its first instance legal expenditures, as well as a portion of its legal expenditures associated with the appeal. We recorded an estimated liability of approximately $1.0 million in our Consolidated Balance Sheets at December 31, 2021. The associated expense is recorded within Selling, General & Administrative Expenses in the Consolidated Statement of Operations for the year then ended. A payment of $0.3 million was made in 2022. It is likely the remaining amount will be payable within the next twelve months, and as such, the liability of $0.7 million has been classified as a current liability in the accompanying Consolidated Balance Sheets within other accrued expenses at December 31, 2023. Each of the German, France and UK claims are separate and distinct. Validity and infringement of the Lufthansa patent in each country is a matter for the courts in each of these countries, whose laws differ from each other. In addition, the principles of calculating damages in each jurisdiction differ substantially. Therefore, the Company has assessed each matter separately and cannot apply the same calculation methodology as in the German direct and indirect matters. However, it is reasonably possible that additional damages and interest could be incurred if the appellate court in France was to rule in favor of Lufthansa, or if damages in the UK matter are calculated on a different basis than our estimate or using information not currently available. 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 and copyright infringement, 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. The PTAB issued its decision on July 20, 2022, in which it invalidated all of Teradyne’s patent claims. Teradyne did not appeal the decision. 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. On December 7, 2023, the District Court granted ATS’s motion for summary judgment on its affirmative defense of fair use. The Court subsequently entered final judgment in favor of ATS on December 14, 2023. Teradyne filed a Notice of Appeal to the Ninth Circuit Court of Appeals on January 12, 2024. Teradyne’s opening brief on its appeal is currently scheduled to be due on April 9, 2024 with ATS’s answering brief due on May 9, 2024, though those dates may be extended. No amounts have been accrued for this matter in the December 31, 2023 or 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. Accrued legal fees were $7.9 million as of December 31, 2023 and were insignificant as of December 31, 2022.

SEGMENTS

SEGMENTS	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
SEGMENTS	SEGMENTS Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows: (In thousands) 2023 2022 2021 Sales: Aerospace $ 605,001 $ 461,206 $ 365,261 Less Inter-segment Sales (171) (10) (23) Total Aerospace Sales 604,830 461,196 365,238 Test Systems 84,376 73,717 80,027 Less Inter-segment Sales — (19) (357) Test Systems 84,376 73,698 79,670 Total Consolidated Sales $ 689,206 $ 534,894 $ 444,908 Operating Income (Loss) and Margins: Aerospace $ 24,629 $ (1,883) $ (8,614) 4.1 % (0.4) % (2.4) % Test Systems (8,745) (8,118) (3,765) (10.4) % (11.0) % (4.7) % Total Operating Income (Loss) $ 15,884 $ (10,001) $ (12,379) 2.3 % (1.9) % (2.8) % Additions to (Deductions from) Operating Profit: Net Gain on Sale of Businesses $ 3,427 $ 11,284 $ 10,677 Interest Expense, Net of Interest Income (23,328) (9,422) (6,804) Corporate and Other Expenses, Net (22,294) (21,654) (18,454) Loss before Income Taxes $ (26,311) $ (29,793) $ (26,960) Depreciation and Amortization: Aerospace $ 20,801 $ 22,384 $ 23,349 Test Systems 5,068 4,341 5,022 Corporate 235 1,052 634 Total Depreciation and Amortization $ 26,104 $ 27,777 $ 29,005 Assets: Aerospace $ 493,660 $ 481,416 Test Systems 122,681 111,513 Corporate 17,451 22,102 Total Assets $ 633,792 $ 615,031 Capital Expenditures: Aerospace $ 5,003 $ 4,289 $ 4,932 Test Systems 2,640 3,299 1,082 Corporate — 87 20 Total Capital Expenditures $ 7,643 $ 7,675 $ 6,034 Operating income (loss) is sales less cost of products sold and other operating expenses, excluding interest expense and other corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. During the year ended December 31, 2023, a $3.6 million inventory reserve and a $7.5 million allowance for estimated credit losses associated with a bankrupt customer was recorded as an expense, negatively impacting Aerospace Operating Income. During the year ended December 31, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits Test Systems’ operating loss for the year. Corporate expenses and other for the year ended December 31, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we are no longer required to make the associated payment. This amount is included in Other Income, Net. In the year ended December 31, 2022, $6.0 million of the AMJP grant was recognized as an offset to the cost of products sold in the Aerospace segment. The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31: (In thousands) 2023 2022 2021 United States $ 518,096 $ 419,431 $ 350,428 North America (excluding United States) 14,878 9,222 6,990 Asia 26,165 21,242 21,089 Europe 123,682 78,625 62,138 South America 2,071 3,629 1,082 Other 4,314 2,745 3,181 Total $ 689,206 $ 534,894 $ 444,908 The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31: (In thousands) 2023 2022 United States $ 77,939 $ 82,317 France 6,417 6,974 India 487 653 Canada 593 714 Total $ 85,436 $ 90,658 Sales recorded by the Company’s foreign operations were $69.3 million, $50.0 million and $36.6 million in 2023, 2022 and 2021, respectively. Net income (loss) from foreign operations was $5.3 million, $(0.2) million and $(3.8) million in 2023, 2022 and 2021, respectively. Net assets held outside of the U.S. total $39.1 million and $36.6 million at December 31, 2023 and 2022, respectively. The exchange gain (loss) included in determining net income (loss) was insignificant in 2023, 2022 and 2021. Cumulative translation adjustments amounted to $6.4 million and $7.3 million at December 31, 2023 and 2022, respectively. The Company has a significant concentration of business with The Boeing Company (“Boeing”). Sales to Boeing are primarily in the Aerospace segment. The following is information relating to the activity with this customer: 2023 2022 2021 Percent of Consolidated Sales Boeing 11.0% 11.0% 10.0% (In thousands) 2023 2022 Accounts Receivable at December 31, Boeing $ 17,314 $ 16,860

DIVESTITURE ACTIVITIES

DIVESTITURE ACTIVITIES	12 Months Ended
	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
DIVESTITURE ACTIVITIES	DIVESTITURE ACTIVITIES Semiconductor Test Business On February 13, 2019, the Company completed a divestiture of its semiconductor business within the Test Systems segment. The total proceeds of the divestiture included two elements of contingent earnouts. The “First Earnout” is calculated based on a multiple of all future sales of existing and certain future derivative products to existing and future customers in each annual period from 2019 through 2022. The First Earnout may not exceed $35.0 million in total. The “Second Earnout” is calculated based on a multiple of future sales related to an existing product and program with an existing customer exceeding an annual threshold for each annual period from 2019 through 2022. The Second Earnout is not capped. For the Second Earnout, if the applicable sales in an annual period do not exceed the annual threshold, no amounts will be paid relative to such annual period; the sales in such annual period do not carry over to the next annual period. Due to the degree of uncertainty associated with estimating the future sales levels of the divested business and its underlying programs, and the lack of reliable predictive market information, the Company has elected an accounting policy to recognize such earnout proceeds, if received, as additional gain on sale when such proceeds are realized or realizable. We consider the proceeds realizable when we have received communication from the purchaser of its calculation of the earnout and the parties reach agreement on the calculation. No amounts were payable to the Company under either earnout for the calendar 2019 earnout. The Company agreed to an earnout payment of $10.7 million for the calendar 2020 earnout, which was recorded in the fourth quarter of 2021 as Other Income and was paid to the Company in early January 2022. In March 2022, the Company agreed with the earnout calculation for the calendar 2021 earnout in the amount of $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. Other Disposal Activity On October 6, 2021, as part of a planned consolidation effort, the Company sold one of its Aerospace buildings for $9.2 million. Net cash proceeds were approximately $8.8 million. A gain on sale of approximately $5.0 million was recorded in the Consolidated Statements of Operations as a Net Gain on Sale of Facility in the year ended December 31, 2021. The operation has been integrated into another facility.

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]
Schedule II - Valuation and Qualifying Accounts	SCHEDULE II Valuation and Qualifying Accounts Year Description Balance at the Beginning of Period Additions Charged to Cost and Expense Write-Offs/Other Balance at End of Period (In thousands) 2023 Allowance for Estimated Credit Losses $ 2,630 $ 7,772 $ (1,209) $ 9,193 Reserve for Excess and Obsolete Inventories $ 36,817 $ 8,229 $ (6,507) $ 38,539 Deferred Tax Valuation Allowance $ 57,369 $ 8,096 $ 175 $ 65,640 2022 Allowance for Estimated Credit Losses $ 3,183 $ 565 $ (1,118) $ 2,630 Reserve for Excess and Obsolete Inventories $ 33,775 $ 2,850 $ 192 $ 36,817 Deferred Tax Valuation Allowance $ 43,519 $ 15,236 $ (1,386) $ 57,369 2021 Allowance for Estimated Credit Losses $ 3,218 $ 90 $ (125) $ 3,183 Reserve for Excess and Obsolete Inventories $ 33,410 $ 3,852 $ (3,487) $ 33,775 Deferred Tax Valuation Allowance $ 37,168 $ 7,100 $ (749) $ 43,519

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Loss	$ 6,976	$ (6,779)	$ (26,421)	$ (35,747)	$ (25,578)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Description of Business	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 seat 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.
Principles of Consolidation	Principles of Consolidation The Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated. The Company accounts for its acquisitions under ASC Topic 805, Business Combinations and Reorganizations (“ASC Topic 805”). ASC Topic 805 provides guidance on how the acquirer recognizes and measures the consideration transferred, identifiable assets acquired, liabilities assumed, non-controlling interests, and goodwill acquired in a business combination. ASC Topic 805 also expands required disclosures surrounding the nature and financial effects of business combinations. There were no acquisitions in 2023, 2022 or 2021.
Cost of Products Sold, Research and Development and Selling, General and Administrative Expenses and Shipping and Handling	Cost of Products Sold, Research and Development and Selling, General and Administrative Expenses Shipping and Handling Shipping and handling costs are included in Cost of Products Sold.
Equity-Based Compensation	Equity-Based Compensation The Company accounts for its stock options following Accounting Standards Codification (“ASC”) Topic 718, Compensation – Stock Compensation (“ASC Topic 718”). ASC Topic 718 requires all equity-based payments to employees, including grants of employee stock options and restricted stock units (“RSUs”), to be recognized in the statement of earnings based on the grant date fair value of the award. For awards with graded vesting, the Company uses a straight-line method of attributing the value of stock-based compensation expense, subject to minimum levels of expense, based on vesting. The Company accounts for forfeitures as they occur. Under ASC Topic 718, stock compensation expense recognized during the period is based on the value of the portion of share-based payment awards that is ultimately expected to vest during the period. Equity-based compensation expense is included in SG&A Expenses.
Cash and Cash Equivalents	Cash and Cash Equivalents All highly liquid instruments with a maturity of three months or less at the time of purchase are considered cash equivalents.
Restricted Cash	Restricted Cash
Accounts Receivable and Allowance for Estimated Credit Losses	Accounts Receivable and Allowance for Estimated Credit Losses Accounts receivable are composed of trade and contract receivables recorded at either the invoiced amount or costs in excess of billings, are expected to be collected within one year, and do not bear interest. The Company records a valuation allowance to account for estimated credit losses. The estimate for 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. Balances are written off when determined to be uncollectible.
Inventories	Inventories We record our inventories at the lower of cost or net realizable value. We determine the cost basis of our inventory on a first-in, first-out or weighted average basis using a standard cost methodology that approximates actual cost. The Company records reserves to provide for excess, slow moving or obsolete inventory. In determining the appropriate reserve, the Company considers the age of inventory on hand, the overall inventory levels in relation to forecasted demands as well as reserving for specifically identified inventory that the Company believes is no longer salable or whose value has diminished.
Cloud Computing Arrangements	Cloud Computing Arrangements The Company incurs costs to implement cloud computing arrangements that are hosted by third party vendors. Implementation costs associated with cloud computing arrangements are capitalized when incurred during the application development phase. Amortization is calculated on a straight-line basis over the contractual term of the cloud computing arrangement. Capitalized amounts related to such arrangements are recorded within Other Current Assets and other non-current assets in the Consolidated Balance Sheets and were insignificant as of December 31, 2023 and December 31, 2022.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are recorded at cost less accumulated depreciation. Depreciation of property, plant and equipment (“PP&E”) is computed using the straight-line method for financial reporting purposes and using accelerated methods for income tax purposes. Estimated useful lives of the assets are as follows: buildings, 25-40 years; and machinery and equipment, 4-10 years. Leased buildings and associated leasehold improvements are amortized over the shorter of the terms of the lease or the estimated useful lives of the assets, with the amortization of such assets included within depreciation expense. The cost of properties sold or otherwise disposed of and the accumulated depreciation thereon are eliminated from the accounts and the resulting gain or loss, as well as maintenance and repair expenses, is reflected within operating income. Replacements and improvements are capitalized.
Deferred Financing Costs	Deferred Financing Costs The Company incurs debt issuance costs in connection with amending or entering into new credit facilities. These costs are amortized as an adjustment to interest expense over term of the credit facility on a straight-line basis, which approximates the effective interest method. Debt issuance amortization expense was approximately $3.0 million, $0.8 million and $0.4 million in 2023, 2022 and 2021, respectively. On January 19, 2023, the Company completed a financing transaction, which refinanced its previous revolving credit facility which was scheduled to mature in November 2023. The new financing consists of a $90 million asset-based term loan (the “Term Loan Facility”) and a $115 million asset-based revolving credit facility (the “ABL Revolving Credit Facility”). The Company incurred $8.8 million in debt issuance costs related to the new facilities, allocated between the ABL Revolving Credit Facility and the Term Loan Facility. Unamortized deferred debt issuance costs associated with the ABL Revolving Credit Facility ($2.0 million as of December 31, 2023) are recorded within Other Assets and those associated with the Term Loan Facility ($4.3 million as of December 31, 2023) are recorded as a reduction of the carrying value of the debt on the Consolidated Balance Sheets. The unamortized balance of deferred financing costs on our previous credit facility of $3.2 million is recorded within Other Assets on the Consolidated Balance Sheet at December 31, 2022.
Long-Lived Assets	Long-Lived Assets Long-lived assets to be held and used are initially recorded at cost. The carrying value of these assets is evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are recognized if future undiscounted cash flows from operations are not expected to be sufficient to recover long-lived assets. The carrying amounts are then reduced to fair value, which is typically determined by using a discounted cash flow model.
Goodwill	Goodwill 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. We may elect to perform a qualitative assessment that considers economic, industry and company-specific factors for all or selected reporting units. If, after completing the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value, we proceed to a quantitative test. We may also elect to perform a quantitative test instead of a qualitative test for any or all of our reporting units.
Intangible Assets	Intangible Assets The estimated fair values of acquired intangibles are generally determined based upon future economic benefits such as earnings and cash flows. Acquired identifiable intangible assets are recorded at fair value and are amortized over their estimated useful lives. Acquired intangible assets with an indefinite life are not amortized, but are reviewed for impairment at least annually or more frequently whenever events or changes in circumstances indicate that the carrying amounts of those assets are below their estimated fair values. Impairment is tested under ASC Topic 350, Intangibles - Goodwill and Other, as amended by Accounting Standards Update (“ASU”) 2012-2.
Financial Instruments	Financial Instruments The Company’s financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and long-term debt. The Company performs periodic credit evaluations of its customers’ financial condition and generally does not require collateral. The Company does not hold or issue financial instruments for trading purposes. Due to their short-term nature, the carrying values of cash and equivalents, restricted cash, accounts receivable and accounts payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments. From time to time, the Company makes long-term, strategic equity investments in companies to promote business and strategic objectives. These investments as classified within other assets in the Consolidated Balance Sheets. For investments requiring equity method accounting, we recognize our share of the investee’s earnings or losses within Other Expense, Net of Other Income in the Consolidated Statements of Operations. For investments not requiring equity method accounting, if the investment has no readily determinable fair value, we have elected the practicability exception of ASU 2016-01, under which the investment is measured at cost, less impairment, plus or minus observable price changes from orderly transactions of an identical or similar investment of the same issuer.
Deferred Tax Asset Valuation Allowance	Deferred Tax Asset Valuation Allowance 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. After considering the losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, the Company determined that projections of future taxable income could not be relied upon as a source of income to realize its deferred tax assets. However, the Company is relying on a significant portion of its existing deferred tax liabilities for the realizability of deferred tax assets. As a result, the Company has valuation allowances against its deferred tax assets of
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities and the reported amounts of sales and expenses during the reporting periods in the financial statements and accompanying notes. Actual results could differ from those estimates.
Foreign Currency Translation	Foreign Currency Translation The Company accounts for its foreign currency translation in accordance with ASC Topic 830, Foreign Currency Translation
Dividends	Dividends The Company has not paid any cash dividends in the three-year period ended December 31, 2023.
Loss Contingencies	Loss Contingencies
Newly Adopted and Recent Accounting Pronouncements	Newly Adopted and Recent Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters ASU No. 2023-06 This ASU amends the disclosure or presentation requirements related to various subtopics in the FASB Accounting Standards Codification. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company will monitor the removal of various requirements from the current regulations in order to determine when to adopt the related amendments, but does not anticipate the adoption of the new guidance will have a material impact on the Company’s Consolidated Financial Statements. ASU No. 2023-07 The standard includes updates to the disclosure requirements for a public entity’s reportable segments and provides more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company is currently evaluating the impact of adopting this guidance. We expect adoption to result in additional disclosures in the notes to our Consolidated Financial Statements. ASU No. 2023-09 The amendments in this update require enhanced disclosures within the annual rate reconciliation, including new requirements to present reconciling items on a gross basis in specified categories, disclosure of both percentages and dollar amounts, and disaggregation of the reconciling items by nature when they meet a quantitative threshold. The update also includes enhanced disclosure requirements for income taxes paid. The new standard is effective for annual periods beginning after December 15, 2024; early adoption is permitted. The Company is currently evaluating the impact of adopting this guidance. We expect adoption to result in additional disclosures in the notes to our Consolidated Financial Statements. We consider the applicability and impact of all ASUs. ASUs not listed above 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.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of COVID-19 Related Government Assistance	The following table presents the COVID-19 related government assistance, including AMJP, recorded during the years ended December 31, 2023, 2022 and 2021: Year Ended December 31, (In thousands) 2023 2022 2021 Reduction in Cost of Products Sold $ — $ 6,062 $ 10,682 Reduction in Selling, General and Administrative Expenses — 11 228 Total $ — $ 6,073 $ 10,910
Schedule of Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash included in Consolidated Balance Sheets to the amounts included in the Consolidated Statements of Cash Flows. December 31, (In thousands) 2023 2022 Cash and Cash Equivalents $ 4,756 $ 13,778 Restricted Cash 6,557 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 11,313 $ 13,778
Schedule of Restricted Cash and Cash Equivalents	The following table provides a reconciliation of cash and restricted cash included in Consolidated Balance Sheets to the amounts included in the Consolidated Statements of Cash Flows. December 31, (In thousands) 2023 2022 Cash and Cash Equivalents $ 4,756 $ 13,778 Restricted Cash 6,557 — Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 11,313 $ 13,778

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets and Liabilities	The following table presents the beginning and ending balances of contract assets and contract liabilities: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2023 $ 27,349 $ 33,209 Ending Balance, December 31, 2023 $ 46,321 $ 22,888
Summary of Disaggregation of Revenue	The following table presents our revenue disaggregated by Market Segments as of December 31 as follows: (In thousands) 2023 2022 2021 Aerospace Segment Commercial Transport $ 432,199 $ 314,564 $ 201,990 Military Aircraft 61,617 54,534 70,312 General Aviation 80,842 63,395 56,673 Other 30,172 28,703 36,263 Aerospace Total 604,830 461,196 365,238 Test Systems Segment Government & Defense 84,376 73,698 79,670 Test Systems Total 84,376 73,698 79,670 Total $ 689,206 $ 534,894 $ 444,908 The following table presents our revenue disaggregated by Product Lines as of December 31 as follows: (In thousands) 2023 2022 2021 Aerospace Segment Electrical Power & Motion $ 268,049 $ 187,446 $ 141,746 Lighting & Safety 157,434 124,347 103,749 Avionics 113,117 97,234 64,901 Systems Certification 26,255 17,222 13,050 Structures 9,803 6,244 5,529 Other 30,172 28,703 36,263 Aerospace Total 604,830 461,196 365,238 Test Systems 84,376 73,698 79,670 Total $ 689,206 $ 534,894 $ 444,908

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2023
Receivables [Abstract]
Summary of Accounts Receivable	Accounts receivable at December 31 consists of: (In thousands) 2023 2022 Trade Accounts Receivable $ 134,980 $ 123,071 Unbilled Recoverable Costs and Accrued Profits 46,321 27,349 Total Receivables, Gross 181,301 150,420 Less Allowance for Estimated Credit Losses (9,193) (2,630) Total Receivables, Net $ 172,108 $ 147,790
Summary of Allowance for Estimated Credit Losses Deducted from Accounts Receivable	The following table provides a rollforward of the allowance for estimated credit losses that is deducted from accounts receivable to present the net amount expected to be collected at December 31: (In thousands) Balance at December 31, 2021 $ 3,183 Bad Debt Expense, Net of Recoveries 565 Write-off Charges Against the Allowance and Other Adjustments (1,118) Balance at December 31, 2022 2,630 Bad Debt Expense, Net of Recoveries 7,772 Write-off Charges Against the Allowance and Other Adjustments (1,209) Balance at December 31, 2023 $ 9,193

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories at December 31 are as follows: (In thousands) 2023 2022 Finished Goods $ 29,013 $ 30,703 Work in Progress 32,118 29,895 Raw Material 130,670 127,385 Total Inventories $ 191,801 $ 187,983

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, Plant and Equipment at December 31 are as follows: (In thousands) 2023 2022 Land $ 8,606 $ 8,578 Building and Improvements 71,480 73,744 Machinery and Equipment 126,725 123,071 Construction in Progress 4,219 6,415 Total Property, Plant and Equipment, Gross 211,030 211,808 Less Accumulated Depreciation 125,594 121,150 Total Property, Plant and Equipment, Net $ 85,436 $ 90,658

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Intangible Assets	The following table summarizes acquired intangible assets at December 31 as follows: 2023 2022 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,146 $ 2,146 $ 2,066 Non-compete Agreement 4 years 11,082 11,072 11,082 11,052 Trade Names 10 years 11,426 9,973 11,402 9,350 Completed and Unpatented Technology 9 years 47,896 38,961 47,855 34,877 Customer Relationships 15 years 142,208 87,186 142,133 77,996 Total Intangible Assets 12 years $ 214,758 $ 149,338 $ 214,618 $ 135,341
Summary of Estimated Acquired Intangible Assets Amortization Expense	Based upon acquired intangible assets at December 31, 2023, amortization expense for each of the next five years is estimated to be: (In thousands) 2024 $ 12,856 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037

GOODWILL (Tables)

GOODWILL (Tables)	12 Months Ended
	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	The following table summarizes the changes in the carrying amount of goodwill at December 31 as follows: (In thousands) Aerospace Test Systems Total Balance at December 31, 2021 $ 36,648 $ 21,634 $ 58,282 Foreign Currency Translations and Other (114) 1 (113) Balance at December 31, 2022 36,534 21,635 58,169 Foreign Currency Translations and Other 41 — 41 Balance at December 31, 2023 $ 36,575 $ 21,635 $ 58,210 Goodwill, Gross $ 157,276 $ 21,635 $ 178,911 Accumulated Impairment Losses (120,701) — (120,701) Goodwill, Net $ 36,575 $ 21,635 $ 58,210

WARRANTY (Tables)

WARRANTY (Tables)	12 Months Ended
	Dec. 31, 2023
Guarantees [Abstract]
Summary of Activity in Warranty Accrual	Activity in the warranty accrual, which is included in Other Accrued Expenses on the Consolidated Balance Sheets, is summarized as follows: (In thousands) 2023 2022 2021 Balance at Beginning of the Year $ 8,009 $ 8,183 $ 7,018 Warranties Issued 6,260 3,407 6,083 Reassessed Warranty Exposure (397) (65) (1,474) Warranties Settled (4,121) (3,516) (3,444) Balance at End of the Year $ 9,751 $ 8,009 $ 8,183

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Summary of ROU Assets and Lease Liabilities	The following is a summary of the Company’s ROU assets and lease liabilities at December 31: (In thousands) 2023 2022 Operating Leases: Operating Right-of-Use Assets, Gross $ 43,528 $ 29,466 Less Accumulated Right-of-Use Asset Impairment 53 1,710 Less Accumulated Amortization 15,566 14,728 Operating Right-of-Use Assets, Net $ 27,909 $ 13,028 Short-term Operating Lease Liabilities $ 5,069 $ 4,441 Long-term Operating Lease Liabilities 24,376 9,942 Operating Lease Liabilities $ 29,445 $ 14,383 Finance Leases: Finance Right-of-Use Assets, Gross $ 274 $ 231 Less Accumulated Amortization 80 138 Finance Right-of-Use Assets, Net — Included in Other Assets $ 194 $ 93 Short-term Finance Lease Liabilities — Included in Other Accrued Expenses $ 97 $ 29 Long-term Finance Lease Liabilities — Included in Other Liabilities 104 67 Finance Lease Liabilities $ 201 $ 96
Summary of Lease Costs and Cash Paid	The following is a summary of the Company’s total lease costs as of December 31: (In thousands) 2023 2022 Finance Lease Cost: Amortization of ROU Assets $ 54 $ 94 Interest on Lease Liabilities 9 4 Total Finance Lease Cost 63 98 Operating Lease Cost 6,352 6,627 Impairment Charge of Operating Lease ROU Asset 53 — Variable Lease Cost 2,240 1,757 Short-term Lease Cost (excluding month-to-month) 251 602 Less Sublease and Rental Income (548) (1,329) Total Operating Lease Cost 8,348 7,657 Total Net Lease Cost $ 8,411 $ 7,755 The following is a summary of cash paid for amounts included in the measurement of lease liabilities as of December 31: (In thousands) 2023 2022 Operating Cash Flow for Finance Leases $ 9 $ 4 Operating Cash Flow for Operating Leases $ 6,180 $ 7,873 Financing Cash Flow for Finance Leases $ 47 $ 93
Summary of Maturity of Lease Liabilities, Operating Leases	The following is a summary of the Company’s maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2024 $ 6,511 $ 122 2025 5,728 62 2026 4,303 20 2027 3,579 7 2028 3,404 — Thereafter 13,183 — Total Lease Payments 36,708 211 Less: Interest 7,263 10 Total Lease Liability $ 29,445 $ 201
Summary of Maturity of Lease Liabilities, Financing Leases	The following is a summary of the Company’s maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2024 $ 6,511 $ 122 2025 5,728 62 2026 4,303 20 2027 3,579 7 2028 3,404 — Thereafter 13,183 — Total Lease Payments 36,708 211 Less: Interest 7,263 10 Total Lease Liability $ 29,445 $ 201

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Summary of Provision for (Benefit from) Income Taxes	The provision for (benefit from) income taxes at December 31 consists of the following: (In thousands) 2023 2022 2021 Current U.S. Federal $ (2,573) $ 5,338 $ (1,713) State 937 (153) (667) Foreign 1,600 750 1,439 Current (36) 5,935 (941) Deferred U.S. Federal (336) 113 (237) State 583 (239) (87) Foreign (101) 145 (117) Deferred 146 19 (441) Total $ 110 $ 5,954 $ (1,382)
Summary of Effective Tax Rates Differ From Statutory Federal Income Tax Rate	The effective tax rates differ from the statutory federal income tax rate as follows: 2023 2022 2021 Statutory Federal Income Tax Rate 21.0 % 21.0 % 21.0 % Permanent Items Stock Compensation Expense (1.4) % (2.2) % (2.1) % Contingent Consideration Liability Fair Value Adjustment — % — % 1.7 % Other (1.4) % (0.3) % (0.7) % Foreign Tax Rate Differential (0.4) % (2.8) % (2.7) % State Income Tax, Net of Federal Income Tax Effect (4.6) % 1.0 % 2.2 % Research and Development Tax Credits 14.1 % 7.7 % 12.8 % Change in Valuation Allowance (26.1) % (44.6) % (29.8) % Net GILTI and FDII Tax (Benefit) Expense (1.0) % 1.8 % — % Foreign Tax Credit for Dividend Withholding — % (1.5) % 1.7 % Tax Rate Change on 2020 Federal Net Operating Loss (NOL) Carryback — % — % 0.9 % Other (0.6) % (0.1) % 0.1 % Effective Tax Rate (0.4) % (20.0) % 5.1 %
Summary of Significant Components of Company's Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets and liabilities at December 31, are as follows: (In thousands) 2023 2022 Deferred Tax Assets: Asset Reserves $ 19,609 $ 17,680 Deferred Compensation 6,968 6,798 Section 163(j) - Interest Expense Limitation 1,777 — State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax 1,430 1,128 Customer Advanced Payments and Deferred Revenue 870 1,917 Net Operating Loss Carryforwards and Other 11,178 11,307 Goodwill and Intangible Assets 1,001 1,277 ASC 606 Revenue Recognition 92 197 Research & Development Costs 25,659 19,892 Lease Liabilities 6,952 3,201 Other 5,308 6,135 Total Gross Deferred Tax Assets 80,844 69,532 Valuation Allowance (65,640) (57,369) Deferred Tax Assets 15,204 12,163 Deferred Tax Liabilities: Depreciation 8,593 8,886 ASC 606 Revenue Recognition - Section 481(a) Adjustment 227 525 Lease Assets 6,595 2,905 Earnout Income Accrual 99 — Other 997 1,005 Deferred Tax Liabilities 16,511 13,321 Net Deferred Tax Liabilities $ (1,307) $ (1,158)
Summary of Components of Net Deferred Tax Assets and Liabilities	The net deferred tax assets and liabilities presented in the Consolidated Balance Sheets are as follows at December 31: (In thousands) 2023 2022 Other Assets — Long-term $ — $ 712 Deferred Tax Liabilities — Long-term (1,307) (1,870) Net Deferred Tax Liabilities $ (1,307) $ (1,158)
Summary of Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties	A reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, is as follows: (in thousands) 2023 2022 2021 Balance at Beginning of the Year $ 443 $ 1,412 $ 1,890 Decreases as a Result of Tax Positions Taken in Prior Years (343) (969) (478) Balance at End of the Year $ 100 $ 443 $ 1,412

RETIREMENT PLANS AND RELATED _2

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS (Tables)	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
Summary of Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation	The reconciliation of the beginning and ending balances of the projected benefit obligation of the plans for the years ended December 31 is as follows: (In thousands) 2023 2022 Funded Status Projected Benefit Obligation Beginning of the Year — January 1 $ 26,210 $ 30,503 Service Cost 105 138 Interest Cost 1,302 834 Actuarial Loss (Gain) 1,529 (4,917) Benefits Paid (348) (348) End of the Year — December 31 $ 28,798 $ 26,210
Summary of Assumptions Used to Calculate the Post Retirement Benefit Obligation	The assumptions used to calculate the projected benefit obligation as of December 31 are as follows: 2023 2022 Discount Rate 4.79% 5.00% Future Average Compensation Increases 3.00% 2.00% - 3.00%
Summary of the Components of Net Periodic Cost	The following table summarizes the components of the net periodic cost for the years ended December 31: (In thousands) 2023 2022 2021 Net Periodic Cost Service Cost — Benefits Earned During Period $ 105 $ 138 $ 195 Interest Cost 1,302 834 764 Amortization of Prior Service Cost 386 386 386 Amortization of Losses 358 949 1,292 Net Periodic Cost $ 2,151 $ 2,307 $ 2,637
Summary of Assumptions Used to Determine the Net Periodic Cost	The assumptions used to determine the net periodic cost are as follows: 2023 2022 2021 Discount Rate 5.00% 2.75% 2.42% Future Average Compensation Increases 2.00% - 3.00% 2.00% - 3.00% 2.00% - 3.00%

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Summary of Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss are as follows: (In thousands) 2023 2022 Foreign Currency Translation Adjustments $ (6,351) $ (7,335) Retirement Liability Adjustment – Before Tax (5,357) (4,473) Tax Benefit 2,282 2,282 Retirement Liability Adjustment – After Tax (3,075) (2,191) Accumulated Other Comprehensive Loss $ (9,426) $ (9,526)
Summary of Components of Other Comprehensive Income (Loss)	The components of other comprehensive income are as follows: (In thousands) 2023 2022 2021 Foreign Currency Translation Adjustments $ 984 $ (1,928) $ (939) Retirement Liability Adjustment (884) 6,897 2,894 Other Comprehensive Income $ 100 $ 4,969 $ 1,955

LOSS PER SHARE (Tables)

LOSS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Loss Per Share Computations	Loss per share computations are based upon the following table: (In thousands, except per share data) 2023 2022 2021 Net Loss $ (26,421) $ (35,747) $ (25,578) Basic Earnings Weighted Average Shares 33,104 32,164 31,061 Net Effect of Dilutive Stock Options — — — Diluted Earnings Weighted Average Shares 33,104 32,164 31,061 Basic Loss Per Share $ (0.80) $ (1.11) $ (0.82) Diluted Loss Per Share $ (0.80) $ (1.11) $ (0.82)

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Compensation Expense Information Based on Fair Value of Stock Options and RSUs	The following table provides compensation expense information based on the fair value of stock options and RSUs for the years ended December 31 as follows: (In thousands) 2023 2022 2021 Equity-based Compensation Expense $ 7,198 $ 6,497 $ 6,460 Tax Benefit (1,259) (1,068) (924) Equity-based Compensation Expense, Net of Tax $ 5,939 $ 5,429 $ 5,536
Summary of Weighted Average Fair Value of Options Granted	2023 2022 2021 Weighted Average Fair Value of the Options Granted $ 8.39 $ 5.97 $ 7.05
Summary of Weighted-Average Assumptions	The weighted average fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: 2023 2022 2021 Risk-free Interest Rate 4.20% - 4.33% 3.48% - 3.62% 0.45% - 1.52% Dividend Yield —% —% —% Volatility Factor 0.58 0.61 0.58 Expected Life in Years 3 - 7 years 5 - 9 years 5 - 10 years
Summary of Company's Stock Option Activity and Related Information	A summary of the Company’s stock option activity and related information for the year ended December 31 is as follows: 2023 (Aggregate intrinsic value in thousands) Options Weighted Average Exercise Price Aggregate Intrinsic Value Outstanding at January 1 1,376,718 $ 20.37 $ — Options Granted 125,400 $ 15.15 $ — Options Exercised (6,570) $ 12.64 $ — Options Forfeited / Expired (84,564) $ 28.23 $ — Outstanding at December 31 1,410,984 $ 19.47 $ — Exercisable at December 31 860,637 $ 23.42 $ —
Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options	The following is a summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options as of December 31, 2023: Outstanding Exercisable Exercise Price Range Shares Weighted Average Remaining Life in Years Weighted Average Exercise Price Shares Weighted Average Remaining Life in Years Weighted Average Exercise Price $9.74 – $15.15 870,050 8.3 $ 12.08 347,364 8.0 $ 11.58 $22.93 – $35.82 536,370 3.9 $ 31.23 508,709 3.8 $ 31.30 $45.89 – $45.89 4,564 1.2 $ 45.89 4,564 1.2 $ 45.89 1,410,984 6.6 $ 19.47 860,637 5.5 $ 23.42
Summary of RSU Activity	2023 RSU Shares Weighted Average Grant Date Fair Value Unvested at January 1 578,214 $ 15.85 Granted 293,704 $ 14.79 Vested (190,135) $ 17.81 Forfeited (28,123) $ 16.75 Unvested at December 31 653,660 $ 14.77
Summary of Fair Value for Options Granted under Employee Stock Purchase Plan	The fair value for the options granted under the Employee Stock Purchase Plan was estimated at the date of grant using a Black-Scholes option pricing model with the following assumptions: 2023 2022 2021 Risk-free Interest Rate 5.49 % 4.01 % 0.09 % Dividend Yield — % — % — % Volatility Factor 0.56 0.50 0.71 Expected Life in Years 1.0 1.0 1.0

SELECTED QUARTERLY FINANCIAL _2

SELECTED QUARTERLY FINANCIAL INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Summary of Selected Quarterly Financial Information	The following table summarizes selected quarterly financial information for 2023 and 2022: Quarter Ended (Unaudited) December 31, December 31, (In thousands, except for per share data) 2023 2022 Sales $ 195,292 $ 158,153 Gross Profit (Sales Less Cost of Products Sold) $ 39,973 $ 21,510 Income (Loss) Before Income Taxes $ 1,534 $ (7,208) Net Income (Loss) $ 6,976 $ (6,779) Basic Earnings (Loss) Per Share $ 0.20 $ (0.21) Diluted Earnings (Loss) Per Share $ 0.20 $ (0.21)

SEGMENTS (Tables)

SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Summary of Segment Reporting Information	Segment information and reconciliations to consolidated amounts for the years ended December 31 are as follows: (In thousands) 2023 2022 2021 Sales: Aerospace $ 605,001 $ 461,206 $ 365,261 Less Inter-segment Sales (171) (10) (23) Total Aerospace Sales 604,830 461,196 365,238 Test Systems 84,376 73,717 80,027 Less Inter-segment Sales — (19) (357) Test Systems 84,376 73,698 79,670 Total Consolidated Sales $ 689,206 $ 534,894 $ 444,908 Operating Income (Loss) and Margins: Aerospace $ 24,629 $ (1,883) $ (8,614) 4.1 % (0.4) % (2.4) % Test Systems (8,745) (8,118) (3,765) (10.4) % (11.0) % (4.7) % Total Operating Income (Loss) $ 15,884 $ (10,001) $ (12,379) 2.3 % (1.9) % (2.8) % Additions to (Deductions from) Operating Profit: Net Gain on Sale of Businesses $ 3,427 $ 11,284 $ 10,677 Interest Expense, Net of Interest Income (23,328) (9,422) (6,804) Corporate and Other Expenses, Net (22,294) (21,654) (18,454) Loss before Income Taxes $ (26,311) $ (29,793) $ (26,960) Depreciation and Amortization: Aerospace $ 20,801 $ 22,384 $ 23,349 Test Systems 5,068 4,341 5,022 Corporate 235 1,052 634 Total Depreciation and Amortization $ 26,104 $ 27,777 $ 29,005 Assets: Aerospace $ 493,660 $ 481,416 Test Systems 122,681 111,513 Corporate 17,451 22,102 Total Assets $ 633,792 $ 615,031 Capital Expenditures: Aerospace $ 5,003 $ 4,289 $ 4,932 Test Systems 2,640 3,299 1,082 Corporate — 87 20 Total Capital Expenditures $ 7,643 $ 7,675 $ 6,034
Summary of the Company's Sales and Long-Lived Assets by Geographic Region	The following table summarizes the Company’s sales into the following geographic regions for the years ended December 31: (In thousands) 2023 2022 2021 United States $ 518,096 $ 419,431 $ 350,428 North America (excluding United States) 14,878 9,222 6,990 Asia 26,165 21,242 21,089 Europe 123,682 78,625 62,138 South America 2,071 3,629 1,082 Other 4,314 2,745 3,181 Total $ 689,206 $ 534,894 $ 444,908 The following table summarizes the Company’s property, plant and equipment by country for the years ended December 31: (In thousands) 2023 2022 United States $ 77,939 $ 82,317 France 6,417 6,974 India 487 653 Canada 593 714 Total $ 85,436 $ 90,658
Summary of Activities with Major Customers	The following is information relating to the activity with this customer: 2023 2022 2021 Percent of Consolidated Sales Boeing 11.0% 11.0% 10.0% (In thousands) 2023 2022 Accounts Receivable at December 31, Boeing $ 17,314 $ 16,860

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES - Narrative (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jan. 19, 2023 USD ($)	Sep. 30, 2021 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of reportable segments | segment		2
Research and development, design and related engineering		$ 53,500,000	$ 48,300,000	$ 43,300,000
Cash and cash equivalents maturity period (in months)		3 months
Depreciation expense		$ 12,200,000	12,000,000	12,700,000
Unamortized balance of deferred financing costs			3,200,000
Debt issuance amortization expense		3,000,000	800,000	400,000
Debt issuance costs					$ 8,800,000
Net gain on sale		0	0	5,014,000
Impairment charge		0	0	0
Income associated with reversal of liability related to equity investment		1,800,000
Valuation allowance	$ 43,500,000	65,640,000	57,369,000	43,500,000
Cash dividends paid		0	0	0
Term Loan Agreement | Line of Credit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized balance of deferred financing costs		4,300,000
Debt face amount					90,000,000
Term Loan Agreement | Line of Credit | Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Unamortized balance of deferred financing costs		$ 2,000,000
ABL Revolving Credit Facility | Line of Credit | Revolving Credit Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Maximum borrowing capacity					$ 115,000,000
Disposed of by Sale | Aerospace facilities
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net gain on sale	$ 5,000,000
Building | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life (in years)		25 years
Building | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life (in years)		40 years
Machinery and Equipment | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life (in years)		4 years
Machinery and Equipment | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Property, plant and equipment, useful life (in years)		10 years
United States Department Of Transportation | Grant
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
USDOT grant receivable amount (up to)						$ 14,700,000
Portion of grant received			7,300,000	7,400,000
Revenue recognized included in contract liability balance			$ 6,000,000	$ 8,700,000

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES - Summary of COVID-19 Related Government Assistance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
COVID-19 Related Government Assistance [Line Items]
COVID-19 related government assistance amount	$ 0	$ 6,073	$ 10,910
Reduction in Cost of Products Sold
COVID-19 Related Government Assistance [Line Items]
COVID-19 related government assistance amount	0	6,062	10,682
Reduction in Selling, General and Administrative Expenses
COVID-19 Related Government Assistance [Line Items]
COVID-19 related government assistance amount	$ 0	$ 11	$ 228

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES AND PRACTICES - Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 4,756	$ 13,778
Restricted Cash	6,557	0
Cash and Cash Equivalents	$ 11,313	$ 13,778	$ 29,757	$ 40,412

REVENUE - Narrative (Details)

REVENUE - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Payment range	Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 90 days after the performance obligation has been satisfied; or in certain cases, up-front deposits. In circumstances where the timing of revenue recognition differs from the timing of receipt of consideration, the Company has determined that the Company’s contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales.
Capitalized cost	$ 4.7	$ 2.5
Remaining performance obligation	592.3
Revenue recognized included in contract liability balance	27.6	$ 14.8
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 526.5
Period of recognition	12 months

REVENUE - Summary of Contract A

REVENUE - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Jan. 01, 2022
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 46,321	$ 27,349
Contract Liabilities	$ 22,888	$ 33,209

REVENUE - Summary of Revenue Di

REVENUE - Summary of Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Sales	$ 195,292	$ 158,153	$ 689,206	$ 534,894	$ 444,908
Aerospace Total
Disaggregation of Revenue [Line Items]
Sales			604,830	461,196	365,238
Commercial Transport
Disaggregation of Revenue [Line Items]
Sales			432,199	314,564	201,990
Military Aircraft
Disaggregation of Revenue [Line Items]
Sales			61,617	54,534	70,312
General Aviation
Disaggregation of Revenue [Line Items]
Sales			80,842	63,395	56,673
Other
Disaggregation of Revenue [Line Items]
Sales			30,172	28,703	36,263
Test Systems
Disaggregation of Revenue [Line Items]
Sales			84,376	73,698	79,670
Government & Defense
Disaggregation of Revenue [Line Items]
Sales			$ 84,376	$ 73,698	$ 79,670

REVENUE - Summary of Disaggrega

REVENUE - Summary of Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Sales	$ 195,292	$ 158,153	$ 689,206	$ 534,894	$ 444,908
Aerospace
Disaggregation of Revenue [Line Items]
Sales			604,830	461,196	365,238
Test Systems
Disaggregation of Revenue [Line Items]
Sales			84,376	73,698	79,670
Electrical Power & Motion | Aerospace
Disaggregation of Revenue [Line Items]
Sales			268,049	187,446	141,746
Lighting & Safety | Aerospace
Disaggregation of Revenue [Line Items]
Sales			157,434	124,347	103,749
Avionics | Aerospace
Disaggregation of Revenue [Line Items]
Sales			113,117	97,234	64,901
Systems Certification | Aerospace
Disaggregation of Revenue [Line Items]
Sales			26,255	17,222	13,050
Structures | Aerospace
Disaggregation of Revenue [Line Items]
Sales			9,803	6,244	5,529
Other | Aerospace
Disaggregation of Revenue [Line Items]
Sales			$ 30,172	$ 28,703	$ 36,263

ACCOUNTS RECEIVABLE - Summary o

ACCOUNTS RECEIVABLE - Summary of Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Trade Accounts Receivable	$ 134,980	$ 123,071
Unbilled Recoverable Costs and Accrued Profits	46,321	27,349
Total Receivables, Gross	181,301	150,420
Less Allowance for Estimated Credit Losses	(9,193)	(2,630)
Total Receivables, Net	$ 172,108	$ 147,790

ACCOUNTS RECEIVABLE - Allowance

ACCOUNTS RECEIVABLE - Allowance for Estimated Credit Losses Deducted from Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 2,630	$ 3,183
Bad Debt Expense, Net of Recoveries	7,772	565
Write-off Charges Against the Allowance and Other Adjustments	(1,209)	(1,118)
Ending balance	$ 9,193	$ 2,630

INVENTORIES - Summary of Invent

INVENTORIES - Summary of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished Goods	$ 29,013	$ 30,703
Work in Progress	32,118	29,895
Raw Material	130,670	127,385
Total Inventories	$ 191,801	$ 187,983

INVENTORIES - Narrative (Detail

INVENTORIES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Reserve for inventory valuation	$ 38.5	$ 36.8
Percentage of reserve for inventory valuation	16.70%	16.40%

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 211,030	$ 211,808
Less Accumulated Depreciation	125,594	121,150
Total Property, Plant and Equipment, Net	85,436	90,658
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	8,606	8,578
Building and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	71,480	73,744
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	126,725	123,071
Construction in Progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 4,219	$ 6,415

INTANGIBLE ASSETS - Summary of

INTANGIBLE ASSETS - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets
Weighted Average Life	12 years
Gross Carrying Amount	$ 214,758	$ 214,618
Accumulated Amortization	$ 149,338	135,341
Patents
Finite-Lived Intangible Assets
Weighted Average Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 2,146	2,066
Non-compete Agreement
Finite-Lived Intangible Assets
Weighted Average Life	4 years
Gross Carrying Amount	$ 11,082	11,082
Accumulated Amortization	$ 11,072	11,052
Trade Names
Finite-Lived Intangible Assets
Weighted Average Life	10 years
Gross Carrying Amount	$ 11,426	11,402
Accumulated Amortization	$ 9,973	9,350
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,896	47,855
Accumulated Amortization	$ 38,961	34,877
Customer Relationships
Finite-Lived Intangible Assets
Weighted Average Life	15 years
Gross Carrying Amount	$ 142,208	142,133
Accumulated Amortization	$ 87,186	$ 77,996

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangibles	$ 13.9	$ 14.9	$ 15.4

INTANGIBLE ASSETS - Summary o_2

INTANGIBLE ASSETS - Summary of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 12,856
2025	10,935
2026	9,533
2027	7,825
2028	$ 7,037

GOODWILL - Summary of Changes i

GOODWILL - Summary of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Goodwill
Goodwill, Beginning Balance	$ 58,169	$ 58,282
Foreign Currency Translations and Other	41	(113)
Goodwill, Ending Balance	58,210	58,169
Goodwill, Gross	178,911
Accumulated Impairment Losses	(120,701)
Goodwill, Net	58,210	58,169
Aerospace
Goodwill
Goodwill, Beginning Balance	36,534	36,648
Foreign Currency Translations and Other	41	(114)
Goodwill, Ending Balance	36,575	36,534
Goodwill, Gross	157,276
Accumulated Impairment Losses	(120,701)
Goodwill, Net	36,575	36,534
Test Systems
Goodwill
Goodwill, Beginning Balance	21,635	21,634
Foreign Currency Translations and Other	0	1
Goodwill, Ending Balance	21,635	21,635
Goodwill, Gross	21,635
Accumulated Impairment Losses	0
Goodwill, Net	$ 21,635	$ 21,635

GOODWILL - Narrative (Details)

GOODWILL - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Oct. 01, 2023 reportingUnit	Oct. 02, 2022 reportingUnit	Oct. 03, 2021 reportingUnit
Goodwill and Intangible Assets Disclosure [Abstract]
Number of reporting units have goodwill and subject to goodwill impairment test | reportingUnit				4	4	4
Impairment charge | $	$ 0	$ 0	$ 0

LONG-TERM DEBT (Details)

LONG-TERM DEBT (Details)			3 Months Ended	12 Months Ended
	Jun. 19, 2023 USD ($)	Jan. 19, 2023 USD ($)	Jun. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Oct. 31, 2023 USD ($)	Jun. 28, 2023 USD ($)	Jun. 27, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument
Principal payment				$ 8,996,000				$ 4,500,000
Debt issuance costs		$ 8,800,000
Unamortized balance of deferred financing costs								$ 3,200,000
Line of Credit | Restated Agreement and Term Loan Agreement | First quarter Of 2024
Debt Instrument
Minimum trailing EBITDA amount		$ 57,600,000		51,700,000
Covenant, 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 | 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 | Thereafter
Debt Instrument
Minimum liquidity		10,000,000
Line of Credit | Restated Agreement and Term Loan Agreement | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		115,000,000			$ 120,000,000	$ 120,000,000	$ 115,000,000
Increase in borrow						$ 5,000,000
Amounts outstanding under revolving line of credit				87,000,000
Remaining capacity under the credit facility				32,700,000
Unamortized balance of deferred financing costs				$ 2,000,000
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity		$ 115,000,000
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility | Minimum
Debt Instrument
Commitment fee percentage		0.25%
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility | Maximum
Debt Instrument
Commitment fee percentage		0.375%
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility | SOFR minimum
Debt Instrument
Interest rate		1%
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility | SOFR | Minimum
Debt Instrument
Interest rate		2.25%
Line of Credit | ABL Revolving Credit Facility | Revolving Credit Facility | SOFR | Maximum
Debt Instrument
Interest rate		2.75%
Line of Credit | Term Loan Agreement
Debt Instrument
Commitment fee percentage		5%
Debt face amount		$ 90,000,000
Commitment fee amount		4,500,000
Commitment fees paid on closing date	$ 1,800,000	$ 1,800,000
Effective interest rate				14.20%
Term loan				$ 76,500,000
Unamortized balance of deferred financing costs				4,300,000
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 | Thereafter
Debt Instrument
Monthly amortization rate		0.833%
Line of Credit | Term Loan Agreement | SOFR minimum
Debt Instrument
Interest rate		2.50%
Line of Credit | Term Loan Agreement | SOFR
Debt Instrument
Interest rate		8.75%
Line of Credit | Term Loan Agreement | Revolving Credit Facility
Debt Instrument
Unamortized balance of deferred financing costs				$ 2,000,000

WARRANTY - Narrative (Details)

WARRANTY - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Minimum
Product Warranty Liability
Product warranty period	12 months
Maximum
Product Warranty Liability
Product warranty period	60 months

WARRANTY - Summary of Activity

WARRANTY - Summary of Activity in Warranty Accrual (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard Product Warranty Accrual
Balance at Beginning of the Year	$ 8,009	$ 8,183	$ 7,018
Warranties Issued	6,260	3,407	6,083
Reassessed Warranty Exposure	(397)	(65)	(1,474)
Warranties Settled	(4,121)	(3,516)	(3,444)
Balance at End of the Year	$ 9,751	$ 8,009	$ 8,183

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Leases [Abstract]
New operating leases	$ 19.9
Operating leases, weighted-average remaining term	8 years
Financing leases, weighted-average remaining term	2 years
Weighted-average operating lease discount rate (as a percentage)	5.70%
Weighted-average finance lease discount rate (as a percentage)	5.80%

LEASES - Summary of ROU Assets

LEASES - Summary of ROU Assets and Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases:
Operating Right-of-Use Assets, Gross	$ 43,528	$ 29,466
Less Accumulated Right-of-Use Asset Impairment	53	1,710
Less Accumulated Amortization	15,566	14,728
Operating Right-of-Use Assets, Net	27,909	13,028
Short-term Operating Lease Liabilities	5,069	4,441
Long-term Operating Lease Liabilities	24,376	9,942
Operating Lease Liabilities	29,445	14,383
Finance Leases:
Finance Right-of-Use Assets, Gross	274	231
Less Accumulated Amortization	$ 80	$ 138
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Finance Right-of-Use Assets, Net — Included in Other Assets	$ 194	$ 93
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Accrued Expenses	Other Accrued Expenses
Short-term Finance Lease Liabilities — Included in Other Accrued Expenses	$ 97	$ 29
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities	Other Liabilities
Long-term Finance Lease Liabilities — Included in Other Liabilities	$ 104	$ 67
Finance Lease Liabilities	$ 201	$ 96

LEASES - Summary of Lease Cost

LEASES - Summary of Lease Cost and Cash Paid (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Amortization of ROU Assets	$ 54	$ 94
Interest on Lease Liabilities	9	4
Total Finance Lease Cost	63	98
Operating Lease Cost	6,352	6,627
Impairment Charge of Operating Lease ROU Asset	53	0
Variable Lease Cost	2,240	1,757
Short-term Lease Cost (excluding month-to-month)	251	602
Less Sublease and Rental Income	(548)	(1,329)
Total Operating Lease Cost	8,348	7,657
Total Net Lease Cost	8,411	7,755
Operating Cash Flow for Finance Leases	9	4
Operating Cash Flow for Operating Leases	6,180	7,873
Financing Cash Flow for Finance Leases	$ 47	$ 93	$ 901

LEASES - Summary of Maturity of

LEASES - Summary of Maturity of Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2024	$ 6,511
2025	5,728
2026	4,303
2027	3,579
2028	3,404
Thereafter	13,183
Total Lease Payments	36,708
Less: Interest	7,263
Total Lease Liability	29,445	$ 14,383
Financing Leases
2024	122
2025	62
2026	20
2027	7
2028	0
Thereafter	0
Total Lease Payments	211
Less: Interest	10
Total Lease Liability	$ 201	$ 96

INCOME TAXES - Summary of Provi

INCOME TAXES - Summary of Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
U.S. Federal	$ (2,573)	$ 5,338	$ (1,713)
State	937	(153)	(667)
Foreign	1,600	750	1,439
Current	(36)	5,935	(941)
Deferred
U.S. Federal	(336)	113	(237)
State	583	(239)	(87)
Foreign	(101)	145	(117)
Deferred	146	19	(441)
Total	$ 110	$ 5,954	$ (1,382)

INCOME TAXES - Summary of Effec

INCOME TAXES - Summary of Effective Tax Rates Differ from Statutory Federal Income Tax (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory Federal Income Tax Rate	21%	21%	21%
Stock Compensation Expense	(1.40%)	(2.20%)	(2.10%)
Contingent Consideration Liability Fair Value Adjustment	0%	0%	1.70%
Other	(1.40%)	(0.30%)	(0.70%)
Foreign Tax Rate Differential	(0.40%)	(2.80%)	(2.70%)
State Income Tax, Net of Federal Income Tax Effect	(4.60%)	1%	2.20%
Research and Development Tax Credits	14.10%	7.70%	12.80%
Change in Valuation Allowance	(26.10%)	(44.60%)	(29.80%)
Net GILTI and FDII Tax (Benefit) Expense	(1.00%)	1.80%	0%
Foreign Tax Credit for Dividend Withholding	0%	(1.50%)	1.70%
Tax Rate Change on 2020 Federal Net Operating Loss (NOL) Carryback	0%	0%	0.90%
Other	(0.60%)	(0.10%)	0.10%
Effective Tax Rate	(0.40%)	(20.00%)	5.10%

INCOME TAXES - Summary of Signi

INCOME TAXES - Summary of Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets:
Asset Reserves	$ 19,609	$ 17,680
Deferred Compensation	6,968	6,798
Section 163(j) - Interest Expense Limitation	1,777	0
State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax	1,430	1,128
Customer Advanced Payments and Deferred Revenue	870	1,917
Net Operating Loss Carryforwards and Other	11,178	11,307
Goodwill and Intangible Assets	1,001	1,277
ASC 606 Revenue Recognition	92	197
Research & Development Costs	25,659	19,892
Lease Liabilities	6,952	3,201
Other	5,308	6,135
Total Gross Deferred Tax Assets	80,844	69,532
Valuation Allowance	(65,640)	(57,369)	$ (43,500)
Deferred Tax Assets	15,204	12,163
Deferred Tax Liabilities:
Depreciation	8,593	8,886
ASC 606 Revenue Recognition - Section 481(a) Adjustment	227	525
Lease Assets	6,595	2,905
Earnout Income Accrual	99	0
Other	997	1,005
Deferred Tax Liabilities	16,511	13,321
Net Deferred Tax Liabilities	$ (1,307)	$ (1,158)

INCOME TAXES - Summary of Compo

INCOME TAXES - Summary of Components of Net Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Valuation Allowance [Line Items]
Deferred Tax Liabilities — Long-term	$ (1,307)	$ (1,870)
Net Deferred Tax Liabilities	(1,307)	(1,158)
Other Assets — Long-term
Valuation Allowance [Line Items]
Other Assets — Long-term	0	712
Deferred Tax Liabilities — Long-term
Valuation Allowance [Line Items]
Deferred Tax Liabilities — Long-term	$ (1,307)	$ (1,870)

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax
Valuation allowance	$ 65,640,000	$ 57,369,000	$ 43,500,000
Capitalized research expenses	5,800,000	19,900,000
Penalties or interest liabilities accrued	0	0	0
Pretax income	6,500,000	100,000	(3,300,000)
Foreign subsidiaries' undistributed earnings		13,600,000
Deferred tax liabilities for undistributed foreign earnings	100,000	200,000
Tax benefit relating to the NOL carryback provisions CARES Act	0	0	$ 300,000
Research and development tax credits
Income Tax
Tax credit carryforwards	500,000
Luminescent Systems Canada Inc.
Income Tax
Foreign subsidiaries' undistributed earnings	1,900,000	$ 3,400,000
Federal
Income Tax
Operating loss carryforwards	1,900,000
Operating loss carryforwards, subject to expiration	1,500,000
Operating loss carryforwards, not subject to expiration	400,000
Foreign Tax Authority
Income Tax
Tax credit carryforwards	200,000
State
Income Tax
Net operating loss carryforwards	138,600,000
Tax credit carryforwards	$ 900,000

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits [Roll Forward]
Balance at Beginning of the Year	$ 443	$ 1,412	$ 1,890
Decreases as a Result of Tax Positions Taken in Prior Years	(343)	(969)	(478)
Balance at End of the Year	$ 100	$ 443	$ 1,412

PROFIT SHARING_401K PLAN (Detai

PROFIT SHARING/401K PLAN (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Astronics Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Defined contribution plan charges recognized	$ 5.3	$ 4.7	$ 4.3

RETIREMENT PLANS AND RELATED _3

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) retirement_plan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Defined Benefit Plan Disclosure
Number of non-qualified supplemental retirement defined benefit plans | retirement_plan	2
Accumulated benefit obligation of the plans	$ 22,000,000	$ 20,500,000
Fair value of plan assets at period end	0	0
Unrecognized prior service costs	600,000
Unrecognized prior service costs, net	1,200,000
Unrecognized prior service costs, tax	600,000
Unrecognized actuarial losses	2,000,000
Unrecognized actuarial losses, gross	(3,600,000)
Unrecognized actuarial losses, tax	$ 1,600,000
Percentage of fund	99.20%
Contribution of employer	$ 700,000	500,000	$ 400,000
Total employer contribution	1%
SERP
Defined Benefit Plan Disclosure
Actuarial loss	$ 1,529,000	(4,917,000)
Decrease in the discount rate	0.21%
Current accrued pension liability	$ 300,000
Long-term accrued pension liability	28,400,000
Benefits expected to be paid 2024	700,000
Benefits expected to be paid 2025	600,000
Benefits expected to be paid 2026	600,000
Benefits expected to be paid 2027	900,000
Benefits expected to be paid 2028	1,900,000
Benefits expected to be paid thereafter	11,100,000
SERP Medical
Defined Benefit Plan Disclosure
Current accrued pension liability	100,000
Long-term accrued pension liability	800,000
Change in retirement benefit obligation	$ 800,000	$ 800,000

RETIREMENT PLANS AND RELATED _4

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS - Summary of Reconciliation of Beginning and Ending Balances of Projected Benefit Obligation (Details) - SERP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Periodic Cost
Balance at beginning of the year	$ 26,210	$ 30,503
Service Cost	105	138	$ 195
Interest Cost	1,302	834	764
Actuarial Loss (Gain)	1,529	(4,917)
Benefits Paid	(348)	(348)
Balance at end of the year	$ 28,798	$ 26,210	$ 30,503

RETIREMENT PLANS AND RELATED _5

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS - Summary of Assumptions Used to Calculate the Post Retirement Benefit Obligation (Details) - SERP	Dec. 31, 2023	Dec. 31, 2022
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Discount Rate	4.79%	5%
Future Average Compensation Increases	3%
Minimum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Future Average Compensation Increases		2%
Maximum
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Future Average Compensation Increases		3%

RETIREMENT PLANS AND RELATED _6

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS - Summarizes the Components of the Net Periodic Cost (Details) - SERP - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Periodic Cost
Service Cost — Benefits Earned During Period	$ 105	$ 138	$ 195
Interest Cost	1,302	834	764
Amortization of Prior Service Cost	386	386	386
Amortization of Losses	358	949	1,292
Net Periodic Cost	$ 2,151	$ 2,307	$ 2,637

RETIREMENT PLANS AND RELATED _7

RETIREMENT PLANS AND RELATED POST RETIREMENT BENEFITS - Summary of Assumptions Used to Determine the Net Periodic Cost (Details) - SERP	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure
Discount Rate	5%	2.75%	2.42%
Minimum
Defined Benefit Plan Disclosure
Future Average Compensation Increases	2%	2%	2%
Maximum
Defined Benefit Plan Disclosure
Future Average Compensation Increases	3%	3%	3%

SHAREHOLDERS_ EQUITY - Narrativ

SHAREHOLDERS’ EQUITY - Narrative (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) vote $ / shares shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Aug. 08, 2023 USD ($) $ / shares
Stockholders Equity
Common stock, par value (in usd per share) | $ / shares				$ 0.01
Common stock reserved (in shares) | shares	9,700,000
Income tax effect recorded for currency translation adjustments	$ 0
At-the-Market Equity Offering
Stockholders Equity
Amount authorized for stock repurchase program				$ 30,000,000
Number of shares issued in transaction | shares	1,334,228
Aggregate gross proceeds from sales	$ 21,800,000
Sale of stock, price per share (in usd per share) | $ / shares	$ 16.31
Proceeds from issuance or sale of equity	$ 21,300,000
Remaining available for sale	$ 8,200,000
Convertible Class B Stock
Stockholders Equity
Common stock, par value (in usd per share) | $ / shares	$ 0.01	$ 0.01
Class B stock voting rights per share | vote	10
Conversion ratio for Class B stock to common stock	1
Treasury Stock
Stockholders Equity
Amount authorized for stock repurchase program	$ 41,500,000
Retirement Liability Adjustment
Stockholders Equity
Tax benefit	$ 0	$ 0	$ 0

SHAREHOLDERS_ EQUITY - Componen

SHAREHOLDERS’ EQUITY - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity	$ 249,518	$ 239,920	$ 256,604
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity	(6,351)	(7,335)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity	(3,075)	(2,191)
Retirement Liability Adjustment – Before Tax	(5,357)	(4,473)
Tax Benefit	2,282	2,282
Accumulated Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' Equity	$ (9,426)	$ (9,526)	$ (14,495)	$ (16,450)

SHAREHOLDERS_ EQUITY - Compon_2

SHAREHOLDERS’ EQUITY - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Other Comprehensive Income	$ 100	$ 4,969	$ 1,955
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Other Comprehensive Income	984	(1,928)	(939)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment	$ (884)	$ 6,897	$ 2,894

LOSS PER SHARE - Summary of Los

LOSS PER SHARE - Summary of Loss Per Share Computations (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Net Loss	$ 6,976	$ (6,779)	$ (26,421)	$ (35,747)	$ (25,578)
Basic Earnings Weighted Average Shares (in shares)			33,104	32,164	31,061
Net Effect of Dilutive Stock Options (in shares)			0	0	0
Diluted Earnings Weighted Average Shares (in shares)			33,104	32,164	31,061
Basic Earnings Loss Per Share (in usd per share)	$ 0.20	$ (0.21)	$ (0.80)	$ (1.11)	$ (0.82)
Diluted Earnings Loss Per Share (in usd per share)	$ 0.20	$ (0.21)	$ (0.80)	$ (1.11)	$ (0.82)
Number of shares out-of-the-money (in shares)			800	1,400	1,400
Shares included in EPS computation for the equivalent shares needed to fulfill the 401K obligation (in shares)			100	100

LOSS PER SHARE - Narrative (Det

LOSS PER SHARE - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Number of shares out-of-the-money (in shares)	0.8	1.4	1.4
Shares included in EPS computation for the equivalent shares needed to fulfill the 401K obligation (in shares)	0.1	0.1

EQUITY COMPENSATION - Narrative

EQUITY COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	1,410,984	1,376,718
Equity-based compensation expense	$ 7,198	$ 6,497	$ 6,460
Weighted average fair value of options granted (in usd per share)	$ 8.39	$ 5.97	$ 7.05
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	1,410,984
Share price (in usd per share)	$ 17.42	10.30	12
Weighted average fair value of options vested (in usd per share)	$ 11.53	$ 12.89	$ 14.58
Total fair value of options that vested during the year	$ 3,000	$ 2,400	$ 1,200
Total compensation costs related to non-vested awards	$ 3,600
Weighted average period (in years)	2 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of options vested (in usd per share)	$ 17.81
Total compensation costs related to non-vested awards	$ 3,500
Weighted average period (in years)	2 years
Number of awards granted in period (in shares)	293,704
Weighted-average price of awards (in usd per share)	$ 14.79
Number of awards vested in period (in shares)	190,135
Number of awards forfeitures in period (in shares)	28,123
Equity-based compensation expense	$ 4,000
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in usd per share)	$ 13.50
Cash compensation limit	$ 25
Common stock price to market value (percentage)	85%
Number of shares employees had subscribed to purchase (in shares)	235,140
Weighted average fair value of options granted (in usd per share)	$ 4.94	$ 2.39	$ 5
Director
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	6 months
Director | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	6 months
Key Employee | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	3 years
Employee | Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	3 years
Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	587,482
Directors Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	31,906
Long Term Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options outstanding (in shares)	1,445,256
Options available for future grant (in shares)	835,076
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option exercisable period (not exceeding, in years)	10 years
Maximum | Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	5 years
Minimum | Key Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of options granted (in years)	3 years

EQUITY COMPENSATION - Summary o

EQUITY COMPENSATION - Summary of Compensation Expense Information Based on Fair Value of Stock Options and RSU's (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Equity-based Compensation Expense	$ 7,198	$ 6,497	$ 6,460
Tax Benefit	(1,259)	(1,068)	(924)
Equity-based Compensation Expense, Net of Tax	$ 5,939	$ 5,429	$ 5,536

EQUITY COMPENSATION - Summary_2

EQUITY COMPENSATION - Summary of Weighted Average Fair Value of Options Granted (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Weighted Average Fair Value of the Options Granted (in usd per share)	$ 8.39	$ 5.97	$ 7.05

EQUITY COMPENSATION - Summary_3

EQUITY COMPENSATION - Summary of Weighted-Average Assumptions (Details) - Stock Option	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend Yield	0%	0%	0%
Volatility Factor	58%	61%	58%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	4.20%	3.48%	0.45%
Expected Life in Years	3 years	5 years	5 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free Interest Rate	4.33%	3.62%	1.52%
Expected Life in Years	7 years	9 years	10 years

EQUITY COMPENSATION - Summary_4

EQUITY COMPENSATION - Summary of Company's Stock Option Activity and Related Information (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Options
Balance at beginning of the period (in shares) | shares	1,376,718
Options granted (in shares) | shares	125,400
Options exercised (in shares) | shares	(6,570)
Options forfeited/expired (in shares) | shares	(84,564)
Balance at end of the period (in shares) | shares	1,410,984
Exercisable at end of the period (in shares) | shares	860,637
Weighted Average Exercise Price
Balance at beginning of the period (in usd per share) | $ / shares	$ 20.37
Options granted (in usd per share) | $ / shares	15.15
Options exercised (in usd per share) | $ / shares	12.64
Options forfeited/expired (in usd per share) | $ / shares	28.23
Balance at end of the period (in usd per share) | $ / shares	19.47
Exercisable at end of the period (in usd per share) | $ / shares	$ 23.42
Aggregate Intrinsic Value
Balance at beginning of the period | $	$ 0
Weighted average fair value of options granted (in usd per share) | $	0
Options Exercised | $	0
Options Forfeited / Expired | $	0
Balance at end of the period | $	0
Exercisable at end of the period | $	$ 0

EQUITY COMPENSATION - Summary_5

EQUITY COMPENSATION - Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Outstanding
Shares (in shares)	1,410,984	1,376,718
Weighted average exercise price (in usd per share)	$ 19.47	$ 20.37
Exercisable
Shares (in shares)	860,637
Weighted average exercise price (in usd per share)	$ 23.42
Stock Option
Outstanding
Shares (in shares)	1,410,984
Weighted Average Remaining Life in Years	6 years 7 months 6 days
Weighted average exercise price (in usd per share)	$ 19.47
Exercisable
Shares (in shares)	860,637
Weighted Average Remaining Life in Years	5 years 6 months
Weighted average exercise price (in usd per share)	$ 23.42
Stock Option | $9.74 – $15.15
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range (in usd per share)	9.74
Exercise price, upper range (in usd per share)	$ 15.15
Outstanding
Shares (in shares)	870,050
Weighted Average Remaining Life in Years	8 years 3 months 18 days
Weighted average exercise price (in usd per share)	$ 12.08
Exercisable
Shares (in shares)	347,364
Weighted Average Remaining Life in Years	8 years
Weighted average exercise price (in usd per share)	$ 11.58
Stock Option | $22.93 – $35.82
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range (in usd per share)	22.93
Exercise price, upper range (in usd per share)	$ 35.82
Outstanding
Shares (in shares)	536,370
Weighted Average Remaining Life in Years	3 years 10 months 24 days
Weighted average exercise price (in usd per share)	$ 31.23
Exercisable
Shares (in shares)	508,709
Weighted Average Remaining Life in Years	3 years 9 months 18 days
Weighted average exercise price (in usd per share)	$ 31.30
Stock Option | $45.89 – $45.89
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price, lower range (in usd per share)	45.89
Exercise price, upper range (in usd per share)	$ 45.89
Outstanding
Shares (in shares)	4,564
Weighted Average Remaining Life in Years	1 year 2 months 12 days
Weighted average exercise price (in usd per share)	$ 45.89
Exercisable
Shares (in shares)	4,564
Weighted Average Remaining Life in Years	1 year 2 months 12 days
Weighted average exercise price (in usd per share)	$ 45.89

EQUITY COMPENSATION - Summary_6

EQUITY COMPENSATION - Summary of Fair Value for Options Granted under Employee Stock Purchase Plan (Details) - Employee Stock	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items]
Risk-free Interest Rate	5.49%	4.01%	0.09%
Dividend Yield	0%	0%	0%
Volatility Factor	0.56%	0.50%	0.71%
Expected Life in Years	1 year	1 year	1 year

EQUITY COMPENSATION - Summary_7

EQUITY COMPENSATION - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs)	12 Months Ended
	Dec. 31, 2023 $ / shares shares
RSU Shares
Beginning balance (in shares) | shares	578,214
Granted (in shares) | shares	293,704
Vested (in shares) | shares	(190,135)
Forfeited (in shares) | shares	(28,123)
Ending balance (in shares) | shares	653,660
Weighted Average Grant Date Fair Value
Beginning balance (in usd per share) | $ / shares	$ 15.85
Granted (in usd per share) | $ / shares	14.79
Vested (in usd per share) | $ / shares	17.81
Forfeited (in usd per share) | $ / shares	16.75
Ending balance (in usd per share) | $ / shares	$ 14.77

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($)		12 Months Ended
	Oct. 04, 2019	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Contingent consideration liability fair value adjustment		$ 0	$ 0	$ 2,200,000
Impairment charges related to long-lived assets		$ 0	$ 0	0
Diagnosys Test Systems Limited
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial liabilities carried at fair value	$ 2,500,000			0
Potential additional earn-out	$ 13,000,000
Achievement period	3 years
Earn-out achievement benchmark	$ 72,000,000
Contingent consideration liability fair value adjustment				$ 2,200,000

SELECTED QUARTERLY FINANCIAL _3

SELECTED QUARTERLY FINANCIAL INFORMATION - Summarizes Selected Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Quarterly Financial Information Disclosure [Abstract]
Sales	$ 195,292	$ 158,153	$ 689,206	$ 534,894	$ 444,908
Gross Profit (Sales Less Cost of Products Sold)	39,973	21,510	120,796	71,540	65,363
Income (Loss) Before Income Taxes	1,534	(7,208)	(26,311)	(29,793)	(26,960)
Net Income (Loss)	$ 6,976	$ (6,779)	$ (26,421)	$ (35,747)	$ (25,578)
Basic Earnings (Loss) Per Share (in usd per share)	$ 0.20	$ (0.21)	$ (0.80)	$ (1.11)	$ (0.82)
Diluted Earnings (Loss) Per Share (in usd per share)	$ 0.20	$ (0.21)	$ (0.80)	$ (1.11)	$ (0.82)

SELECTED QUARTERLY FINANCIAL _4

SELECTED QUARTERLY FINANCIAL INFORMATION - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Significant Noncash Transactions [Line Items]
Non-cash stock bonus expense	$ 4,200,000		$ 4,249,000	$ 0	$ 0
Total gain (loss) on litigation settlement			$ 1,305,000	$ (500,000)	$ (8,374,000)
Former Customer Lawsuit
Other Significant Noncash Transactions [Line Items]
Total gain (loss) on litigation settlement		$ 1,500,000
Reduction in Cost of Products Sold
Other Significant Noncash Transactions [Line Items]
Non-cash stock bonus expense	1,500,000
Reduction in Selling, General and Administrative Expenses
Other Significant Noncash Transactions [Line Items]
Non-cash stock bonus expense	$ 2,800,000

LEGAL PROCEEDINGS (Details)

LEGAL PROCEEDINGS (Details) $ in Thousands				3 Months Ended	12 Months Ended
	Jul. 12, 2023 USD ($)	Jul. 11, 2023	Dec. 06, 2019 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Loss Contingencies
Total gain (loss) on litigation settlement					$ 1,305	$ (500)	$ (8,374)
Current liability				$ 700		700
Accrued legal fees				0	7,900	0
Lufthansa
Loss Contingencies
Estimated litigation liability							1,000
Payment made						300
Lufthansa | Astronics Advanced Electronic Systems Corp. | Patent Infringement | Germany
Loss Contingencies
Interest rate accrued above bank rate until final payment	0.04	0.05
Reclaim overpaid damages and interest	$ 1,200
Litigation settlement interest	$ 2,800
Payment made								$ 4,700
Payment			$ 3,200
Indirect Sales | Astronics Advanced Electronic Systems Corp. | Patent Infringement
Loss Contingencies
Loss contingency accrual, adjustment					(1,300)
Indirect Sales | Astronics Advanced Electronic Systems Corp. | Patent Infringement | Germany
Loss Contingencies
Loss contingency accrual				17,800	17,100	17,800
Loss contingency, estimate of possible loss, excluding interest									$ 11,600
Loss contingency, estimate of possible loss							6,200
Total gain (loss) on litigation settlement					7,400	7,000	7,300
Indirect Sales | Astronics Advanced Electronic Systems Corp. | Patent Infringement | Germany | Reduction in Selling, General and Administrative Expenses
Loss Contingencies
Litigation settlement interest					$ 700	$ 600	$ 600
Former Customer Lawsuit
Loss Contingencies
Total gain (loss) on litigation settlement				$ 1,500

SEGMENTS - Summary of Segment R

SEGMENTS - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information
Sales	$ 195,292	$ 158,153	$ 689,206	$ 534,894	$ 444,908
Total Operating Income (Loss)			(6,671)	(30,044)	(28,674)
Additions to (Deductions from) Operating Profit:
Net Gain on Sale of Businesses			3,427	11,284	10,677
Interest Expense, Net of Interest Income			(23,328)	(9,422)	(6,804)
Loss Before Income Taxes	1,534	(7,208)	(26,311)	(29,793)	(26,960)
Total Depreciation and Amortization			26,104	27,777	29,005
Total Assets	633,792	615,031	633,792	615,031
Total Capital Expenditures			7,643	7,675	6,034
Aerospace
Segment Reporting Information
Sales			604,830	461,196	365,238
Test Systems
Segment Reporting Information
Sales			84,376	73,698	79,670
Operating Segments
Segment Reporting Information
Total Operating Income (Loss)			$ 15,884	$ (10,001)	$ (12,379)
Operating Margins			2.30%	(1.90%)	(2.80%)
Operating Segments | Aerospace
Segment Reporting Information
Sales			$ 605,001	$ 461,206	$ 365,261
Total Operating Income (Loss)			$ 24,629	$ (1,883)	$ (8,614)
Operating Margins			4.10%	(0.40%)	(2.40%)
Additions to (Deductions from) Operating Profit:
Total Depreciation and Amortization			$ 20,801	$ 22,384	$ 23,349
Total Assets	493,660	481,416	493,660	481,416
Total Capital Expenditures			5,003	4,289	4,932
Operating Segments | Test Systems
Segment Reporting Information
Sales			84,376	73,717	80,027
Total Operating Income (Loss)			$ (8,745)	$ (8,118)	$ (3,765)
Operating Margins			(10.40%)	(11.00%)	(4.70%)
Additions to (Deductions from) Operating Profit:
Total Depreciation and Amortization			$ 5,068	$ 4,341	$ 5,022
Total Assets	122,681	111,513	122,681	111,513
Total Capital Expenditures			2,640	3,299	1,082
Less Inter-segment Sales | Aerospace
Segment Reporting Information
Sales			(171)	(10)	(23)
Less Inter-segment Sales | Test Systems
Segment Reporting Information
Sales			0	(19)	(357)
Corporate and Other Expenses, Net
Additions to (Deductions from) Operating Profit:
Corporate and Other Expenses, Net			(22,294)	(21,654)	(18,454)
Total Depreciation and Amortization			235	1,052	634
Total Assets	$ 17,451	$ 22,102	17,451	22,102
Total Capital Expenditures			$ 0	$ 87	$ 20

SEGMENTS - Narrative (Details)

SEGMENTS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2023
Segment Reporting Information
Allowance for doubtful accounts balance	$ 9,193	$ 2,630	$ 9,193	$ 2,630	$ 3,183
Deferred revenue liability			27,600	14,800
Income associated with reversal of liability related to equity investment			1,800
Sales	195,292	158,153	689,206	534,894	444,908
Net income (loss)	6,976	(6,779)	(26,421)	(35,747)	(25,578)
Cumulative translation adjustments	(6,400)	(7,300)	(6,400)	(7,300)
Non-US
Segment Reporting Information
Sales			69,300	50,000	36,600
Net income (loss)			5,300	(200)	(3,800)
Net assets	39,100	$ 36,600	39,100	36,600
Non-Aerospace Contract Manufacturing Customer
Segment Reporting Information
Inventory adjustments	3,600		3,600			$ 3,600
Allowance for doubtful accounts balance	$ 7,500		7,500			$ 7,500
Test Systems
Segment Reporting Information
Sales			84,376	73,698	79,670
Aerospace
Segment Reporting Information
Sales			604,830	461,196	365,238
Operating Segments | Test Systems
Segment Reporting Information
Deferred revenue liability			5,800
Sales			84,376	73,717	80,027
Operating Segments | Aerospace
Segment Reporting Information
Jobs protection program grant, recognized				6,000
Sales			605,001	$ 461,206	$ 365,261
Corporate and Other Expenses, Net
Segment Reporting Information
Income associated with reversal of liability related to equity investment			$ 1,800

SEGMENTS - Summarizes the Compa

SEGMENTS - Summarizes the Company's Sales and Long-Lived Assets by Geographic Regions (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets
Sales	$ 195,292	$ 158,153	$ 689,206	$ 534,894	$ 444,908
Property, Plant and Equipment, Net of Accumulated Depreciation	85,436	90,658	85,436	90,658
United States
Revenues from External Customers and Long-Lived Assets
Sales			518,096	419,431	350,428
Property, Plant and Equipment, Net of Accumulated Depreciation	77,939	82,317	77,939	82,317
North America (excluding United States)
Revenues from External Customers and Long-Lived Assets
Sales			14,878	9,222	6,990
Asia
Revenues from External Customers and Long-Lived Assets
Sales			26,165	21,242	21,089
Europe
Revenues from External Customers and Long-Lived Assets
Sales			123,682	78,625	62,138
South America
Revenues from External Customers and Long-Lived Assets
Sales			2,071	3,629	1,082
Other
Revenues from External Customers and Long-Lived Assets
Sales			4,314	2,745	3,181
France
Revenues from External Customers and Long-Lived Assets
Property, Plant and Equipment, Net of Accumulated Depreciation	6,417	6,974	6,417	6,974
India
Revenues from External Customers and Long-Lived Assets
Property, Plant and Equipment, Net of Accumulated Depreciation	487	653	487	653
Canada
Revenues from External Customers and Long-Lived Assets
Property, Plant and Equipment, Net of Accumulated Depreciation	$ 593	$ 714	593	714
Non-US
Revenues from External Customers and Long-Lived Assets
Sales			$ 69,300	$ 50,000	$ 36,600

SEGMENTS - Schedule of Activiti

SEGMENTS - Schedule of Activities with Major Customers (Details) - Boeing - Customer Concentration Risk - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Revenue
Revenue, Major Customer
Percent of consolidated revenue	11%	11%	10%
Accounts Receivable
Revenue, Major Customer
Accounts receivable	$ 17,314	$ 16,860

DIVESTITURE ACTIVITIES (Details

DIVESTITURE ACTIVITIES (Details)			3 Months Ended	12 Months Ended
	Oct. 06, 2021 USD ($) facility	Feb. 13, 2019 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on sale				$ 0	$ 0	$ 5,014,000
Divestiture | Test Systems
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent earn-outs					$ 3,400,000	$ 11,300,000	$ 10,700,000
Divestiture | Test Systems | First Earnout
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum total earnout proceeds		$ 35,000,000
Divestiture | Test Systems | Second Earnout
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Minimum total earnout proceeds		$ 0
Disposed of by Sale | Aerospace facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities sold | facility	1
Held for sale	$ 9,200,000
Proceeds from sale of facilities	$ 8,800,000
Net gain on sale			$ 5,000,000

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allowance for Estimated Credit Losses
Movement in Valuation Allowances and Reserves
Balance at the Beginning of Period	$ 2,630	$ 3,183	$ 3,218
Additions Charged to Cost and Expense	7,772	565	90
Write-Offs/Other	(1,209)	(1,118)	(125)
Balance at End of Period	9,193	2,630	3,183
Reserve for Excess and Obsolete Inventories
Movement in Valuation Allowances and Reserves
Balance at the Beginning of Period	36,817	33,775	33,410
Additions Charged to Cost and Expense	8,229	2,850	3,852
Write-Offs/Other	(6,507)	192	(3,487)
Balance at End of Period	38,539	36,817	33,775
Deferred Tax Valuation Allowance
Movement in Valuation Allowances and Reserves
Balance at the Beginning of Period	57,369	43,519	37,168
Additions Charged to Cost and Expense	8,096	15,236	7,100
Write-Offs/Other	175	(1,386)	(749)
Balance at End of Period	$ 65,640	$ 57,369	$ 43,519