Astronics (ATRO) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 29, 2024	Jul. 29, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	0-7087
Entity Registrant Name	ASTRONICS CORPORATION
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	16-0959303
Entity Address, Address Line One	130 Commerce Way
Entity Address, City or Town	East Aurora
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14052
City Area Code	716
Local Phone Number	805-1599
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	ATRO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0000008063
Current Fiscal Year End Date	--12-31
Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		29,335,907
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		5,656,204

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 2,857	$ 4,756
Restricted Cash	1,535	6,557
Accounts Receivable, Net of Allowance for Estimated Credit Losses	186,295	172,108
Inventories	200,679	191,801
Prepaid Expenses and Other Current Assets	21,039	14,560
Total Current Assets	412,405	389,782
Property, Plant and Equipment, Net of Accumulated Depreciation	82,511	85,436
Operating Right-of-Use Assets	26,262	27,909
Other Assets	6,695	7,035
Intangible Assets, Net of Accumulated Amortization	58,843	65,420
Goodwill	58,143	58,210
Total Assets	644,859	633,792
Current Liabilities:
Current Maturities of Long-term Debt	1,300	8,996
Accounts Payable	56,186	61,134
Current Operating Lease Liabilities	5,485	5,069
Accrued Expenses and Other Current Liabilities	60,536	46,106
Customer Advance Payments and Deferred Revenue	17,635	22,029
Total Current Liabilities	141,142	143,334
Long-term Debt	172,635	159,237
Long-term Operating Lease Liabilities	22,423	24,376
Other Liabilities	50,779	57,327
Total Liabilities	386,979	384,274
Shareholders’ Equity:
Common Stock	377	373
Accumulated Other Comprehensive Loss	(9,788)	(9,426)
Other Shareholders’ Equity	267,291	258,571
Total Shareholders’ Equity	257,880	249,518
Total Liabilities and Shareholders’ Equity	$ 644,859	$ 633,792

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Sales	$ 198,114	$ 174,454	$ 383,188	$ 330,992
Cost of Products Sold	156,760	141,759	307,643	270,787
Gross Profit	41,354	32,695	75,545	60,205
Selling, General and Administrative Expenses	33,804	30,299	66,329	60,179
Income from Operations	7,550	2,396	9,216	26
Net Gain on Sale of Business	0	0	0	(3,427)
Other Expense (Income), Net	435	378	871	(910)
Interest Expense, Net of Interest Income	5,856	5,920	11,615	11,390
(Loss) Income Before Income Taxes	1,259	(3,902)	(3,270)	(7,027)
(Benefit from) Provision for Income Taxes	(274)	8,097	(1,625)	9,387
Net (Loss) Income	$ 1,533	$ (11,999)	$ (1,645)	$ (16,414)
(Loss) Earnings Per Share:
Basic (in usd per share)	$ 0.04	$ (0.37)	$ (0.05)	$ (0.50)
Diluted (in usd per share)	$ 0.04	$ (0.37)	$ (0.05)	$ (0.50)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net (Loss) Income	$ 1,533	$ (11,999)	$ (1,645)	$ (16,414)
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(168)	487	(924)	711
Retirement Liability Adjustment – Net of Tax	281	187	562	372
Total Other Comprehensive (Loss) Income	113	674	(362)	1,083
Comprehensive (Loss) Income	$ 1,646	$ (11,325)	$ (2,007)	$ (15,331)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Cash Flows from Operating Activities:
Net Loss	$ (1,645)	$ (16,414)
Adjustments to Reconcile Net Loss to Cash Flows from Operating Activities:
Depreciation and Amortization	12,531	13,373
Amortization of Deferred Financing Fees	1,695	1,363
Provisions for Non-Cash Losses on Inventory and Receivables	2,415	1,705
Equity-based Compensation Expense	4,642	3,992
Operating Lease Non-Cash Expense	2,562	2,563
Non-Cash 401K Contribution and Quarterly Bonus Accrual	3,454	2,536
Non-Cash Annual Stock Bonus Accrual	1,448	0
Net Gain on Sale of Business, Before Taxes	0	(3,427)
Non-Cash Deferred Liability Recovery	0	(5,824)
Other	1,827	(1,275)
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(15,281)	(22,619)
Inventories	(11,398)	(22,638)
Accounts Payable	(4,661)	14,081
Accrued Expenses	9,255	5,611
Customer Advance Payments and Deferred Revenue	(4,280)	959
Income Taxes	(4,487)	7,422
Operating Lease Liabilities	(2,447)	(2,674)
Supplemental Retirement Plan Liabilities	(209)	(206)
Other Assets and Liabilities	356	321
Net Cash from Operating Activities	(4,223)	(21,151)
Cash Flows from Investing Activities:
Proceeds from Sale of Business and Assets	0	3,427
Capital Expenditures	(3,394)	(3,806)
Net Cash from Investing Activities	(3,394)	(379)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	15,392	131,732
Principal Payments on Long-term Debt	(9,498)	(112,774)
Stock Award Activity	(3,172)	(601)
Financing-related Costs	(1,837)	(6,388)
Finance Lease Principal Payments	(70)	(24)
Other	(10)	0
Net Cash from Financing Activities	805	11,945
Effect of Exchange Rates on Cash	(109)	101
Decrease in Cash and Cash Equivalents and Restricted Cash	(6,921)	(9,484)
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	11,313	13,778
Cash and Cash Equivalents and Restricted Cash at End of Period	$ 4,392	$ 4,294

Consolidated Condensed Statem_4

Consolidated Condensed Statements of Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock Common Stock	Common Stock Convertible Class B Stock	Additional Paid in Capital	Accumulated Comprehensive Loss	Retained Earnings	Treasury Stock
Beginning of Period at Dec. 31, 2022		$ 291	$ 63	$ 98,630	$ (9,526)	$ 240,360	$ (89,898)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		1
Class B Stock Converted to Common Stock		3	(3)
Equity-based Compensation Expense and Net Exercise of Stock Options				3,993
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(603)
Foreign Currency Translation Adjustments	$ 711				711
Retirement Liability Adjustment – Net of Taxes					372
Net (Loss) Income	(16,414)					(16,414)
Shares Issued to Fund 401K Obligation						(2,248)	4,669
End of Period at Jul. 01, 2023	230,401	$ 295	$ 60	102,020	(8,443)	221,698	$ (85,229)
Beginning of Period (in shares) at Dec. 31, 2022		29,122,000	6,314,000
Beginning of Period (in shares) at Dec. 31, 2022							3,155,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance from Exercise of Stock Options (in shares)		1,000
Net Issuance of Common Stock for RSU’s (in shares)		90,000
Class B Stock Converted to Common Stock (in shares)		265,000	(265,000)
Shares Issued to fund 401k obligation (in shares)							(164,000)
End of Period (in shares) at Jul. 01, 2023		29,478,000	6,049,000
End of Period (in shares) at Jul. 01, 2023							2,991,000
Beginning of Period at Apr. 01, 2023		$ 293	$ 62	100,426	(9,117)	234,463	$ (87,203)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class B Stock Converted to Common Stock		2	(2)
Equity-based Compensation Expense and Net Exercise of Stock Options				1,594
Foreign Currency Translation Adjustments	487				487
Retirement Liability Adjustment – Net of Taxes					187
Net (Loss) Income	(11,999)					(11,999)
Shares Issued to Fund 401K Obligation						(766)	1,974
End of Period at Jul. 01, 2023	230,401	$ 295	$ 60	102,020	(8,443)	221,698	$ (85,229)
Beginning of Period (in shares) at Apr. 01, 2023		29,273,000	6,247,000
Beginning of Period (in shares) at Apr. 01, 2023							3,060,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance of Common Stock for RSU’s (in shares)		7,000
Class B Stock Converted to Common Stock (in shares)		198,000	(198,000)
Shares Issued to fund 401k obligation (in shares)							(69,000)
End of Period (in shares) at Jul. 01, 2023		29,478,000	6,049,000
End of Period (in shares) at Jul. 01, 2023							2,991,000
Beginning of Period at Dec. 31, 2023	249,518	$ 314	$ 59	129,544	(9,426)	209,753	$ (80,726)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Shares Issued to Fund Bonus Obligations		3
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		1
Class B Stock Converted to Common Stock		2	(2)
Equity-based Compensation Expense and Net Exercise of Stock Options				4,642
Gross Shares Issued to Fund Bonus Obligations				6,281
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(3,177)
Foreign Currency Translation Adjustments	(924)				(924)
Retirement Liability Adjustment – Net of Taxes					562
Net (Loss) Income	(1,645)					(1,645)
Shares Issued to Fund 401K Obligation						(1,330)	3,949
End of Period at Jun. 29, 2024	257,880	$ 320	$ 57	137,290	(9,788)	206,778	$ (76,777)
Beginning of Period (in shares) at Dec. 31, 2023		31,402,000	5,952,000
Beginning of Period (in shares) at Dec. 31, 2023							2,833,000
Increase (Decrease) in Stockholders' Equity (in shares)
Shares Issued to Fund Bonus Obligation (in shares)		218,000
Net Issuance of Common Stock for RSU’s (in shares)		114,000
Class B Stock Converted to Common Stock (in shares)		290,000	(290,000)
Shares Issued to fund 401k obligation (in shares)							(139,000)
End of Period (in shares) at Jun. 29, 2024		32,024,000	5,662,000
End of Period (in shares) at Jun. 29, 2024							2,694,000
Beginning of Period at Mar. 30, 2024		$ 318	$ 58	134,066	(9,901)	205,899	$ (78,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Shares Issued to Fund Bonus Obligations		1
Class B Stock Converted to Common Stock		1	(1)
Equity-based Compensation Expense and Net Exercise of Stock Options				1,840
Gross Shares Issued to Fund Bonus Obligations				2,107
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(723)
Foreign Currency Translation Adjustments	(168)				(168)
Retirement Liability Adjustment – Net of Taxes					281
Net (Loss) Income	1,533					1,533
Shares Issued to Fund 401K Obligation						(654)	1,940
End of Period at Jun. 29, 2024	$ 257,880	$ 320	$ 57	$ 137,290	$ (9,788)	$ 206,778	$ (76,777)
Beginning of Period (in shares) at Mar. 30, 2024		31,832,000	5,773,000
Beginning of Period (in shares) at Mar. 30, 2024							2,762,000
Increase (Decrease) in Stockholders' Equity (in shares)
Shares Issued to Fund Bonus Obligation (in shares)		74,000
Net Issuance of Common Stock for RSU’s (in shares)		7,000
Class B Stock Converted to Common Stock (in shares)		111,000	(111,000)
Shares Issued to fund 401k obligation (in shares)							(68,000)
End of Period (in shares) at Jun. 29, 2024		32,024,000	5,662,000
End of Period (in shares) at Jun. 29, 2024							2,694,000

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. In addition, the supply chain pressures and residual impacts of the COVID-19 pandemic have increased the volatility we experience in our financial results in recent periods and this could continue in future interim and annual periods. Operating results for the six months ended June 29, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The balance sheet on December 31, 2023, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. For further information, refer to the financial statements and footnotes included in Astronics Corporation’s 2023 annual report on Form 10-K. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and seat motion systems, lighting and safety systems, avionics products, systems certification, aircraft structures and automated test systems. We have principal operations in the United States (“U.S.”), Canada, France, and England, as well as engineering offices in Ukraine and India. On February 13, 2019, the Company completed a divestiture of its semiconductor test business within the Test Systems segment. The transaction included two elements of contingent earnouts. In March 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. Restricted Cash Under the provisions of the ABL Revolving Credit Facility (as defined and discussed below in Note 7), 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 Condensed Balance Sheets. The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) June 29, 2024 July 1, 2023 Cash and Cash Equivalents $ 2,857 $ 3,472 Restricted Cash 1,535 822 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 4,392 $ 4,294 Trade Accounts Receivable and Contract Assets The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay. The changes in allowances for estimated credit losses for the three and six months ended June 29, 2024 and July 1, 2023 consisted of the following: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Balance at Beginning of the Period $ 9,193 $ 2,630 $ 8,596 $ 2,265 Bad Debt Expense, Net of Recoveries 398 (99) 312 189 Write-off Charges Against the Allowance and Other Adjustments (8,096) (806) (7,413) (729) Balance at End of the Period $ 1,495 $ 1,725 $ 1,495 $ 1,725 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 in the fourth quarter of 2023 of $7.5 million for outstanding accounts receivable, which was subsequently written off in the second quarter of 2024. Research and Development Expenses Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs, and depreciation. Research and development expenses amounted to $14.2 million and $12.7 million for the three months ended and $27.5 million and $25.4 million for the six months ended June 29, 2024 and July 1, 2023, respectively. These costs are included in cost of products sold. Valuation of Goodwill and Long-Lived Assets The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value. As of June 29, 2024 and July 1, 2023, the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed in the six-month periods then ended. Foreign Currency Translation The aggregate foreign currency transaction gain or loss included in operations was insignificant for the three and six months ended June 29, 2024 and July 1, 2023. Newly Adopted Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters 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. Recent ASUs were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On June 29, 2024, we had $633.4 million of outstanding performance obligations, which we refer to as total backlog. We expect to recognize approximately $561.5 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter. We recognized $9.0 million and $10.6 million during the three months ended and $15.2 million and $19.5 million during the six months ended June 29, 2024 and July 1, 2023, respectively, in revenues that were included in the contract liability balance at the beginning of the period. The Company's contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities during the six months ended June 29, 2024: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2024 $ 46,321 $ 22,888 Ending Balance, June 29, 2024 $ 53,291 $ 18,448 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, partially offset by a $3.5 million revision of estimated costs to complete certain long-term mass transit Test contracts. The revision resulted in reduced revenue recognized during the three and six months ended June 29, 2024 due to lower estimates of the percentage of work completed on the programs. The decrease in contract liabilities reflects the net impact of revenue recognized in excess of new customer advances or deferred revenues recorded. The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Work in Progress within Inventories in the accompanying Consolidated Condensed Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. Capitalized fulfillment costs were $3.0 million and $4.7 million on June 29, 2024 and December 31, 2023, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was approximately $2.7 million and $3.0 million for the three and six months ended June 29, 2024. No amortization of fulfillment costs was recorded in 2023. The following table presents our revenue disaggregated by Market Segments as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Aerospace Segment Commercial Transport $ 249,829 $ 206,292 $ 128,399 $ 112,079 Military Aircraft 41,860 27,648 24,781 13,584 General Aviation 38,566 44,463 19,015 25,015 Other 10,326 15,576 4,748 7,704 Aerospace Total 340,581 293,979 176,943 158,382 Test Systems Segment Government & Defense 42,607 37,013 21,171 16,072 Test Systems Total 42,607 37,013 21,171 16,072 Total $ 383,188 $ 330,992 $ 198,114 $ 174,454 The following table presents our revenue disaggregated by Product Lines as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Aerospace Segment Electrical Power & Motion $ 173,452 $ 121,400 $ 90,328 $ 67,946 Lighting & Safety 88,241 78,471 46,454 41,918 Avionics 54,565 60,664 28,971 30,923 Systems Certification 7,812 13,297 3,364 7,620 Structures 6,185 4,571 3,078 2,271 Other 10,326 15,576 4,748 7,704 Aerospace Total 340,581 293,979 176,943 158,382 Test Systems 42,607 37,013 21,171 16,072 Total $ 383,188 $ 330,992 $ 198,114 $ 174,454

Inventories

Inventories	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: ( In thousands ) June 29, 2024 December 31, 2023 Finished Goods $ 33,169 $ 29,013 Work in Progress 28,748 32,118 Raw Material 138,762 130,670 $ 200,679 $ 191,801

Property, Plant and Equipment

Property, Plant and Equipment	6 Months Ended
	Jun. 29, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment consisted of the following: (In thousands) June 29, 2024 December 31, 2023 Land $ 8,579 $ 8,606 Buildings and Improvements 71,354 71,480 Machinery and Equipment 129,289 126,725 Construction in Progress 3,698 4,219 212,920 211,030 Less Accumulated Depreciation 130,409 125,594 $ 82,511 $ 85,436

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes acquired intangible assets as follows: June 29, 2024 December 31, 2023 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,146 $ 2,146 $ 2,146 Non-compete Agreement 4 years 11,082 11,082 11,082 11,072 Trade Names 10 years 11,403 10,162 11,426 9,973 Completed and Unpatented Technology 9 years 47,857 40,795 47,896 38,961 Customer Relationships 15 years 142,137 91,597 142,208 87,186 Total Intangible Assets 13 years $ 214,625 $ 155,782 $ 214,758 $ 149,338 All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Amortization Expense $ 6,539 $ 7,196 $ 3,269 $ 3,599 Amortization expense for acquired intangible assets expected for 2024 and for each of the next five years is summarized as follows: (In thousands) 2024 $ 12,863 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037 2029 $ 5,664

Goodwill

Goodwill	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table summarizes the changes in the carrying amount of goodwill for the six months ended June 29, 2024: (In thousands) December 31, 2023 Foreign Currency Translation June 29, 2024 Aerospace $ 36,575 $ (67) $ 36,508 Test Systems 21,635 — 21,635 $ 58,210 $ (67) $ 58,143

Long-term Debt and Notes Payabl

Long-term Debt and Notes Payable	6 Months Ended
	Jun. 29, 2024
Debt Disclosure [Abstract]
Long-term Debt and Notes Payable	Long-term Debt and Notes Payable The Company's long-term debt at June 29, 2024 and December 31, 2023 consisted of borrowings under its Sixth Amended and Restated Credit Agreement (the “ABL Revolving Credit Facility”) which was entered into on January 19, 2023. 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 was January 19, 2026. Under the terms of the ABL Revolving Credit Facility, the Company paid interest on the unpaid principal amount of the facility at a rate equal to SOFR (which was required to be at least 1.00%) plus 2.25% to 2.75%. The Company was required to 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. 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 Condensed Balance Sheets. The Company was also required to maintain minimum excess availability of $10 million for the quarter ended June 29, 2024. On June 29, 2024, there was $97.4 million outstanding on the ABL Revolving Credit Facility and there remained $17.3 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 was secured primarily by fixed assets, real estate and intellectual property. The maturity date of the Term Loan Facility was the earlier of the stated maturity date of the ABL Revolving Credit Facility or January 19, 2027, if the ABL Revolving Credit Facility was extended beyond that date. The Company paid interest under the Term Loan Facility at a rate equal to SOFR (which was required to be at least 2.50%) plus 8.75%. The Company was required to pay a commitment fee under the Term Loan Facility of 5% of the total aggregate commitment, or $4.5 million, $1.8 million which was paid on the closing date, $1.8 million which was paid in June 2023 and $0.9 million which was paid in June 2024. Amortization of the principal under the Term Loan Facility began 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. 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 $48.0 million in the second quarter of 2024, increasing thereafter. Mandatory prepayment of a portion of excess cash flow, as defined by the Term Loan Facility, was payable towards the principal amount outstanding on an annual basis. No such amounts were 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. The Company was subject to a minimum fixed charge coverage ratio of 1.10 to 1.00. Further, the Company was 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 quarter ended June 29, 2024. The Company amended its existing ABL Revolving Credit Facility on July 11, 2024 by entering into the Seventh Amended and Restated Credit Agreement (the “Restated ABL Agreement”). The Restated ABL Agreement increased the maximum aggregate amount that the Company can borrow pursuant to the revolving credit line thereunder to $200 million from $115 million, with borrowings subject to a borrowing base determined primarily by inventory, accounts receivable, machinery and equipment and real estate. The Restated ABL Agreement extended the scheduled maturity date for the credit facility from January 19, 2026 to July 11, 2027. Under the terms of the Restated ABL Agreement, the Company will now pay interest on the unpaid principal amount of the credit facility at a rate equal to SOFR plus a term SOFR adjustment in the amount of 0.10% per annum (which collectively shall be at least 1.00%) plus an applicable margin ranging from 2.50% to 3.00% determined based upon the Company’s excess availability (as defined in the Restated ABL Agreement). The Company will pay a quarterly commitment fee under the Restated ABL Agreement on undrawn revolving credit commitments in an amount equal to 0.25% or 0.375% based on the Company’s average excess availability under the credit facility. The Company also entered into a $55 million Term Loan Facility (the “Revised Term Loan Facility”) on July 11, 2024. The Revised Term Loan Facility is secured primarily by the Company’s intellectual property and equity interests of the Company’s subsidiaries. The maturity date of the Revised Term Loan Facility is July 11, 2027. The Company will pay interest under the Revised Term Loan Facility at a rate equal to SOFR plus a term SOFR adjustment in the amount of 0.10% per annum (which collectively shall be at least 1.00%) plus an applicable margin ranging from 5.50% to 6.75% determined based upon the Company’s consolidated leverage ratio (as defined in the Revised Term Loan Facility). The Company will pay a commitment fee to the lenders under the Revised Term Loan Facility in the amount of 2.0% of the total aggregate commitment. The Company is required to repay the principal amount of the term loans under the Revised Term Loan Facility in quarterly installments on the last day of each fiscal quarter in an amount equal to $137,500. The principal amount of the Revised Term Loan Facility will amortize at a rate of 1.00% (or approximately $550,000) per year. The Company is required to pay a call premium of $3.2 million in conjunction with the repayment of the original Term Loan Facility. Total payments of $1.3 million are payable over the next twelve months, including the annual amortization of the Revised Term Loan Facility and the final monthly $0.8 million payment due under the Term Loan Facility prior to its termination, and as such, have been classified as current in the accompanying Consolidated Condensed Balance Sheet as of June 29, 2024. The interest rate on current maturities of long-debt is variable at SOFR plus 8.75% and was 14.2% at June 29, 2024 and December 31, 2023. The remaining balance of $79.7 million under the Term Loan Facility as of June 29, 2024, is recorded as long-term in the accompanying Consolidated Condensed Balance Sheet. The Company incurred $1.7 million in incremental debt issuance costs during the six months ended June 29, 2024, allocated between the original and Restated ABL Revolving Credit Facilities and the original and Revised Term Loan Facilities. 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 ($1.8 million as of June 29, 2024) are recorded within Other Assets and those associated with the Term Loan Facility ($4.5 million as of June 29, 2024) are recorded as a reduction of the carrying value of the debt on the Consolidated Condensed Balance Sheet. Certain of the Company’s subsidiaries are borrowers under the Restated ABL Agreement and the Revised Term Loan Facility and the assets of such subsidiaries also secure the obligations under the Restated Agreement and the Term Loan Facility. Pursuant to the Restated ABL Agreement and the Revised Term Loan Facility, the Company is subject to a minimum fixed charge coverage ratio of 1.10 to 1.00. The Company is also required to maintain minimum excess availability of the greater of 10% of the borrowing base under the Restated Agreement, or $15.0 million. 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.

Product Warranties

Product Warranties	6 Months Ended
	Jun. 29, 2024
Guarantees [Abstract]
Product Warranties	Product Warranties In the ordinary course of business, the Company warrants its products against defects in design, materials, and workmanship typically over periods ranging from twelve Activity in the warranty accrual is summarized as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Balance at Beginning of Period $ 9,751 $ 8,009 $ 10,522 $ 7,401 Warranties Issued 3,301 1,908 1,812 1,128 Warranties Settled (1,702) (2,151) (956) (814) Reassessed Warranty Exposure (47) (61) (75) (10) Balance at End of Period $ 11,303 $ 7,705 $ 11,303 $ 7,705

Income Taxes

Income Taxes	6 Months Ended
	Jun. 29, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates were approximately (21.8)% and (207.5)% for the three months ended and 49.7% and (133.6)% for the six months ended June 29, 2024 and July 1, 2023, respectively. Beginning with the 2022 tax year, certain research and development costs are required to be capitalized and amortized over sixty months for income tax purposes. The tax rate in the 2024 period was impacted by a valuation allowance applied against the deferred tax asset associated with the research and development costs that are expected to be capitalized and was partially offset by the removal of valuation allowances related to net operating losses and certain timing differences that are expected to reverse during 2024. In addition, the tax rate in the 2024 period was also impacted by state income taxes and the federal research and development credit expected for 2024. The Company records a valuation allowance against the deferred tax assets if and to the extent it is more likely than not that the Company will not recover the deferred tax assets. In evaluating the need for a valuation allowance, the Company weighs all relevant positive and negative evidence and considers among other factors, historical financial performance, projected future taxable income, scheduled reversals of deferred tax liabilities, the overall business environment, and tax planning strategies. Losses in recent periods and cumulative pre-tax losses in the three-year period ending with the current year, combined with the significant uncertainty brought about by the COVID-19 pandemic, are collectively considered significant negative evidence under ASC 740 when assessing whether an entity can use projected income as a basis for concluding that deferred tax assets are realizable on a more-likely than not basis. For purposes of assessing the recoverability of deferred tax assets, the Company determined that it could not include future projected earnings in the analysis due to its recent history of losses and therefore had insufficient objective positive evidence that the Company will generate sufficient future taxable income to overcome the negative evidence of cumulative losses. Accordingly, during the years ended December 31, 2023 and 2022, the Company determined that a portion of its deferred tax assets were not expected to be realizable in the future and the Company continues to maintain the valuation allowance against its deferred tax assets as of June 29, 2024.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted weighted-average shares outstanding are as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Weighted Average Shares - Basic 34,936 32,560 35,007 32,614 Net Effect of Dilutive Stock Awards — — 540 — Weighted Average Shares - Diluted 34,936 32,560 35,547 32,614

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 29, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Buyback and Reissuance The Company’s Board of Directors from time to time authorizes the repurchase of common stock, which allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. Common shares repurchased by the Company are recorded at cost as treasury shares and result in a reduction of equity. Under its current credit agreements, the Company is currently restricted from further stock repurchases. When treasury shares are reissued, the Company determines the cost using an average cost method. The difference between the average cost of the treasury shares and the reissuance price is included in Retained earnings. During the six month periods ended June 29, 2024 and July 1, 2023, the Company reissued 139,000 and 164,000 treasury shares, respectively, associated with the funding of employer 401K contributions and recorded the difference between the average cost and the reissuance price, $1.3 million and $2.2 million, respectively, as a reduction to Retained earnings. At-the-Market Equity Offering On August 8, 2023, the Company initiated an at-the-market equity offering program (the “ATM Program”) for the sale from time to time of shares of the Company’s common stock, par value $0.01 per share (“Common Stock”) having an aggregate offering price of up to $30.0 million. During the three and six months ended June 29, 2024, the Company did not sell any shares of our common stock under the ATM Program. As of June 29, 2024, 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. Comprehensive (Loss) Income and Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: (In thousands) June 29, 2024 December 31, 2023 Foreign Currency Translation Adjustments $ (7,275) $ (6,351) Retirement Liability Adjustment – Before Tax (4,795) (5,357) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (2,513) (3,075) Accumulated Other Comprehensive Loss $ (9,788) $ (9,426) The components of other comprehensive (loss) income are as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Foreign Currency Translation Adjustments $ (924) $ 711 $ (168) $ 487 Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 193 193 96 98 Amortization of Net Actuarial Losses 369 179 185 89 Retirement Liability Adjustment 562 372 281 187 Other Comprehensive (Loss) Income $ (362) $ 1,083 $ 113 $ 674

Supplemental Retirement Plan an

Supplemental Retirement Plan and Related Post Retirement Benefits	6 Months Ended
	Jun. 29, 2024
Retirement Benefits [Abstract]
Supplemental Retirement Plan and Related Post Retirement Benefits	Supplemental Retirement Plan and Related Post Retirement Benefits The Company has two non-qualified supplemental retirement defined benefit plans (“SERP” and “SERP II”) for certain current and retired executive officers. The following table sets forth information regarding the net periodic pension cost for the plans. Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service Cost $ — $ 53 $ — $ 27 Interest Cost 685 652 342 327 Amortization of Prior Service Cost 193 193 96 98 Amortization of Net Actuarial Losses 369 179 185 89 Net Periodic Cost $ 1,247 $ 1,077 $ 623 $ 541 Participants in the SERP are entitled to paid medical, dental, and long-term care insurance benefits upon retirement under the plan. The Company also has a defined benefit plan related to its subsidiary in France. The net periodic cost for both plans for the three and six months ended June 29, 2024 and July 1, 2023, is immaterial. The service cost component of net periodic benefit costs above is recorded in Selling, General and Administrative Expenses within the Consolidated Condensed Statements of Operations, while the remaining components are recorded in Other Expense (Income), Net.

Sales to Major Customers

Sales to Major Customers	6 Months Ended
	Jun. 29, 2024
Risks and Uncertainties [Abstract]
Sales to Major Customers	Sales to Major CustomersThe loss of major customers or a significant reduction in business with a major customer would significantly, and negatively impact our sales and earnings. In the three and six months ended June 29, 2024 and July 1, 2023, the Company had one customer over 10% of consolidated sales. Sales to The Boeing Company (“Boeing”) accounted for 11.7% and 11.2% of sales in the three and six months ended June 29, 2024 and 11.5% and 10.9% in the three and six months ended July 1, 2023, respectively. Accounts receivable from Boeing on June 29, 2024 were approximately $23.2 million.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings Lufthansa One of the Company’s subsidiaries is involved in numerous patent infringement actions brought by Lufthansa Technik AG (“Lufthansa”) in Germany, the United Kingdom (“UK”) and France. The Company is vigorously defending all such litigation and proceedings. Additional information about these legal proceedings can be found in Note 19 “Legal Proceedings” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The reserve for the German indirect claim and interest was approximately $17.3 million on June 29, 2024 and $17.1 million on December 31, 2023. The Company currently believes it is unlikely that the damages in the indirect proceedings and related interest will be paid within the next twelve months. Therefore, the liability related to this matter is classified within Other Liabilities (non-current) in the Consolidated Condensed Balance Sheets on June 29, 2024 and December 31, 2023. In the matter before the UK High Court of Justice, as previously disclosed, Lufthansa has pleaded its case for monetary compensation, which will be determined at a separate trial. Lufthansa has elected to pursue a claim in relation to the defendants’ profits from their infringing activities. We have estimated damages and accrued interest for AES and its indemnified customers of approximately $7.3 million and $7.4 million as of June 29, 2024 and December 31, 2023, respectively. This variance is due to currency fluctuation and interest accrued. Interest will accrue until the final payment to Lufthansa. This amount is subject to change as additional data is received and evaluated, and as additional information regarding the nature of its claim is put forward by Lufthansa in advance of the damages trial. The damages trial is scheduled to be heard starting in October 2024, with payment likely due in early 2025. Therefore, the liability related to these matters is classified within Accrued Expenses and Other Current Liabilities in the Consolidated Condensed Balance Sheets on June 29, 2024. The liability related to these matters was classified within Other Liabilities (non-current) on December 31, 2023. As previously disclosed, 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 June 29, 2024 or December 31, 2023. There were no other significant developments in any of these matters during the six months ended June 29, 2024. A liability for reimbursement of Lufthansa’s legal expenses associated with the UK matter was approximately $0.7 million on June 29, 2024 and December 31, 2023, which is expected to be paid within the next twelve months and, as such, is classified in Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheet as of June 29, 2024 and December 31, 2023. Other On March 23, 2020, Teradyne, Inc. filed a complaint against the Company and its subsidiary, Astronics Test Systems (“ATS”) (together, “the Defendants”) in the United States District Court for the Central District of California alleging patent 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 was filed on April 9, 2024. ATS’s answering brief was filed on June 10, 2024. Teradyne’s reply brief is due August 7, 2024. No amounts have been accrued for this matter in the June 29, 2024, or December 31, 2023 financial statements, as loss exposure was neither probable nor estimable at such times. Other than these proceedings, we are not party to any significant pending legal proceedings that management believes will result in a material adverse effect on our financial condition or results of operations.

Segment Information

Segment Information	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Below are the sales and operating profit by segment for the three and six months ended June 29, 2024 and July 1, 2023, and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Sales: Aerospace $ 340,623 $ 294,101 $ 176,948 $ 158,386 Less Inter-segment Sales (42) (122) (5) (4) Total Aerospace Sales 340,581 293,979 176,943 158,382 Test Systems 42,607 37,013 21,171 16,072 Less Inter-segment Sales — — — — Total Test Systems Sales 42,607 37,013 21,171 16,072 Total Consolidated Sales $ 383,188 $ 330,992 $ 198,114 $ 174,454 Segment Measure of Operating Profit and Margins Aerospace $ 31,377 $ 17,806 $ 19,280 $ 13,719 9.2 % 6.1 % 10.9 % 8.7 % Test Systems (8,415) (6,740) (5,336) (6,143) (19.8) % (18.2) % (25.2) % (38.2) % Total Segment Measure of Operating Profit 22,962 11,066 13,944 7,576 6.0 % 3.3 % 7.0 % 4.3 % (Additions to) Deductions from Segment Measure of Operating Profit: Net Gain on Sale of Business — (3,427) — — Interest Expense, Net of Interest Income 11,615 11,390 5,856 5,920 Corporate Expenses and Other 14,617 10,130 6,829 5,558 (Loss) Income Before Income Taxes $ (3,270) $ (7,027) $ 1,259 $ (3,902) During the six months ended July 1, 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 period. Corporate expenses and other for the six months ended July 1, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. This amount is included in Other Expense (Income), Net in the Consolidated Condensed Statement of Operations. Total Assets: (In thousands) June 29, 2024 December 31, 2023 Aerospace $ 504,462 $ 493,660 Test Systems 123,294 122,681 Corporate 17,103 17,451 Total Assets $ 644,859 $ 633,792

Fair Value

Fair Value	6 Months Ended
	Jun. 29, 2024
Fair Value Disclosures [Abstract]
Fair Value	Fair Value There were no financial assets or liabilities carried at fair value measured on a recurring basis on June 29, 2024 or December 31, 2023. There were no non-recurring fair value measurements performed in the six months ended June 29, 2024 and July 1, 2023.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 29, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company amended its existing ABL Revolving Credit Facility on July 11, 2024 by entering into the Seventh Amended and Restated Credit Agreement. The Restated Agreement increased the maximum aggregate amount that the Company can borrow pursuant to the revolving credit line thereunder to $200 million from $115 million. The Restated Agreement extended the scheduled maturity date for the credit facility from January 19, 2026 to July 11, 2027. The Company also entered into a $55 million Term Loan Facility on July 11, 2024. The Revised Term Loan Facility has a maturity date of July 11, 2027. The Company repaid in full all outstanding indebtedness under the Term Loan Credit Agreement dated as of January 19, 2023. The payoff amount of approximately $84.5 million consisted of a repayment of the principal amount of approximately $80.3 million, plus accrued but unpaid interest, fees and expenses, including a call premium of 4.00% (or approximately $3.2 million) which satisfied all of the Company’s indebtedness obligations thereunder. The Company funded the repayment of its obligations under the previous agreement with borrowings under the Restated Agreement and the Revised Term Loan Facility. In the third quarter of 2024, the Company expects to record a loss on extinguishment of the debt of approximately $7.0 million below Income from Operations and a write-off of deferred financing costs of approximately $0.5 million related to the exiting ABL lender in Interest Expense within the Consolidated Condensed Statements of Operations. The Company incurred approximately $3.9 million in incremental debt issuance costs related to the new facilities, allocated between the Restated Agreement and the Revised Term Loan Facility. All costs will amortize to interest expense over the term of the respective agreement. Additional information regarding the Revised ABL and Term Loan credit facilities can be found in Note 7.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net (Loss) Income	$ 1,533	$ (11,999)	$ (1,645)	$ (16,414)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation and Description of the Business	The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense, and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and seat motion systems, lighting and safety systems, avionics products, systems certification, aircraft structures and automated test systems. We have principal operations in the United States (“U.S.”), Canada, France, and England, as well as engineering offices in Ukraine and India.
Operating Results	Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. In addition, the supply chain pressures and residual impacts of the COVID-19 pandemic have increased the volatility we experience in our financial results in recent periods and this could continue in future interim and annual periods. Operating results for the six months ended June 29, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The balance sheet on December 31, 2023, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements.
Restricted Cash	Restricted Cash
Trade Accounts Receivable and Contract Assets	Trade Accounts Receivable and Contract Assets The allowance for estimated credit losses is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as the age of the receivable balances, historical experience, credit quality, current economic conditions, and reasonable and supportable forecasts of future economic conditions that may affect a customer’s ability to pay.
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred and include salaries, benefits, consulting, material costs, and depreciation. Research and development expenses amounted to $14.2 million and $12.7 million for the three months ended and $27.5 million and $25.4 million for the six months ended June 29, 2024 and July 1, 2023, respectively. These costs are included in cost of products sold.
Valuation of Goodwill and Long-Lived Assets	Valuation of Goodwill and Long-Lived Assets The Company tests goodwill at the reporting unit level on an annual basis or more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Long-lived assets are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value.
Newly Adopted Accounting Pronouncements	Newly Adopted Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted Standard Description Financial Statement Effect or Other Significant Matters 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. Recent ASUs were assessed and determined to be either not applicable or had or are expected to have minimal impact on our financial statements and related disclosures.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	6 Months Ended
	Jun. 29, 2024
Accounting Policies [Abstract]
Schedule of Reconciliation of Cash	The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) June 29, 2024 July 1, 2023 Cash and Cash Equivalents $ 2,857 $ 3,472 Restricted Cash 1,535 822 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 4,392 $ 4,294
Schedule of Reconciliation of Restricted Cash	The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) June 29, 2024 July 1, 2023 Cash and Cash Equivalents $ 2,857 $ 3,472 Restricted Cash 1,535 822 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 4,392 $ 4,294
Schedule of Allowance for Estimated Credit Losses	The changes in allowances for estimated credit losses for the three and six months ended June 29, 2024 and July 1, 2023 consisted of the following: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Balance at Beginning of the Period $ 9,193 $ 2,630 $ 8,596 $ 2,265 Bad Debt Expense, Net of Recoveries 398 (99) 312 189 Write-off Charges Against the Allowance and Other Adjustments (8,096) (806) (7,413) (729) Balance at End of the Period $ 1,495 $ 1,725 $ 1,495 $ 1,725

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Liabilities	The following table presents the beginning and ending balances of contract assets and contract liabilities during the six months ended June 29, 2024: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2024 $ 46,321 $ 22,888 Ending Balance, June 29, 2024 $ 53,291 $ 18,448
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by Market Segments as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Aerospace Segment Commercial Transport $ 249,829 $ 206,292 $ 128,399 $ 112,079 Military Aircraft 41,860 27,648 24,781 13,584 General Aviation 38,566 44,463 19,015 25,015 Other 10,326 15,576 4,748 7,704 Aerospace Total 340,581 293,979 176,943 158,382 Test Systems Segment Government & Defense 42,607 37,013 21,171 16,072 Test Systems Total 42,607 37,013 21,171 16,072 Total $ 383,188 $ 330,992 $ 198,114 $ 174,454 The following table presents our revenue disaggregated by Product Lines as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Aerospace Segment Electrical Power & Motion $ 173,452 $ 121,400 $ 90,328 $ 67,946 Lighting & Safety 88,241 78,471 46,454 41,918 Avionics 54,565 60,664 28,971 30,923 Systems Certification 7,812 13,297 3,364 7,620 Structures 6,185 4,571 3,078 2,271 Other 10,326 15,576 4,748 7,704 Aerospace Total 340,581 293,979 176,943 158,382 Test Systems 42,607 37,013 21,171 16,072 Total $ 383,188 $ 330,992 $ 198,114 $ 174,454

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 29, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: ( In thousands ) June 29, 2024 December 31, 2023 Finished Goods $ 33,169 $ 29,013 Work in Progress 28,748 32,118 Raw Material 138,762 130,670 $ 200,679 $ 191,801

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 29, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, Plant and Equipment consisted of the following: (In thousands) June 29, 2024 December 31, 2023 Land $ 8,579 $ 8,606 Buildings and Improvements 71,354 71,480 Machinery and Equipment 129,289 126,725 Construction in Progress 3,698 4,219 212,920 211,030 Less Accumulated Depreciation 130,409 125,594 $ 82,511 $ 85,436

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	The following table summarizes acquired intangible assets as follows: June 29, 2024 December 31, 2023 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 2,146 $ 2,146 $ 2,146 Non-compete Agreement 4 years 11,082 11,082 11,082 11,072 Trade Names 10 years 11,403 10,162 11,426 9,973 Completed and Unpatented Technology 9 years 47,857 40,795 47,896 38,961 Customer Relationships 15 years 142,137 91,597 142,208 87,186 Total Intangible Assets 13 years $ 214,625 $ 155,782 $ 214,758 $ 149,338
Schedule of Amortization Expense for Acquired Intangibles	All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Amortization Expense $ 6,539 $ 7,196 $ 3,269 $ 3,599
Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years	Amortization expense for acquired intangible assets expected for 2024 and for each of the next five years is summarized as follows: (In thousands) 2024 $ 12,863 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037 2029 $ 5,664

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Jun. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Amount of Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the six months ended June 29, 2024: (In thousands) December 31, 2023 Foreign Currency Translation June 29, 2024 Aerospace $ 36,575 $ (67) $ 36,508 Test Systems 21,635 — 21,635 $ 58,210 $ (67) $ 58,143

Product Warranties (Tables)

Product Warranties (Tables)	6 Months Ended
	Jun. 29, 2024
Guarantees [Abstract]
Schedule of Activity in Warranty Accrual	Activity in the warranty accrual is summarized as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Balance at Beginning of Period $ 9,751 $ 8,009 $ 10,522 $ 7,401 Warranties Issued 3,301 1,908 1,812 1,128 Warranties Settled (1,702) (2,151) (956) (814) Reassessed Warranty Exposure (47) (61) (75) (10) Balance at End of Period $ 11,303 $ 7,705 $ 11,303 $ 7,705

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 29, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Weighted-Average Shares Outstanding	Basic and diluted weighted-average shares outstanding are as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Weighted Average Shares - Basic 34,936 32,560 35,007 32,614 Net Effect of Dilutive Stock Awards — — 540 — Weighted Average Shares - Diluted 34,936 32,560 35,547 32,614

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 29, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The components of accumulated other comprehensive loss are as follows: (In thousands) June 29, 2024 December 31, 2023 Foreign Currency Translation Adjustments $ (7,275) $ (6,351) Retirement Liability Adjustment – Before Tax (4,795) (5,357) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (2,513) (3,075) Accumulated Other Comprehensive Loss $ (9,788) $ (9,426)
Schedule of Other Comprehensive Income (Loss)	The components of other comprehensive (loss) income are as follows: Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Foreign Currency Translation Adjustments $ (924) $ 711 $ (168) $ 487 Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 193 193 96 98 Amortization of Net Actuarial Losses 369 179 185 89 Retirement Liability Adjustment 562 372 281 187 Other Comprehensive (Loss) Income $ (362) $ 1,083 $ 113 $ 674

Supplemental Retirement Plan _2

Supplemental Retirement Plan and Related Post Retirement Benefits (Tables)	6 Months Ended
	Jun. 29, 2024
Retirement Benefits [Abstract]
Schedule of the Components of Net Periodic Cost	The following table sets forth information regarding the net periodic pension cost for the plans. Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Service Cost $ — $ 53 $ — $ 27 Interest Cost 685 652 342 327 Amortization of Prior Service Cost 193 193 96 98 Amortization of Net Actuarial Losses 369 179 185 89 Net Periodic Cost $ 1,247 $ 1,077 $ 623 $ 541

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 29, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Below are the sales and operating profit by segment for the three and six months ended June 29, 2024 and July 1, 2023, and a reconciliation of segment operating profit to (loss) income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Six Months Ended Three Months Ended (In thousands) June 29, 2024 July 1, 2023 June 29, 2024 July 1, 2023 Sales: Aerospace $ 340,623 $ 294,101 $ 176,948 $ 158,386 Less Inter-segment Sales (42) (122) (5) (4) Total Aerospace Sales 340,581 293,979 176,943 158,382 Test Systems 42,607 37,013 21,171 16,072 Less Inter-segment Sales — — — — Total Test Systems Sales 42,607 37,013 21,171 16,072 Total Consolidated Sales $ 383,188 $ 330,992 $ 198,114 $ 174,454 Segment Measure of Operating Profit and Margins Aerospace $ 31,377 $ 17,806 $ 19,280 $ 13,719 9.2 % 6.1 % 10.9 % 8.7 % Test Systems (8,415) (6,740) (5,336) (6,143) (19.8) % (18.2) % (25.2) % (38.2) % Total Segment Measure of Operating Profit 22,962 11,066 13,944 7,576 6.0 % 3.3 % 7.0 % 4.3 % (Additions to) Deductions from Segment Measure of Operating Profit: Net Gain on Sale of Business — (3,427) — — Interest Expense, Net of Interest Income 11,615 11,390 5,856 5,920 Corporate Expenses and Other 14,617 10,130 6,829 5,558 (Loss) Income Before Income Taxes $ (3,270) $ (7,027) $ 1,259 $ (3,902) Total Assets: (In thousands) June 29, 2024 December 31, 2023 Aerospace $ 504,462 $ 493,660 Test Systems 123,294 122,681 Corporate 17,103 17,451 Total Assets $ 644,859 $ 633,792

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 13, 2019 element	Mar. 31, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Mar. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Apr. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Allowance for doubtful accounts			$ 1,495	$ 1,725	$ 1,495	$ 1,725	$ 8,596	$ 9,193	$ 2,265	$ 2,630
Research and development expense			$ 14,200	$ 12,700	$ 27,500	$ 25,400
Non-Aerospace Contract Manufacturing Customer
Business Acquisition [Line Items]
Allowance for doubtful accounts								$ 7,500
Sold | Semiconductor Test Business | Test Systems Segment
Business Acquisition [Line Items]
Number of elements for contingent earnouts | element	2
Earnout proceeds received		$ 3,400

Basis of Presentation - Schedul

Basis of Presentation - Schedule of Reconciliation of Cash and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023	Jul. 01, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 2,857	$ 4,756	$ 3,472
Restricted Cash	1,535		822
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$ 4,392	$ 11,313	$ 4,294	$ 13,778

Basis of Presentation - Sched_2

Basis of Presentation - Schedule of Allowance for Estimated Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of the Period	$ 8,596	$ 2,265	$ 9,193	$ 2,630
Bad Debt Expense, Net of Recoveries	312	189	398	(99)
Write-off Charges Against the Allowance and Other Adjustments	(7,413)	(729)	(8,096)	(806)
Balance at End of the Period	$ 1,495	$ 1,725	$ 1,495	$ 1,725

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 633,400,000		$ 633,400,000
Revenue recognized included in contract liability balance	9,000,000	$ 10,600,000	15,200,000	$ 19,500,000
Revision of estimated costs	3,500,000		3,500,000
Capitalized cost	3,000,000		3,000,000		$ 4,700,000
Amortization of fulfillment costs	2,700,000		3,000,000		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 561,500,000		$ 561,500,000
Period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of recognition

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 53,291	$ 46,321
Contract Liabilities	$ 18,448	$ 22,888

Revenue - Revenue Disaggregated

Revenue - Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 198,114	$ 174,454	$ 383,188	$ 330,992
Aerospace Segment
Disaggregation of Revenue [Line Items]
Sales	176,943	158,382	340,581	293,979
Aerospace Segment | Commercial Transport
Disaggregation of Revenue [Line Items]
Sales	128,399	112,079	249,829	206,292
Aerospace Segment | Military Aircraft
Disaggregation of Revenue [Line Items]
Sales	24,781	13,584	41,860	27,648
Aerospace Segment | General Aviation
Disaggregation of Revenue [Line Items]
Sales	19,015	25,015	38,566	44,463
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Sales	4,748	7,704	10,326	15,576
Test Systems Segment
Disaggregation of Revenue [Line Items]
Sales	21,171	16,072	42,607	37,013
Test Systems Segment | Government & Defense
Disaggregation of Revenue [Line Items]
Sales	$ 21,171	$ 16,072	$ 42,607	$ 37,013

Revenue - Disaggregated by Prod

Revenue - Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 198,114	$ 174,454	$ 383,188	$ 330,992
Aerospace
Disaggregation of Revenue [Line Items]
Sales	176,943	158,382	340,581	293,979
Aerospace | Electrical Power & Motion
Disaggregation of Revenue [Line Items]
Sales	90,328	67,946	173,452	121,400
Aerospace | Lighting & Safety
Disaggregation of Revenue [Line Items]
Sales	46,454	41,918	88,241	78,471
Aerospace | Avionics
Disaggregation of Revenue [Line Items]
Sales	28,971	30,923	54,565	60,664
Aerospace | Systems Certification
Disaggregation of Revenue [Line Items]
Sales	3,364	7,620	7,812	13,297
Aerospace | Structures
Disaggregation of Revenue [Line Items]
Sales	3,078	2,271	6,185	4,571
Aerospace | Other
Disaggregation of Revenue [Line Items]
Sales	4,748	7,704	10,326	15,576
Test Systems
Disaggregation of Revenue [Line Items]
Sales	$ 21,171	$ 16,072	$ 42,607	$ 37,013

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished Goods	$ 33,169	$ 29,013
Work in Progress	28,748	32,118
Raw Material	138,762	130,670
Inventory, net	$ 200,679	$ 191,801

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 212,920	$ 211,030
Less Accumulated Depreciation	130,409	125,594
Property, plant and equipment, net	82,511	85,436
Land
Property, Plant and Equipment
Property, plant and equipment, gross	8,579	8,606
Buildings and Improvements
Property, Plant and Equipment
Property, plant and equipment, gross	71,354	71,480
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	129,289	126,725
Construction in Progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 3,698	$ 4,219

Intangible Assets - Schedule of

Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Weighted Average Life	13 years
Gross Carrying Amount	$ 214,625	$ 214,758
Accumulated Amortization	$ 155,782	149,338
Patents
Finite-Lived Intangible Assets
Weighted Average Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 2,146	2,146
Non-compete Agreement
Finite-Lived Intangible Assets
Weighted Average Life	4 years
Gross Carrying Amount	$ 11,082	11,082
Accumulated Amortization	$ 11,082	11,072
Trade Names
Finite-Lived Intangible Assets
Weighted Average Life	10 years
Gross Carrying Amount	$ 11,403	11,426
Accumulated Amortization	$ 10,162	9,973
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,857	47,896
Accumulated Amortization	$ 40,795	38,961
Customer Relationships
Finite-Lived Intangible Assets
Weighted Average Life	15 years
Gross Carrying Amount	$ 142,137	142,208
Accumulated Amortization	$ 91,597	$ 87,186

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Amortization Expense for Acquired Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 3,269	$ 3,599	$ 6,539	$ 7,196

Intangible Assets - Schedule _3

Intangible Assets - Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 12,863
2025	10,935
2026	9,533
2027	7,825
2028	7,037
2029	$ 5,664

Goodwill (Details)

Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 29, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 58,210
Foreign Currency Translation	(67)
Balance at end of period	58,143
Operating Segments | Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	36,575
Foreign Currency Translation	(67)
Balance at end of period	36,508
Operating Segments | Test Systems
Goodwill [Roll Forward]
Balance at beginning of period	21,635
Foreign Currency Translation	0
Balance at end of period	$ 21,635

Long-term Debt and Notes Paya_2

Long-term Debt and Notes Payable (Details)				3 Months Ended
	Jul. 11, 2024 USD ($)	Jun. 19, 2023 USD ($)	Jan. 19, 2023 USD ($)	Jun. 29, 2024 USD ($)	Aug. 05, 2024 USD ($)	Jul. 10, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument
Current Maturities of Long-term Debt				$ 1,300,000			$ 8,996,000
Effective interest rate				14.20%			14.20%
Debt issuance costs				$ 1,700,000
SOFR
Debt Instrument
Basis spread on variable rate			8.75%
ABL Revolving Credit Facility | Line of Credit | After Quarter Ended March 31, 2024
Debt Instrument
Minimum liquidity			$ 10,000,000
Restated Agreement and Term Loan Agreement | Line of Credit
Debt Instrument
Minimum fixed charge coverage ratio			1.10
Restated Agreement and Term Loan Agreement | Line of Credit | Subsequent Event
Debt Instrument
Minimum fixed charge coverage ratio	1.10
Debt issuance costs					$ 3,900,000
Debt Instrument, covenant, minimum amount	$ 15,000,000
Restated Agreement and Term Loan Agreement | Line of Credit | Second Quarter Of 2024
Debt Instrument
Minimum trailing EBITDA amount			$ 48,000,000
Term Loan Agreement | Line of Credit
Debt Instrument
Commitment fee			5%
Face amount			$ 90,000,000
Commitment fee amount			4,500,000
Commitment fees paid on closing date		$ 1,800,000	$ 1,800,000	900,000
Current Maturities of Long-term Debt				1,300,000
Balloon payment to be paid				800,000
Remaining balance				79,700,000
Deferred debt issuance costs				4,500,000
Term Loan Agreement | Line of Credit | April 1, 2023 Through June 1, 2023
Debt Instrument
Monthly amortization rate			0.292%
Term Loan Agreement | Line of Credit | July 1, 2023 Through September 1, 2023
Debt Instrument
Monthly amortization rate			0.542%
Term Loan Agreement | Line of Credit | After September 1, 2023
Debt Instrument
Monthly amortization rate			0.833%
Term Loan Agreement | Line of Credit | SOFR (at least)
Debt Instrument
Basis spread on variable rate			2.50%
Revised Term Loan Facility | Line of Credit | Subsequent Event
Debt Instrument
Commitment fee	2%
Face amount	$ 55,000,000
Commitment fee amount	$ 137,500
Monthly amortization rate	1%
Current Maturities of Long-term Debt	$ 550,000
Revised Term Loan Facility | Line of Credit | SOFR (at least) | Subsequent Event
Debt Instrument
Basis spread on variable rate	1%
Revised Term Loan Facility | Line of Credit | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	0.10%
Revised Term Loan Facility | Line of Credit | Minimum | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	5.50%
Revised Term Loan Facility | Line of Credit | Maximum | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	6.75%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit
Debt Instrument
Maximum borrowing capacity			$ 115,000,000
Amounts outstanding under revolving line of credit				97,400,000
Remaining capacity under the credit facility				17,300,000
Deferred debt issuance costs				$ 1,800,000
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Minimum
Debt Instrument
Commitment fee			0.25%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Minimum | SOFR (at least)
Debt Instrument
Basis spread on variable rate			1%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Minimum | SOFR
Debt Instrument
Basis spread on variable rate			2.25%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Maximum
Debt Instrument
Commitment fee			0.375%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit | Maximum | SOFR
Debt Instrument
Basis spread on variable rate			2.75%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Subsequent Event
Debt Instrument
Maximum borrowing capacity	$ 200,000,000					$ 115,000,000
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR (at least) | Subsequent Event
Debt Instrument
Basis spread on variable rate	1%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	0.10%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Minimum | Subsequent Event
Debt Instrument
Commitment fee	0.25%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Minimum | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	2.50%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Maximum | Subsequent Event
Debt Instrument
Commitment fee	0.375%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Maximum | SOFR | Subsequent Event
Debt Instrument
Basis spread on variable rate	3%

Product Warranties - Narrative

Product Warranties - Narrative (Details)	6 Months Ended
	Jun. 29, 2024
Minimum
Product Warranty Liability
Product warranty period	12 months
Maximum
Product Warranty Liability
Product warranty period	60 months

Product Warranties - Schedule o

Product Warranties - Schedule of Activity in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 10,522	$ 7,401	$ 9,751	$ 8,009
Warranties Issued	1,812	1,128	3,301	1,908
Warranties Settled	(956)	(814)	(1,702)	(2,151)
Reassessed Warranty Exposure	(75)	(10)	(47)	(61)
Balance at End of Period	$ 11,303	$ 7,705	$ 11,303	$ 7,705

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(21.80%)	(207.50%)	49.70%	(133.60%)

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Weighted-Average Shares Outstanding (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Weighted Average Shares - Basic (in shares)	35,007	32,614	34,936	32,560
Net Effect of Dilutive Stock Awards (in shares)	540	0	0	0
Weighted Average Shares - Diluted (in shares)	35,547	32,614	34,936	32,560

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Earnings Per Share [Abstract]
Common shares excluded from computation (in shares)	1,072	1,114

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Aug. 08, 2023
Stockholders Equity
Difference between the cost and the reissuance price			$ 1,300,000	$ 2,200,000
Share par value (in usd per share)					$ 0.01
ATM Program
Stockholders Equity
Aggregate offering price					$ 30,000,000
Remaining available for sale	$ 8,200,000		$ 8,200,000
Treasury Stock
Stockholders Equity
Shares issued to fund 401k obligation (in shares)	68,000	69,000	139,000	164,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Mar. 30, 2024	Dec. 31, 2023	Jul. 01, 2023	Apr. 01, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 257,880		$ 249,518	$ 230,401
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(7,275)		(6,351)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,513)		(3,075)
Retirement Liability Adjustment – Before Tax	(4,795)		(5,357)
Tax Benefit of Retirement Liability Adjustment	2,282		2,282
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ (9,788)	$ (9,901)	$ (9,426)	$ (8,443)	$ (9,117)	$ (9,526)

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ 113	$ 674	$ (362)	$ 1,083
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	(168)	487	(924)	711
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	96	98	193	193
Amortization of Net Actuarial Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	185	89	369	179
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive (Loss) Income	$ 281	$ 187	$ 562	$ 372

Supplemental Retirement Plan _3

Supplemental Retirement Plan and Related Post Retirement Benefits (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024 USD ($)	Jul. 01, 2023 USD ($)	Jun. 29, 2024 USD ($) retirement_plan	Jul. 01, 2023 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Number of non-qualified supplemental retirement defined benefit plans | retirement_plan			2
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service Cost	$ 0	$ 27	$ 0	$ 53
Interest Cost	342	327	685	652
Amortization of Prior Service Cost	96	98	193	193
Amortization of Net Actuarial Losses	185	89	369	179
Net Periodic Cost	$ 623	$ 541	$ 1,247	$ 1,077

Sales to Major Customers (Detai

Sales to Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 186,295		$ 186,295		$ 172,108
Customer Concentration Risk | Boeing | Consolidated sales
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue (in excess of)	11.70%	11.50%	11.20%	10.90%
Customer Concentration Risk | Boeing | Accounts Receivable
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 23,200		$ 23,200

Legal Proceedings (Details)

Legal Proceedings (Details) - USD ($)	Jun. 29, 2024	Dec. 31, 2023
Lufthansa Technik AG
Loss Contingencies [Line Items]
Estimated litigation liability	$ 700,000	$ 700,000
Teradyne, Inc. Alleged Patent Infringement
Loss Contingencies [Line Items]
Reserve	0	0
AES | Indirect Sales | Patent Infringement
Loss Contingencies [Line Items]
Reserve	17,300,000	17,100,000
Loss contingency, estimate of possible loss	$ 7,300,000	$ 7,400,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Segment Reporting Information
Sales	$ 198,114	$ 174,454	$ 383,188	$ 330,992
Segment Measure of Operating Profit and Margins
Total Segment Measure of Operating Profit	7,550	2,396	9,216	26
(Additions to) Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business	0	0	0	(3,427)
Interest Expense, Net of Interest Income	5,856	5,920	11,615	11,390
(Loss) Income Before Income Taxes	1,259	(3,902)	(3,270)	(7,027)
Deferred revenue liability	9,000	10,600	15,200	19,500
Total Assets	644,859		644,859		$ 633,792
Aerospace
Segment Reporting Information
Sales	176,943	158,382	340,581	293,979
Test Systems
Segment Reporting Information
Sales	21,171	16,072	42,607	37,013
Operating Segments
Segment Measure of Operating Profit and Margins
Total Segment Measure of Operating Profit	$ 13,944	$ 7,576	$ 22,962	$ 11,066
Operating margins, percentage	7%	4.30%	6%	3.30%
Operating Segments | Aerospace
Segment Reporting Information
Sales	$ 176,948	$ 158,386	$ 340,623	$ 294,101
Segment Measure of Operating Profit and Margins
Total Segment Measure of Operating Profit	$ 19,280	$ 13,719	$ 31,377	$ 17,806
Operating margins, percentage	10.90%	8.70%	9.20%	6.10%
(Additions to) Deductions from Segment Measure of Operating Profit:
Total Assets	$ 504,462		$ 504,462		493,660
Operating Segments | Test Systems
Segment Reporting Information
Sales	21,171	$ 16,072	42,607	$ 37,013
Segment Measure of Operating Profit and Margins
Total Segment Measure of Operating Profit	$ (5,336)	$ (6,143)	$ (8,415)	$ (6,740)
Operating margins, percentage	(25.20%)	(38.20%)	(19.80%)	(18.20%)
(Additions to) Deductions from Segment Measure of Operating Profit:
Deferred revenue liability				$ 5,800
Total Assets	$ 123,294		$ 123,294		122,681
Less Inter-segment Sales | Aerospace
Segment Reporting Information
Sales	(5)	$ (4)	(42)	(122)
Less Inter-segment Sales | Test Systems
Segment Reporting Information
Sales	0	0	0	0
Corporate Expenses and Other
(Additions to) Deductions from Segment Measure of Operating Profit:
Corporate Expenses and Other	6,829	$ 5,558	14,617	10,130
Income associated with reversal of liability related to equity investment				$ 1,800
Total Assets	$ 17,103		$ 17,103		$ 17,451

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	3 Months Ended	6 Months Ended
	Sep. 28, 2024	Jun. 29, 2024	Aug. 05, 2024	Jul. 11, 2024	Jul. 10, 2024	Jan. 19, 2023
Subsequent Event [Line Items]
Debt issuance costs		$ 1,700,000
Term Loan Agreement | Line of Credit
Subsequent Event [Line Items]
Face amount						$ 90,000,000
Extinguishment of debt		84,500,000
Repayments of debt		$ 80,300,000
Debt instrument, call premium percentage		4%
Debt instrument, unamortized premium		$ 3,200,000
ABL Revolving Credit Facility | Line of Credit | Forecast
Subsequent Event [Line Items]
Loss on extinguishment of debt	$ 7,000,000
Fees written off	$ 500,000
Restated Agreement and Term Loan Agreement | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Debt issuance costs			$ 3,900,000
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Subsequent Event
Subsequent Event [Line Items]
Maximum borrowing capacity				$ 200,000,000	$ 115,000,000
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit
Subsequent Event [Line Items]
Maximum borrowing capacity						$ 115,000,000