Astronics (ATRO) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 28, 2024	Nov. 01, 2024
Document Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 28, 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	Q3
Amendment Flag	false
Entity Central Index Key	0000008063
Current Fiscal Year End Date	--12-31
Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		29,685,114
Class B Common Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)		5,577,279

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Current Assets:
Cash and Cash Equivalents	$ 5,177	$ 4,756
Restricted Cash	1,187	6,557
Accounts Receivable, Net of Allowance for Estimated Credit Losses	193,494	172,108
Inventories	204,952	191,801
Prepaid Expenses and Other Current Assets	19,371	14,560
Total Current Assets	424,181	389,782
Property, Plant and Equipment, Net of Accumulated Depreciation	81,309	85,436
Operating Right-of-Use Assets	24,849	27,909
Other Assets	7,387	7,035
Intangible Assets, Net of Accumulated Amortization	55,702	65,420
Goodwill	58,169	58,210
Total Assets	651,597	633,792
Current Liabilities:
Current Maturities of Long-term Debt	550	8,996
Accounts Payable	57,058	61,134
Current Operating Lease Liabilities	5,080	5,069
Accrued Expenses and Other Current Liabilities	68,204	46,106
Customer Advance Payments and Deferred Revenue	19,144	22,029
Total Current Liabilities	150,036	143,334
Long-term Debt	178,423	159,237
Long-term Operating Lease Liabilities	21,409	24,376
Other Liabilities	52,525	57,327
Total Liabilities	402,393	384,274
Shareholders’ Equity:
Common Stock	377	373
Accumulated Other Comprehensive Loss	(8,456)	(9,426)
Other Shareholders’ Equity	257,283	258,571
Total Shareholders’ Equity	249,204	249,518
Total Liabilities and Shareholders’ Equity	$ 651,597	$ 633,792

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Statement [Abstract]
Sales	$ 203,698	$ 162,922	$ 586,886	$ 493,914
Cost of Products Sold	160,955	142,304	468,598	413,091
Gross Profit	42,743	20,618	118,288	80,823
Selling, General and Administrative Expenses	34,369	35,097	100,698	95,276
Income (Loss) from Operations	8,374	(14,479)	17,590	(14,453)
Net Gain on Sale of Business	0	0	0	(3,427)
Loss on Extinguishment of Debt	6,987	0	6,987	0
Other Expense (Income), Net	343	348	1,214	(562)
Interest Expense, Net of Interest Income	6,217	5,991	17,832	17,381
Loss Before Income Taxes	(5,173)	(20,818)	(8,443)	(27,845)
Provision for (Benefit from) Income Taxes	6,565	(3,835)	4,940	5,552
Net Loss	$ (11,738)	$ (16,983)	$ (13,383)	$ (33,397)
Loss Per Share:
Basic (in usd per share)	$ (0.34)	$ (0.51)	$ (0.38)	$ (1.02)
Diluted (in usd per share)	$ (0.34)	$ (0.51)	$ (0.38)	$ (1.02)

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Loss	$ (11,738)	$ (16,983)	$ (13,383)	$ (33,397)
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	1,051	(828)	127	(117)
Retirement Liability Adjustment – Net of Tax	281	185	843	557
Total Other Comprehensive Income (Loss)	1,332	(643)	970	440
Comprehensive Loss	$ (10,406)	$ (17,626)	$ (12,413)	$ (32,957)

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net Loss	$ (13,383)	$ (33,397)
Adjustments to Reconcile Net Loss to Cash Flows from Operating Activities:
Depreciation and Amortization	18,572	19,758
Amortization of Deferred Financing Fees	2,711	2,148
Provisions for Non-Cash Losses on Inventory and Receivables	8,023	13,713
Equity-based Compensation Expense	6,414	5,603
Operating Lease Non-Cash Expense	3,869	3,816
Non-Cash 401K Contribution and Quarterly Bonus Accrual	3,454	3,773
Non-Cash Annual Stock Bonus Accrual	1,448	0
Loss on Extinguishment of Debt	6,987	0
Net Gain on Sale of Business, Before Taxes	0	(3,427)
Non-Cash Litigation Provision Adjustment	0	(1,305)
Non-Cash Deferred Liability Recovery	0	(5,824)
Other	2,899	911
Changes in Operating Assets and Liabilities Providing (Using) Cash:
Accounts Receivable	(22,712)	(12,980)
Inventories	(19,829)	(24,024)
Accounts Payable	(3,304)	4,033
Accrued Expenses	13,517	5,111
Customer Advance Payments and Deferred Revenue	(2,919)	(562)
Income Taxes	798	3,443
Operating Lease Liabilities	(3,777)	(3,660)
Supplemental Retirement Plan Liabilities	(309)	(304)
Other Assets and Liabilities	1,690	898
Net Cash from Operating Activities	4,149	(22,276)
Cash Flows from Investing Activities:
Proceeds from Sale of Business and Assets	0	3,427
Capital Expenditures	(5,244)	(6,037)
Net Cash from Investing Activities	(5,244)	(2,610)
Cash Flows from Financing Activities:
Proceeds from Long-term Debt	195,978	135,732
Principal Payments on Long-term Debt	(187,498)	(125,984)
Stock Award Activity	(3,219)	2,480
Financing-related Costs	(5,863)	(6,447)
Financing Extinguishment Costs	(3,210)	0
Proceeds from At-the-Market Stock Sales	0	13,045
Other	(96)	(47)
Net Cash from Financing Activities	(3,908)	18,779
Effect of Exchange Rates on Cash	54	(20)
Decrease in Cash and Cash Equivalents and Restricted Cash	(4,949)	(6,127)
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	6,364	7,651
Supplemental Disclosure of Cash Flow Information
Interest Paid	15,261	14,136
Income Taxes Paid, Net of Refunds	$ 3,975	$ 2,192

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]
Issuance of Common Stock Through At-the-Market (“ATM”) Offering		8		13,611
Net Exercise of Stock Options, including ESPP		4
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		2
Class B Stock Converted to Common Stock		3	(3)
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				8,714
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(636)
Foreign Currency Translation Adjustments	$ (117)				(117)
Retirement Liability Adjustment – Net of Taxes					557
Net Loss	(33,397)					(33,397)
Shares Issued to Fund 401K Obligation						(3,142)	6,883
End of Period at Sep. 30, 2023	232,407	$ 308	$ 60	120,319	(9,086)	203,821	$ (83,015)
Beginning of Period (in shares) at Dec. 31, 2022		29,122,000	6,314,000
Beginning of Period (in shares) at Dec. 31, 2022							3,155,000
Increase (Decrease) in Stockholders' Equity (in shares)
Issuance of Common Stock Through ATM Offering (in shares)		834,000
Net Issuance from Exercise of Stock Options, including ESPP (in shares)		438,000
Net Issuance of Common Stock for RSU’s (in shares)		145,000
Class B Stock Converted to Common Stock (in shares)		305,000	(305,000)
Shares Issued to fund 401k obligation (in shares)							(242,000)
End of Period (in shares) at Sep. 30, 2023		30,844,000	6,009,000
End of Period (in shares) at Sep. 30, 2023							2,913,000
Beginning of Period at Jul. 01, 2023		$ 295	$ 60	102,020	(8,443)	221,698	$ (85,229)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Common Stock Through At-the-Market (“ATM”) Offering		8		13,611
Net Exercise of Stock Options, including ESPP		4
Net Issuance of Common Stock for Restricted Stock Units (“RSU’s”)		1
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				4,721
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(33)
Foreign Currency Translation Adjustments	(828)				(828)
Retirement Liability Adjustment – Net of Taxes					185
Net Loss	(16,983)					(16,983)
Shares Issued to Fund 401K Obligation						(894)	2,214
End of Period at Sep. 30, 2023	232,407	$ 308	$ 60	120,319	(9,086)	203,821	$ (83,015)
Beginning of Period (in shares) at Jul. 01, 2023		29,478,000	6,049,000
Beginning of Period (in shares) at Jul. 01, 2023							2,991,000
Increase (Decrease) in Stockholders' Equity (in shares)
Issuance of Common Stock Through ATM Offering (in shares)		834,000
Net Issuance from Exercise of Stock Options, including ESPP (in shares)		437,000
Net Issuance of Common Stock for RSU’s (in shares)		55,000
Class B Stock Converted to Common Stock (in shares)		40,000	(40,000)
Shares Issued to fund 401k obligation (in shares)							(78,000)
End of Period (in shares) at Sep. 30, 2023		30,844,000	6,009,000
End of Period (in shares) at Sep. 30, 2023							2,913,000
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		3	(3)
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				6,414
Gross Shares Issued to Fund Bonus Obligations				6,281
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(3,219)
Foreign Currency Translation Adjustments	127				127
Retirement Liability Adjustment – Net of Taxes					843
Net Loss	(13,383)					(13,383)
Shares Issued to Fund 401K Obligation						(1,330)	3,949
End of Period at Sep. 28, 2024	249,204	$ 321	$ 56	139,020	(8,456)	195,040	$ (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)
Net Shares Issued to Fund Bonus Obligations (in shares)		218,000
Net Issuance of Common Stock for RSU’s (in shares)		165,000
Class B Stock Converted to Common Stock (in shares)		352,000	(352,000)
Shares Issued to fund 401k obligation (in shares)							(139,000)
End of Period (in shares) at Sep. 28, 2024		32,137,000	5,600,000
End of Period (in shares) at Sep. 28, 2024							2,694,000
Beginning of Period at Jun. 29, 2024		$ 320	$ 57	137,290	(9,788)	206,778	$ (76,777)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Class B Stock Converted to Common Stock		1	(1)
Equity-based Compensation Expense and Net Exercise of Stock Options, including ESPP				1,772
Tax Withholding Related to Issuance of RSU’s and Shares for Bonus Obligations				(42)
Foreign Currency Translation Adjustments	1,051				1,051
Retirement Liability Adjustment – Net of Taxes					281
Net Loss	(11,738)					(11,738)
End of Period at Sep. 28, 2024	$ 249,204	$ 321	$ 56	$ 139,020	$ (8,456)	$ 195,040	$ (76,777)
Beginning of Period (in shares) at Jun. 29, 2024		32,024,000	5,662,000
Beginning of Period (in shares) at Jun. 29, 2024							2,694,000
Increase (Decrease) in Stockholders' Equity (in shares)
Net Issuance of Common Stock for RSU’s (in shares)		51,000
Class B Stock Converted to Common Stock (in shares)		62,000	(62,000)
End of Period (in shares) at Sep. 28, 2024		32,137,000	5,600,000
End of Period (in shares) at Sep. 28, 2024							2,694,000

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 28, 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 (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP 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 nine months ended September 28, 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. 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. In October 2024, a customer reported within the Aerospace segment declared bankruptcy. As a result, the Company recorded a full reserve of $0.8 million for outstanding receivables, a reserve of $0.9 million for inventory and $0.5 million for impairment of fixed assets. The reserves are non-cash in the current quarter and year to date, as the associated assets existed prior to 2024. In the third quarter of 2023, a customer reported within the Aerospace segment filed for bankruptcy under Chapter 11. As a result, the Company recorded a full reserve of $7.5 million for outstanding accounts receivable and $3.6 million for inventory in the prior year periods. 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) September 28, 2024 September 30, 2023 Cash and Cash Equivalents $ 5,177 $ 3,981 Restricted Cash 1,187 3,670 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 6,364 $ 7,651 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 nine months ended September 28, 2024 and September 30, 2023 consisted of the following: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance at Beginning of the Period $ 9,193 $ 2,630 $ 1,495 $ 1,725 Bad Debt Expense, Net of Recoveries 1,132 7,581 734 7,680 Write-off Charges Against the Allowance and Other Adjustments (7,982) (1,025) 114 (219) Balance at End of the Period $ 2,343 $ 9,186 $ 2,343 $ 9,186 As previously discussed, the Company recorded a full reserve of $0.8 million in the third quarter of 2024 for outstanding receivables associated with a customer bankruptcy within the Aerospace segment. Additionally, the Company recorded a full reserve in the third quarter of 2023 of $7.5 million for outstanding accounts receivable associated with a customer bankruptcy within the Aerospace segment, 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 $12.4 million and $14.1 million for the three months ended and $39.9 million and $39.5 million for the nine months ended September 28, 2024 and September 30, 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 September 28, 2024 and September 30, 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 nine-month periods then ended. Foreign Currency Translation The aggregate foreign currency transaction gain or loss included in operations was insignificant for the three and nine months ended September 28, 2024 and September 30, 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	9 Months Ended
	Sep. 28, 2024
Revenue from Contract with Customer [Abstract]
Revenue	Revenue On September 28, 2024, we had $611.9 million of outstanding performance obligations, which we refer to as total backlog. In conjunction with the customer bankruptcy discussed in Note 1, we have removed all outstanding backlog in the third quarter of 2024, approximately $9.3 million, related to such customer. We expect to recognize approximately $519.8 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter. The Company's contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities during the nine months ended September 28, 2024: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2024 $ 46,321 $ 22,888 Ending Balance, September 28, 2024 $ 57,489 $ 20,210 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 which was recorded in the second quarter of 2024. The revision resulted in reduced revenue recognized during the nine months ended September 28, 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. We recognized $6.3 million and $9.3 million during the three months ended and $16.4 million and $22.1 million during the nine months ended September 28, 2024 and September 30, 2023, respectively, in revenues that were included in the contract liability balance at the beginning of the period. 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 $4.2 million and $4.7 million on September 28, 2024 and December 31, 2023, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was approximately $0.1 million and $3.1 million for the three and nine months ended September 28, 2024. No amortization of fulfillment costs was recorded in 2023. The following table presents our revenue disaggregated by Market Segments as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Aerospace Segment Commercial Transport $ 383,679 $ 308,016 $ 133,850 $ 101,724 Military Aircraft 63,545 44,335 21,685 16,687 General Aviation 56,643 60,656 18,077 16,193 Other 14,268 23,076 3,942 7,500 Aerospace Total 518,135 436,083 177,554 142,104 Test Systems Segment Government & Defense 68,751 57,831 26,144 20,818 Test Systems Total 68,751 57,831 26,144 20,818 Total $ 586,886 $ 493,914 $ 203,698 $ 162,922 The following table presents our revenue disaggregated by Product Lines as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Aerospace Segment Electrical Power & Motion $ 263,919 $ 185,712 $ 90,467 $ 64,312 Lighting & Safety 135,162 116,967 46,921 38,496 Avionics 83,716 83,011 29,151 22,347 Systems Certification 12,272 19,832 4,460 6,535 Structures 8,798 7,485 2,613 2,914 Other 14,268 23,076 3,942 7,500 Aerospace Total 518,135 436,083 177,554 142,104 Test Systems 68,751 57,831 26,144 20,818 Total $ 586,886 $ 493,914 $ 203,698 $ 162,922

Inventories

Inventories	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories consisted of the following: ( In thousands ) September 28, 2024 December 31, 2023 Finished Goods $ 32,315 $ 29,013 Work in Progress 29,519 32,118 Raw Material 143,118 130,670 $ 204,952 $ 191,801 As further described in Note 1, the Company recorded a $0.9 million and $3.6 million reduction in inventory for customer bankruptcies within the Aerospace segment in the three and nine months ended September 28, 2024 and September 30, 2023, respectively.

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 28, 2024
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment consisted of the following: (In thousands) September 28, 2024 December 31, 2023 Land $ 8,617 $ 8,606 Buildings and Improvements 71,766 71,480 Machinery and Equipment 130,174 126,725 Construction in Progress 4,003 4,219 214,560 211,030 Less Accumulated Depreciation 133,251 125,594 $ 81,309 $ 85,436

Intangible Assets

Intangible Assets	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes acquired intangible assets as follows: September 28, 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 11,435 10,257 11,426 9,973 Completed and Unpatented Technology 9 years 47,911 41,710 47,896 38,961 Customer Relationships 15 years 142,236 93,913 142,208 87,186 Total Intangible Assets 13 years $ 214,810 $ 159,108 $ 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: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Amortization Expense $ 9,728 $ 10,577 $ 3,189 $ 3,381 Amortization expense for acquired intangible assets expected for 2024 and for each of the next five years is summarized as follows: (In thousands) 2024 $ 12,868 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037 2029 $ 5,664

Goodwill

Goodwill	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table summarizes the changes in the carrying amount of goodwill for the nine months ended September 28, 2024: (In thousands) December 31, 2023 Foreign Currency Translation September 28, 2024 Aerospace $ 36,575 $ (41) $ 36,534 Test Systems 21,635 — 21,635 $ 58,210 $ (41) $ 58,169

Long-term Debt and Notes Payabl

Long-term Debt and Notes Payable	9 Months Ended
	Sep. 28, 2024
Debt Disclosure [Abstract]
Long-term Debt and Notes Payable	Long-term Debt and Notes Payable The Company amended the existing revolving credit facility on July 11, 2024 by entering into the Seventh Amended and Restated Credit Agreement (the “ABL Revolving Credit Facility”). The ABL Revolving Credit Facility set the maximum aggregate amount that the Company can borrow pursuant to the revolving credit line at $200 million, with borrowings subject to a borrowing base determined primarily by inventory, accounts receivable, machinery and equipment and real estate. The maturity date of borrowings under the ABL Revolving Credit Facility is July 11, 2027. Under the terms of the ABL Revolving Credit Facility, the Company pays 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 ABL Revolving Credit Facility). The Company is required to pay a quarterly commitment fee under the ABL Revolving Credit Facility 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. On September 28, 2024, there was $126.0 million outstanding on the ABL Revolving Credit Facility and there remained $70.9 million available, net of outstanding letters of credit. The Company also entered into a $55 million Term Loan Facility on July 11, 2024. The 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 Term Loan Facility is July 11, 2027. The Company pays interest under the 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 Term Loan Facility). The Company paid a commitment fee to the lenders under the 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 Term Loan Facility in quarterly installments on the last day of each fiscal quarter in an amount equal to $0.1 million. The principal amount of the Term Loan Facility amortizes at a rate of 1.00% (or approximately $0.6 million) per year. The Term Loan Facility is subject to a call premium of 3.00% if called prior to January 12, 2026, and 0.00% thereafter until the maturity date on July 11, 2027. The Company has the option to prepay the outstanding amounts under the Term Loan Facility up to $12.0 million without penalty. Total payments of $0.6 million are payable over the next twelve months, including the annual amortization of the Term Loan Facility, and as such, have been classified as current in the accompanying Consolidated Condensed Balance Sheet as of September 28, 2024. The interest rate on current maturities of long-debt was 8.2% at September 28, 2024 and 14.2% at December 31, 2023. The remaining balance of $54.5 million under the Term Loan Facility as of September 28, 2024, is recorded as long-term in the accompanying Consolidated Condensed Balance Sheet. The Company repaid in full all outstanding indebtedness under the original term loan facility 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 ABL Revolving Credit Facility and the Term Loan Facility. The Company incurred $5.9 million in incremental debt issuance costs during the nine months ended September 28, 2024, allocated between the original and revised 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 ($2.8 million as of September 28, 2024) are recorded within Other Assets and those associated with the Term Loan Facility ($2.0 million as of September 28, 2024) are recorded as a reduction of the carrying value of the debt on the Consolidated Condensed Balance Sheet. In the three and nine months ended September 28, 2024, the Company recorded a loss on extinguishment of the debt of approximately $7.0 million below Income from Operations, which was comprised of the $3.2 million prepayment fee on the previous term loan and a write-off of $3.8 million of unamortized deferred financing costs. The Company also had 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. Certain of the Company’s subsidiaries are borrowers under the ABL Revolving Credit Facility and the 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 ABL Revolving Credit Facility and the 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 ABL Revolving Credit Facility, or $15.0 million. Under the provisions of the ABL Revolving Credit Facility, the Company has a cash dominion arrangement with the lead banking institution whereby eligible daily cash receipts are contractually utilized to pay down outstanding borrowings and any cash balances subject to the dominion arrangement collateralize the outstanding borrowings under the ABL Revolving Credit Facility. Eligible cash balances that have not yet been applied to outstanding debt balances are classified as restricted cash in the accompanying Consolidated Condensed Balance Sheets. 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	9 Months Ended
	Sep. 28, 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: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance at Beginning of Period $ 9,751 $ 8,009 $ 11,303 $ 7,705 Warranties Issued 8,333 4,463 5,032 2,555 Warranties Settled (2,714) (3,060) (1,012) (909) Reassessed Warranty Exposure 39 (548) 86 (487) Balance at End of Period $ 15,409 $ 8,864 $ 15,409 $ 8,864

Income Taxes

Income Taxes	9 Months Ended
	Sep. 28, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates were approximately (126.9)% and 18.4% for the three months ended and (58.5)% and (19.9)% for the nine months ended September 28, 2024 and September 30, 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 September 28, 2024.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted weighted-average shares outstanding are as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Weighted Average Shares - Basic 34,961 32,707 35,011 33,000 Net Effect of Dilutive Stock Awards — — — — Weighted Average Shares - Diluted 34,961 32,707 35,011 33,000

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 28, 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 nine month periods ended September 28, 2024 and September 30, 2023, the Company reissued 139,000 and 242,000 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 $3.1 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, having an aggregate offering price of up to $30.0 million. During the three and nine months ended September 28, 2024, the Company did not sell any shares of our common stock under the ATM Program. During the three and nine months ended September 30, 2023, the Company sold 834,228 shares of our common stock under the ATM Program. The Company generated $13.9 million in aggregate gross proceeds from sales under the ATM Program at an average sale price of $16.70 per share. Aggregate net proceeds from the ATM Program were $13.6 million after deducting related expenses, including commissions to the Sales Agents and issuance costs. Of this amount, $13.1 million in net cash proceeds were received in the three and nine months ended September 30, 2023, with the remainder received in October 2023. As of September 28, 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 Income (Loss) and Accumulated Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: (In thousands) September 28, 2024 December 31, 2023 Foreign Currency Translation Adjustments $ (6,224) $ (6,351) Retirement Liability Adjustment – Before Tax (4,514) (5,357) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (2,232) (3,075) Accumulated Other Comprehensive Loss $ (8,456) $ (9,426) The components of other comprehensive income (loss) are as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Foreign Currency Translation Adjustments $ 127 $ (117) $ 1,051 $ (828) Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 290 288 97 95 Amortization of Net Actuarial Losses 553 269 184 90 Retirement Liability Adjustment 843 557 281 185 Other Comprehensive Income (Loss) $ 970 $ 440 $ 1,332 $ (643)

Supplemental Retirement Plan an

Supplemental Retirement Plan and Related Post Retirement Benefits	9 Months Ended
	Sep. 28, 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. Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Service Cost $ — $ 79 $ — $ 26 Interest Cost 1,028 976 343 324 Amortization of Prior Service Cost 290 288 97 95 Amortization of Net Actuarial Losses 553 269 184 90 Net Periodic Cost $ 1,871 $ 1,612 $ 624 $ 535 Participants in the SERP are entitled to paid medical, dental, and long-term care insurance benefits upon retirement under the plan. The Company also has a defined benefit plan related to its subsidiary in France. The net periodic cost for both plans for the three and nine months ended September 28, 2024 and September 30, 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	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 2024 and September 30, 2023, the Company had one customer over 10% of consolidated sales. Sales to The Boeing Company (“Boeing”) accounted for 10.5% and 11.0% of sales in the three and nine months ended September 28, 2024 and 11.6% and 11.1% in the three and nine months ended September 30, 2023, respectively. Accounts receivable from Boeing on September 28, 2024 were approximately $19.7 million.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 28, 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 $17.0 million on September 28, 2024 and $17.1 million on December 31, 2023. The Company currently believes it is unlikely that the damages in the German 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 September 28, 2024 and December 31, 2023. In the matter before the UK High Court of Justice, Lufthansa has pleaded its case for monetary compensation at a separate trial which was conducted in October 2024. At this proceeding, Lufthansa elected to pursue a monetary claim based upon the defendants’ profits from their infringing activities. As of December 31, 2023, the Company had recorded a liability for the UK claim of $7.4 million, inclusive of interest, based on information available at the time. This amount was subject to change as additional data was received and evaluated, and as additional information regarding the nature of its claim was put forward by Lufthansa in advance of the damages trial. During the quarter ended September 28, 2024, both the Company and Lufthansa submitted to the UK High Court of Justice calculations of the estimated damages derived from the reports of the parties’ respective financial experts. The Company’s experts have calculated a range of loss of $7.4 million to $15.7 million (inclusive of interest), while Lufthansa has calculated a range of loss as up to approximately $107 million, excluding interest. The damages trial judgment is expected to be issued in late 2024 or early 2025. While the Company believes they have valid defenses such that the judgment should be at the low end of the range of exposure noted above, the outcome and the amount of any damages that come due and owing cannot be predicted. As of September 28, 2024, we have recognized a liability of $7.4 million associated with this claim, which represents the low end of the range of exposure described above. Additional interest will continue to accrue on damages that come due and owing until the final payment to Lufthansa. The Company is performing scenario planning to accommodate the range of potential outcomes. It is expected that the UK High Court of Justice will grant permission to appeal, though this is not assured under UK law. If an appeal is allowed, it is unclear whether payment of any imposed judgment would be due shortly after the ruling or deferred, in whole or in part, until the appeal is heard and adjudicated. The liability related to this matter is classified within Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheets as of September 28, 2024. The liability related to this matter was classified within Other Liabilities (non-current) in the Company’s Consolidated Balance Sheets as of December 31, 2023. A liability for reimbursement of Lufthansa’s legal expenses associated with the UK matter was approximately $1.0 million and $0.7 million on September 28, 2024 and December 31, 2023, respectively, which is expected to be paid within the next twelve months and, as such, is classified in Accrued Expenses and Other Current Liabilities in the accompanying Consolidated Condensed Balance Sheet as of September 28, 2024 and December 31, 2023. The Company expects additional amounts to be payable associated with Lufthansa’s legal fees incurred related to the damages proceedings, but is unable to estimate a range of exposure and as such has not recorded any additional liabilities at this time. With respect to the proceeding in France, as previously disclosed, on December 4, 2020, the French 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 briefs with the French Supreme Court on January 22, 2024 and on September 11, 2024 in response to Lufthansa’s appeal. The closure of the written phase of the procedure is scheduled for December 3, 2024 and a decision from this Court is expected in late December 2024 or January 2025. As loss exposure is not probable and estimable at this time, the Company has not recorded any liability with respect to the French matter as of September 28, 2024 or December 31, 2023. There were no other significant developments in any of these matters during the nine months ended September 28, 2024. 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 was filed on August 7, 2024. Oral argument on the appeal has not yet been scheduled. No amounts have been accrued for this matter in the September 28, 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	9 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Below are the sales and operating profit (loss) by segment for the three and nine months ended September 28, 2024 and September 30, 2023, and a reconciliation of segment operating profit (loss) to loss before income taxes. Operating profit (loss) is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Sales: Aerospace $ 518,187 $ 436,217 $ 177,564 $ 142,116 Less Inter-segment Sales (52) (134) (10) (12) Total Aerospace Sales 518,135 436,083 177,554 142,104 Test Systems 68,790 57,831 26,183 20,818 Less Inter-segment Sales (39) — (39) — Total Test Systems Sales 68,751 57,831 26,144 20,818 Total Consolidated Sales $ 586,886 $ 493,914 $ 203,698 $ 162,922 Segment Measure of Operating Profit (Loss) and Margins Aerospace $ 45,628 $ 10,342 $ 14,251 $ (7,464) 8.8 % 2.4 % 8.0 % (5.3) % Test Systems (8,428) (8,521) (13) (1,781) (12.3) % (14.7) % — % (8.6) % Total Segment Measure of Operating Profit (Loss) 37,200 1,821 14,238 (9,245) 6.3 % 0.4 % 7.0 % (5.7) % (Additions to) Deductions from Segment Measure of Operating Profit: Net Gain on Sale of Business — (3,427) — — Loss on Extinguishment of Debt 6,987 — 6,987 — Interest Expense, Net of Interest Income 17,832 17,381 6,217 5,991 Corporate Expenses and Other 20,824 15,712 6,207 5,582 Loss Before Income Taxes $ (8,443) $ (27,845) $ (5,173) $ (20,818) During the three and nine months ended September 28, 2024 and September 30, 2023, reserves associated with customer bankruptcies of $2.2 million and $11.1 million, respectively, were recorded in Aerospace Operating Profit (Loss). See Note 1 for further discussion. Aerospace Operating Profit included $3.2 million and $8.5 million in compensation expense related to the resumption of the Company’s incentive programs in the three and nine months ended September 28, 2024, respectively. Aerospace Operating Profit in the three and nine months ended September 28, 2024 was negatively impacted by a $3.5 million atypical warranty reserve related to a new product launch that requires a field modification. During the nine months ended September 30, 2023, $5.8 million was recognized in sales related to the reversal of a deferred revenue liability assumed with an acquisition and associated with a customer program within our Test Systems Segment which is no longer expected to occur, which also benefits Test Systems’ operating loss for the period. Test Systems Operating Loss included $0.7 million and $1.8 million in compensation expense related to the resumption of the Company’s incentive programs in the three and nine months ended September 28, 2024, respectively. Corporate expenses and other for the nine months ended September 30, 2023, includes income of $1.8 million associated with the reversal of a liability related to an equity investment, as we will no longer be required to make the associated payment. This amount is included in Other Expense (Income), Net in the Consolidated Condensed Statement of Operations. Total Assets: (In thousands) September 28, 2024 December 31, 2023 Aerospace $ 508,514 $ 493,660 Test Systems 127,839 122,681 Corporate 15,244 17,451 Total Assets $ 651,597 $ 633,792

Fair Value

Fair Value	9 Months Ended
	Sep. 28, 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 September 28, 2024 or December 31, 2023. There were no non-recurring fair value measurements performed in the nine months ended September 28, 2024 and September 30, 2023.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 28, 2024
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 15, 2024, the Company announced that David C. Burney, the Company’s current CFO, will retire on January 3, 2025. The Company entered into a Transition and Retirement Agreement which granted certain benefits related to the retirement. Accordingly, in the fourth quarter of 2024, the Company expects to record non-cash charges of approximately $0.5 million in accelerated RSU expense within SG&A and approximately $0.7 million in non-cash charge within Other Expense for the waiver of the early retirement penalty in the SERP II. In October 2024, the Company offered a voluntary separation program to certain workers in our Test Systems segment to align the workforce and management structure with near-term revenue expectations and operational needs. We expect to record severance and related benefits expense of approximately $1 million in the fourth quarter. These initiatives are expected to provide annualized savings of approximately $2 million, beginning with the first quarter of 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Loss	$ (11,738)	$ (16,983)	$ (13,383)	$ (33,397)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 28, 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)	9 Months Ended
	Sep. 28, 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 (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP 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 nine months ended September 28, 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. 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 $12.4 million and $14.1 million for the three months ended and $39.9 million and $39.5 million for the nine months ended September 28, 2024 and September 30, 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)	9 Months Ended
	Sep. 28, 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) September 28, 2024 September 30, 2023 Cash and Cash Equivalents $ 5,177 $ 3,981 Restricted Cash 1,187 3,670 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 6,364 $ 7,651
Schedule of Reconciliation of Restricted Cash	The following table provides a reconciliation of cash and restricted cash included in Consolidated Condensed Balance Sheets to the amounts included in the Consolidated Condensed Statements of Cash Flows. (In thousands) September 28, 2024 September 30, 2023 Cash and Cash Equivalents $ 5,177 $ 3,981 Restricted Cash 1,187 3,670 Total Cash and Restricted Cash Shown in Statements of Cash Flows $ 6,364 $ 7,651
Schedule of Allowance for Estimated Credit Losses	The changes in allowances for estimated credit losses for the three and nine months ended September 28, 2024 and September 30, 2023 consisted of the following: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance at Beginning of the Period $ 9,193 $ 2,630 $ 1,495 $ 1,725 Bad Debt Expense, Net of Recoveries 1,132 7,581 734 7,680 Write-off Charges Against the Allowance and Other Adjustments (7,982) (1,025) 114 (219) Balance at End of the Period $ 2,343 $ 9,186 $ 2,343 $ 9,186

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 2024: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2024 $ 46,321 $ 22,888 Ending Balance, September 28, 2024 $ 57,489 $ 20,210
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by Market Segments as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Aerospace Segment Commercial Transport $ 383,679 $ 308,016 $ 133,850 $ 101,724 Military Aircraft 63,545 44,335 21,685 16,687 General Aviation 56,643 60,656 18,077 16,193 Other 14,268 23,076 3,942 7,500 Aerospace Total 518,135 436,083 177,554 142,104 Test Systems Segment Government & Defense 68,751 57,831 26,144 20,818 Test Systems Total 68,751 57,831 26,144 20,818 Total $ 586,886 $ 493,914 $ 203,698 $ 162,922 The following table presents our revenue disaggregated by Product Lines as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Aerospace Segment Electrical Power & Motion $ 263,919 $ 185,712 $ 90,467 $ 64,312 Lighting & Safety 135,162 116,967 46,921 38,496 Avionics 83,716 83,011 29,151 22,347 Systems Certification 12,272 19,832 4,460 6,535 Structures 8,798 7,485 2,613 2,914 Other 14,268 23,076 3,942 7,500 Aerospace Total 518,135 436,083 177,554 142,104 Test Systems 68,751 57,831 26,144 20,818 Total $ 586,886 $ 493,914 $ 203,698 $ 162,922

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 28, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following: ( In thousands ) September 28, 2024 December 31, 2023 Finished Goods $ 32,315 $ 29,013 Work in Progress 29,519 32,118 Raw Material 143,118 130,670 $ 204,952 $ 191,801

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 28, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant and Equipment	Property, Plant and Equipment consisted of the following: (In thousands) September 28, 2024 December 31, 2023 Land $ 8,617 $ 8,606 Buildings and Improvements 71,766 71,480 Machinery and Equipment 130,174 126,725 Construction in Progress 4,003 4,219 214,560 211,030 Less Accumulated Depreciation 133,251 125,594 $ 81,309 $ 85,436

Intangible Assets (Tables)

Intangible Assets (Tables)	9 Months Ended
	Sep. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Acquired Intangible Assets	The following table summarizes acquired intangible assets as follows: September 28, 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 11,435 10,257 11,426 9,973 Completed and Unpatented Technology 9 years 47,911 41,710 47,896 38,961 Customer Relationships 15 years 142,236 93,913 142,208 87,186 Total Intangible Assets 13 years $ 214,810 $ 159,108 $ 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: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Amortization Expense $ 9,728 $ 10,577 $ 3,189 $ 3,381
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 $ 12,868 2025 $ 10,935 2026 $ 9,533 2027 $ 7,825 2028 $ 7,037 2029 $ 5,664

Goodwill (Tables)

Goodwill (Tables)	9 Months Ended
	Sep. 28, 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 nine months ended September 28, 2024: (In thousands) December 31, 2023 Foreign Currency Translation September 28, 2024 Aerospace $ 36,575 $ (41) $ 36,534 Test Systems 21,635 — 21,635 $ 58,210 $ (41) $ 58,169

Product Warranties (Tables)

Product Warranties (Tables)	9 Months Ended
	Sep. 28, 2024
Guarantees [Abstract]
Schedule of Activity in Warranty Accrual	Activity in the warranty accrual is summarized as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Balance at Beginning of Period $ 9,751 $ 8,009 $ 11,303 $ 7,705 Warranties Issued 8,333 4,463 5,032 2,555 Warranties Settled (2,714) (3,060) (1,012) (909) Reassessed Warranty Exposure 39 (548) 86 (487) Balance at End of Period $ 15,409 $ 8,864 $ 15,409 $ 8,864

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 28, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Weighted-Average Shares Outstanding	Basic and diluted weighted-average shares outstanding are as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Weighted Average Shares - Basic 34,961 32,707 35,011 33,000 Net Effect of Dilutive Stock Awards — — — — Weighted Average Shares - Diluted 34,961 32,707 35,011 33,000

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 28, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss are as follows: (In thousands) September 28, 2024 December 31, 2023 Foreign Currency Translation Adjustments $ (6,224) $ (6,351) Retirement Liability Adjustment – Before Tax (4,514) (5,357) Tax Benefit of Retirement Liability Adjustment 2,282 2,282 Retirement Liability Adjustment – After Tax (2,232) (3,075) Accumulated Other Comprehensive Loss $ (8,456) $ (9,426)
Schedule of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) are as follows: Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Foreign Currency Translation Adjustments $ 127 $ (117) $ 1,051 $ (828) Retirement Liability Adjustments: Reclassifications to Selling, General and Administrative Expenses: Amortization of Prior Service Cost 290 288 97 95 Amortization of Net Actuarial Losses 553 269 184 90 Retirement Liability Adjustment 843 557 281 185 Other Comprehensive Income (Loss) $ 970 $ 440 $ 1,332 $ (643)

Supplemental Retirement Plan _2

Supplemental Retirement Plan and Related Post Retirement Benefits (Tables)	9 Months Ended
	Sep. 28, 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. Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Service Cost $ — $ 79 $ — $ 26 Interest Cost 1,028 976 343 324 Amortization of Prior Service Cost 290 288 97 95 Amortization of Net Actuarial Losses 553 269 184 90 Net Periodic Cost $ 1,871 $ 1,612 $ 624 $ 535

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information	Below are the sales and operating profit (loss) by segment for the three and nine months ended September 28, 2024 and September 30, 2023, and a reconciliation of segment operating profit (loss) to loss before income taxes. Operating profit (loss) is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Nine Months Ended Three Months Ended (In thousands) September 28, 2024 September 30, 2023 September 28, 2024 September 30, 2023 Sales: Aerospace $ 518,187 $ 436,217 $ 177,564 $ 142,116 Less Inter-segment Sales (52) (134) (10) (12) Total Aerospace Sales 518,135 436,083 177,554 142,104 Test Systems 68,790 57,831 26,183 20,818 Less Inter-segment Sales (39) — (39) — Total Test Systems Sales 68,751 57,831 26,144 20,818 Total Consolidated Sales $ 586,886 $ 493,914 $ 203,698 $ 162,922 Segment Measure of Operating Profit (Loss) and Margins Aerospace $ 45,628 $ 10,342 $ 14,251 $ (7,464) 8.8 % 2.4 % 8.0 % (5.3) % Test Systems (8,428) (8,521) (13) (1,781) (12.3) % (14.7) % — % (8.6) % Total Segment Measure of Operating Profit (Loss) 37,200 1,821 14,238 (9,245) 6.3 % 0.4 % 7.0 % (5.7) % (Additions to) Deductions from Segment Measure of Operating Profit: Net Gain on Sale of Business — (3,427) — — Loss on Extinguishment of Debt 6,987 — 6,987 — Interest Expense, Net of Interest Income 17,832 17,381 6,217 5,991 Corporate Expenses and Other 20,824 15,712 6,207 5,582 Loss Before Income Taxes $ (8,443) $ (27,845) $ (5,173) $ (20,818) Total Assets: (In thousands) September 28, 2024 December 31, 2023 Aerospace $ 508,514 $ 493,660 Test Systems 127,839 122,681 Corporate 15,244 17,451 Total Assets $ 651,597 $ 633,792

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Thousands		1 Months Ended		3 Months Ended		9 Months Ended
	Feb. 13, 2019 element	Oct. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jul. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Allowance for doubtful accounts				$ 2,343	$ 9,186	$ 2,343	$ 9,186	$ 1,495	$ 9,193	$ 1,725	$ 2,630
Research and development expense				12,400	14,100	39,900	39,500
Non-Aerospace Contract Manufacturing Customer
Business Acquisition [Line Items]
Allowance for doubtful accounts					7,500		7,500
Reserve for inventory valuation				$ 900	$ 3,600	$ 900	$ 3,600
Non-Aerospace Contract Manufacturing Customer | Subsequent Event
Business Acquisition [Line Items]
Allowance for doubtful accounts		$ 800
Reserve for inventory valuation		900
Impairment of fixed assets		$ 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	Sep. 28, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 5,177	$ 4,756	$ 3,981
Restricted Cash	1,187		3,670
Total Cash and Restricted Cash Shown in Statements of Cash Flows	$ 6,364	$ 11,313	$ 7,651	$ 13,778

Basis of Presentation - Sched_2

Basis of Presentation - Schedule of Allowance for Estimated Credit Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at Beginning of the Period	$ 1,495	$ 1,725	$ 9,193	$ 2,630
Bad Debt Expense, Net of Recoveries	734	7,680	1,132	7,581
Write-off Charges Against the Allowance and Other Adjustments	114	(219)	(7,982)	(1,025)
Balance at End of the Period	$ 2,343	$ 9,186	$ 2,343	$ 9,186

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023	Jun. 29, 2024
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 611,900,000		$ 611,900,000
Customer backlog removed	9,300,000		9,300,000
Revision of estimated costs						$ 3,500,000
Revenue recognized included in contract liability balance	6,300,000	$ 9,300,000	16,400,000	$ 22,100,000
Capitalized cost	4,200,000		4,200,000		$ 4,700,000
Amortization of fulfillment costs	100,000		3,100,000		$ 0
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-09-29
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 519,800,000		$ 519,800,000
Period of recognition	12 months		12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-09-29
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	Sep. 28, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 57,489	$ 46,321
Contract Liabilities	$ 20,210	$ 22,888

Revenue - Schedule of Revenue D

Revenue - Schedule of Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 203,698	$ 162,922	$ 586,886	$ 493,914
Aerospace Segment
Disaggregation of Revenue [Line Items]
Sales	177,554	142,104	518,135	436,083
Aerospace Segment | Commercial Transport
Disaggregation of Revenue [Line Items]
Sales	133,850	101,724	383,679	308,016
Aerospace Segment | Military Aircraft
Disaggregation of Revenue [Line Items]
Sales	21,685	16,687	63,545	44,335
Aerospace Segment | General Aviation
Disaggregation of Revenue [Line Items]
Sales	18,077	16,193	56,643	60,656
Aerospace Segment | Other
Disaggregation of Revenue [Line Items]
Sales	3,942	7,500	14,268	23,076
Test Systems Segment
Disaggregation of Revenue [Line Items]
Sales	26,144	20,818	68,751	57,831
Test Systems Segment | Government & Defense
Disaggregation of Revenue [Line Items]
Sales	$ 26,144	$ 20,818	$ 68,751	$ 57,831

Revenue - Schedule of Disaggreg

Revenue - Schedule of Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Sales	$ 203,698	$ 162,922	$ 586,886	$ 493,914
Aerospace
Disaggregation of Revenue [Line Items]
Sales	177,554	142,104	518,135	436,083
Aerospace | Electrical Power & Motion
Disaggregation of Revenue [Line Items]
Sales	90,467	64,312	263,919	185,712
Aerospace | Lighting & Safety
Disaggregation of Revenue [Line Items]
Sales	46,921	38,496	135,162	116,967
Aerospace | Avionics
Disaggregation of Revenue [Line Items]
Sales	29,151	22,347	83,716	83,011
Aerospace | Systems Certification
Disaggregation of Revenue [Line Items]
Sales	4,460	6,535	12,272	19,832
Aerospace | Structures
Disaggregation of Revenue [Line Items]
Sales	2,613	2,914	8,798	7,485
Aerospace | Other
Disaggregation of Revenue [Line Items]
Sales	3,942	7,500	14,268	23,076
Test Systems
Disaggregation of Revenue [Line Items]
Sales	$ 26,144	$ 20,818	$ 68,751	$ 57,831

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Finished Goods	$ 32,315	$ 29,013
Work in Progress	29,519	32,118
Raw Material	143,118	130,670
Inventory, net	$ 204,952	$ 191,801

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Allowance for doubtful accounts	$ 2,343	$ 1,495	$ 9,193	$ 9,186	$ 1,725	$ 2,630
Non-Aerospace Contract Manufacturing Customer
Business Acquisition [Line Items]
Allowance for doubtful accounts				7,500
Reserve for inventory valuation	$ 900			$ 3,600

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Property, Plant and Equipment
Property, plant and equipment, gross	$ 214,560	$ 211,030
Less Accumulated Depreciation	133,251	125,594
Property, plant and equipment, net	81,309	85,436
Land
Property, Plant and Equipment
Property, plant and equipment, gross	8,617	8,606
Buildings and Improvements
Property, Plant and Equipment
Property, plant and equipment, gross	71,766	71,480
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	130,174	126,725
Construction in Progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 4,003	$ 4,219

Intangible Assets - Schedule of

Intangible Assets - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets
Weighted Average Life	13 years
Gross Carrying Amount	$ 214,810	$ 214,758
Accumulated Amortization	$ 159,108	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	$ 11,435	11,426
Accumulated Amortization	$ 10,257	9,973
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted Average Life	9 years
Gross Carrying Amount	$ 47,911	47,896
Accumulated Amortization	$ 41,710	38,961
Customer Relationships
Finite-Lived Intangible Assets
Weighted Average Life	15 years
Gross Carrying Amount	$ 142,236	142,208
Accumulated Amortization	$ 93,913	$ 87,186

Intangible Assets - Schedule _2

Intangible Assets - Schedule of Amortization Expense for Acquired Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 3,189	$ 3,381	$ 9,728	$ 10,577

Intangible Assets - Schedule _3

Intangible Assets - Schedule of Amortization Expense for Intangible Assets for Each of Next Five Years (Details) $ in Thousands	Sep. 28, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 12,868
2025	10,935
2026	9,533
2027	7,825
2028	7,037
2029	$ 5,664

Goodwill (Details)

Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 28, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 58,210
Foreign Currency Translation	(41)
Balance at end of period	58,169
Operating Segments | Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	36,575
Foreign Currency Translation	(41)
Balance at end of period	36,534
Operating Segments | Test Systems
Goodwill [Roll Forward]
Balance at beginning of period	21,635
Foreign Currency Translation	0
Balance at end of period	$ 21,635

Long-term Debt and Notes Paya_2

Long-term Debt and Notes Payable (Details) - USD ($)		3 Months Ended		9 Months Ended
	Jul. 11, 2024	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Debt Instrument
Current Maturities of Long-term Debt		$ 550,000		$ 550,000		$ 8,996,000
Effective interest rate		8.20%		8.20%		14.20%
Debt issuance costs		$ 5,900,000		$ 5,900,000
Loss on Extinguishment of Debt		6,987,000	$ 0	6,987,000	$ 0
Prepayment fee on the previous term loan				3,210,000	$ 0
ABL Revolving Credit Facility | Line of Credit
Debt Instrument
Loss on Extinguishment of Debt		7,000,000		7,000,000
Prepayment fee on the previous term loan		3,200,000		3,200,000
ABL Revolving Credit Facility | Line of Credit | Gain (Loss) on Extinguishment of Debt
Debt Instrument
Fees written off		3,800,000		3,800,000
ABL Revolving Credit Facility | Line of Credit | Interest Income (Expense), Nonoperating
Debt Instrument
Fees written off		500,000		500,000
Revised Term Loan Facility | Line of Credit
Debt Instrument
Commitment fee	2%
Face amount	$ 55,000,000
Commitment fee amount	$ 100,000
Monthly amortization rate	1%
Current Maturities of Long-term Debt	$ 600,000
Optional prepayment amount without penalty	$ 12,000,000
Revised Term Loan Facility | Line of Credit | Period Prior to January 12, 2026
Debt Instrument
Debt instrument, call premium	3%
Revised Term Loan Facility | Line of Credit | Period Thereafter January 12, 2026 Until July 11, 2027
Debt Instrument
Debt instrument, call premium	0%
Revised Term Loan Facility | Line of Credit | SOFR (at least)
Debt Instrument
Basis spread on variable rate	1%
Revised Term Loan Facility | Line of Credit | SOFR
Debt Instrument
Basis spread on variable rate	0.10%
Revised Term Loan Facility | Line of Credit | SOFR | Minimum
Debt Instrument
Basis spread on variable rate	5.50%
Revised Term Loan Facility | Line of Credit | SOFR | Maximum
Debt Instrument
Basis spread on variable rate	6.75%
Term Loan Agreement | Line of Credit
Debt Instrument
Current Maturities of Long-term Debt		600,000		600,000
Remaining balance		$ 54,500,000		54,500,000
Extinguishment of debt				84,500,000
Repayments of debt				$ 80,300,000
Debt instrument, call premium percentage		4%		4%
Debt instrument, unamortized premium		$ 3,200,000		$ 3,200,000
Deferred debt issuance costs		2,000,000		2,000,000
Restated Agreement and Term Loan Agreement | Line of Credit
Debt Instrument
Minimum fixed charge coverage ratio	1.10
Debt Instrument, covenant, minimum amount	$ 15,000,000
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit
Debt Instrument
Maximum borrowing capacity	$ 200,000,000
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Minimum
Debt Instrument
Commitment fee	0.25%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | Maximum
Debt Instrument
Commitment fee	0.375%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR (at least)
Debt Instrument
Basis spread on variable rate	1%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR
Debt Instrument
Basis spread on variable rate	0.10%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR | Minimum
Debt Instrument
Basis spread on variable rate	2.50%
Revolving Credit Facility | Seventh Amended and Restated Credit Agreement | Line of Credit | SOFR | Maximum
Debt Instrument
Basis spread on variable rate	3%
Revolving Credit Facility | ABL Revolving Credit Facility | Line of Credit
Debt Instrument
Amounts outstanding under revolving line of credit		126,000,000		126,000,000
Remaining capacity under the credit facility		70,900,000		70,900,000
Deferred debt issuance costs		$ 2,800,000		$ 2,800,000

Product Warranties - Narrative

Product Warranties - Narrative (Details)	9 Months Ended
	Sep. 28, 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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 11,303	$ 7,705	$ 9,751	$ 8,009
Warranties Issued	5,032	2,555	8,333	4,463
Warranties Settled	(1,012)	(909)	(2,714)	(3,060)
Reassessed Warranty Exposure	86	(487)	39	(548)
Balance at End of Period	$ 15,409	$ 8,864	$ 15,409	$ 8,864

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	(126.90%)	18.40%	(58.50%)	(19.90%)

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		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Weighted Average Shares - Basic (in shares)	35,011	33,000	34,961	32,707
Net Effect of Dilutive Stock Awards (in shares)	0	0	0	0
Weighted Average Shares - Diluted (in shares)	35,011	33,000	34,961	32,707

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Thousands	9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Common shares excluded from computation (in shares)	1,218	1,315

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Aug. 08, 2023
Stockholders Equity
Difference between the cost and the reissuance price		$ 1,300,000	$ 3,100,000
Share par value (in usd per share)				$ 0.01
ATM Program
Stockholders Equity
Aggregate offering price				$ 30,000,000
Number of shares issued in transaction (in shares)	834,228		834,228
Aggregate gross proceeds from sales	$ 13,900,000		$ 13,900,000
Sale of stock, price per share (in usd per share)	$ 16.70		$ 16.70
Sale of stock, net proceeds	$ 13,600,000		$ 13,600,000
Aggregate net proceeds from sales	$ 13,100,000		$ 13,100,000
Remaining available for sale		$ 8,200,000
Treasury Stock
Stockholders Equity
Shares issued to fund 401k obligation (in shares)	78,000	139,000	242,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 28, 2024	Jun. 29, 2024	Dec. 31, 2023	Sep. 30, 2023	Jul. 01, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	$ 249,204		$ 249,518	$ 232,407
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(6,224)		(6,351)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity	(2,232)		(3,075)
Retirement Liability Adjustment – Before Tax	(4,514)		(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	$ (8,456)	$ (9,788)	$ (9,426)	$ (9,086)	$ (8,443)	$ (9,526)

Shareholders' Equity - Schedu_2

Shareholders' Equity - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss)	$ 1,332	$ (643)	$ 970	$ 440
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss)	1,051	(828)	127	(117)
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss)	97	95	290	288
Amortization of Net Actuarial Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss)	184	90	553	269
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss)	$ 281	$ 185	$ 843	$ 557

Supplemental Retirement Plan _3

Supplemental Retirement Plan and Related Post Retirement Benefits (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 28, 2024 USD ($) retirement_plan	Sep. 30, 2023 USD ($)
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	$ 26	$ 0	$ 79
Interest Cost	343	324	1,028	976
Amortization of Prior Service Cost	97	95	290	288
Amortization of Net Actuarial Losses	184	90	553	269
Net Periodic Cost	$ 624	$ 535	$ 1,871	$ 1,612

Sales to Major Customers (Detai

Sales to Major Customers (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 193,494		$ 193,494		$ 172,108
Customer Concentration Risk | Boeing | Consolidated Sales
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue (in excess of)	10.50%	11.60%	11%	11.10%
Customer Concentration Risk | Boeing | Accounts Receivable
Segment Reporting, Asset Reconciling Item
Accounts receivable	$ 19,700		$ 19,700

Legal Proceedings (Details)

Legal Proceedings (Details) - USD ($)	Sep. 28, 2024	Dec. 31, 2023
Lufthansa Technik AG
Loss Contingencies [Line Items]
Estimated litigation liability	$ 1,000,000	$ 700,000
Lufthansa Technik AG | Patent Infringement | Lufthansa Technik AG
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	107,000,000
Teradyne, Inc. Alleged Patent Infringement
Loss Contingencies [Line Items]
Reserve	0	0
AES | Indirect Sales | Patent Infringement
Loss Contingencies [Line Items]
Reserve	17,000,000	17,100,000
AES | Lufthansa Technik AG | Patent Infringement
Loss Contingencies [Line Items]
Estimated litigation liability	7,400,000	$ 7,400,000
AES | Lufthansa Technik AG | Patent Infringement | Minimum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	7,400,000
AES | Lufthansa Technik AG | Patent Infringement | Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 15,700,000

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 28, 2024	Sep. 30, 2023	Sep. 28, 2024	Sep. 30, 2023	Dec. 31, 2023
Segment Reporting Information
Sales	$ 203,698	$ 162,922	$ 586,886	$ 493,914
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	8,374	(14,479)	17,590	(14,453)
(Additions to) Deductions from Segment Measure of Operating Profit:
Net Gain on Sale of Business	0	0	0	(3,427)
Loss on Extinguishment of Debt	6,987	0	6,987	0
Interest Expense, Net of Interest Income	6,217	5,991	17,832	17,381
Loss Before Income Taxes	(5,173)	(20,818)	(8,443)	(27,845)
Deferred revenue liability	6,300	9,300	16,400	22,100
Total Assets	651,597		651,597		$ 633,792
Non-Aerospace Contract Manufacturing Customer
(Additions to) Deductions from Segment Measure of Operating Profit:
Customer bankruptcy reserve	2,200	11,100	2,200	11,100
Atypical warranty reserve	3,500		3,500
Stock compensation expense	3,200		8,500
Aerospace
Segment Reporting Information
Sales	177,554	142,104	518,135	436,083
Test Systems
Segment Reporting Information
Sales	26,144	20,818	68,751	57,831
(Additions to) Deductions from Segment Measure of Operating Profit:
Stock compensation expense	700		1,800
Operating Segments
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ 14,238	$ (9,245)	$ 37,200	$ 1,821
Operating margins, percentage	7%	(5.70%)	6.30%	0.40%
Operating Segments | Aerospace
Segment Reporting Information
Sales	$ 177,564	$ 142,116	$ 518,187	$ 436,217
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ 14,251	$ (7,464)	$ 45,628	$ 10,342
Operating margins, percentage	8%	(5.30%)	8.80%	2.40%
(Additions to) Deductions from Segment Measure of Operating Profit:
Total Assets	$ 508,514		$ 508,514		493,660
Operating Segments | Test Systems
Segment Reporting Information
Sales	26,183	$ 20,818	68,790	$ 57,831
Segment Measure of Operating Profit (Loss) and Margins
Total Segment Measure of Operating Profit (Loss)	$ (13)	$ (1,781)	$ (8,428)	$ (8,521)
Operating margins, percentage	0%	(8.60%)	(12.30%)	(14.70%)
(Additions to) Deductions from Segment Measure of Operating Profit:
Deferred revenue liability				$ 5,800
Total Assets	$ 127,839		$ 127,839		122,681
Less Inter-segment Sales | Aerospace
Segment Reporting Information
Sales	(10)	$ (12)	(52)	(134)
Less Inter-segment Sales | Test Systems
Segment Reporting Information
Sales	(39)	0	(39)	0
Corporate Expenses and Other
(Additions to) Deductions from Segment Measure of Operating Profit:
Corporate Expenses and Other	6,207	$ 5,582	20,824	15,712
Income associated with reversal of liability related to equity investment				$ 1,800
Total Assets	$ 15,244		$ 15,244		$ 17,451

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Oct. 15, 2024	Mar. 29, 2025	Sep. 28, 2024	Sep. 30, 2023	Oct. 31, 2024
Subsequent Event [Line Items]
Equity-based Compensation Expense			$ 6,414	$ 5,603
Forecast | Voluntary Severance Program
Subsequent Event [Line Items]
Effect on future earnings, amount		$ 2,000
Subsequent Event | Voluntary Severance Program | Severance payments
Subsequent Event [Line Items]
Restructuring and Related Cost, Expected Cost					$ 1,000
Restricted Stock Units (RSUs) | Subsequent Event | Selling, General and Administrative Expenses
Subsequent Event [Line Items]
Equity-based Compensation Expense	$ 500
Restricted Stock Units (RSUs) | Subsequent Event | Other Expense
Subsequent Event [Line Items]
Equity-based Compensation Expense	$ 700