0001628280-21-001951 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Feb. 03, 2021	Jun. 27, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-08174
Entity Registrant Name	DUCOMMUN INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-0693330
Entity Address, Address Line One	200 Sandpointe Avenue, Suite 700
Entity Address, City or Town	Santa Ana
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92707-5759
City Area Code	657
Local Phone Number	335-3665
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	DCO
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 381
Entity Common Stock, Shares Outstanding		11,763,468
Documents Incorporated by Reference	The following documents are incorporated by reference: (a) Proxy Statement for the 2021 Annual Meeting of Shareholders (the “2021 Proxy Statement”), incorporated partially in Part III hereof.
Entity Central Index Key	0000030305
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 56,466	$ 39,584
Accounts receivable (net of allowance for credit losses of $1,552 and $1,321 at December 31, 2020 and 2019, respectively)	58,025	67,133
Contract assets	154,028	106,670
Inventories	129,223	112,482
Production cost of contracts	6,971	9,402
Other current assets	5,571	5,497
Total Current Assets	410,284	340,768
Property and Equipment, Net	109,990	115,216
Operating Lease Right-of-Use Assets	16,348	19,105
Goodwill	170,830	170,917
Intangibles, Net	124,744	138,362
Deferred Income Taxes	33	55
Other Assets	5,118	6,006
Total Assets	837,347	790,429
Current Liabilities
Accounts payable	63,980	82,597
Contract liabilities	28,264	14,517
Accrued and other liabilities	40,526	37,620
Operating lease liabilities	3,132	2,956
Current portion of long-term debt	7,000	7,000
Total Current Liabilities	142,902	144,690
Long-Term Debt, Less Current Portion	311,922	300,887
Non-Current Operating Lease Liabilities	14,555	17,565
Deferred Income Taxes	16,992	16,766
Other Long-Term Liabilities	21,642	17,721
Total Liabilities	508,013	497,629
Commitments and Contingencies
Shareholders’ Equity
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,728,212 and 11,572,668 shares issued and outstanding at December 31, 2020 and 2019, respectively	117	116
Additional paid-in capital	97,090	88,399
Retained earnings	241,727	212,553
Accumulated other comprehensive loss	(9,600)	(8,268)
Total Shareholders’ Equity	329,334	292,800
Total Liabilities and Shareholders’ Equity	$ 837,347	$ 790,429

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 1,552	$ 1,321
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	11,728,212	11,572,668
Common Stock, shares outstanding (in shares)	11,728,212	11,572,668

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net Revenues	$ 628,941	$ 721,088	$ 629,307
Cost of Sales	491,203	568,891	506,711
Gross Profit	137,738	152,197	122,596
Selling, General and Administrative Expenses	89,808	95,964	84,007
Restructuring Charges	2,424	0	14,671
Operating Income	45,506	56,233	23,918
Interest Expense	(13,653)	(18,290)	(13,024)
Loss on Extinguishment of Debt	0	(180)	(926)
Other Income, Net	128	0	303
Income Before Taxes	31,981	37,763	10,271
Income Tax Expense	2,807	5,302	1,236
Net Income	$ 29,174	$ 32,461	$ 9,035
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 2.50	$ 2.82	$ 0.79
Diluted earnings per share (in dollars per share)	$ 2.45	$ 2.75	$ 0.77
Weighted-Average Number of Shares Outstanding
Basic (in shares)	11,676	11,518	11,390
Diluted (in shares)	11,932	11,792	11,659

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 29,174	$ 32,461	$ 9,035
Pension Adjustments:
Amortization of actuarial losses and prior service costs, net of tax of $236, $209, and $173 for 2020, 2019, and 2018, respectively	757	676	570
Actuarial losses arising during the period, net of tax benefit of $701, $502, and $302 for 2020, 2019, and 2018, respectively	(2,251)	(1,682)	(899)
Change in net unrealized gains on cash flow hedges, net of tax of $57, $29, and $121 for 2020, 2019, and 2018, respectively	162	95	407
Other Comprehensive (Loss) Income, Net of Tax	(1,332)	(911)	78
Comprehensive Income, Net of Tax	$ 27,842	$ 31,550	$ 9,113

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Amortization of actuarial (loss) gain, tax	$ 236	$ 209	$ 173
Actuarial gain (loss) arising during the period, tax benefit	701	502	302
Unrealized gain (loss) on cash flow hedge, tax expense (benefit)	$ 57	$ 29	$ 121

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Treasury Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning Balance (in shares) at Dec. 31, 2017			11,332,841
Beginning Balance at Dec. 31, 2017	$ 235,583		$ 113	$ 0	$ 80,223	$ 161,364		$ (6,117)
Beginning Balance (Accounting Standards Update 2014-09) at Dec. 31, 2017	8,665					8,665
Beginning Balance (Accounting Standards Update 2018-02) at Dec. 31, 2017	(26)					1,292		(1,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	9,035					9,035
Other comprehensive income (loss), net of tax	78							78
Stock options exercised (in shares)			84,800
Stock options exercised	1,822		$ 1		1,821
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(98,438)
Stock repurchased related to the exercise of stock options and stock awards vested	(3,372)		$ (1)		(3,371)
Stock awards vested (in shares)			98,660
Stock awards vested	0		$ 1		(1)
Stock-based compensation	5,040				5,040
Ending Balance (in shares) at Dec. 31, 2018			11,417,863
Ending Balance at Dec. 31, 2018	$ 256,825	$ (264)	$ 114	0	83,712	180,356	$ (264)	(7,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Net income	$ 32,461					32,461
Other comprehensive income (loss), net of tax	(911)							(911)
Employee stock purchase plan (in shares)			26,521
Employee stock purchase plan	1,118				1,118
Stock options exercised (in shares)			80,693
Stock options exercised	2,015		$ 1		2,014
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(123,192)
Stock repurchased related to the exercise of stock options and stock awards vested	(5,605)		$ (1)		(5,604)
Stock awards vested (in shares)			170,783
Stock awards vested	0		$ 2		(2)
Stock-based compensation	7,161				7,161
Ending Balance (in shares) at Dec. 31, 2019			11,572,668
Ending Balance at Dec. 31, 2019	292,800		$ 116	0	88,399	212,553		(8,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,174					29,174
Other comprehensive income (loss), net of tax	(1,332)							(1,332)
Employee stock purchase plan (in shares)			57,285
Employee stock purchase plan	$ 2,194		$ 1		2,193
Stock options exercised (in shares)	54,063		54,063
Stock options exercised	$ 1,564		$ 1		1,563
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(95,411)
Stock repurchased related to the exercise of stock options and stock awards vested	(4,365)		$ (2)		(4,363)
Stock awards vested (in shares)			139,607
Stock awards vested	0		$ 1		(1)
Stock-based compensation	9,299				9,299
Ending Balance (in shares) at Dec. 31, 2020			11,728,212
Ending Balance at Dec. 31, 2020	$ 329,334		$ 117	$ 0	$ 97,090	$ 241,727		$ (9,600)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Flows from Operating Activities
Net income	$ 29,174	$ 32,461	$ 9,035
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and amortization	28,850	28,305	25,296
Non-cash operating lease cost	3,157	2,669	0
Property and equipment impairment due to restructuring	0	0	6,207
Stock-based compensation expense	9,299	7,161	5,040
Deferred income taxes	327	(1,830)	2,042
Provision for credit losses	231	186	267
Noncash loss on extinguishment of debt	0	180	926
Insurance recoveries related to loss on operating assets	8,546	0	0
Other	826	942	11,659
Changes in Assets and Liabilities:
Accounts receivable	8,877	2,380	7,495
Contract assets	(47,358)	(20,005)	(86,665)
Inventories	(20,183)	(8,491)	23,243
Production cost of contracts	(1,488)	(1,079)	(1,569)
Other assets	(212)	1,358	1,881
Accounts payable	(19,714)	11,620	18,496
Contract liabilities	13,747	(2,628)	17,145
Operating lease liabilities	(2,953)	(2,713)	0
Accrued and other liabilities	1,485	515	5,739
Net Cash Provided by Operating Activities	12,611	51,031	46,237
Cash Flows from Investing Activities
Purchases of property and equipment	(12,510)	(18,290)	(17,617)
Proceeds from sale of assets	5	3	396
Insurance recoveries related to property and equipment	4,954	0	0
Life insurance proceeds	1,889	0	0
Payments for acquisition of Certified Thermoplastics Co., LLC, net of cash acquired	0	0	(30,712)
Payments for acquisition of Nobles Worldwide, Inc. net of cash acquired	0	(76,647)	0
Post closing cash received from the acquisition of Nobles Worldwide, Inc., net	190	0	0
Net Cash Used in Investing Activities	(5,472)	(94,934)	(47,933)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	65,900	298,400	296,400
Repayments of senior secured revolving credit facility	(40,900)	(298,400)	(354,500)
Borrowings from term loans	0	140,000	240,000
Repayments of term loans	(14,362)	(63,000)	(167,000)
Repayments of other debt	(288)	(169)	0
Debt issuance costs	0	(1,135)	(3,541)
Net cash paid upon issuance of common stock under stock plans	(607)	(2,472)	(1,550)
Net Cash Provided by Financing Activities	9,743	73,224	9,809
Net Increase in Cash and Cash Equivalents	16,882	29,321	8,113
Cash and Cash Equivalents at Beginning of Year	39,584	10,263	2,150
Cash and Cash Equivalents at End of Year	$ 56,466	$ 39,584	$ 10,263

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

We are a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace and defense (“A&D”), industrial, medical, and other industries (collectively, “Industrial”). Our operations are organized into two primary businesses: Electronic Systems segment and Structural Systems segment, each of which is a reportable operating segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Electronic Systems’ product offerings primarily range from prototype development to complex assemblies. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies. Structural Systems’ products are primarily used on commercial aircraft, military fixed-wing aircraft and military and commercial rotary-wing aircraft. All reportable operating segments follow the same accounting principles.

Basis of Presentation

The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions.

Our fiscal quarters typically end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter.

Changes in Accounting Policies

We adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“ASC 842”), on January 1, 2019.

We applied ASC 842 using the additional transition method and therefore, recognized the cumulative effect of initially applying ASC 842 as an adjustment to the opening consolidated balance sheet at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under the previous lease accounting standard, ASC 840, “Leases” (“ASC 840”).

We adopted ASC 606, “Revenue from Contracts with Customers” (“ASC 606”), on January 1, 2018. As a result, we changed our accounting policy for revenue recognition and the majority of our revenues are now recognized over time. The majority of our inventory is now charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Revenues recognized before billing are classified as contract assets. Payments received from customers prior to our billing are classified as contract liabilities. The determination of our provision for estimated losses on contracts was also changed as the definition of a contract for us became the customer purchase order instead of the long-term arrangements and are classified as contract liabilities.

We applied ASC 606 using the modified retrospective method (also known as the cumulative effect method) and as such, recognized the cumulative effect of initially applying ASC 606 as an adjustment to retained earnings.

Use of Estimates

Certain amounts and disclosures included in the consolidated financial statements required management to make estimates and judgments that affect the amount of assets, liabilities (including forward loss reserves), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

Reclassifications

Certain prior period amounts have been reclassified to conform to current year’s presentation.

Supplemental Cash Flow Information


	(Dollars in thousands) Years Ended December 31,
	2020		2019		2018
Interest paid	$	11,859	$	16,474	$	11,573
Taxes paid	$	3,810	$	5,699	$	316
Non-cash activities:
Purchases of property and equipment not paid	$	2,477	$	1,380	$	824

Fair Value

Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs.

We have money market funds and they are included as cash and cash equivalents. We also had interest rate cap hedge agreements and the fair value of the interest rate cap hedge agreements were determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement. The interest rate cap hedges matured during the second quarter of 2020 and as such, the premium was zero as of December 31, 2020.

There were no transfers between Level 1, Level 2, or Level 3 financial instruments in either 2020 or 2019.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value above.

Derivative Instruments

We recognize derivative instruments on our consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. As of December 31, 2020, we had no derivative instruments as our cash flow hedges matured in the second quarter of 2020.

Allowance for Credit Losses

We maintain an allowance for credit losses for expected losses from the inability of customers to make required payments. The allowance for credit losses is evaluated periodically for expected credit losses based on the financial condition of customers and their payment history, the aging of accounts receivable, historical write-off experience and other assumptions, such as current assessment of economic conditions.

Inventories

Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.

Property and Equipment and Depreciation

Property and equipment, including assets recorded under operating and finance leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived

assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets.

Goodwill

Goodwill is evaluated for impairment on an annual basis on the first day of the fourth fiscal quarter. If certain factors occur, including significant under performance of our business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, a decision to divest individual businesses within a reporting unit, or a decision to group individual businesses differently, we may be required to perform an interim impairment test prior to the fourth quarter.

We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. The qualitative approach for potential impairment analysis to determine whether it is more likely than not that the fair value of a reporting unit was less than its carrying amount includes consideration of 1) margin of passing most recent annual goodwill impairment test or step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions.

The quantitative approach for potential impairment analysis is performed by comparing the fair value of a reporting unit to its carrying value, including goodwill. Fair value is estimated by management using a combination of the income approach (discounted cash flow model) and the market approach. Management’s cash flow projections include significant judgments and assumptions, including the amount and timing of expected cash flows, long-term growth rates, and discount rates. The cash flows used in the discounted cash flow model are based on our best estimate of future revenues, gross margins, and adjusted after-tax earnings. Changes in any of these assumptions may have a significant impact on the estimated fair value of a reporting unit. The market approach also requires significant management judgment in selecting comparable business acquisitions and the transaction values observed and its related control premiums. In addition, we adopted Accounting Standards Update 2017-04 (“ASU 2017-04”) on January 1, 2019 which simplified our goodwill impairment testing by eliminating step two of the goodwill impairment test.

In the fourth quarter of 2020, the carrying amount of goodwill at the date of the most recent annual impairment evaluation for Electronic Systems and Structural Systems was $117.4 million and $53.4 million, respectively.

We acquired Nobles in October 2019 and recorded goodwill of $34.9 million in our Structural Systems segment, which is also our reporting unit. Since a goodwill impairment analysis is required to be performed within one year of the acquisition date or sooner upon a triggering event, we performed a step one goodwill impairment analysis as of the first day of the fourth quarter of 2020 for our Structural Systems segment. The fair value of our Structural Systems segment exceeded its carrying value by 69% and thus, was not deemed impaired.

As of the date of our 2020 annual evaluation for goodwill impairment for the Electronic Systems segment, which is also our reporting unit, we performed a qualitative assessment including 1) margin of passing most recent step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. Based upon our qualitative assessment, we concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount and thus, goodwill was not deemed impaired.

Other Intangible Assets

We amortize acquired other intangible assets with finite lives over the estimated economic lives of the assets, ranging from 10 to 18 years generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows when significant changes in conditions occur, and recognize impairment losses, if any, based upon the estimated fair value of the assets.

Restructuring Charges

In May 2020, management approved and commenced a restructuring plan in the Structural Systems segment mainly to reduce headcount in response to the impact from the COVID-19 pandemic on commercial aerospace demand outlook. We recorded an aggregate total of $2.4 million for severance and benefit costs which were charged to restructuring charges during the year ended December 31, 2020.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, as reflected on the consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.

Revenue Recognition

Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause.

We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue under ASC 606, which utilizes a five-step model.

The definition of a contract for us is typically defined as a customer purchase order as this is when we achieve an enforceable right to payment. The majority of our contracts are firm fixed-price contracts. The deliverables within a customer purchase order are analyzed to determine the number of performance obligations. In addition, at times, in order to achieve economies of scale and based on our customer’s forecasted demand, we may build in advance of receiving a purchase order from our customer. When that occurs, we would not recognize revenue until we have received the customer purchase order.

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account under ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control is transferred and the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services are highly interrelated or met the series guidance. For contracts with multiple performance obligations, we allocate the contract transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate the standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service.

We manufacture most products to customer specifications and the product cannot be easily modified for another customer. As such, these products are deemed to have no alternative use once the manufacturing process begins. In the event the customer invokes a termination for convenience clause, we would be entitled to costs incurred to date plus a reasonable profit. Contract costs typically include labor, materials, overhead, and when applicable, subcontractor costs. For most of our products, we are building assets with no alternative use and have enforceable right to payment, and thus, we recognize revenue using the over time method.

The majority of our performance obligations are satisfied over time as work progresses. Typically, revenue is recognized over time using an input measure (i.e., costs incurred to date relative to total estimated costs at completion, also known as cost-to-cost plus reasonable profit) to measure progress. Our typical revenue contract is a firm fixed price contract, and the cost of raw materials could make up a significant amount of the total costs incurred. As such, we believe using the total costs incurred input method would be the most appropriate method. While the cost of raw materials could make up a significant amount of the total costs incurred, there is a direct relationship between our inputs and the transfer of control of goods or services to the customer.

Contract estimates are based on various assumptions to project the outcome of future events that can span multiple months or years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; and the performance of subcontractors.

As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates on a regular basis. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the quarter it is identified.

The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue.

Net cumulative catch-up adjustments on profit recorded were not material for the year ended December 31, 2020.

Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer, a contract liability is created for the advance or progress payment.

We record provisions for the total anticipated losses on contracts, considering total estimated costs to complete the contract compared to total anticipated revenues, in the period in which such losses are identified. The provisions for estimated losses on contracts require us to make certain estimates and assumptions, including those with respect to the future revenue under a contract and the future cost to complete the contract. Our estimate of the future cost to complete a contract may include assumptions as to changes in manufacturing efficiency, operating and material costs, and our ability to resolve claims and assertions with our customers. If any of these or other assumptions and estimates do not materialize in the future, we may be required to adjust the provisions for estimated losses on contracts. The provision for estimated losses on contracts is included as part of contract liabilities on the consolidated balance sheets. As of December 31, 2020 and 2019, provision for estimated losses on contracts were $2.3 million and $4.2 million, respectively.

Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts. As of December 31, 2020 and 2019, production costs of contracts were $7.0 million and $9.4 million, respectively.

Contract Assets and Contract Liabilities

Contract assets consist of our right to payment for work performed but not yet billed. Contract assets are transferred to accounts receivable when we bill our customers. We bill our customers when we ship the products and meet the shipping terms within the revenue contract. Contract liabilities consist of advance or progress payments received from our customers prior to the time transfer of control occurs plus the estimated losses on contracts.

Contract assets and contract liabilities from revenue contracts with customers are as follows:


	(Dollars in thousands)
	December 31, 2020		December 31, 2019
Contract assets	$	154,028	$	106,670
Contract liabilities	$	28,264	$	14,517

The increase in our contract assets as of December 31, 2020 compared to December 31, 2019 was primarily due to a net increase of products in work in process and finished goods in the current year compared to the prior year.

The increase in our contract liabilities as of December 31, 2020 compared to December 31, 2019 was primarily due to a net increase of advance or progress payments received from our customers in the current year compared to the prior year. We recognized $6.3 million of the contract liabilities as of December 31, 2019 as revenues during the year ended December 31, 2020.

Remaining performance obligations is defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of December 31, 2020 totaled $779.7 million. We anticipate recognizing an estimated 65% of our remaining performance obligations as revenue during the next 12 months with the remaining performance obligations being recognized in 2022 and beyond.

Revenue by Category

In addition to the revenue categories disclosed above, the following table reflects our revenue disaggregated by major end-use market:


			(Dollars in thousands) Years Ended December 31,				% of Net Revenues
	Change		2020		2019		2020		2019
Consolidated Ducommun
Military and space	$	99,059	$	422,859	$	323,800	67.2	%	44.9	%
Commercial aerospace	(180,361)		168,142		348,503		26.8	%	48.3	%
Industrial	(10,845)		37,940		48,785		6.0	%	6.8	%
Total	$	(92,147)	$	628,941	$	721,088	100.0	%	100.0	%

Electronic Systems
Military and space	$	64,431	$	308,676	$	244,245	78.6	%	67.8	%
Commercial aerospace	(21,326)		46,017		67,343		11.7	%	18.7	%
Industrial	(10,845)		37,940		48,785		9.7	%	13.5	%
Total	$	32,260	$	392,633	$	360,373	100.0	%	100.0	%

Structural Systems
Military and space	$	34,628	$	114,183	$	79,555	48.3	%	22.1	%
Commercial aerospace	(159,035)		122,125		281,160		51.7	%	77.9	%
Total	$	(124,407)	$	236,308	$	360,715	100.0	%	100.0	%

Income Taxes

Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized, using enacted tax rates, for the expected future tax consequences of temporary differences between the book and tax bases of recorded assets and liabilities, operating losses, and tax credit carryforwards. Deferred tax assets are evaluated quarterly and are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not, based on technical merits, to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement, including resolution of related appeals and/or litigation process, if any.

Litigation and Commitments

In the normal course of business, we are defendants in certain litigation, claims and inquiries, including matters relating to environmental laws. In addition, we make various commitments and incur contingent liabilities. Management’s estimates regarding contingent liabilities could differ from actual results.

Environmental Liabilities

Environmental liabilities are recorded when environmental assessments and/or remedial efforts are probable and costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Further, we review and update our environmental accruals as circumstances change and/or additional information is obtained that reasonably could be expected to have a meaningful effect on the outcome of a matter or the estimated cost thereof.

Accounting for Stock-Based Compensation

We measure and recognize compensation expense for share-based payment transactions to our employees and non-employees at their estimated fair value. The expense is measured at the grant date, based on the calculated fair value of the share-based award, and is recognized over the requisite service period (generally the vesting period of the equity award). The fair value of stock options are determined using the Black-Scholes-Merton (“Black-Scholes”) valuation model, which requires assumptions and judgments regarding stock price volatility, risk-free interest rates, and expected options terms. Management’s estimates could differ from actual results. The fair value of unvested stock awards is determined based on the closing price of the underlying common stock on the date of grant except for market condition awards for which the fair value was based on a Monte Carlo simulation model.

Charitable Contributions

We contributed $1.4 million to the Ducommun Foundation during 2020.

Earnings Per Share

Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus potentially dilutive shares that could be issued if exercised or converted into common stock in each period.

The net income and weighted-average common shares outstanding used to compute earnings per share were as follows:


	(In thousands, except per share data) Years Ended December 31,
	2020		2019		2018
Net income	$	29,174	$	32,461	$	9,035
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,676		11,518		11,390
Dilutive potential common shares	256		274		269
Diluted weighted-average common shares outstanding	11,932		11,792		11,659
Earnings per share
Basic	$	2.50	$	2.82	$	0.79
Diluted	$	2.45	$	2.75	$	0.77

Potentially dilutive stock awards to purchase common stock, as shown below, were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive. However, these shares may be potentially dilutive common shares in the future.


	(In thousands) Years Ended December 31,
	2020	2019	2018
Stock options and stock units	254	127	208

Recent Accounting Pronouncements

New Accounting Guidance Adopted in 2020

In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which provides clarity to, or addresses various specific issues, including modifications of debt instruments. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our consolidated financial statements.

In February 2020, the FASB issued ASU 2020-02, “Financial Statements - Credit losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Relating to Accounting Standards Update No. 2016-02, Leases (Topic 842)” (“ASU 2020-02”), which provides guidance on the measurement and requirements related to credit losses. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our consolidated financial statements.

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Statements” (“ASU 2019-04”), which clarify, correct, and improve various aspects of the guidance in ASU 2016-01, ASU 2016-13, and ASU 2017-12. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which addresses various lessor implementation issues and clarifies that lessees and lessors are exempt from certain interim disclosure requirements associated with the adoption of ASC 842. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which should improve the effectiveness of fair value measurement disclosures by removing certain requirements, modifying certain requirements, and adding certain new requirements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. Early adoption was permitted. The adoption of this standard did not have a material impact on our consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Standards

In October 2020, the FASB issued ASU 2020-10, “Codification Improvements” (“ASU 2020-10”), which affect a wide variety of Topics in the Accounting Standards Codification (“Codification”). ASU 2020-10, among other things, contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). Many of the amendments arose as the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters Section (Section 45) of the Codification. Those amendments are not expected to change current practice. The new guidance is effective for fiscal years beginning after December 15, 2020, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are currently evaluating the impact of this standard but do not expect it to impact us significantly.

In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies reporting or provides clarification on various topics, including clarification that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. The new guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2022. Early adoption is permitted. We are evaluating the impact of this standard.

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We are evaluating the impact of this standard.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.

Business Combinations

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Business Combinations

Business CombinationsIn October 2019, we acquired 100.0% of the outstanding equity interests of Nobles Parent Inc., the parent company of Nobles Worldwide, Inc. (“Nobles”), a privately-held global leader in the design and manufacturing of high performance ammunition

handling systems for a wide range of military platforms including fixed-wing aircraft, rotary-wing aircraft, ground vehicles, and shipboard systems. Nobles is located in St. Croix Falls, Wisconsin. The acquisition of Nobles advances our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities.

The original purchase price for Nobles was $77.0 million, net of cash acquired, all payable in cash. We paid a gross aggregate of $77.3 million in cash upon the closing of the transaction. Subsequent to the closing of the transaction, during the three months ended March 28, 2020, we received $0.2 million back from the seller which lowered the purchase price to $76.8 million, net of cash acquired. We allocated the final gross purchase price of $77.1 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill.

The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):


	Estimated Fair Value
Cash	$	658
Accounts receivable	1,880
Inventories	2,866
Other current assets	288
Property and equipment	2,319
Intangible assets	37,200
Goodwill	34,850
Other non-current assets	675
Total assets acquired	80,736
Current liabilities	(2,187)
Net non-current deferred tax liability	(759)
Other non-current liabilities	(675)
Total liabilities assumed	(3,621)
Total purchase price allocation	$	77,115


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	15-16	$	34,200
Trade names and trademarks	15	3,000
		$	37,200

The intangible assets acquired of $37.2 million were determined based on the estimated fair values using valuation techniques consistent with the income approach to measure fair value. The useful lives were estimated based on the underlying agreements or the future economic benefit expected to be received from the assets. The fair values of the identifiable intangible assets were estimated using several valuation methodologies, which represented Level 3 fair value measurements. The value for customer relationships was estimated based on a multi-period excess earnings approach, while the value for trade names and trademarks was assessed using the relief from royalty methodology.

The goodwill of $34.9 million arising from the acquisition is attributable to the benefits we expect to derive from expected synergies from the transaction, including complementary products that will enhance our overall product portfolio, opportunities within new markets, and an acquired assembled workforce. All the goodwill was assigned to the Structural Systems segment. The Nobles acquisition, for tax purposes, is also deemed a stock acquisition and thus, the goodwill recognized is not deductible for income tax purposes except for $6.7 million of pre-acquisition goodwill that is tax deductible.

Acquisition related transaction costs were not included as components of consideration transferred but have been expensed as incurred. Total acquisition-related transaction costs incurred by us were $0.8 million during 2019 and charged to selling, general and administrative expenses.

Nobles’ results of operations have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment. Pro forma results of operations of the Nobles acquisition have not been presented as the effect of the Nobles acquisition was not material to our financial results.

Inventories

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	(In thousands) December 31,
	2020		2019
Raw materials and supplies	$	107,983	$	98,151
Work in process	15,895		10,887
Finished goods	5,345		3,444
Total	$	129,223	$	112,482

Property and Equipment, Net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	(In thousands) December 31,				Range of Estimated
	2020		2019		Useful Lives
Land	$	15,733	$	15,765
Buildings and improvements	60,664		61,626		5 - 40 Years
Machinery and equipment	174,251		167,688		2 - 20 Years
Furniture and equipment	18,490		18,714		2 - 10 Years
Construction in progress	10,594		14,343
	279,732		278,136
Less accumulated depreciation	169,742		162,920
Total	$	109,990	$	115,216

Depreciation expense was $13.8 million, $13.5 million, and $13.5 million, for the years ended December 31, 2020, 2019 and 2018, respectively.

Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

We elected to utilize the following practical expedients that are permitted under ASC 842:

•As an accounting policy election by class of underlying asset, elected not to separate nonlease components from lease components and instead to account for each separate lease component and the nonlease components associated with that lease component as a single lease component; and

•As an accounting policy election not to apply the recognition requirements in ASC 842 to short term leases (a lease at commencement date has a lease term of 12 months or less and does not contain a purchase option that the lessee is reasonably certain to exercise).

We have operating and finance leases for manufacturing facilities, corporate offices, and various equipment. Our leases have remaining lease terms of 1 to 9 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Operating leases expense	$	4,028	3,963

Finance leases expense:
Amortization of right-of-use assets	$	281	216
Interest on lease liabilities	56		42
Total finance lease expense	$	337	$	258

Short term and variable lease expenses for the year ended December 31, 2020 were not material.

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,191	$	4,030
Operating cash flows from finance leases	$	56	$	39
Financing cash flows from finance leases	$	288	$	169

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	165	$	2,574
Finance leases	$	1,241	$	483

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2020	December 31, 2019
Operating leases	6	7
Finance leases	7	4

When a lease is identified, we recognize a right-of-use asset and a corresponding lease liability based on the present value of the lease payments over the lease term discounted using our incremental borrowing rate, unless an implicit rate is readily determinable. As the discount rate in our leases is usually not readily available, we use our own incremental borrowing rate as the discount rate. Our incremental borrowing rate is based on the interest rate on our term loan, which is a secured rate. The interest rate on our term loan is based on London Interbank Offered Rate (“LIBOR”) plus an applicable margin.

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2020	December 31, 2019
Operating leases	6.5%	6.5%
Finance leases	4.3%	6.5%

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	4,163	$	394
2022	3,772		257
2023	3,440		209
2024	3,032		182
2025	2,466		173
Thereafter	4,605		582
Total lease payments	21,478		1,797
Less imputed interest	3,791		232
Total	$	17,687	$	1,565

Operating lease payments include $11.5 million related to options to extend lease terms that are reasonably certain of being exercised. As of December 31, 2020, there are no legally binding minimum lease payments for leases signed but not yet commenced.

Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2020, it excludes $0.2 million of legally binding minimum lease payments for leases signed but not yet commenced. These finance leases will commence during 2021 with lease terms of 5 years.

Leases

We elected to utilize the following practical expedients that are permitted under ASC 842:

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Operating leases expense	$	4,028	3,963

Finance leases expense:
Amortization of right-of-use assets	$	281	216
Interest on lease liabilities	56		42
Total finance lease expense	$	337	$	258

Short term and variable lease expenses for the year ended December 31, 2020 were not material.

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,191	$	4,030
Operating cash flows from finance leases	$	56	$	39
Financing cash flows from finance leases	$	288	$	169

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	165	$	2,574
Finance leases	$	1,241	$	483

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2020	December 31, 2019
Operating leases	6	7
Finance leases	7	4

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2020	December 31, 2019
Operating leases	6.5%	6.5%
Finance leases	4.3%	6.5%

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	4,163	$	394
2022	3,772		257
2023	3,440		209
2024	3,032		182
2025	2,466		173
Thereafter	4,605		582
Total lease payments	21,478		1,797
Less imputed interest	3,791		232
Total	$	17,687	$	1,565

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2020 and 2019 were as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,482	$	252,639
Accumulated goodwill impairment	(81,722)		—		(81,722)

Balance at December 31, 2019	117,435		53,482		170,917
Purchase price allocation refinements	—		(87)		(87)

Balance at December 31, 2020	$	117,435	$	53,395	$	170,830

We perform our annual goodwill impairment test as of the first day of the fourth quarter. If certain factors occur, including significant under performance of our business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, a decision to divest individual businesses within a reporting unit, or a decision to group individual businesses differently, we may be required to perform an interim impairment test prior to the fourth quarter.

The quantitative approach for potential impairment analysis is performed by comparing the fair value of a reporting unit to its carrying value, including goodwill. Fair value is estimated by management using a combination of a discounted cash flow model and market approach. Management’s cash flow projections include significant judgments and assumptions, including the amount and timing of expected cash flows, long-term growth rates, and discount rates. The cash flows used in the discounted cash flow model are based on our best estimate of future revenues, gross margins, and adjusted after-tax earnings. If any of these assumptions are incorrect, it will impact the estimated fair value of a reporting unit. The market approach also requires significant management judgment in selecting comparable business acquisitions and the transaction values observed and its related control premiums. In addition, we early adopted ASU 2017-04 on January 1, 2019 which simplified our goodwill impairment testing by eliminating step two of the goodwill impairment test.

Our business has been negatively impacted during the twelve months ended December 31, 2020 as a result of the COVID-19 pandemic. Therefore, we assessed our goodwill for potential impairment indicators. The most recent step one goodwill impairment test for our Electronic Systems reporting unit was the annual goodwill impairment test as of the first day of the

fourth quarter of 2019 where the fair value of our Electronic Systems reporting unit exceeded its carrying value by 44%. For our annual goodwill impairment test of our Electronic Systems reporting unit as of the first day of the fourth quarter of 2020, we used a qualitative assessment and determined it was not more likely than not that the fair value of a reporting unit was less than its carrying amount. The most recent step one goodwill impairment test for our Structural Systems reporting unit was the first day of the fourth quarter of 2020, where the fair value of our Structural Systems reporting unit exceeded its carrying value by 69%. Thus, the respective goodwill amounts were not deemed impaired.

We acquired Nobles in October 2019 and recorded goodwill of $34.9 million in our Structural Systems segment. See Note 2.

Other intangible assets are related to acquisitions, including Nobles, and recorded at fair value at the time of the acquisition. Other intangible assets with finite lives are generally amortized on the straight-line method over periods ranging from 10 to 18 years. Intangible assets are as follows:


		(In thousands)
		December 31, 2020						December 31, 2019
	Wtd. Avg Life (Yrs)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived assets
Customer relationships	17	$	221,500	$	101,535	$	119,965	$	221,900	$	88,838	$	133,062
Trade names and trademarks	14	5,500		857		4,643		5,500		450		5,050
Contract renewal	14	1,845		1,845		—		1,845		1,757		88
Technology	15	400		264		136		400		238		162
Total		$	229,245	$	104,501	$	124,744	$	229,645	$	91,283	$	138,362

The carrying amount of other intangible assets by operating segment as of December 31, 2020 and 2019 was as follows:


	(In thousands)
	December 31, 2020						December 31, 2019
	Gross		Accumulated Amortization		Net Carrying Value		Gross		Accumulated Amortization		Net Carrying Value
Other intangible assets
Electronic Systems	$	164,545	$	80,903	$	83,642	$	164,945	$	71,527	$	93,418
Structural Systems	64,700		23,598		41,102		64,700		19,756		44,944
Total	$	229,245	$	104,501	$	124,744	$	229,645	$	91,283	$	138,362

Amortization expense of other intangible assets was $13.2 million, $11.4 million and $10.7 million for the years ended December 31, 2020, 2019 and 2018, respectively. Future amortization expense by operating segment is expected to be as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
2021	$	9,288	$	3,733	$	13,021
2022	9,288		3,661		12,949
2023	9,288		3,604		12,892
2024	9,288		3,368		12,656
2025	9,288		3,368		12,656
Thereafter	37,202		23,368		60,570
	$	83,642	$	41,102	$	124,744

Accrued Liabilities

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accrued Liabilities

The components of accrued liabilities consisted of the following:


	(In thousands) December 31,
	2020		2019
Accrued compensation	$	28,432	$	31,342
Accrued income tax and sales tax	80		163
Other	12,014		6,115
Total	$	40,526	$	37,620

Long-Term Debt

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt and the current period interest rates were as follows:


	(In thousands) December 31,
	2020			2019
Term loans	$	295,638		$	310,000
Revolving credit facility	25,000			—


Total debt	320,638			310,000
Less current portion	7,000			7,000
Total long-term debt, less current portion	313,638			303,000
Less debt issuance costs - term loans	1,716			2,113
Total long-term debt, net of debt issuance costs - term loans	$	311,922		$	300,887
Debt issuance costs - revolving credit facility (1)	$	1,515		$	1,894

Weighted-average interest rate	3.59		%	6.87		%

(1) Included as part of other assets.

Future long-term debt payments at December 31, 2020 were as follows:


	(In thousands)
2021	$	7,000
2022	7,000
2023	7,000
2024	137,000
2025	162,638
Thereafter	—
Total	$	320,638

In December 2019, we completed the refinancing of a portion of our existing debt by entering into a new revolving credit facility (“New Revolving Credit Facility”) to replace the existing revolving credit facility that was entered into in November 2018 (“2018 Revolving Credit Facility”) and entered into a new term loan (“New Term Loan”). The New Revolving Credit Facility is a $100.0 million senior secured revolving credit facility that matures on December 20, 2024 replacing the $100.0 million 2018 Revolving Credit Facility that would have matured on November 21, 2023. The New Term Loan is a $140.0 million senior secured term loan that matures on December 20, 2024. We also have an existing $240.0 million senior secured term loan that was entered into in November 2018 that matures on November 21, 2025 (“2018 Term Loan”). The original amounts available under the New Revolving Credit Facility, New Term Loan, and 2018 Term Loan (collectively, the “Credit Facilities”) in aggregate, totaled $480.0 million.

The New Term Loan bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as the London Interbank Offered Rate [“LIBOR”]) plus an applicable margin ranging from 1.50% to 2.50% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate

plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. In addition, the New Term Loan requires installment payments of 1.25% of the original outstanding principal balance of the New Term Loan amount on a quarterly basis, on the last day of the calendar quarter. During 2020, we made the required quarterly payments, in aggregate totaling $7.0 million.

The New Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as LIBOR) plus an applicable margin ranging from 1.50% to 2.50% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. The undrawn portion of the commitment of the New Revolving Credit Facility is subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio. However, the New Revolving Credit Facility does not require any principal installment payments.

The 2018 Term Loan bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as LIBOR plus an applicable margin ranging from 3.75% to 4.00% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 3.75% to 4.00% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. In addition, the 2018 Term Loan required installment payments of 0.25% of the outstanding principal balance of the 2018 Term Loan amount on a quarterly basis.

Further, under the Credit Facilities, if we exceed the annual excess cash flow threshold, we are required to make an annual additional principal payment based on the consolidated adjusted leverage ratio. The annual mandatory excess cash flow payment is based on (i) 50% of the excess cash flow amount if the adjusted leverage ratio is greater than 3.25 to 1.0, (ii) 25% of the excess cash flow amount if the adjusted leverage ratio is less than or equal to 3.25 to 1.0 but greater than 2.50 to 1.0, and (iii) zero percent of the excess cash flow amount if the consolidated adjusted leverage ratio is less than or equal to 2.50 to 1.0. During the first quarter of 2020, we made the required 2019 annual excess cash flow payment of $7.4 million. As of December 31, 2020, we were in compliance with all covenants required under the Credit Facilities.

We drew down $50.0 million on the New Revolving Credit Facility during the first quarter of 2020 to hold as cash on hand, $25.0 million of which was repaid during the fourth quarter of 2020, and thus, we made no net aggregate voluntary prepayments during 2020.

In conjunction with entering into the New Revolving Credit Facility and the New Term Loan, we drew down the entire $140.0 million on the New Term Loan and used those proceeds to pay off and close the 2018 Revolving Credit Facility of $58.5 million, paid down a portion of the 2018 Term Loan of $56.0 million, paid the accrued interest associated with the amounts being paid down on the 2018 Revolving Credit Facility and 2018 Term Loan, paid the fees related to this transaction, and the remainder used for general corporate expenses. The $56.0 million pay down on the 2018 Term Loan paid all the required quarterly installment payments on the 2018 Term Loan until maturity.

The New Term Loan and 2018 Term Loan were considered a modification of debt and thus, no gain or loss was recorded. Instead, the new fees paid to the lenders of $0.6 million were capitalized and are being amortized over the life of the New Term Loan. The remaining debt issuance costs related to the 2018 Term Loan of $1.5 million will continue to be amortized over its remaining life.

The New Revolving Credit Facility that replaced the 2018 Revolving Credit Facility was considered an extinguishment of debt except for the portion related to the creditors that were part of both the New Revolving Credit Facility and the 2018 Revolving Credit Facility and in which case, it was considered a modification of debt. As a result, we expensed the portion of the unamortized debt issuance costs related to the 2018 Revolving Credit Facility that was considered an extinguishment of debt of $0.5 million. In addition, the new fees paid to the lenders of $0.5 million as part of the New Revolving Credit Facility were capitalized and are being amortized over its remaining life. Further, the remaining debt issuance costs related to the 2018 Revolving Credit Facility of $1.1 million will also be amortized over its remaining life.

In October 2019, we acquired 100.0% of the outstanding equity interests of Nobles for an original purchase price of $77.0 million, net of cash acquired, all payable in cash. Upon the closing of the transaction, we paid a gross total aggregate of $77.3 million in cash by drawing down on the 2018 Revolving Credit Facility. See Note 2.

As of December 31, 2020, we had $74.8 million of unused borrowing capacity under the New Revolving Credit Facility, after deducting $0.2 million for standby letters of credit.

The Credit Facilities were entered into by us (“Parent Company”) and guaranteed by all of our domestic subsidiaries, other than two subsidiaries that were considered minor (“Subsidiary Guarantors”). The Subsidiary Guarantors jointly and severally

guarantee the Credit Facilities. The Parent Company has no independent assets or operations and therefore, no consolidating financial information for the Parent Company and its subsidiaries are presented.

In October 2015, we entered into interest rate cap hedges designated as cash flow hedges with a portion of these interest rate cap hedges maturing on a quarterly basis, and a final quarterly maturity date of June 2020, in aggregate, totaling $135.0 million of our debt. We paid a total of $1.0 million in connection with entering into the interest rate cap hedges. The interest rate cap hedges matured during our second quarter of 2020 and as such, all remaining amounts related to the interest rate cap hedges were fully amortized and unrealized gains and losses recorded in accumulated other comprehensive income were also realized at that time. See Note 1 for further information.

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ EquityWe are authorized to issue five million shares of preferred stock. At December 31, 2020 and 2019, no preferred shares were issued or outstanding.

Stock-Based Compensation

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Incentive Compensation Plans

We currently have two active stock incentive plans: i) the 2020 Stock Incentive Plan (the “2020 Plan”), which expires on May 6, 2030, and ii) the 2018 Employee Stock Purchase Plan (“ESPP”). The 2013 Stock Incentive Plan, as Amended (the “2013 Plan”) was closed to further issuances of stock awards on May 6, 2020 and any remaining shares available were folded into the 2020 Plan as part of the approval of the 2020 Plan by shareholders at the 2020 Annual Meeting of Shareholders on May 6, 2020. The 2020 Plan permit awards of stock options, restricted stock units, performance stock units and other stock-based awards to our officers, key employees and non-employee directors on terms determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The aggregate number of shares available for issuance under the 2020 Plan is 651,162 plus any outstanding awards issued under the 2013 Plan that are subsequently forfeited, terminated, expire or otherwise lapse without being exercised. As of December 31, 2020, shares available for future grant under the 2020 Plan are 409,487. Prior to the adoption of the 2020 Plan, we granted stock-based awards to purchase shares of our common stock under certain predecessor plans. No further awards can be granted under these predecessor plans.

Employee Stock Purchase Plan

The ESPP was adopted by the Board of Directors and approved by the shareholders in 2018, including 750,000 shares that can be awarded. The first offering period closed on July 31, 2019. Under the ESPP, our employees who elect to participate have the right to purchase common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each six month offering period and the discount will be treated as compensation to those employees. Employees purchase common stock using payroll deductions, which may not exceed 10% of their eligible compensation and other limitations. The Compensation Committee administers the ESPP. As of December 31, 2020, there are 666,194 shares available for future award grants.

Stock Options

In the years ended December 31, 2020, 2019, and 2018, we granted stock options to our officers and key employees of 8,000, 189,170, and 176,940, respectively, with weighted-average grant date fair values of $16.48, $15.95, and $12.87, respectively. Stock options have been granted with an exercise price equal to the fair market value of our stock on the date of grant and expire not more than ten years from the date of grant. The stock options typically vest over a period of three or four years from the date of grant. The option price and number of shares are subject to adjustment under certain dilutive circumstances. If an employee terminates employment, the non-vested portion of the stock options will not vest and all rights to the non-vested portion will terminate completely.

Stock option activity for the year ended December 31, 2020 were as follows:



	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2020	446,818	$	34.68
Granted	8,000	$	44.45
Exercised	(54,063)	$	28.91
Expired	—	$	—
Forfeited	(20,612)	$	39.21
Outstanding at December 31, 2020	380,143	$	35.46	6.8	$	7,170
Exerciseable at December 31, 2020	188,466	$	32.37	5.9	$	4,137

Changes in nonvested stock options for the year ended December 31, 2020 were as follows:


	Number of Stock Options	Weighted- Average Grant Date Fair Value
Nonvested at January 1, 2020	349,871	$	14.33
Granted	8,000	$	16.48
Vested	(145,582)	$	13.81
Forfeited	(20,612)	$	15.04
Nonvested at December 31, 2020	191,677	$	14.73

The aggregate intrinsic value of stock options represents the amount by which the market price of our common stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2020, 2019 and 2018 was $0.9 million, $1.8 million, and $1.3 million, respectively. Cash received from stock options exercised for the years ended December 31, 2020, 2019 and 2018 was $1.9 million, $2.6 million, and $1.8 million, respectively, with related tax benefits of $0.5 million, $0.6 million, and $0.3 million, respectively. The total amount of stock options vested and expected to vest in the future is 380,143 shares with a weighted-average exercise price of $35.46 and an aggregate intrinsic value of $7.2 million. These stock options have a weighted-average remaining contractual term of 6.8 years.

The share-based compensation cost expensed for stock options for the years ended December 31, 2020, 2019, and 2018 (before tax benefits) was $1.8 million, $1.6 million, and $0.9 million, respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2020, total unrecognized compensation cost (before tax benefits) related to stock options of $1.8 million is expected to be recognized over a weighted-average period of 1.1 years. The total fair value of stock options vested during the years ended December 31, 2020, 2019, and 2018 was $2.0 million, $1.3 million, and $0.8 million, respectively.

We apply fair value accounting for stock-based compensation based on the grant date fair value estimated using a Black-Scholes-Merton (“Black-Scholes”) valuation model. The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2020, 2019, and 2018 were as follows:


	Years Ended December 31,
	2020		2019		2018
Risk-free interest rate	1.59	%	1.92	%	2.65	%
Expected volatility	37.75	%	40.44	%	53.66	%
Expected dividends	—		—		—
Expected term (in months)	66		60		36

We recognize compensation expense, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award. We have award populations with option vesting terms of three and four years. We estimate the forfeiture rate based on our historic experience, attempting to determine any discernible activity patterns. The expected life computation is based on historic exercise patterns and post-vesting termination behavior. The risk-free interest rate for periods within the

contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is derived from historical volatility of our common stock. We suspended payments of dividends after the first quarter of 2011.

Restricted Stock Units

We granted restricted stock units (“RSUs”) to certain officers, key employees and non-employee directors of 118,835, 62,520, and 81,230 RSUs during the years ended December 31, 2020, 2019, and 2018, respectively, with weighted-average grant date fair values (equal to the fair market value of our stock on the date of grant) of $27.62, $41.04, and $32.36 per share, respectively. RSUs represent a right to receive a share of stock at future vesting dates with no cash payment required from the holder. The RSUs typically have a three year vesting term of 33%, 33% and 34% on the first, second and third anniversaries of the date of grant, respectively. If an employee terminates employment, their non-vested portion of the RSUs will not vest and all rights to the non-vested portion will terminate.

Restricted stock unit activity for the year ended December 31, 2020 was as follows:


	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2020	127,423	$	36.22
Granted	118,835	$	27.62
Vested	(75,226)	$	35.07
Forfeited	(5,125)	$	32.45
Outstanding at December 31, 2020	165,907	$	30.70

The share-based compensation cost expensed for RSUs for the years ended December 31, 2020, 2019, and 2018 (before tax benefits) was $2.6 million, $2.4 million, and $2.1 million respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2020, total unrecognized compensation cost (before tax benefits) related to RSUs of $3.4 million is expected to be recognized over a weighted average period of 1.8 years. The total fair value of RSUs vested for the years ended December 31, 2020, 2019, and 2018 was $2.3 million, $2.4 million, and $2.7 million, respectively. The tax benefit realized from vested RSUs for the years ended December 31, 2020, 2019, and 2018 was $0.5 million, $0.6 million, and $0.6 million, respectively.

Performance Stock Units

We granted performance stock awards (“PSUs”) to certain key employees of 159,136, 58,178, and 64,700 PSUs during the years ended December 31, 2020, 2019, and 2018, respectively, with weighted-average grant date fair values of $29.65, $43.80, and $35.16 per share, respectively. PSU awards are subject to the attainment of performance goals established by the Compensation Committee, the periods during which performance is to be measured, and all other limitations and conditions applicable to the awarded shares. Performance goals are based on a pre-established objective formula that specifies the manner of determining the number of PSUs that will be granted if performance goals are attained. If an employee terminates employment, their non-vested portion of the PSUs will not vest and all rights to the non-vested portion will terminate.

Performance stock activity for the year ended December 31, 2020 was as follows:


	Number of Performance Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2020	197,574	$	33.98
Granted	159,136	$	29.65

Vested	(64,381)	$	31.82
Forfeited	(3,375)	$	44.45
Outstanding at December 31, 2020	288,954	$	31.95

The share-based compensation cost expensed for PSUs for the years ended December 31, 2020, 2019, and 2018 (before tax benefits) was $4.9 million, $3.2 million and $1.9 million, respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2020, total unrecognized compensation cost (before tax benefits) related to PSUs of $4.2 million is expected to be recognized over a weighted-average period of 2.0 years. The total fair value of PSUs vested during the years ended December 31, 2020, 2019, and 2018, was $3.7 million, $3.8 million, and $0.3

million, respectively. The tax benefit realized from PSUs for the years ended December 31, 2020, 2019, and 2018 were $0.9 million, $0.9 million, and $0.1 million, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

Supplemental Retirement Plans

We have three unfunded supplemental retirement plans. The first plan was suspended in 1986, but continues to cover certain former executives. The second plan was suspended in 1997, but continues to cover certain current and retired directors. The third plan covers certain current and retired employees and further employee contributions to this plan were suspended on August 5, 2011. The liability for the third plan and interest thereon is included in accrued employee compensation and long-term liabilities and was zero and $0.1 million, respectively, at December 31, 2020 and zero and $0.1 million, respectively, at December 31, 2019. The accumulated benefit obligations of the first two plans at December 31, 2020 and December 31, 2019 were $0.3 million and $0.4 million, respectively, and are included in accrued liabilities.

Defined Contribution 401(K) Plans

We sponsor a 401(k) defined contribution plan for all our employees. The plan allows the employees to make annual voluntary contributions not to exceed the lesser of an amount equal to 25% of their compensation or limits established by the Internal Revenue Code. Under this plan, we generally provide a match equal to 50% of the employee’s contributions up to the first 6% of compensation, except for union employees who are not eligible to receive the match. Our provision for matching and profit sharing contributions for the three years ended December 31, 2020, 2019, and 2018 was $2.6 million, $2.7 million, and $2.6 million, respectively.

Other Plans

We have a defined benefit pension plan covering certain hourly employees of a subsidiary (the “Pension Plan”). Pension Plan benefits are generally determined on the basis of the retiree’s age and length of service. Assets of the Pension Plan are composed primarily of fixed income and equity securities. We also have a retirement plan covering certain current and retired employees (the “LaBarge Retirement Plan”). As part of the acquisition of CTP, we acquired their defined benefit pension plan (the “CTP Pension Plan”), which covered certain current and retired employees that were fully funded by CTP as of the acquisition date in April 2018. The CTP Pension Plan was suspended as of the acquisition date but continued to cover certain current and former CTP employees. The CTP Pension Plan gross assets, liabilities, and current year expense were immaterial for disclosure purposes. The CTP Pension Plan was subsequently liquidated in November 2019 with no loss recorded as a pension plan escrow fund was established as part of the acquisition to cover any losses until it was liquidated.

The components of net periodic pension cost for the Pension Plan and LaBarge Retirement Plan in aggregate are as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Service cost	$	622	$	503	$	601
Interest cost	1,209		1,388		1,268
Expected return on plan assets	(1,761)		(1,644)		(1,784)
Amortization of actuarial losses	993		885		743
Net periodic pension cost	$	1,063	$	1,132	$	828

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2020 were as follows:


	(In thousands) Year Ended December 31,
	2020
Amortization of actuarial loss - total before tax (1)	$	993
Tax benefit	(236)
Net of tax	$	757

(1)The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

The estimated net actuarial loss for both plans that will be amortized from accumulated other comprehensive loss into net periodic cost during 2021 is $1.0 million.

The obligations, fair value of plan assets, and funded status of both plans are as follows:


	(In thousands) December 31,
	2020		2019
Change in benefit obligation(1)
Beginning benefit obligation (January 1)	$	39,085	$	33,951
Service cost	622		503
Interest cost	1,209		1,388
Actuarial (gain) loss	3,491		4,769
Benefits paid	(1,603)		(1,526)
Ending benefit obligation (December 31)	$	42,804	$	39,085
Change in plan assets
Beginning fair value of plan assets (January 1)	$	28,443	$	23,749
Return on assets	2,300		4,347
Employer contribution	1,492		1,873
Benefits paid	(1,603)		(1,526)
Ending fair value of plan assets (December 31)	$	30,632	$	28,443
Funded status (underfunded)	$	(12,172)	$	(10,642)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	605	$	588
Non-current liabilities	$	11,567	$	10,054
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	10,660	$	9,485
Amortization	(993)		(885)
Liability (gain) loss	3,491		4,769
Asset loss (gain)	(538)		(2,709)
Ending unrecognized loss, before tax (December 31)	12,620		10,660
Tax impact	(3,003)		(2,544)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	9,617	$	8,116

(1)Projected benefit obligation equals the accumulated benefit obligation for the plans.

On December 31, 2020, our annual measurement date, the accumulated benefit obligation exceeded the fair value of the plans assets by $12.2 million. Such excess is referred to as an unfunded accumulated benefit obligation. We recorded unrecognized loss included in accumulated other comprehensive loss, net of tax at December 31, 2020 and 2019 of $9.6 million and $8.1 million, respectively, which decreased shareholders’ equity. This charge to shareholders’ equity represents a net loss not yet recognized as pension expense. This charge did not affect reported earnings, and would be decreased or be eliminated if either interest rates increase or market performance and plan returns improve which will cause the Pension Plan to return to fully funded status.

Our Pension Plan asset allocations at December 31, 2020 and 2019, by asset category, were as follows:


	December 31,
	2020	2019
Equity securities	67%	69%
Cash and equivalents	—%	1%
Debt securities	33%	30%
Total(1)	100%	100%

(1)Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk.


Cash			0-10%
Fixed income securities			15-75%
Equities			30-80%

Pension Plan assets consist primarily of listed stocks and bonds and do not include any of the Company’s securities. The return on assets assumption reflects the average rate of return expected on funds invested or to be invested to provide for the benefits included in the projected benefit obligation. We select the return on asset assumption by considering our current and target asset allocation. We consider information from various external investment managers, forward-looking information regarding expected returns by asset class and our own judgment when determining the expected returns.


	(In thousands) Year Ended December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	136	$	—	$	—	$	136
Fixed income securities	2,983		—		—		2,983
Equities(1)	3,331		—		—		3,331
Other investments	1,097		—		—		1,097
Total plan assets at fair value	$	7,547	$	—	$	—	7,547
Pooled funds							23,085
Total fair value of plan assets							$	30,632


	(In thousands) Year Ended December 31, 2019
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	232	$	—	$	—	$	232
Fixed income securities	3,247		—		—		3,247
Equities(1)	2,645		—		—		2,645
Other investments	1,552		—		—		1,552
Total plan assets at fair value	$	7,676	$	—	$	—	7,676
Pooled funds							20,767
Total fair value of plan assets							$	28,443

(1)Represents mutual funds and commingled accounts which invest primarily in equities, but may also hold fixed income securities, cash and other investments. Commingled funds with publicly quoted prices and actively traded are classified as Level 1 investments.

Pooled funds are measured using the net asset value (“NAV”) as a practical expedient for fair value as permissible under the accounting standard for fair value measurements and have not been categorized in the fair value hierarchy in accordance with ASU 2015-07, “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” Pooled fund NAVs are provided by the trustee and are determined by reference to the fair value of the underlying securities of the trust, less its liabilities, which are valued primarily through the use of directly or indirectly observable inputs. Depending on the pooled fund, underlying securities may include marketable equity securities or fixed income securities.

The assumptions used to determine the benefit obligations and expense for our two plans are presented in the tables below. The expected long-term return on assets, noted below, represents an estimate of long-term returns on investment portfolios consisting of a mixture of fixed income and equity securities. The estimated cash flows from the plans for all future years are determined based on the plans’ population at the measurement date. We used the expected benefit payouts from the plans for each year into the future and discounted them back to the present using the Wells Fargo yield curve rate for that duration.

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:


	Years Ended December 31,
	2020	2019	2018
Discount rate used to determine pension expense
Pension Plan	3.22%	4.23%	3.64%
LaBarge Retirement Plan	2.85%	4.00%	3.40%

The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows:


	December 31,
	2020	2019	2018
Discount rate used to determine value of obligations
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%
Long-term rate of return - Pension Plan only	6.25%	7.00%	7.00%

The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid:


	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2021	$	1,277	$	605
2022	$	1,409	$	578
2023	$	1,460	$	549
2024	$	1,577	$	515
2025	$	1,647	$	476
2026 - 2030	$	9,235	$	1,946

Our funding policy is to contribute cash to our plans so that the minimum contribution requirements established by government funding and taxing authorities are met. We expect to make contributions of $0.9 million to the plans in 2021.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Indemnifications	12 Months Ended
Indemnifications	Dec. 31, 2020
Disclosure of Guarantees and Indemnifications [Abstract]
Indemnifications	Indemnifications We have made guarantees and indemnities under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions, including revenue transactions in the ordinary course of business. In connection with certain performance center leases, we have indemnified our lessors for certain claims arising from the performance center or the lease. We indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware. However, we have a directors and officers insurance policy that may reduce our exposure in certain circumstances and may enable us to recover a portion of future amounts that may be payable, if any. The duration of the guarantees and indemnities varies and, in many cases is indefinite but subject to statute of limitations. The majority of guarantees and indemnities do not provide any limitations of the maximum potential future payments we could be obligated to make. Historically, payments related to these guarantees and indemnities have been immaterial. We estimate the fair value of our indemnification obligations as insignificant based on this history and insurance coverage and have, therefore, not recorded any liability for these guarantees and indemnities in the accompanying consolidated balance sheets.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

Our pre-tax income attributable to foreign operations was not material. The provision for income tax (benefit) expense consisted of the following:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Current tax expense
Federal	$	2,525	$	5,802	$	474
State	(459)		1,067		1,260
	2,066		6,869		1,734
Deferred tax (benefit) expense
Federal	1,294		(650)		(789)
State	(553)		(917)		291
	741		(1,567)		(498)
Income tax expense (benefit)	$	2,807	$	5,302	$	1,236

We recognized net income tax benefits from deductions of share-based payments in excess of compensation cost recognized for financial reporting purposes of $0.4 million, $0.8 million, and $0.2 million for the years ended December 31, 2020, 2019, and 2018, respectively.

Deferred tax (liabilities) assets were comprised of the following:


	(In thousands) December 31,
	2020		2019
Deferred tax assets:
Accrued expenses	$	558	$	776
Allowance for doubtful accounts	371		314
Contract overrun reserves	546		1,004
Deferred compensation	113		94

Employment-related accruals	5,912		5,049
Environmental reserves	493		494
Federal tax credit carryforwards	133		84
Inventory reserves	2,684		2,334
Operating lease liabilities	4,186		4,830
Pension obligation	2,915		2,552
Federal and state net operating loss carryforwards	5,125		6,251
State tax credit carryforwards	9,271		8,900
Stock-based compensation	2,179		1,672

Other	1,544		1,226
Total gross deferred tax assets	36,030		35,580
Valuation allowance	(9,330)		(9,375)
Total gross deferred tax assets, net of valuation allowance	26,700		26,205
Deferred tax liabilities:
Deferred revenue	—		(256)
Depreciation	(11,255)		(8,852)
Goodwill	(5,493)		(4,109)
Intangibles	(22,298)		(24,749)
Operating lease right-of-use assets	(3,879)		(4,509)
Prepaid insurance	(385)		(346)

Other	(349)		(95)
Total gross deferred tax liabilities	(43,659)		(42,916)
Net deferred tax liabilities	$	(16,959)	$	(16,711)

We have federal and state tax net operating losses of $18.9 million and $20.7 million, respectively, as of December 31, 2020. The federal net operating losses acquired from the acquisition of Nobles are subject to an annual limitation under Internal Revenue Code Section 382; however, we expect to fully realize them under ASC Subtopic 740-10 before they begin to expire in 2033. The state net operating loss carryforwards include $12.2 million that is not expected to be realized due to various limitations and has been reduced by a valuation allowance. If not realized, the state net operating loss carryforwards, depending on the tax jurisdiction, will begin to expire between 2027 and 2033.

We have federal and state tax credit carryforwards of $0.1 million and $13.5 million, respectively, as of December 31, 2020. A valuation allowance of $11.0 million has been provided on state tax credit carryforwards that are not expected to be realized under ASC Subtopic 740-10. If not realized, the federal tax carryforwards will begin to expire in 2032 and state tax credit carryforwards, depending on the tax jurisdiction, will begin to expire between 2021 and 2031.

We believe it is more likely than not that we will generate sufficient taxable income to realize the benefit of the remaining deferred tax assets.

The principal reasons for the variation between the statutory and effective tax rates were as follows:


	Years Ended December 31,
	2020	2019	2018
Statutory federal income tax rate	21.0%	21.0%	21.0%
State income taxes (net of federal benefit)	4.6	3.6	5.3
Foreign derived intangible income deduction	(0.4)	(1.2)	—

Stock-based compensation expense	(1.4)	(2.1)	(1.9)
Research and development tax credits (1)	(13.8)	(7.8)	(32.0)
Other tax credits	(0.3)	—	(1.2)

Changes in valuation allowance	(0.4)	(1.6)	0.7
Non-deductible book expenses	3.6	3.9	8.2
Changes in deferred tax assets	(0.2)	(2.2)	12.1


Changes in tax reserves	(4.6)	1.2	1.2
Other	0.7	(0.8)	(1.4)
Effective income tax rate	8.8%	14.0%	12.0%

(1)For 2020, (3.4)% is additional research and development tax credits related to 2019.

Our total amount of unrecognized tax benefits was $4.1 million, $5.7 million, and $5.3 million at December 31, 2020, 2019, and 2018, respectively. We record interest and penalty charges, if any, related to uncertain tax positions as a component of tax expense and unrecognized tax benefits. The amounts accrued for interest and penalty charges as of December 31, 2020, 2019, and 2018 were not significant. If recognized, $2.4 million would affect the effective income tax rate. Due to federal and state statute of limitations for tax year 2016 that expired on October 15, 2020, we released uncertain tax positions of $2.2 million and recognized income tax benefits of $2.1 million in 2020. We do not expect the total amount of unrecognized tax benefits to increase or decrease by a material amount in the next twelve months.

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Balance at January 1,	$	5,663	$	5,283	$	5,271
Additions for tax positions related to the current year	418		408		419
Additions for tax positions related to prior years	157		—		92
Reductions for tax positions related to prior years	—		(28)		(499)
Reductions for lapse of statute of limitations	(2,169)		—		—
Balance at December 31,	$	4,069	$	5,663	$	5,283

We file U.S. Federal and state income tax returns. We are subject to examination by the Internal Revenue Service (“IRS”) for tax years after 2016 and by state taxing authorities for tax years after 2015. While we are no longer subject to examination prior to those periods, carryforwards generated prior to those periods may still be adjusted upon examination by the IRS or state taxing authorities if they either have been or will be used in a subsequent period. We believe we have adequately accrued for tax deficiencies or reductions in tax benefits, if any, that could result from the examination and all open audit years.

On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that provides tax relief to individuals and businesses affected by the coronavirus pandemic. We considered the provisions of the CARES Act and determined they do not have a material impact to our overall income taxes. We have utilized the option to defer payment of the employer portion of payroll taxes (Social Security) that would otherwise be required to be made during the period beginning March 27, 2020 to December 31, 2020. See COVID-19 Pandemic Impact on Our Business included in Part II, Item 7 of this Annual Report on Form 10-K (“Form 10-K”). As of December 31, 2020, we deferred income tax deductions related to payroll taxes of $6.1 million and a deferred tax asset of $1.4 million is included as part of the net deferred income taxes on the consolidated balance sheet.

On December 27, 2020, the U.S. enacted the Consolidated Appropriations Act, 2021 (the “Act”) that provides additional tax relief to individuals and businesses affected by the coronavirus pandemic. We considered the provisions of the Act and determined they do not have a material impact to our overall income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On December 16, 2020, a representative action under California’s Private Attorneys General Act was filed against us in the Superior Court for the State of California, County of San Bernardino. We received service of process of this complaint on January 28, 2021. The complaint alleges violations of California’s wage and hour laws relating to our current and former employees and seeks attorney’s fees and penalties. We believe these claims are baseless, without merit and intend to vigorously defend against them. We do not currently have enough information to make a reasonable estimate as to the likelihood or amount of loss, or a range of reasonably possible losses as a result of this claim, so there have been no related accrual for estimated liability recorded as of December 31, 2020. Structural Systems has been directed by California environmental agencies to investigate and take corrective action for groundwater contamination at our facilities located in El Mirage and Monrovia, California. Based on currently available information, we have established an accrual for its estimated liability for such investigation and corrective action of $1.5 million at December 31, 2020, which is reflected in other long-term liabilities on the consolidated balance sheet. Structural Systems also faces liability as a potentially responsible party for hazardous waste disposed at landfills located in Casmalia and West Covina, California. Structural Systems and other companies and government entities have entered into consent decrees with respect to these landfills with the United States Environmental Protection Agency and/or California environmental agencies under which certain investigation, remediation and maintenance activities are being performed. Based on currently available information, we preliminarily estimate that the range of our future liabilities in connection with the landfill located in West Covina, California is between $0.4 million and $3.1 million. We have established an accrual for the estimated liability in connection with the West Covina landfill of $0.4 million at December 31, 2020, which is reflected in other long-term liabilities on the consolidated balance sheet. Our ultimate liability in connection with these matters will depend upon a number of factors, including changes in existing laws and regulations, the design and cost of construction, operation and maintenance activities, and the allocation of liability among potentially responsible parties. On June 29, 2020, a fire severely damaged our performance center in Guaymas, Mexico, which is part of our Structural Systems segment. There were no injuries, however, property and equipment, inventories, and tooling in this leased facility were damaged. Our Guaymas performance center is comprised of two buildings with an aggregate total of 62,000 square feet. The loss of production from the Guaymas performance center is being absorbed by our other existing performance centers. A neighboring, non-related manufacturing facility, also suffered fire damage during the same time as the fire that severely damaged our Guaymas performance center. The cause of the fire is still undetermined and as such, there is no amount of loss that is probable and reasonably estimable at this time. Our insurance covers damage to the facility, equipment, unfinished inventory, and other assets at replacement cost, finished goods inventory at selling price, as well as business interruption, third party property damage, and recovery related expenses caused by the fire, less our per claim deductible. The anticipated insurance recoveries related to losses and incremental costs incurred are recognized when receipt is probable. The anticipated insurance recoveries in excess of net book value of the damaged operating assets and business interruption will not be recorded until all contingencies related to our claim have been resolved. During the year ended December 31, 2020, $0.8 million of revenue and $0.5 million of related cost of sales that were recognized earlier in the year using the over time method were subsequently reversed in the third quarter of 2020 as the revenue recognition process for these items were deemed to be interrupted as a result of these inventory items being damaged. Also during the year ended December 31, 2020, we wrote off property and equipment and tooling with an aggregate total net book value of $7.1 million and inventory on hand of $3.4 million that were damaged by the fire. The related anticipated insurance recoveries were also presented within the same financial statement line item in the consolidated statements of income resulting in no net impact, with the anticipated insurance recoveries receivable included as part of other current assets on the consolidated balance sheets. As of December 31, 2020, $13.5 million of general insurance recoveries have been received to date. The timing of and the remaining amounts of insurance recoveries, including for business interruption, are not known at this time. In the normal course of business, Ducommun and its subsidiaries are defendants in certain other litigation, claims and inquiries, including matters relating to environmental laws. In addition, Ducommun makes various commitments and incurs contingent liabilities. While it is not feasible to predict the outcome of these matters, Ducommun does not presently expect that any sum it may be required to pay in connection with these matters would have a material adverse effect on its consolidated financial position, results of operations or cash flows.

Major Customers and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2020

Risks and Uncertainties [Abstract]

Major Customers and Concentrations of Credit Risk

We provide proprietary products and services to the Department of Defense and various United States Government agencies, and most of the aerospace and aircraft manufacturers who receive contracts directly from the U.S. Government as an original equipment manufacturer (“Primes”). In addition, we also service technology-driven markets in the industrial, medical and other end-use markets. As a result, we have significant net revenues from certain customers. Accounts receivable were diversified over a number of different commercial, military and space programs and were made by both operating segments. Net revenues from our top ten customers, including The Boeing Company (“Boeing”), Lockheed Martin Corporation (“Lockheed Martin”), Northrop Grumman Corporation (“Northrop”), Raytheon Technologies Corporation (“Raytheon”), and Spirit AeroSystems Holdings, Inc. (“Spirit”), represented the following percentages of total net revenues:


	Years Ended December 31,
	2020		2019		2018
Boeing	10.5	%	16.6	%	17.0	%
Lockheed Martin	5.0	%	4.0	%	4.4	%
Northrop	9.1	%	4.0	%	3.6	%
Raytheon	20.9	%	15.6	%	16.3	%
Spirit	3.3	%	12.2	%	9.5	%

Top ten customers (1)	61.1	%	65.4	%	65.3	%

(1) Includes Boeing, Lockheed Martin, Northrop, Raytheon, and Spirit.

Boeing, Lockheed Martin, Northrop, Raytheon, and Spirit represented the following percentages of total accounts receivable:


	December 31,
	2020		2019
Boeing	4.8	%	5.9	%
Lockheed Martin	2.4	%	1.3	%
Northrop	12.3	%	6.5	%
Raytheon	15.0	%	6.7	%
Spirit	1.1	%	2.0	%

In 2020, 2019 and 2018, net revenues from foreign customers based on the location of the customer were $58.5 million, $81.6 million and $71.9 million, respectively. No net revenues from a foreign country were greater than 2.0% of total net revenues in 2020, 2019, and 2018. We have manufacturing facilities in Thailand and Mexico. Our net revenues, profitability and identifiable long-lived assets attributable to foreign revenues activity were not material compared to our net revenues, profitability and identifiable long-lived assets attributable to our domestic operations during 2020, 2019, and 2018. We are not subject to any significant foreign currency risks as all our sales are made in United States dollars.

Business Segment Information

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Business Segment Information

We supply products and services primarily to the aerospace and defense industries. Our subsidiaries are organized into two strategic businesses, Electronic Systems and Structural Systems, each of which is an operating segment as well as a reportable segment.

Financial information by reportable segment was as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Net Revenues
Electronic Systems	$	392,633	$	360,373	$	337,868
Structural Systems	236,308		360,715		291,439
Total Net Revenues	$	628,941	$	721,088	$	629,307
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	51,894	$	38,613	$	30,916
Structural Systems	19,584		46,836		19,063
	71,478		85,449		49,979
Corporate General and Administrative Expenses (3)	(25,972)		(29,216)		(26,061)
Operating Income	$	45,506	$	56,233	$	23,918
Depreciation and Amortization Expenses
Electronic Systems	$	14,038	$	14,170	$	14,223
Structural Systems	14,559		13,663		10,525
Corporate Administration	253		472		548
Total Depreciation and Amortization Expenses	$	28,850	$	28,305	$	25,296
Capital Expenditures
Electronic Systems	$	5,037	$	5,508	$	6,719
Structural Systems	8,570		13,338		9,104
Corporate Administration	—		—		514
Total Capital Expenditures	$	13,607	$	18,846	$	16,337

(1)The results for 2019 includes Nobles’ results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 2.

(2)The results for 2018 includes CTP’s results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment.

(3)Includes cost not allocated to either the Electronic Systems or Structural Systems operating segments.

Segment assets include assets directly identifiable with each segment. Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2020 and 2019:


	(In thousands) December 31,
	2020		2019
Total Assets
Electronic Systems	$	448,606	$	411,981
Structural Systems	325,604		328,718
Corporate Administration	63,137		49,730
Total Assets	$	837,347	$	790,429
Goodwill and Intangibles
Electronic Systems	$	201,077	$	210,453
Structural Systems	94,497		98,826
Total Goodwill and Intangibles	$	295,574	$	309,279

In October 2019, we acquired 100.0% of the outstanding equity interests of Nobles for an original purchase price of $77.0 million, net of cash acquired. We allocated the final gross purchase price of $77.1 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill. See Note 2.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Consolidated Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2020

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Consolidated Valuation and Qualifying Accounts

DUCOMMUN INCORPORATED AND SUBSIDIARIES

CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

YEARS ENDED DECEMBER 31, 2020, 2019, AND 2018

(Dollars in thousands)

SCHEDULE II



Description	Balance at Beginning of Period		Charged to (Reduction of) Costs and Expenses		Deductions/(Recoveries)		Other(1)		Balance at End of Period
2020
Allowance for Credit Losses	$	1,321	$	231	$	—	$	—	$	1,552
Valuation Allowance on Deferred Tax Assets	$	9,375	$	(111)	$	—	$	66	$	9,330
2019
Allowance for Credit Losses	$	1,135	$	219	$	33	$	—	$	1,321
Valuation Allowance on Deferred Tax Assets	$	9,083	$	(593)	$	—	$	885	$	9,375
2018
Allowance for Credit Losses	$	868	$	776	$	509	$	—	$	1,135
Valuation Allowance on Deferred Tax Assets	$	9,013	$	70	$	—	$	—	$	9,083

(1) Includes opening balances of Nobles Worldwide, Inc. acquired in October 2019.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2020
Accounting Policies [Abstract]
Description of Business	Description of BusinessWe are a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace and defense (“A&D”), industrial, medical, and other industries (collectively, “Industrial”). Our operations are organized into two primary businesses: Electronic Systems segment and Structural Systems segment, each of which is a reportable operating segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Electronic Systems’ product offerings primarily range from prototype development to complex assemblies. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies. Structural Systems’ products are primarily used on commercial aircraft, military fixed-wing aircraft and military and commercial rotary-wing aircraft. All reportable operating segments follow the same accounting principles.
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. Our fiscal quarters typically end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter.
Changes in Accounting Policies and Recent Accounting Pronouncements	Changes in Accounting Policies We adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“ASC 842”), on January 1, 2019. We applied ASC 842 using the additional transition method and therefore, recognized the cumulative effect of initially applying ASC 842 as an adjustment to the opening consolidated balance sheet at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under the previous lease accounting standard, ASC 840, “Leases” (“ASC 840”). We adopted ASC 606, “Revenue from Contracts with Customers” (“ASC 606”), on January 1, 2018. As a result, we changed our accounting policy for revenue recognition and the majority of our revenues are now recognized over time. The majority of our inventory is now charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Revenues recognized before billing are classified as contract assets. Payments received from customers prior to our billing are classified as contract liabilities. The determination of our provision for estimated losses on contracts was also changed as the definition of a contract for us became the customer purchase order instead of the long-term arrangements and are classified as contract liabilities. We applied ASC 606 using the modified retrospective method (also known as the cumulative effect method) and as such, recognized the cumulative effect of initially applying ASC 606 as an adjustment to retained earnings. Recent Accounting Pronouncements New Accounting Guidance Adopted in 2020 In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which provides clarity to, or addresses various specific issues, including modifications of debt instruments. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our consolidated financial statements. In February 2020, the FASB issued ASU 2020-02, “Financial Statements - Credit losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Relating to Accounting Standards Update No. 2016-02, Leases (Topic 842)” (“ASU 2020-02”), which provides guidance on the measurement and requirements related to credit losses. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Statements” (“ASU 2019-04”), which clarify, correct, and improve various aspects of the guidance in ASU 2016-01, ASU 2016-13, and ASU 2017-12. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which addresses various lessor implementation issues and clarifies that lessees and lessors are exempt from certain interim disclosure requirements associated with the adoption of ASC 842. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which should improve the effectiveness of fair value measurement disclosures by removing certain requirements, modifying certain requirements, and adding certain new requirements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. Early adoption was permitted. The adoption of this standard did not have a material impact on our consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In October 2020, the FASB issued ASU 2020-10, “Codification Improvements” (“ASU 2020-10”), which affect a wide variety of Topics in the Accounting Standards Codification (“Codification”). ASU 2020-10, among other things, contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). Many of the amendments arose as the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters Section (Section 45) of the Codification. Those amendments are not expected to change current practice. The new guidance is effective for fiscal years beginning after December 15, 2020, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are currently evaluating the impact of this standard but do not expect it to impact us significantly. In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies reporting or provides clarification on various topics, including clarification that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. The new guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2022. Early adoption is permitted. We are evaluating the impact of this standard. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We are evaluating the impact of this standard. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard. In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.
Use of Estimates	Use of Estimates Certain amounts and disclosures included in the consolidated financial statements required management to make estimates and judgments that affect the amount of assets, liabilities (including forward loss reserves), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current year’s presentation.
Fair Value	Fair Value Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. We have money market funds and they are included as cash and cash equivalents. We also had interest rate cap hedge agreements and the fair value of the interest rate cap hedge agreements were determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value above.
Derivative Instruments	Derivative InstrumentsWe recognize derivative instruments on our consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. As of December 31, 2020, we had no derivative instruments as our cash flow hedges matured in the second quarter of 2020.
Allowance for Credit Losses	Allowance for Credit Losses We maintain an allowance for credit losses for expected losses from the inability of customers to make required payments. The allowance for credit losses is evaluated periodically for expected credit losses based on the financial condition of customers and their payment history, the aging of accounts receivable, historical write-off experience and other assumptions, such as current assessment of economic conditions.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.
Property and Equipment and Depreciation	Property and Equipment and Depreciation Property and equipment, including assets recorded under operating and finance leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets.
Goodwill	Goodwill Goodwill is evaluated for impairment on an annual basis on the first day of the fourth fiscal quarter. If certain factors occur, including significant under performance of our business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, a decision to divest individual businesses within a reporting unit, or a decision to group individual businesses differently, we may be required to perform an interim impairment test prior to the fourth quarter. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. The qualitative approach for potential impairment analysis to determine whether it is more likely than not that the fair value of a reporting unit was less than its carrying amount includes consideration of 1) margin of passing most recent annual goodwill impairment test or step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. The quantitative approach for potential impairment analysis is performed by comparing the fair value of a reporting unit to its carrying value, including goodwill. Fair value is estimated by management using a combination of the income approach (discounted cash flow model) and the market approach. Management’s cash flow projections include significant judgments and assumptions, including the amount and timing of expected cash flows, long-term growth rates, and discount rates. The cash flows used in the discounted cash flow model are based on our best estimate of future revenues, gross margins, and adjusted after-tax earnings. Changes in any of these assumptions may have a significant impact on the estimated fair value of a reporting unit. The market approach also requires significant management judgment in selecting comparable business acquisitions and the transaction values observed and its related control premiums. In addition, we adopted Accounting Standards Update 2017-04 (“ASU 2017-04”) on January 1, 2019 which simplified our goodwill impairment testing by eliminating step two of the goodwill impairment test. In the fourth quarter of 2020, the carrying amount of goodwill at the date of the most recent annual impairment evaluation for Electronic Systems and Structural Systems was $117.4 million and $53.4 million, respectively. We acquired Nobles in October 2019 and recorded goodwill of $34.9 million in our Structural Systems segment, which is also our reporting unit. Since a goodwill impairment analysis is required to be performed within one year of the acquisition date or sooner upon a triggering event, we performed a step one goodwill impairment analysis as of the first day of the fourth quarter of 2020 for our Structural Systems segment. The fair value of our Structural Systems segment exceeded its carrying value by 69% and thus, was not deemed impaired. As of the date of our 2020 annual evaluation for goodwill impairment for the Electronic Systems segment, which is also our reporting unit, we performed a qualitative assessment including 1) margin of passing most recent step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. Based upon our qualitative assessment, we concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount and thus, goodwill was not deemed impaired.
Other Intangible Assets	Other Intangible Assets We amortize acquired other intangible assets with finite lives over the estimated economic lives of the assets, ranging from 10 to 18 years generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows when significant changes in conditions occur, and recognize impairment losses, if any, based upon the estimated fair value of the assets.
Restructuring Charges	Restructuring Charges In May 2020, management approved and commenced a restructuring plan in the Structural Systems segment mainly to reduce headcount in response to the impact from the COVID-19 pandemic on commercial aerospace demand outlook. We recorded an aggregate total of $2.4 million for severance and benefit costs which were charged to restructuring charges during the year ended December 31, 2020.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, as reflected on the consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.
Revenue Recognition	Revenue Recognition Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause. We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue under ASC 606, which utilizes a five-step model. The definition of a contract for us is typically defined as a customer purchase order as this is when we achieve an enforceable right to payment. The majority of our contracts are firm fixed-price contracts. The deliverables within a customer purchase order are analyzed to determine the number of performance obligations. In addition, at times, in order to achieve economies of scale and based on our customer’s forecasted demand, we may build in advance of receiving a purchase order from our customer. When that occurs, we would not recognize revenue until we have received the customer purchase order. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account under ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control is transferred and the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services are highly interrelated or met the series guidance. For contracts with multiple performance obligations, we allocate the contract transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate the standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We manufacture most products to customer specifications and the product cannot be easily modified for another customer. As such, these products are deemed to have no alternative use once the manufacturing process begins. In the event the customer invokes a termination for convenience clause, we would be entitled to costs incurred to date plus a reasonable profit. Contract costs typically include labor, materials, overhead, and when applicable, subcontractor costs. For most of our products, we are building assets with no alternative use and have enforceable right to payment, and thus, we recognize revenue using the over time method. The majority of our performance obligations are satisfied over time as work progresses. Typically, revenue is recognized over time using an input measure (i.e., costs incurred to date relative to total estimated costs at completion, also known as cost-to-cost plus reasonable profit) to measure progress. Our typical revenue contract is a firm fixed price contract, and the cost of raw materials could make up a significant amount of the total costs incurred. As such, we believe using the total costs incurred input method would be the most appropriate method. While the cost of raw materials could make up a significant amount of the total costs incurred, there is a direct relationship between our inputs and the transfer of control of goods or services to the customer. Contract estimates are based on various assumptions to project the outcome of future events that can span multiple months or years. These assumptions include labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; and the performance of subcontractors. As a significant change in one or more of these estimates could affect the profitability of our contracts, we review and update our contract-related estimates on a regular basis. We recognize adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the quarter it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. Net cumulative catch-up adjustments on profit recorded were not material for the year ended December 31, 2020. Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer, a contract liability is created for the advance or progress payment. We record provisions for the total anticipated losses on contracts, considering total estimated costs to complete the contract compared to total anticipated revenues, in the period in which such losses are identified. The provisions for estimated losses on contracts require us to make certain estimates and assumptions, including those with respect to the future revenue under a contract and the future cost to complete the contract. Our estimate of the future cost to complete a contract may include assumptions as to changes in manufacturing efficiency, operating and material costs, and our ability to resolve claims and assertions with our customers. If any of these or other assumptions and estimates do not materialize in the future, we may be required to adjust the provisions for estimated losses on contracts. The provision for estimated losses on contracts is included as part of contract liabilities on the consolidated balance sheets. As of December 31, 2020 and 2019, provision for estimated losses on contracts were $2.3 million and $4.2 million, respectively. Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts. As of December 31, 2020 and 2019, production costs of contracts were $7.0 million and $9.4 million, respectively. Contract Assets and Contract Liabilities Contract assets consist of our right to payment for work performed but not yet billed. Contract assets are transferred to accounts receivable when we bill our customers. We bill our customers when we ship the products and meet the shipping terms within the revenue contract. Contract liabilities consist of advance or progress payments received from our customers prior to the time transfer of control occurs plus the estimated losses on contracts.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized, using enacted tax rates, for the expected future tax consequences of temporary differences between the book and tax bases of recorded assets and liabilities, operating losses, and tax credit carryforwards. Deferred tax assets are evaluated quarterly and are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not, based on technical merits, to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement, including resolution of related appeals and/or litigation process, if any.
Litigation and Commitments	Litigation and Commitments In the normal course of business, we are defendants in certain litigation, claims and inquiries, including matters relating to environmental laws. In addition, we make various commitments and incur contingent liabilities. Management’s estimates regarding contingent liabilities could differ from actual results.
Environmental Liabilities	Environmental Liabilities Environmental liabilities are recorded when environmental assessments and/or remedial efforts are probable and costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Further, we review and update our environmental accruals as circumstances change and/or additional information is obtained that reasonably could be expected to have a meaningful effect on the outcome of a matter or the estimated cost thereof.
Accounting for Stock-Based Compensation	Accounting for Stock-Based CompensationWe measure and recognize compensation expense for share-based payment transactions to our employees and non-employees at their estimated fair value. The expense is measured at the grant date, based on the calculated fair value of the share-based award, and is recognized over the requisite service period (generally the vesting period of the equity award). The fair value of stock options are determined using the Black-Scholes-Merton (“Black-Scholes”) valuation model, which requires assumptions and judgments regarding stock price volatility, risk-free interest rates, and expected options terms. Management’s estimates could differ from actual results. The fair value of unvested stock awards is determined based on the closing price of the underlying common stock on the date of grant except for market condition awards for which the fair value was based on a Monte Carlo simulation model.
Earnings per Share	Earnings Per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus potentially dilutive shares that could be issued if exercised or converted into common stock in each period.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental Cash Flow Information


	(Dollars in thousands) Years Ended December 31,
	2020		2019		2018
Interest paid	$	11,859	$	16,474	$	11,573
Taxes paid	$	3,810	$	5,699	$	316
Non-cash activities:
Purchases of property and equipment not paid	$	2,477	$	1,380	$	824

Schedule of Contract with Customer, Asset and Liability

Contract assets and contract liabilities from revenue contracts with customers are as follows:


	(Dollars in thousands)
	December 31, 2020		December 31, 2019
Contract assets	$	154,028	$	106,670
Contract liabilities	$	28,264	$	14,517

Schedule of Disaggregation of Revenue

In addition to the revenue categories disclosed above, the following table reflects our revenue disaggregated by major end-use market:


			(Dollars in thousands) Years Ended December 31,				% of Net Revenues
	Change		2020		2019		2020		2019
Consolidated Ducommun
Military and space	$	99,059	$	422,859	$	323,800	67.2	%	44.9	%
Commercial aerospace	(180,361)		168,142		348,503		26.8	%	48.3	%
Industrial	(10,845)		37,940		48,785		6.0	%	6.8	%
Total	$	(92,147)	$	628,941	$	721,088	100.0	%	100.0	%

Electronic Systems
Military and space	$	64,431	$	308,676	$	244,245	78.6	%	67.8	%
Commercial aerospace	(21,326)		46,017		67,343		11.7	%	18.7	%
Industrial	(10,845)		37,940		48,785		9.7	%	13.5	%
Total	$	32,260	$	392,633	$	360,373	100.0	%	100.0	%

Structural Systems
Military and space	$	34,628	$	114,183	$	79,555	48.3	%	22.1	%
Commercial aerospace	(159,035)		122,125		281,160		51.7	%	77.9	%
Total	$	(124,407)	$	236,308	$	360,715	100.0	%	100.0	%

Schedule of Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share

The net income and weighted-average common shares outstanding used to compute earnings per share were as follows:


	(In thousands, except per share data) Years Ended December 31,
	2020		2019		2018
Net income	$	29,174	$	32,461	$	9,035
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,676		11,518		11,390
Dilutive potential common shares	256		274		269
Diluted weighted-average common shares outstanding	11,932		11,792		11,659
Earnings per share
Basic	$	2.50	$	2.82	$	0.79
Diluted	$	2.45	$	2.75	$	0.77

Schedule of Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings


	(In thousands) Years Ended December 31,
	2020	2019	2018
Stock options and stock units	254	127	208

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):


	Estimated Fair Value
Cash	$	658
Accounts receivable	1,880
Inventories	2,866
Other current assets	288
Property and equipment	2,319
Intangible assets	37,200
Goodwill	34,850
Other non-current assets	675
Total assets acquired	80,736
Current liabilities	(2,187)
Net non-current deferred tax liability	(759)
Other non-current liabilities	(675)
Total liabilities assumed	(3,621)
Total purchase price allocation	$	77,115

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	15-16	$	34,200
Trade names and trademarks	15	3,000
		$	37,200

Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	(In thousands) December 31,
	2020		2019
Raw materials and supplies	$	107,983	$	98,151
Work in process	15,895		10,887
Finished goods	5,345		3,444
Total	$	129,223	$	112,482

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consisted of the following:


	(In thousands) December 31,				Range of Estimated
	2020		2019		Useful Lives
Land	$	15,733	$	15,765
Buildings and improvements	60,664		61,626		5 - 40 Years
Machinery and equipment	174,251		167,688		2 - 20 Years
Furniture and equipment	18,490		18,714		2 - 10 Years
Construction in progress	10,594		14,343
	279,732		278,136
Less accumulated depreciation	169,742		162,920
Total	$	109,990	$	115,216

Leases (Tables)

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Operating leases expense	$	4,028	3,963

Finance leases expense:
Amortization of right-of-use assets	$	281	216
Interest on lease liabilities	56		42
Total finance lease expense	$	337	$	258

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2020		December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,191	$	4,030
Operating cash flows from finance leases	$	56	$	39
Financing cash flows from finance leases	$	288	$	169

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	165	$	2,574
Finance leases	$	1,241	$	483

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2020	December 31, 2019
Operating leases	6	7
Finance leases	7	4

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2020	December 31, 2019
Operating leases	6.5%	6.5%
Finance leases	4.3%	6.5%

Schedule of Finance Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	4,163	$	394
2022	3,772		257
2023	3,440		209
2024	3,032		182
2025	2,466		173
Thereafter	4,605		582
Total lease payments	21,478		1,797
Less imputed interest	3,791		232
Total	$	17,687	$	1,565

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	4,163	$	394
2022	3,772		257
2023	3,440		209
2024	3,032		182
2025	2,466		173
Thereafter	4,605		582
Total lease payments	21,478		1,797
Less imputed interest	3,791		232
Total	$	17,687	$	1,565

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2020 and 2019 were as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,482	$	252,639
Accumulated goodwill impairment	(81,722)		—		(81,722)

Balance at December 31, 2019	117,435		53,482		170,917
Purchase price allocation refinements	—		(87)		(87)

Balance at December 31, 2020	$	117,435	$	53,395	$	170,830

Schedule of Other Intangible Assets

Intangible assets are as follows:


		(In thousands)
		December 31, 2020						December 31, 2019
	Wtd. Avg Life (Yrs)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived assets
Customer relationships	17	$	221,500	$	101,535	$	119,965	$	221,900	$	88,838	$	133,062
Trade names and trademarks	14	5,500		857		4,643		5,500		450		5,050
Contract renewal	14	1,845		1,845		—		1,845		1,757		88
Technology	15	400		264		136		400		238		162
Total		$	229,245	$	104,501	$	124,744	$	229,645	$	91,283	$	138,362

The carrying amount of other intangible assets by operating segment as of December 31, 2020 and 2019 was as follows:


	(In thousands)
	December 31, 2020						December 31, 2019
	Gross		Accumulated Amortization		Net Carrying Value		Gross		Accumulated Amortization		Net Carrying Value
Other intangible assets
Electronic Systems	$	164,545	$	80,903	$	83,642	$	164,945	$	71,527	$	93,418
Structural Systems	64,700		23,598		41,102		64,700		19,756		44,944
Total	$	229,245	$	104,501	$	124,744	$	229,645	$	91,283	$	138,362

Schedule of Future Amortization Expense

Future amortization expense by operating segment is expected to be as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
2021	$	9,288	$	3,733	$	13,021
2022	9,288		3,661		12,949
2023	9,288		3,604		12,892
2024	9,288		3,368		12,656
2025	9,288		3,368		12,656
Thereafter	37,202		23,368		60,570
	$	83,642	$	41,102	$	124,744

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

The components of accrued liabilities consisted of the following:


	(In thousands) December 31,
	2020		2019
Accrued compensation	$	28,432	$	31,342
Accrued income tax and sales tax	80		163
Other	12,014		6,115
Total	$	40,526	$	37,620

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of Long Term Debt

Long-term debt and the current period interest rates were as follows:


	(In thousands) December 31,
	2020			2019
Term loans	$	295,638		$	310,000
Revolving credit facility	25,000			—


Total debt	320,638			310,000
Less current portion	7,000			7,000
Total long-term debt, less current portion	313,638			303,000
Less debt issuance costs - term loans	1,716			2,113
Total long-term debt, net of debt issuance costs - term loans	$	311,922		$	300,887
Debt issuance costs - revolving credit facility (1)	$	1,515		$	1,894

Weighted-average interest rate	3.59		%	6.87		%

(1) Included as part of other assets.

Schedule of Future Long Term Debt Payments

Future long-term debt payments at December 31, 2020 were as follows:


	(In thousands)
2021	$	7,000
2022	7,000
2023	7,000
2024	137,000
2025	162,638
Thereafter	—
Total	$	320,638

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Option Activity

Stock option activity for the year ended December 31, 2020 were as follows:



	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2020	446,818	$	34.68
Granted	8,000	$	44.45
Exercised	(54,063)	$	28.91
Expired	—	$	—
Forfeited	(20,612)	$	39.21
Outstanding at December 31, 2020	380,143	$	35.46	6.8	$	7,170
Exerciseable at December 31, 2020	188,466	$	32.37	5.9	$	4,137

Schedule of Nonvested Options Activity

Changes in nonvested stock options for the year ended December 31, 2020 were as follows:


	Number of Stock Options	Weighted- Average Grant Date Fair Value
Nonvested at January 1, 2020	349,871	$	14.33
Granted	8,000	$	16.48
Vested	(145,582)	$	13.81
Forfeited	(20,612)	$	15.04
Nonvested at December 31, 2020	191,677	$	14.73

Schedule of Assumptions Used

The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2020, 2019, and 2018 were as follows:


	Years Ended December 31,
	2020		2019		2018
Risk-free interest rate	1.59	%	1.92	%	2.65	%
Expected volatility	37.75	%	40.44	%	53.66	%
Expected dividends	—		—		—
Expected term (in months)	66		60		36

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:


	Years Ended December 31,
	2020	2019	2018
Discount rate used to determine pension expense
Pension Plan	3.22%	4.23%	3.64%
LaBarge Retirement Plan	2.85%	4.00%	3.40%

The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows:


	December 31,
	2020	2019	2018
Discount rate used to determine value of obligations
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%
Long-term rate of return - Pension Plan only	6.25%	7.00%	7.00%

Schedule of Restricted Stock Units Activity

Restricted stock unit activity for the year ended December 31, 2020 was as follows:


	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2020	127,423	$	36.22
Granted	118,835	$	27.62
Vested	(75,226)	$	35.07
Forfeited	(5,125)	$	32.45
Outstanding at December 31, 2020	165,907	$	30.70

Schedule of Performance-based Units Activity

Performance stock activity for the year ended December 31, 2020 was as follows:


	Number of Performance Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2020	197,574	$	33.98
Granted	159,136	$	29.65

Vested	(64,381)	$	31.82
Forfeited	(3,375)	$	44.45
Outstanding at December 31, 2020	288,954	$	31.95

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

The components of net periodic pension cost for the Pension Plan and LaBarge Retirement Plan in aggregate are as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Service cost	$	622	$	503	$	601
Interest cost	1,209		1,388		1,268
Expected return on plan assets	(1,761)		(1,644)		(1,784)
Amortization of actuarial losses	993		885		743
Net periodic pension cost	$	1,063	$	1,132	$	828

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2020 were as follows:


	(In thousands) Year Ended December 31,
	2020
Amortization of actuarial loss - total before tax (1)	$	993
Tax benefit	(236)
Net of tax	$	757

(1)The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

Schedule of Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan

The obligations, fair value of plan assets, and funded status of both plans are as follows:


	(In thousands) December 31,
	2020		2019
Change in benefit obligation(1)
Beginning benefit obligation (January 1)	$	39,085	$	33,951
Service cost	622		503
Interest cost	1,209		1,388
Actuarial (gain) loss	3,491		4,769
Benefits paid	(1,603)		(1,526)
Ending benefit obligation (December 31)	$	42,804	$	39,085
Change in plan assets
Beginning fair value of plan assets (January 1)	$	28,443	$	23,749
Return on assets	2,300		4,347
Employer contribution	1,492		1,873
Benefits paid	(1,603)		(1,526)
Ending fair value of plan assets (December 31)	$	30,632	$	28,443
Funded status (underfunded)	$	(12,172)	$	(10,642)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	605	$	588
Non-current liabilities	$	11,567	$	10,054
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	10,660	$	9,485
Amortization	(993)		(885)
Liability (gain) loss	3,491		4,769
Asset loss (gain)	(538)		(2,709)
Ending unrecognized loss, before tax (December 31)	12,620		10,660
Tax impact	(3,003)		(2,544)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	9,617	$	8,116

(1)Projected benefit obligation equals the accumulated benefit obligation for the plans.

Schedule of Company's Pension Plan Asset Allocation, by Asset Category

Our Pension Plan asset allocations at December 31, 2020 and 2019, by asset category, were as follows:


	December 31,
	2020	2019
Equity securities	67%	69%
Cash and equivalents	—%	1%
Debt securities	33%	30%
Total(1)	100%	100%

(1)Our overall investment strategy is to achieve an asset allocation within the following ranges to achieve an appropriate rate of return relative to risk.


Cash			0-10%
Fixed income securities			15-75%
Equities			30-80%


	(In thousands) Year Ended December 31, 2020
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	136	$	—	$	—	$	136
Fixed income securities	2,983		—		—		2,983
Equities(1)	3,331		—		—		3,331
Other investments	1,097		—		—		1,097
Total plan assets at fair value	$	7,547	$	—	$	—	7,547
Pooled funds							23,085
Total fair value of plan assets							$	30,632


	(In thousands) Year Ended December 31, 2019
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	232	$	—	$	—	$	232
Fixed income securities	3,247		—		—		3,247
Equities(1)	2,645		—		—		2,645
Other investments	1,552		—		—		1,552
Total plan assets at fair value	$	7,676	$	—	$	—	7,676
Pooled funds							20,767
Total fair value of plan assets							$	28,443

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2020, 2019, and 2018 were as follows:


	Years Ended December 31,
	2020		2019		2018
Risk-free interest rate	1.59	%	1.92	%	2.65	%
Expected volatility	37.75	%	40.44	%	53.66	%
Expected dividends	—		—		—
Expected term (in months)	66		60		36

The weighted-average assumptions used to determine the net periodic benefit costs under the two plans were as follows:


	Years Ended December 31,
	2020	2019	2018
Discount rate used to determine pension expense
Pension Plan	3.22%	4.23%	3.64%
LaBarge Retirement Plan	2.85%	4.00%	3.40%

The weighted-average assumptions used to determine the benefit obligations under the two plans were as follows:


	December 31,
	2020	2019	2018
Discount rate used to determine value of obligations
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%
Long-term rate of return - Pension Plan only	6.25%	7.00%	7.00%

Expected Future Benefit Payments Under Pension Plans

The following benefit payments under both plans, which reflect expected future service, as appropriate, are expected to be paid:


	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2021	$	1,277	$	605
2022	$	1,409	$	578
2023	$	1,460	$	549
2024	$	1,577	$	515
2025	$	1,647	$	476
2026 - 2030	$	9,235	$	1,946

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Provision for Income Tax Expense (Benefit)

The provision for income tax (benefit) expense consisted of the following:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Current tax expense
Federal	$	2,525	$	5,802	$	474
State	(459)		1,067		1,260
	2,066		6,869		1,734
Deferred tax (benefit) expense
Federal	1,294		(650)		(789)
State	(553)		(917)		291
	741		(1,567)		(498)
Income tax expense (benefit)	$	2,807	$	5,302	$	1,236

Summary of Deferred Tax Assets (Liabilities)

Deferred tax (liabilities) assets were comprised of the following:


	(In thousands) December 31,
	2020		2019
Deferred tax assets:
Accrued expenses	$	558	$	776
Allowance for doubtful accounts	371		314
Contract overrun reserves	546		1,004
Deferred compensation	113		94

Employment-related accruals	5,912		5,049
Environmental reserves	493		494
Federal tax credit carryforwards	133		84
Inventory reserves	2,684		2,334
Operating lease liabilities	4,186		4,830
Pension obligation	2,915		2,552
Federal and state net operating loss carryforwards	5,125		6,251
State tax credit carryforwards	9,271		8,900
Stock-based compensation	2,179		1,672

Other	1,544		1,226
Total gross deferred tax assets	36,030		35,580
Valuation allowance	(9,330)		(9,375)
Total gross deferred tax assets, net of valuation allowance	26,700		26,205
Deferred tax liabilities:
Deferred revenue	—		(256)
Depreciation	(11,255)		(8,852)
Goodwill	(5,493)		(4,109)
Intangibles	(22,298)		(24,749)
Operating lease right-of-use assets	(3,879)		(4,509)
Prepaid insurance	(385)		(346)

Other	(349)		(95)
Total gross deferred tax liabilities	(43,659)		(42,916)
Net deferred tax liabilities	$	(16,959)	$	(16,711)

Principle Reasons for Variation Between Expected and Effective Tax Rate

The principal reasons for the variation between the statutory and effective tax rates were as follows:


	Years Ended December 31,
	2020	2019	2018
Statutory federal income tax rate	21.0%	21.0%	21.0%
State income taxes (net of federal benefit)	4.6	3.6	5.3
Foreign derived intangible income deduction	(0.4)	(1.2)	—

Stock-based compensation expense	(1.4)	(2.1)	(1.9)
Research and development tax credits (1)	(13.8)	(7.8)	(32.0)
Other tax credits	(0.3)	—	(1.2)

Changes in valuation allowance	(0.4)	(1.6)	0.7
Non-deductible book expenses	3.6	3.9	8.2
Changes in deferred tax assets	(0.2)	(2.2)	12.1


Changes in tax reserves	(4.6)	1.2	1.2
Other	0.7	(0.8)	(1.4)
Effective income tax rate	8.8%	14.0%	12.0%

(1)For 2020, (3.4)% is additional research and development tax credits related to 2019.

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Balance at January 1,	$	5,663	$	5,283	$	5,271
Additions for tax positions related to the current year	418		408		419
Additions for tax positions related to prior years	157		—		92
Reductions for tax positions related to prior years	—		(28)		(499)
Reductions for lapse of statute of limitations	(2,169)		—		—
Balance at December 31,	$	4,069	$	5,663	$	5,283

Major Customers and Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2020

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk by Major Customers

Net revenues from our top ten customers, including The Boeing Company (“Boeing”), Lockheed Martin Corporation (“Lockheed Martin”), Northrop Grumman Corporation (“Northrop”), Raytheon Technologies Corporation (“Raytheon”), and Spirit AeroSystems Holdings, Inc. (“Spirit”), represented the following percentages of total net revenues:


	Years Ended December 31,
	2020		2019		2018
Boeing	10.5	%	16.6	%	17.0	%
Lockheed Martin	5.0	%	4.0	%	4.4	%
Northrop	9.1	%	4.0	%	3.6	%
Raytheon	20.9	%	15.6	%	16.3	%
Spirit	3.3	%	12.2	%	9.5	%

Top ten customers (1)	61.1	%	65.4	%	65.3	%

(1) Includes Boeing, Lockheed Martin, Northrop, Raytheon, and Spirit.

Boeing, Lockheed Martin, Northrop, Raytheon, and Spirit represented the following percentages of total accounts receivable:


	December 31,
	2020		2019
Boeing	4.8	%	5.9	%
Lockheed Martin	2.4	%	1.3	%
Northrop	12.3	%	6.5	%
Raytheon	15.0	%	6.7	%
Spirit	1.1	%	2.0	%

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Financial information by reportable segment was as follows:


	(In thousands) Years Ended December 31,
	2020		2019		2018
Net Revenues
Electronic Systems	$	392,633	$	360,373	$	337,868
Structural Systems	236,308		360,715		291,439
Total Net Revenues	$	628,941	$	721,088	$	629,307
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	51,894	$	38,613	$	30,916
Structural Systems	19,584		46,836		19,063
	71,478		85,449		49,979
Corporate General and Administrative Expenses (3)	(25,972)		(29,216)		(26,061)
Operating Income	$	45,506	$	56,233	$	23,918
Depreciation and Amortization Expenses
Electronic Systems	$	14,038	$	14,170	$	14,223
Structural Systems	14,559		13,663		10,525
Corporate Administration	253		472		548
Total Depreciation and Amortization Expenses	$	28,850	$	28,305	$	25,296
Capital Expenditures
Electronic Systems	$	5,037	$	5,508	$	6,719
Structural Systems	8,570		13,338		9,104
Corporate Administration	—		—		514
Total Capital Expenditures	$	13,607	$	18,846	$	16,337

(3)Includes cost not allocated to either the Electronic Systems or Structural Systems operating segments.

Segment Assets

Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2020 and 2019:


	(In thousands) December 31,
	2020		2019
Total Assets
Electronic Systems	$	448,606	$	411,981
Structural Systems	325,604		328,718
Corporate Administration	63,137		49,730
Total Assets	$	837,347	$	790,429
Goodwill and Intangibles
Electronic Systems	$	201,077	$	210,453
Structural Systems	94,497		98,826
Total Goodwill and Intangibles	$	295,574	$	309,279

Summary of Significant Accounting Policies - Narrative (Details)	12 Months Ended
	Dec. 31, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Oct. 31, 2019 USD ($)	Oct. 08, 2019 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments \| Segment	2
Goodwill	$ 170,830,000	$ 170,917,000
Restructuring charges	2,424,000	0	$ 14,671,000
Provision for loss on contracts	2,300,000	4,200,000
Production cost of contracts	6,971,000	9,402,000
Contract liability revenue	6,300,000
Miscellaneous expenses	1,400,000
Severance and Benefits
Significant Accounting Policies [Line Items]
Restructuring charges	$ 2,400,000
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets (in years)	10 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets (in years)	18 years
Nobles Worldwide, Inc.
Significant Accounting Policies [Line Items]
Goodwill				$ 34,900,000	$ 34,850,000
Electronic Systems
Significant Accounting Policies [Line Items]
Goodwill	$ 117,435,000	$ 117,435,000
Percentage of fair value in excess of carrying amount		44.00%
Structural Systems
Significant Accounting Policies [Line Items]
Goodwill	$ 53,395,000	$ 53,482,000
Percentage of fair value in excess of carrying amount	69.00%
Structural Systems \| Nobles Worldwide, Inc.
Significant Accounting Policies [Line Items]
Goodwill				$ 34,900,000
Other Assets
Significant Accounting Policies [Line Items]
Interest rate cap hedge premium	$ 0

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 11,859	$ 16,474	$ 11,573
Taxes paid	3,810	5,699	316
Non-cash activities:
Purchases of property and equipment not paid	$ 2,477	$ 1,380	$ 824

Summary of Significant Accounting Policies - Contact Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Contract assets	$ 154,028	$ 106,670
Contract liabilities	$ 28,264	$ 14,517

Summary of Significant Accounting Policies - Remaining Performance Obligation (Details) $ in Millions	Dec. 31, 2020 USD ($)
Accounting Policies [Abstract]
Remaining performance obligation, amount	$ 779.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	65.00%
Remaining performance obligation, period	12 months

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (92,147)
Revenues	$ 628,941	$ 721,088	$ 629,307
Percentage of revenues	100.00%	100.00%
Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 32,260
Revenues	$ 392,633	$ 360,373
Percentage of revenues	100.00%	100.00%
Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (124,407)
Revenues	$ 236,308	$ 360,715
Percentage of revenues	100.00%	100.00%
Military and space
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 99,059
Revenues	$ 422,859	$ 323,800
Percentage of revenues	67.20%	44.90%
Military and space \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 64,431
Revenues	$ 308,676	$ 244,245
Percentage of revenues	78.60%	67.80%
Military and space \| Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 34,628
Revenues	$ 114,183	$ 79,555
Percentage of revenues	48.30%	22.10%
Commercial aerospace
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (180,361)
Revenues	$ 168,142	$ 348,503
Percentage of revenues	26.80%	48.30%
Commercial aerospace \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (21,326)
Revenues	$ 46,017	$ 67,343
Percentage of revenues	11.70%	18.70%
Commercial aerospace \| Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (159,035)
Revenues	$ 122,125	$ 281,160
Percentage of revenues	51.70%	77.90%
Industrial
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (10,845)
Revenues	$ 37,940	$ 48,785
Percentage of revenues	6.00%	6.80%
Industrial \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (10,845)
Revenues	$ 37,940	$ 48,785
Percentage of revenues	9.70%	13.50%

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Net income	$ 29,174	$ 32,461	$ 9,035
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding (in shares)	11,676	11,518	11,390
Dilutive potential common shares (in shares)	256	274	269
Diluted weighted-average common shares outstanding (in shares)	11,932	11,792	11,659
Earnings per share
Basic earnings per share (in dollars per share)	$ 2.50	$ 2.82	$ 0.79
Diluted earnings per share (in dollars per share)	$ 2.45	$ 2.75	$ 0.77

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock options and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and stock units (in shares)	254	127	208

Business Combinations - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2019	Mar. 28, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 08, 2019
Business Acquisition [Line Items]
Proceeds from previous acquisition			$ 190	$ 0	$ 0
Goodwill			170,830	170,917
Nobles Worldwide, Inc.
Business Acquisition [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 77,000	$ 76,800
Payments to acquire business	77,300
Proceeds from previous acquisition		200
Gross purchase price	77,100	$ 77,100				$ 77,115
Intangible assets						37,200
Goodwill	$ 34,900					$ 34,850
Goodwill, expected tax deductible amount			$ 6,700
Acquisition related costs				$ 800

Business Combinations - Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Mar. 28, 2020	Dec. 31, 2019	Oct. 31, 2019	Oct. 08, 2019
Business Acquisition [Line Items]
Goodwill	$ 170,830		$ 170,917
Nobles Worldwide, Inc.
Business Acquisition [Line Items]
Cash					$ 658
Accounts receivable					1,880
Inventories					2,866
Other current assets					288
Property and equipment					2,319
Intangible assets					37,200
Goodwill				$ 34,900	34,850
Other non-current assets					675
Total assets acquired					80,736
Current liabilities					(2,187)
Net non-current deferred tax liability					(759)
Other non-current liabilities					(675)
Total liabilities assumed					(3,621)
Total purchase price allocation		$ 77,100		$ 77,100	$ 77,115

Business Combinations - Estimated Fair Value of Intangible Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Oct. 08, 2019	Dec. 31, 2020
Customer relationships
Business Acquisition [Line Items]
Useful Life (In years)		17 years
Trade names and trademarks
Business Acquisition [Line Items]
Useful Life (In years)		14 years
Minimum
Business Acquisition [Line Items]
Useful Life (In years)		10 years
Maximum
Business Acquisition [Line Items]
Useful Life (In years)		18 years
Nobles Worldwide, Inc.
Business Acquisition [Line Items]
Intangible assets	$ 37,200
Nobles Worldwide, Inc. \| Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 34,200
Nobles Worldwide, Inc. \| Trade names and trademarks
Business Acquisition [Line Items]
Useful Life (In years)	15 years
Intangible assets	$ 3,000
Nobles Worldwide, Inc. \| Minimum \| Customer relationships
Business Acquisition [Line Items]
Useful Life (In years)	15 years
Nobles Worldwide, Inc. \| Maximum \| Customer relationships
Business Acquisition [Line Items]
Useful Life (In years)	16 years

Inventories - (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 107,983	$ 98,151
Work in process	15,895	10,887
Finished goods	5,345	3,444
Total	$ 129,223	$ 112,482

Property and Equipment, Net - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 279,732	$ 278,136
Less accumulated depreciation	169,742	162,920
Total	109,990	115,216
Depreciation expense	13,800	13,500	$ 13,500
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	15,733	15,765
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 60,664	61,626
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 174,251	167,688
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 18,490	18,714
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,594	$ 14,343

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Lease renewal term	5 years
Lease termination period	1 year
Payments due with option to extend	$ 11,500,000
Operating lease, lease not yet commenced, amount	0
Finance lease, lease not yet commenced, amount	$ 200,000
Finance lease, lease not yet commenced, term of contract	5 years
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term	9 years

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating leases expense	$ 4,028	$ 3,963
Finance leases expense:
Amortization of right-of-use assets	281	216
Interest on lease liabilities	56	42
Total finance lease expense	$ 337	$ 258

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 4,191	$ 4,030
Operating cash flows from finance leases	56	39
Financing cash flows from finance leases	288	169
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	165	2,574
Finance leases	$ 1,241	$ 483

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2020	Dec. 31, 2019
Weighted Average Lease Term
Operating leases	6 years	7 years
Finance leases	7 years	4 years
Weighted Average Discount Rate
Operating leases	6.50%	6.50%
Finance leases	4.30%	6.50%

Leases - Undiscounted Cash Flows (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 4,163
2022	3,772
2023	3,440
2024	3,032
2025	2,466
Thereafter	4,605
Total lease payments	21,478
Less imputed interest	3,791
Total	17,687
Finance Leases
2021	394
2022	257
2023	209
2024	182
2025	173
Thereafter	582
Total lease payments	1,797
Less imputed interest	232
Total	$ 1,565

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Goodwill [Line Items]
Gross goodwill		$ 252,639
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 170,917
Purchase price allocation refinements	(87)
Goodwill, ending balance	170,830
Electronic Systems
Goodwill [Line Items]
Gross goodwill		199,157
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Goodwill, beginning balance	117,435
Purchase price allocation refinements	0
Goodwill, ending balance	117,435
Structural Systems
Goodwill [Line Items]
Gross goodwill		53,482
Accumulated goodwill impairment		$ 0
Goodwill [Roll Forward]
Goodwill, beginning balance	53,482
Purchase price allocation refinements	(87)
Goodwill, ending balance	$ 53,395

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 31, 2019	Oct. 08, 2019
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 170,830	$ 170,917
Amortization expense of intangible asset	$ 13,200	$ 11,400	$ 10,700
Minimum
Goodwill And Intangible Assets [Line Items]
Acquired intangible assets amortization period	10 years
Maximum
Goodwill And Intangible Assets [Line Items]
Acquired intangible assets amortization period	18 years
Nobles Worldwide, Inc.
Goodwill And Intangible Assets [Line Items]
Goodwill				$ 34,900	$ 34,850
Electronic Systems
Goodwill And Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount		44.00%
Goodwill	$ 117,435	$ 117,435
Structural Systems
Goodwill And Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount	69.00%
Goodwill	$ 53,395	$ 53,482
Structural Systems \| Nobles Worldwide, Inc.
Goodwill And Intangible Assets [Line Items]
Goodwill				$ 34,900

Goodwill and Other Intangible Assets - Carrying Amount of Finite-lived and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 229,245	$ 229,645
Accumulated Amortization	104,501	91,283
Net Carrying Amount	124,744	138,362
Electronic Systems
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	164,545	164,945
Accumulated Amortization	80,903	71,527
Net Carrying Amount	83,642	93,418
Structural Systems
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	64,700	64,700
Accumulated Amortization	23,598	19,756
Net Carrying Amount	$ 41,102	44,944
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	17 years
Gross Carrying Amount	$ 221,500	221,900
Accumulated Amortization	101,535	88,838
Net Carrying Amount	$ 119,965	133,062
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	14 years
Gross Carrying Amount	$ 5,500	5,500
Accumulated Amortization	857	450
Net Carrying Amount	$ 4,643	5,050
Contract renewal
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	14 years
Gross Carrying Amount	$ 1,845	1,845
Accumulated Amortization	1,845	1,757
Net Carrying Amount	$ 0	88
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	15 years
Gross Carrying Amount	$ 400	400
Accumulated Amortization	264	238
Net Carrying Amount	$ 136	$ 162

Goodwill and Other Intangible Assets - Future Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	$ 13,021
2022	12,949
2023	12,892
2024	12,656
2025	12,656
Thereafter	60,570
Net Carrying Amount	124,744	$ 138,362
Electronic Systems
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	9,288
2022	9,288
2023	9,288
2024	9,288
2025	9,288
Thereafter	37,202
Net Carrying Amount	83,642	93,418
Structural Systems
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2021	3,733
2022	3,661
2023	3,604
2024	3,368
2025	3,368
Thereafter	23,368
Net Carrying Amount	$ 41,102	$ 44,944

Accrued Liabilities - (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation	$ 28,432	$ 31,342
Accrued income tax and sales tax	80	163
Other	12,014	6,115
Total	$ 40,526	$ 37,620

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt, gross	$ 320,638	$ 310,000
Less current portion	7,000	7,000
Total long-term debt, less current portion	313,638	303,000
Less debt issuance costs	1,716	2,113
Total long-term debt, net of debt issuance costs	$ 311,922	$ 300,887
Weighted-average interest rate	3.59%	6.87%
Term loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 295,638	$ 310,000
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	25,000	0
Less debt issuance costs	$ 1,515	$ 1,894

Long-Term Debt - Future Long-Term Debt Payment (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2021	$ 7,000
2022	7,000
2023	7,000
2024	137,000
2025	162,638
Thereafter	0
Total Debt	$ 320,638

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended				3 Months Ended		12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Dec. 31, 2019	Oct. 31, 2019	Nov. 30, 2018	Oct. 31, 2015	Dec. 31, 2020	Mar. 28, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Repayments of debt							$ 288,000	$ 169,000	$ 0
Repayments of secured debt							14,362,000	63,000,000	$ 167,000,000
Interest rate cap premiums
Debt Instrument [Line Items]
Interest rate hedge				$ 135,000,000.0
Payments made for interest rate hedge				$ 1,000,000.0
Nobles Worldwide, Inc.
Debt Instrument [Line Items]
Percentage of outstanding common stock acquired		100.00%
Purchase price of acquisition		$ 77,000,000.0				$ 76,800,000
Payments to acquire business		$ 77,300,000
Credit Facilities
Debt Instrument [Line Items]
Debt amount	$ 480,000,000.0							480,000,000.0
Revolving Credit Facility \| New Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0							100,000,000.0
Proceeds from lines of credit						50,000,000.0
Repayments of lines of credit					$ 25,000,000.0
Revolving Credit Facility \| New Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate	0.50%
Revolving Credit Facility \| New Revolving Credit Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate	1.00%
Revolving Credit Facility \| New Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee	0.175%
Revolving Credit Facility \| New Revolving Credit Facility \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Revolving Credit Facility \| New Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Revolving Credit Facility \| New Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee	0.275%
Revolving Credit Facility \| New Revolving Credit Facility \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate	2.50%
Revolving Credit Facility \| New Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Revolving Credit Facility \| 2018 Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0							100,000,000.0
Percentage of excess cash flow payment when leverage ratio is greater than 3.25			50.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 3.25			25.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 2.50			0.00%
Repayments of lines of credit	58,500,000
Fees paid to lenders to be capitalized					500,000		500,000
Amortization of debt issuance costs							500,000
Debt issuance costs, line of credit arrangements					1,100,000		1,100,000
Revolving Credit Facility \| 2018 Term Loan
Debt Instrument [Line Items]
Fees paid to lenders to be capitalized					1,500,000		1,500,000
Revolving Credit Facility \| New Credit Facilities
Debt Instrument [Line Items]
Remaining borrowing capacity					74,800,000		74,800,000
Outstanding standby letters of credit					200,000		200,000
Secured Debt \| New Term Loan
Debt Instrument [Line Items]
Debt amount	$ 140,000,000.0							$ 140,000,000.0
Prepayment amount of principal outstanding	1.25%							1.25%
Repayments of debt							7,000,000.0
Proceeds from lines of credit	$ 140,000,000.0
Fees paid to lenders to be capitalized					$ 600,000		$ 600,000
Secured Debt \| New Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate	0.50%
Secured Debt \| New Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate	1.00%
Secured Debt \| New Term Loan \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Secured Debt \| New Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Secured Debt \| New Term Loan \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate	2.50%
Secured Debt \| New Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Secured Debt \| 2018 Term Loan
Debt Instrument [Line Items]
Debt amount			$ 240,000,000.0
Prepayment amount of principal outstanding			0.25%
Repayments of debt	$ 56,000,000.0
Secured Debt \| 2018 Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate			0.50%
Secured Debt \| 2018 Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate			1.00%
Secured Debt \| 2018 Term Loan \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| 2018 Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| Credit Facilities
Debt Instrument [Line Items]
Repayments of secured debt						$ 7,400,000

Shareholders' Equity - Narrative (Details) - shares	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Preferred stock, shares authorized (in shares)	5,000,000,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) plan $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans \| plan	2
Granted (in shares) \| shares	8,000
Grants (in dollars per share) \| $ / shares	$ 16.48
Weighted average remaining contractual term	6 years 9 months 18 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	750,000
Shares reserved for future issuance (in shares) \| shares	666,194
Discount from market price, offering date	15.00%
Share-based offering period	6 months
Maximum percentage of employee compensation for purchase of common stock	10.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	8,000	189,170	176,940
Grants (in dollars per share) \| $ / shares	$ 16.48	$ 15.95	$ 12.87
Expiration period from date of grant	10 years
Aggregate intrinsic value of stock options exercised	$ 0.9	$ 1.8	$ 1.3
Cash received from the exercise of options	1.9	2.6	1.8
Tax benefits realized for the tax deductions from options exercised	$ 0.5	0.6	0.3
Options vested (in shares) \| shares	380,143
Weighted average exercise price (in dollars per share) \| $ / shares	$ 35.46
Aggregate intrinsic value	$ 7.2
Weighted average remaining contractual term	6 years 9 months 18 days
Share-based compensation expense	$ 1.8	1.6	0.9
Unrecognized compensation cost related to stock option	$ 1.8
Weighted average period	1 year 1 month 6 days
Total fair value of options expensed before tax benefits	$ 2.0	1.3	0.8
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	3 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	3 years
Share-based compensation expense	$ 2.6	$ 2.4	$ 2.1
Weighted average period	1 year 9 months 18 days
Granted (in shares) \| shares	118,835	62,520	81,230
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 27.62	$ 41.04	$ 32.36
Compensation not yet recognized	$ 3.4
Fair value of awards vested in period	2.3	$ 2.4	$ 2.7
Tax benefit realized on vesting of options	$ 0.5	0.6	0.6
Restricted Stock Units \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Units \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Units \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 4.9	$ 3.2	$ 1.9
Weighted average period	2 years
Granted (in shares) \| shares	159,136	58,178	64,700
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 29.65	$ 43.80	$ 35.16
Compensation not yet recognized	$ 4.2
Fair value of awards vested in period	3.7	$ 3.8	$ 0.3
Tax benefit realized on vesting of options	$ 0.9	$ 0.9	$ 0.1
2013 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	651,162
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares) \| shares	409,487

Stock-Based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares
Number of Stock Options
Beginning Balance (in shares) \| shares	446,818
Granted (in shares) \| shares	8,000
Exercised (in shares) \| shares	(54,063)
Expired (in shares) \| shares	0
Forfeited (in shares) \| shares	(20,612)
Ending Balance (in shares) \| shares	380,143
Exercisable at end of period (in shares) \| shares	188,466
Weighted- Average Exercise Price Per Share
Beginning Balance (in dollars per share) \| $ / shares	$ 34.68
Granted (in dollars per share) \| $ / shares	44.45
Exercised (in dollars per share) \| $ / shares	28.91
Expired (in dollars per share) \| $ / shares	0
Forfeited (in dollars per share) \| $ / shares	39.21
Ending Balance (in dollars per share) \| $ / shares	35.46
Exercisable at end of period (in dollars per share) \| $ / shares	$ 32.37
Weighted-Average Remaining Contractual Life (Years)
Outstanding	6 years 9 months 18 days
Exercisable	5 years 10 months 24 days
Aggregate Intrinsic Value
Outstanding \| $	$ 7,170
Exercisable \| $	$ 4,137

Stock-Based Compensation - Changes in Nonvested Stock Options (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	349,871
Granted (in shares) \| shares	8,000
Vested (in shares) \| shares	(145,582)
Forfeited (in shares) \| shares	(20,612)
Ending balance (in shares) \| shares	191,677
Weighted- Average Grant Date Fair Value
Beginning balance, (in dollars per share) \| $ / shares	$ 14.33
Granted, (in dollars per share) \| $ / shares	16.48
Vested, (in dollars per share) \| $ / shares	13.81
Forfeited, (in dollars per share) \| $ / shares	15.04
Ending balance, (in dollars per share) \| $ / shares	$ 14.73

Stock-Based Compensation - Assumptions Used for Estimating Fair Value of Share Based Payment Award (Details) - Stock Options - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.59%	1.92%	2.65%
Expected volatility	37.75%	40.44%	53.66%
Expected dividends	$ 0	$ 0	$ 0
Expected term (in months)	66 months	60 months	36 months

Stock-Based Compensation - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Stock Units
Outstanding
Beginning of period (in shares)	127,423
Granted (in shares)	118,835	62,520	81,230
Vested (in shares)	(75,226)
Forfeited (in shares)	(5,125)
Ending of period (in shares)	165,907	127,423
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 36.22
Granted (in dollars per share)	27.62	$ 41.04	$ 32.36
Vested (in dollars per share)	35.07
Forfeited (in dollars per share)	32.45
Outstanding at ending of period (in dollars per share)	$ 30.70	$ 36.22
Performance Stock Units
Outstanding
Beginning of period (in shares)	197,574
Granted (in shares)	159,136	58,178	64,700
Vested (in shares)	(64,381)
Forfeited (in shares)	(3,375)
Ending of period (in shares)	288,954	197,574
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 33.98
Granted (in dollars per share)	29.65	$ 43.80	$ 35.16
Vested (in dollars per share)	31.82
Forfeited (in dollars per share)	44.45
Outstanding at ending of period (in dollars per share)	$ 31.95	$ 33.98

Employee Benefit Plans - Narrative (Details)	12 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2020 USD ($) compensation_plan	Dec. 31, 2019 USD ($) compensation_plan	Dec. 31, 2018 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of unfunded supplemental retirement plans \| compensation_plan	3
Accumulated benefit obligations	$ 300,000	$ 400,000
Number of company sponsored 401(K) defined contribution plans \| compensation_plan	1
Provision for matching and profit sharing contribution	$ 2,600,000	2,700,000	$ 2,600,000
Estimated net actuarial loss for the defined benefit pension plan	1,000,000.0
Excess of accumulated benefit obligation over fair value of plan assets	12,200,000
Pension liability	9,600,000	$ 8,100,000
Estimated employer Contribution to pension plan in next fiscal year	$ 900,000
Plan One covering all employees, other than employees of Miltec
Defined Benefit Plan Disclosure [Line Items]
Contribution by employee towards defined benefit plan	25.00%
Contribution by employer towards defined benefit plan	50.00%
Employee contribution compensation limit	6.00%
Executives and Directors
Defined Benefit Plan Disclosure [Line Items]
Number of unfunded supplemental retirement plans \| compensation_plan	2	2
Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Liability for labarge deferred compensation plan	$ 0	$ 0
Interest on labarge deferred compensation plan	$ 100,000	$ 100,000

Employee Benefit Plans - Components of Net Periodic Pension Cost for Defined Benefit Pension Plan and Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Service cost	$ 622	$ 503	$ 601
Interest cost	1,209	1,388	1,268
Expected return on plan assets	(1,761)	(1,644)	(1,784)
Amortization of actuarial losses	993	885	743
Net periodic pension cost	$ 1,063	$ 1,132	$ 828

Employee Benefit Plans - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Retirement Benefits [Abstract]
Amortization of actuarial loss - total before tax	$ 993
Tax benefit	(236)	$ (209)	$ (173)
Net of tax	$ 757	$ 676	$ 570

Employee Benefit Plans - Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Change in benefit obligation
Beginning benefit obligation	$ 39,085	$ 33,951
Service cost	622	503	$ 601
Interest cost	1,209	1,388	1,268
Actuarial (gain) loss	3,491	4,769
Benefits paid	(1,603)	(1,526)
Ending benefit obligation	42,804	39,085	33,951
Change in plan assets
Fair value of plan assets at beginning of year	28,443	23,749
Return on assets	2,300	4,347
Employer contribution	1,492	1,873
Benefits paid	(1,603)	(1,526)
Fair value of plan assets at end of year	30,632	28,443	23,749
Funded status (underfunded)	(12,172)	(10,642)
Amounts recognized in the consolidated balance sheet
Current liabilities	605	588
Non-current liabilities	11,567	10,054
Unrecognized loss included in accumulated other comprehensive loss
Unrecognized loss before tax, beginning balance	10,660	9,485
Amortization	(993)	(885)
Liability (gain) loss	3,491	4,769
Asset loss (gain)	(538)	(2,709)
Unrecognized loss before tax, ending balance	12,620	10,660	$ 9,485
Tax impact	(3,003)	(2,544)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$ 9,617	$ 8,116

Employee Benefit Plans - Pension Plan Asset Allocations (Details)	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Plan assets	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	67.00%	69.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	0.00%	1.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	33.00%	30.00%

Employee Benefit Plans - Asset Allocation Ranges (Details)	Dec. 31, 2020
Minimum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	0.00%
Minimum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	15.00%
Minimum \| Equities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	30.00%
Maximum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	10.00%
Maximum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	75.00%
Maximum \| Equities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	80.00%

Employee Benefit Plans - Return on Current and Target Asset Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	$ 7,547	$ 7,676
Pooled funds	23,085	20,767
Total fair value of plan assets	30,632	28,443	$ 23,749
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	136	232
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,983	3,247
Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,331	2,645
Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,097	1,552
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	7,547	7,676
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	136	232
Level 1 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	2,983	3,247
Level 1 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,331	2,645
Level 1 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,097	1,552
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 0	$ 0

Employee Benefit Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Pension Plan
Discount rate used to determine pension expense
Discount rate	3.22%	4.23%	3.64%
Discount rate used to determine value of obligations
Discount rate	2.50%	3.22%	4.23%
Long term rate of return	6.25%	7.00%	7.00%
LaBarge Retirement Plan
Discount rate used to determine pension expense
Discount rate	2.85%	4.00%	3.40%
Discount rate used to determine value of obligations
Discount rate	1.85%	2.85%	4.00%

Employee Benefit Plans - Future Benefit Payments Under Pension Plans (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Pension Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	$ 1,277
2022	1,409
2023	1,460
2024	1,577
2025	1,647
2026 - 2030	9,235
LaBarge Retirement Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2021	605
2022	578
2023	549
2024	515
2025	476
2026 - 2030	$ 1,946

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current tax expense
Federal	$ 2,525	$ 5,802	$ 474
State	(459)	1,067	1,260
Current tax expense	2,066	6,869	1,734
Deferred tax (benefit) expense
Federal	1,294	(650)	(789)
State	(553)	(917)	291
Deferred tax (benefit) expense	741	(1,567)	(498)
Income tax expense (benefit)	$ 2,807	$ 5,302	$ 1,236

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Tax Credit Carryforward [Line Items]
Excess tax benefit over compensation cost recognized, amount	$ 400	$ 800	$ 200
Operating loss carryforward not expected to be realized under ASC subtopic 740-10	12,200
Tax credit carryforwards	133	84
Tax credit carryforwards valuation allowance	9,330	9,375
Unrecognized tax benefits	4,069	5,663	$ 5,283	$ 5,271
Unrecognized tax benefits that would impact effective tax rate	2,400
Decrease on uncertain tax positions	2,200
Decrease in unrecognized tax benefits is reasonably possible	2,100
Deferred compensation	113	$ 94
Deferred tax assets, tax deferred expense	1,400
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Other	6,100
Federal
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	18,900
Tax credit carryforwards	100
State
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	20,700
Tax credit carryforwards	13,500
Tax credit carryforwards valuation allowance	$ 11,000

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred tax assets:
Accrued expenses	$ 558	$ 776
Allowance for doubtful accounts	371	314
Contract overrun reserves	546	1,004
Deferred compensation	113	94
Employment-related accruals	5,912	5,049
Environmental reserves	493	494
Federal tax credit carryforwards	133	84
Inventory reserves	2,684	2,334
Operating lease liabilities	4,186	4,830
Pension obligation	2,915	2,552
Federal and state net operating loss carryforwards	5,125	6,251
State tax credit carryforwards	9,271	8,900
Stock-based compensation	2,179	1,672
Other	1,544	1,226
Total gross deferred tax assets	36,030	35,580
Valuation allowance	(9,330)	(9,375)
Total gross deferred tax assets, net of valuation allowance	26,700	26,205
Deferred tax liabilities:
Deferred revenue	0	(256)
Depreciation	(11,255)	(8,852)
Goodwill	(5,493)	(4,109)
Intangibles	(22,298)	(24,749)
Operating lease right-of-use assets	3,879	4,509
Prepaid insurance	(385)	(346)
Other	(349)	(95)
Total gross deferred tax liabilities	(43,659)	(42,916)
Net deferred tax liabilities	$ (16,959)	$ (16,711)

Income Taxes - Variation Between Expected and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes (net of federal benefit)	4.60%	3.60%	5.30%
Foreign derived intangible income deduction	(0.004)	(0.012)	0
Stock-based compensation expense	(1.40%)	(2.10%)	(1.90%)
Research and development tax credits	(13.80%)	(7.80%)	(32.00%)
Other tax credits	(0.30%)	0.00%	(1.20%)
Changes in valuation allowance	(0.40%)	(1.60%)	0.70%
Non-deductible book expenses	3.60%	3.90%	8.20%
Changes in deferred tax assets	(0.20%)	(2.20%)	12.10%
Changes in tax reserves	(4.60%)	1.20%	1.20%
Other	0.70%	(0.80%)	(1.40%)
Effective income tax rate	8.80%	14.00%	12.00%
Tax credit, percent	(3.40%)

Income Taxes - Schedule of Changes in Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 5,663	$ 5,283	$ 5,271
Additions for tax positions related to the current year	418	408	419
Additions for tax positions related to prior years	157	0	92
Reductions for tax positions related to prior years	0	(28)	(499)
Reductions for lapse of statute of limitations	(2,169)	0	0
Ending Balance	$ 4,069	$ 5,663	$ 5,283

Commitments and Contingencies - Narrative (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jun. 29, 2020 ft² building
Loss Contingencies [Line Items]
Net Revenues	$ 628,941	$ 721,088	$ 629,307
Cost of Sales	491,203	568,891	$ 506,711
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire
Loss Contingencies [Line Items]
Number of buildings \| building				2
Real estate property (in sqft) \| ft²				62
Loss contingency, receivable, proceeds	13,500
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Property, Plant and Equipment
Loss Contingencies [Line Items]
Carrying value of impaired assets	7,100
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Inventories
Loss Contingencies [Line Items]
Carrying value of impaired assets	3,400
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Revision of Prior Period, Reclassification, Adjustment
Loss Contingencies [Line Items]
Net Revenues	800
Cost of Sales	500
Structural Systems
Loss Contingencies [Line Items]
Net Revenues	236,308	$ 360,715
Structural Systems \| El Mirage and Monrovia, California
Loss Contingencies [Line Items]
Reserve for estimated liability	1,500
Structural Systems \| Casmalia and West Covina, California
Loss Contingencies [Line Items]
Reserve for estimated liability	400
Structural Systems \| Casmalia and West Covina, California \| Minimum
Loss Contingencies [Line Items]
Possible loss	400
Structural Systems \| Casmalia and West Covina, California \| Maximum
Loss Contingencies [Line Items]
Possible loss	$ 3,100

Major Customers and Concentrations of Credit Risk - Sales to Major Customers (Details) - Customer Concentration Risk - Revenue from Contract with Customer Benchmark	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Boeing
Revenue, Major Customer [Line Items]
Concentration percentage	10.50%	16.60%	17.00%
Lockheed Martin
Revenue, Major Customer [Line Items]
Concentration percentage	5.00%	4.00%	4.40%
Northrop
Revenue, Major Customer [Line Items]
Concentration percentage	9.10%	4.00%	3.60%
Raytheon
Revenue, Major Customer [Line Items]
Concentration percentage	20.90%	15.60%	16.30%
Spirit
Revenue, Major Customer [Line Items]
Concentration percentage	3.30%	12.20%	9.50%
Top Ten Customers
Revenue, Major Customer [Line Items]
Concentration percentage	61.10%	65.40%	65.30%

Major Customers and Concentrations of Credit Risk - Receivables from Customers (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Boeing
Concentration Risk [Line Items]
Concentration percentage	4.80%	5.90%
Lockheed Martin
Concentration Risk [Line Items]
Concentration percentage	2.40%	1.30%
Northrop
Concentration Risk [Line Items]
Concentration percentage	12.30%	6.50%
Raytheon
Concentration Risk [Line Items]
Concentration percentage	15.00%	6.70%
Spirit
Concentration Risk [Line Items]
Concentration percentage	1.10%	2.00%

Major Customers and Concentrations of Credit Risk - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Concentration Risk [Line Items]
Revenues	$ 628,941	$ 721,088	$ 629,307
Non-Us
Concentration Risk [Line Items]
Revenues	$ 58,500	$ 81,600	$ 71,900
Maximum \| Non-Us
Concentration Risk [Line Items]
Percentage of sales	2.00%	2.00%	2.00%

- Definition

+ References

+ Details

Business Segment Information - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2019 USD ($)	Mar. 28, 2020 USD ($)	Dec. 31, 2020 Segment	Oct. 08, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| Segment			2
Nobles Worldwide, Inc.
Segment Reporting Information [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 77,000	$ 76,800
Gross purchase price	$ 77,100	$ 77,100		$ 77,115

Business Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Net Revenues	$ 628,941	$ 721,088	$ 629,307
Operating Income (Loss)	45,506	56,233	23,918
Depreciation and Amortization Expenses	28,850	28,305	25,296
Capital Expenditures	13,607	18,846	16,337
Electronic Systems
Segment Reporting Information [Line Items]
Net Revenues	392,633	360,373
Structural Systems
Segment Reporting Information [Line Items]
Net Revenues	236,308	360,715
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	71,478	85,449	49,979
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Net Revenues	392,633	360,373	337,868
Operating Income (Loss)	51,894	38,613	30,916
Depreciation and Amortization Expenses	14,038	14,170	14,223
Capital Expenditures	5,037	5,508	6,719
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Net Revenues	236,308	360,715	291,439
Operating Income (Loss)	19,584	46,836	19,063
Depreciation and Amortization Expenses	14,559	13,663	10,525
Capital Expenditures	8,570	13,338	9,104
Corporate Administration
Segment Reporting Information [Line Items]
Corporate General and Administrative Expenses	(25,972)	(29,216)	(26,061)
Depreciation and Amortization Expenses	253	472	548
Capital Expenditures	$ 0	$ 0	$ 514

Business Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 837,347	$ 790,429
Goodwill and Intangibles	295,574	309,279
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Total Assets	448,606	411,981
Goodwill and Intangibles	201,077	210,453
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Total Assets	325,604	328,718
Goodwill and Intangibles	94,497	98,826
Corporate Administration
Segment Reporting Information [Line Items]
Total Assets	$ 63,137	$ 49,730

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=121559654&loc=d3e5710-111685

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

+ Details

Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Allowance for Credit Losses, Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 1,321	$ 1,135	$ 868
Charged to (Reduction of) Costs and Expenses	231	219	776
Deductions	0	33
Recoveries			509
Other	0	0	0
Balance at End of Period	1,552	1,321	1,135
Valuation Allowance on Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	9,375	9,083	9,013
Charged to (Reduction of) Costs and Expenses	(111)	(593)	70
Deductions	0	0	0
Other	66	885	0
Balance at End of Period	$ 9,330	$ 9,375	$ 9,083