0001628280-23-015417 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Apr. 01, 2023	Apr. 25, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Apr. 01, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,244,451
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000030305

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 17,115	$ 46,246
Accounts receivable, net of allowance for credit losses of $905 and $589 at April 1, 2023 and December 31, 2022, respectively	95,774	103,958
Contract assets	194,316	191,290
Inventories	193,999	171,211
Production cost of contracts	5,368	5,693
Other current assets	8,803	8,938
Total Current Assets	515,375	527,336
Property and Equipment, Net of Accumulated Depreciation of $175,670 and $171,507 at April 1, 2023 and December 31, 2022, respectively	107,038	106,225
Operating Lease Right-of-Use Assets	37,204	34,632
Goodwill	203,407	203,407
Intangibles, Net	123,576	127,201
Other Assets	19,478	22,705
Total Assets	1,006,078	1,021,506
Current Liabilities
Accounts payable	98,879	90,143
Contract liabilities	39,682	47,068
Accrued and other liabilities	28,800	48,820
Operating lease liabilities	7,745	7,155
Current portion of long-term debt	6,250	6,250
Total Current Liabilities	181,356	199,436
Long-Term Debt, Less Current Portion	239,128	240,595
Non-Current Operating Lease Liabilities	30,831	28,841
Deferred Income Taxes	12,250	13,953
Other Long-Term Liabilities	14,129	12,721
Total Liabilities	477,694	495,546
Commitments and Contingencies (Notes 8, 10)
Shareholders’ Equity
Common Stock - $0.01 par value; 35,000,000 shares authorized; 12,231,704 and 12,106,285 shares issued and outstanding at April 1, 2023 and December 31, 2022, respectively	122	121
Additional Paid-In Capital	111,322	112,042
Retained Earnings	411,283	406,052
Accumulated Other Comprehensive Income	5,657	7,745
Total Shareholders’ Equity	528,384	525,960
Total Liabilities and Shareholders’ Equity	$ 1,006,078	$ 1,021,506

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 905	$ 589
Property and equipment, accumulated depreciation	$ 175,670	$ 171,507
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)	12,231,704	12,106,285
Common stock, shares outstanding (in shares)	12,231,704	12,106,285

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Income Statement [Abstract]
Net Revenues	$ 181,191	$ 163,481
Cost of Sales	144,424	131,006
Gross Profit	36,767	32,475
Selling, General and Administrative Expenses	26,225	23,352
Restructuring Charges	4,170	0
Operating Income	6,372	9,123
Interest Expense	(4,219)	(2,402)
Other Income	3,886	3,000
Income Before Taxes	6,039	9,721
Income Tax Expense	808	1,622
Net Income	$ 5,231	$ 8,099
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 0.43	$ 0.68
Diluted earnings per share (in dollars per share)	$ 0.42	$ 0.66
Weighted-Average Number of Common Shares Outstanding
Basic (in shares)	12,195	11,989
Diluted (in shares)	12,538	12,328

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement of Comprehensive Income [Abstract]
Net Income	$ 5,231	$ 8,099
Other Comprehensive Income, Net of Tax:
Amortization of actuarial losses and prior service costs, net of tax of $13 and $36 for the three months ended April 1, 2023 and April 2, 2022, respectively	42	110
Change in net unrealized (losses) gains on cash flow hedges, net of tax of $662 and $1,509 for the three months ended April 1, 2023 and April 2, 2022, respectively	(2,130)	4,903
Other Comprehensive (Loss) Income, Net of Tax	(2,088)	5,013
Comprehensive Income	$ 3,143	$ 13,112

- 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

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Statement of Comprehensive Income [Abstract]
Amortization of actuarial (loss) gain, tax	$ (13)	$ 36
Unrealized gain on cash flow hedge, tax expense (benefit)	$ 662	$ 1,509

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2021		11,925,087
Beginning balance at Dec. 31, 2021	$ 474,602	$ 119	$ 104,253	$ 377,263	$ (7,033)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	8,099			8,099
Other comprehensive income, net of tax	5,013				5,013
Employee stock purchase plan (in shares)		31,686
Employee stock purchase plan	1,386		1,386
Stock options exercised (in shares)		48,119
Stock options exercised	1,445	$ 1	1,444
Stock awards vested (in shares)		117,387
Stock awards vested	0	$ 1	(1)
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)		(89,334)
Stock repurchased related to the exercise of stock options and stock awards vested	(4,429)	$ (1)	(4,428)
Stock-based compensation	1,590		1,590
Ending balance (in shares) at Apr. 02, 2022		12,032,945
Ending balance at Apr. 02, 2022	$ 487,706	$ 120	104,244	385,362	(2,020)
Beginning balance (in shares) at Dec. 31, 2022	12,106,285	12,106,285
Beginning balance at Dec. 31, 2022	$ 525,960	$ 121	112,042	406,052	7,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	5,231			5,231
Other comprehensive income, net of tax	(2,088)				(2,088)
Employee stock purchase plan (in shares)		26,833
Employee stock purchase plan	1,307		1,307
Stock options exercised (in shares)		25,561
Stock options exercised	737		737
Stock awards vested (in shares)		173,249
Stock awards vested	0	$ 2	(2)
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)		(100,224)
Stock repurchased related to the exercise of stock options and stock awards vested	(5,480)	$ (1)	(5,479)
Stock-based compensation	$ 2,717		2,717
Ending balance (in shares) at Apr. 01, 2023	12,231,704	12,231,704
Ending balance at Apr. 01, 2023	$ 528,384	$ 122	$ 111,322	$ 411,283	$ 5,657

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Cash Flows from Operating Activities
Net Income	$ 5,231	$ 8,099
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
Depreciation and amortization	7,989	7,768
Non-cash operating lease cost	1,967	1,842
Inventory write down and property and equipment impairment due to restructuring	428	0
Stock-based compensation expense	3,081	1,590
Deferred income taxes	(1,055)	93
Provision for (recovery of) credit losses	316	(307)
Recognition of insurance recoveries	(3,886)	0
Other	221	139
Changes in Assets and Liabilities:
Accounts receivable	7,868	(10,236)
Contract assets	(3,026)	(10,766)
Inventories	(22,788)	(8,857)
Production cost of contracts	(299)	(371)
Other assets	352	504
Accounts payable	9,117	8,540
Contract liabilities	(7,386)	(4,236)
Operating lease liabilities	(1,866)	(1,615)
Accrued and other liabilities	(15,192)	(11,038)
Net Cash Used in Operating Activities	(18,928)	(18,851)
Cash Flows from Investing Activities
Purchases of property and equipment	(5,362)	(4,825)
Proceeds from sale of assets	0	51
Net Cash Used in Investing Activities	(5,362)	(4,774)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	7,500	0
Repayments of senior secured revolving credit facility	(7,500)	0
Repayments of term loans	(1,562)	(31,750)
Repayments of other debt	(86)	(83)
Net cash paid upon issuance of common stock under stock plans	(3,193)	(1,598)
Net Cash Used in Financing Activities	(4,841)	(33,431)
Net Decrease in Cash and Cash Equivalents	(29,131)	(57,056)
Cash and Cash Equivalents at Beginning of Period	46,246	76,316
Cash and Cash Equivalents at End of Period	$ 17,115	$ 19,260

Summary of Significant Accounting Policies

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

We are a leading global provider of innovative, value-added proprietary products and manufacturing solutions 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: the Electronic Systems segment (“Electronic Systems”) and the Structural Systems segment (“Structural Systems”), 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. Both reportable operating segments follow the same accounting principles.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”).

Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The financial information included in this Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the 2022 Form 10-K.

In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income, changes in shareholders’ equity, and cash flows in accordance with GAAP for the periods covered by this Form 10-Q. The results of operations for the three months ended April 1, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023.

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 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.

Certain reclassifications have been made to prior period amounts to conform to the current year’s presentation.

Use of Estimates

Certain amounts and disclosures included in the unaudited condensed consolidated financial statements require management to make estimates and judgments that affect the amounts of assets, liabilities (including contract liabilities), 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 may differ from these estimates.

Subsequent Event

On April 25, 2023, subsequent to our quarter ended April 1, 2023, we completed the acquisition of BLR Aerospace, L.L.C. (“BLR”). The purchase price for BLR was $115.0 million, net of cash acquired, all payable in cash. We paid a gross aggregate of $117.0 million in cash upon the closing of the transaction. We utilized the 2022 Revolving Credit Facility to complete the acquisition.

Supplemental Cash Flow Information


	(Dollars in thousands)
	Three Months Ended
	April 1, 2023		April 2, 2022
Interest paid	$	4,010	$	2,186
Taxes paid, net	$	8,167	$	10
Non-cash activities:
Purchases of property and equipment not paid	$	814	$	1,576

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 any 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:


	(Dollars in thousands, except per share data)
	Three Months Ended
	April 1, 2023		April 2, 2022
Net income	$	5,231	$	8,099
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	12,195		11,989
Dilutive potential common shares	343		339
Diluted weighted-average common shares outstanding	12,538		12,328
Earnings per share
Basic	$	0.43	$	0.68
Diluted	$	0.42	$	0.66

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

(In thousands)

Three Months Ended

April 1,
2023

April 2,
2022

Stock options and stock units

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 which are included as cash and cash equivalents. We also have forward interest rate swap agreements and the fair value of the forward interest rate swap agreements was determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement.

There were no transfers between Level 1, Level 2, or Level 3 financial instruments in the three months ended April 1, 2023.

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, and we classify as Level 1. See Fair Value above.

Derivative Instruments

We recognize derivative instruments on our condensed 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. In November 2021, we entered into forward interest rate swap agreements with an aggregate notional amount of $150.0 million, all with an effective date of January 1, 2024 (“Forward Interest Rate Swaps”) to manage our exposure to interest rate movements on a portion of our debt. As such, at the time we entered into the Forward Interest Rate Swaps, there was a high probability of forecasted interest payments on our debts occurring and the swaps are highly effective in offsetting those interest payments and therefore, we elected to apply cash flow hedge accounting. In July 2022, as a result of refinancing all our existing debt, which allows borrowing based on a Secured Overnight Financing Rate (“SOFR”), we were required to complete an amendment of the Forward Interest Rate Swaps from One Month London Interbank Offered Rate (“LIBOR”) to One Month Term SOFR (“Amended Forward Interest Rate Swaps”), which occurred on the same day. After the transition of the Forward Interest Rate Swaps and debt to SOFR was completed, we determined the hedging relationship was still highly effective as of the amendment date. See Note 7. As of April 1, 2023, all of our derivative instruments were designated as cash flow hedges.

We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedged item. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. Since the Amended Forward Interest Rate Swaps are not effective until January 1, 2024, we only record the changes in fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges. As such, during the three months ended April 1, 2023 and April 2, 2022, we recorded the unrealized gain (loss) to other comprehensive income (loss) of $(2.1) million and $4.9 million, respectively, and the associated change to other current assets, other assets, and deferred income taxes.

When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. In all situations in which we discontinue hedge accounting and the derivative instrument remains outstanding, we will carry the derivative instrument at its fair value on our condensed consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.

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. 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.

Accumulated Other Comprehensive Income

Accumulated other comprehensive income, as reflected on the condensed 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, “Revenue from Contracts with Customers” (“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 progress completed (and related profitability) on our contracts, we review and update our contract-related estimates on a regular basis. We recognize such adjustments under the cumulative catch-up method. Under this method, the impact of the adjustment is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate.

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 gross profit recorded were not material for both the three months ended April 1, 2023 and April 2, 2022.

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 and have met the shipping terms, a contract liability is created for the advance or progress payment. When a contract liability and a contract asset exist on the same contract, we report it on a net basis.

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 condensed consolidated balance sheets. As of April 1, 2023 and December 31, 2022, provision for estimated losses on contracts were $5.3 million and $3.9 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 April 1, 2023 and December 31, 2022, production cost of contracts were $5.4 million and $5.7 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. When a contract liability and a contract asset exist on the same contract, we report it on a net basis.

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


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Contract assets	$	194,316	$	191,290
Contract liabilities	$	39,682	$	47,068

The increase in our contract assets as of April 1, 2023 compared to December 31, 2022 was primarily due to a net increase of products in work in process in the current period.

The decrease in our contract liabilities as of April 1, 2023 compared to December 31, 2022 was primarily due to a net decrease of advance or progress payments received from our customers in the current period. We recognized $8.1 million of the contract liabilities as of December 31, 2022 as revenues during the three months ended April 1, 2023.

Performance obligations are defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of April 1, 2023 totaled $874.0 million. We anticipate recognizing an estimated 70% of our remaining performance obligations as revenue during the next 12 months with the remaining performance obligations being recognized in the remainder of 2024 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)
	Three Months Ended
	April 1 2023		April 2, 2022
Consolidated Ducommun
Military and space	$	96,440	$	99,334
Commercial aerospace	73,050		54,075
Industrial	11,701		10,072
Total	$	181,191	$	163,481

Electronic Systems
Military and space	$	73,327	$	71,820
Commercial aerospace	20,598		15,574
Industrial	11,701		10,072
Total	$	105,626	$	97,466

Structural Systems
Military and space	$	23,113	$	27,514
Commercial aerospace	52,452		38,501
Total	$	75,565	$	66,015

Government Grant

In November 2021, we were awarded an Aviation Manufacturing Jobs Protection Program grant from the U.S. Department of Transportation (“AMJPP Grant”) of $4.0 million. As part of the award, we had to meet, and did complete, certain requirements over a six month performance period from November 2021 to May 2022. As of December 31, 2022, we had received the entire $4.0 million grant balance, $2.0 million of which was received during 2021 and the remainder during 2022. We recorded no

reduction to cost of sales or selling, general and administrative expenses during the three months ended April 1, 2023, and $1.8 million and $0.2 million as a reduction of cost of sales and selling, general and administrative expenses, respectively, during the three months ended April 2, 2022. As of December 31, 2022, the requirements under the AMJPP Grant were completed and the entire $4.0 million awarded were received and thus, we also recorded the entire aggregate total of $3.6 million and $0.4 million as a reduction of cost of sales and selling, general and administrative expenses, respectively.

Recent Accounting Pronouncements

Recently Issued Accounting Standards

In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”), which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Since we adopted ASU 2020-04 during 2022, ASU 2022-06 will not have a material impact on our condensed consolidated financial statements. See Note 7.

Business Combinations	3 Months Ended
Business Combinations	Apr. 01, 2023
Business Combination and Asset Acquisition [Abstract]
Business Combinations	Business Combinations On March 20, 2023, we entered into a definitive securities purchase agreement to acquire 100.0% of the outstanding equity interests of BLR Aerospace, L.L.C. (“BLR”), a privately-held leading provider of aerodynamic systems that enhance the productivity, performance, and safety of rotary and fixed-wing aircraft on commercial and military platforms. BLR is located in Everett, Washington. The acquisition of BLR adds to our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities. The purchase price for the transaction is $115.0 million, net of cash acquired, subject to adjustments for working capital. BLR will be a part of our Structural Systems segment. Subsequent to the quarter ended April 1, 2023, we completed the acquisition of BLR on April 25, 2023. The purchase price for BLR was $115.0 million, net of cash acquired, all payable in cash. We paid a gross aggregate of $117.0 million in cash upon the closing of the transaction. We utilized the 2022 Revolving Credit Facility to complete the acquisition. In December 2021, we acquired 100.0% of the outstanding equity interests of Magnetic Seal LLC (f/k/a Magnetic Seal Corporation, “MagSeal”), a privately-held leading provider of high-impact, military-proven magnetic seals for critical systems in aerospace and defense applications, offering sealing solutions that are engineered to perform in high-speed, high-vibration, and other challenging environments. MagSeal is located in Warren, Rhode Island. The acquisition of MagSeal continued the advancement our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities. The original purchase price for MagSeal was $69.5 million, net of cash acquired, all payable in cash. We paid a gross aggregate of $71.3 million in cash upon the closing of the transaction. Subsequent to the closing of the transaction, during the three months ended July 2, 2022, as part of finalizing the working capital adjustment, we received $0.4 million back from the seller which lowered the purchase price to $69.1 million, net of cash acquired. We allocated the final gross purchase price of $70.9 million to the assets acquired and liabilities assumed at their estimated fair values. The estimated fair value of the assets acquired included $30.1 million of intangible assets, $4.5 million of inventories, $2.1 million of accounts receivable, $1.5 million of operating lease right-of-use assets, $0.5 million of property and equipment, $0.1 million of other current assets, and $2.3 million of liabilities assumed. The excess of the purchase price over the aggregate fair values of the net assets acquired and liabilities assumed of $32.6 million was recorded as goodwill. The intangible assets acquired were comprised of $24.8 million for customer relationships, $0.6 million for backlog, and $4.7 million for trade name, and were assigned an estimated useful life of 19 years, two years, and indefinite, respectively. All the goodwill was assigned to the Structural Systems segment. The MagSeal acquisition, for tax purposes, was deemed an asset acquisition and thus, was deductible for income tax purposes. MagSeal’s results of operations have been included in our condensed consolidated statements of income since the date of acquisition as part of the Structural Systems segment and were immaterial since the date of acquisition. Pro forma results of operations of the MagSeal acquisition have not been presented as the effect of the MagSeal acquisition was not material to our financial results.

Restructuring Activities

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Restructuring Activities

Summary of 2022 Restructuring Plan

In April 2022, management approved and commenced a restructuring plan that will better position us for stronger performance. The restructuring plan will mainly reduce headcount and consolidate facilities. As a result of this restructuring plan, we analyzed the need to write-down inventory and impair long-lived assets, including operating lease right-of-use assets. During the three months ended April 1, 2023, we recorded total charges of $4.2 million. Cumulative through the three months ended

April 1, 2023, we recorded aggregate total charges of $10.9 million ($0.5 million of which was recorded as cost of sales). As of April 1, 2023, we estimate the remaining amount of charges related to this initiative will be $8.0 million to $12.0 million in total pre-tax restructuring charges through 2023. Of these charges, we estimate $6.0 million to $9.0 million to be cash payments for employee separation and other facility consolidation related expenses, and $2.0 million to $3.0 million to be non-cash charges for impairment of long-lived assets.

In the Electronics Systems segment, we recorded $1.7 million, $0.1 million, and $0.1 million during the three months ended April 1, 2023, for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, and other restructuring charges, respectively. Cumulative through the three months ended April 1, 2023, we recorded total charges for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, and other restructuring charges of $5.2 million, $0.4 million, and $0.1 million, respectively.

In the Structural Systems segment, we recorded $1.7 million, $0.3 million, and $0.3 million during the three months ended April 1, 2023 for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, and other restructuring charges, respectively. Cumulative through the three months ended April 1, 2023, we recorded total charges for inventory write down that was classified as cost of sales, severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, impairment of property and equipment that was classified as restructuring charges, and other restructuring charges of $0.5 million, $3.3 million, $0.8 million, $0.3 million, and $0.3 million, respectively.

Our restructuring activities during the three months ended April 1, 2023 were as follows (in thousands):


	December 31, 2022		Three Months Ended April 1, 2023								April 1, 2023
	Balance		Charges		Cash Payments		Non-Cash Payments		Change in Estimates		Balance
Severance and benefits	$	2,799	$	3,367	$	(1,377)	$	—	$	—	$	4,789

Property and equipment accelerated depreciation due to restructuring	—		427		—		(427)		—		—
Property and equipment impairment due to restructuring	—		—		—		—		—		—
Other	—		376		(376)		—		—		—
Ending balance	$	2,799	$	4,170	$	(1,753)	$	(427)	$	—	$	4,789

The restructuring activities accrual for severance and benefits of $4.8 million as of April 1, 2023 was included as part of accrued and other liabilities.

Inventories

3 Months Ended

Apr. 01, 2023

Inventory Disclosure [Abstract]

Inventories

InventoriesInventories consisted of the following:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Raw materials and supplies	$	166,375	$	143,495
Work in process	23,774		23,799
Finished goods	3,850		3,917


Total	$	193,999	$	171,211

Goodwill

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

We perform our annual goodwill impairment test as of the first day of the fourth quarter. If certain factors occur, including significant underperformance 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.

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 (which is based on 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.

No material adverse factors/changes have occurred since the fourth quarter of 2022 that would require us to perform another qualitative or quantitative assessment. As such, for the first quarter of 2023, it was also not more likely than not that the fair values of the reporting units were less than their carrying amounts and thus, the respective goodwill amounts were not deemed to be impaired.

The carrying amounts of our goodwill were as follows:


	(Dollars in thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	85,972	$	285,129
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2022	$	117,435	$	85,972	$	203,407

Balance at April 1, 2023	$	117,435	$	85,972	$	203,407

Accrued and Other Liabilities

3 Months Ended

Apr. 01, 2023

Payables and Accruals [Abstract]

Accrued and Other Liabilities

Accrued and Other LiabilitiesThe components of accrued and other liabilities were as follows:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Accrued compensation	$	20,228	$	28,785
Accrued income tax and sales tax	3,898		10,478



Other	4,674		9,557
Total	$	28,800	$	48,820

Long-Term Debt

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Long-Term Debt

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


	(Dollars in thousands)
	April 1, 2023			December 31, 2022
Term loans	$	246,875		$	248,438




Total debt	246,875			248,438
Less current portion	(6,250)			(6,250)
Total long-term debt, less current portion	240,625			242,188
Less debt issuance costs - term loans	(1,497)			(1,593)
Total long-term debt, net of debt issuance costs - term loans	$	239,128		$	240,595
Debt issuance costs - revolving credit facility (1)	$	2,139		$	2,265
Weighted-average interest rate	6.50		%	4.36		%

(1) Included as part of other assets.

In July 2022, we completed a refinancing of all our existing debt by entering into a new term loan (“2022 Term Loan”) and a new revolving credit facility (“2022 Revolving Credit Facility”). The 2022 Term Loan is a $250.0 million senior secured loan that matures on July 14, 2027. The 2022 Revolving Credit Facility is a $200.0 million senior secured revolving credit facility that matures on July 14, 2027. The 2022 Term Loan and 2022 Revolving Credit Facility, collectively are the new credit facilities (“2022 Credit Facilities”).

The 2022 Term Loan bears interest, at our option, at a rate equal to either (i) Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin ranging from 1.375% to 2.375% per year or (ii) Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] Term SOFR plus 1.00%, and if the Base Rate is less than zero percent, it will be deemed zero percent) plus an applicable margin ranging from 0.375% to 1.375% per year, in each case based upon the consolidated total net adjusted leverage ratio. Interest payments are typically paid either on a monthly or quarterly basis, depending on the interest rate selected, on the last business day each month or quarter. In addition, the 2022 Term Loan requires quarterly amortization payments of 0.625% during year one and year two, 1.250% during year three and year four, and 1.875% during year five of the original outstanding principal balance of the 2022 Term Loan amount, on the last business day each quarter. The required quarterly amortization payments began in the fourth quarter of 2022.

The 2022 Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) Term SOFR plus an applicable margin ranging from 1.375% to 2.375% per year or (ii) Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] Term SOFR plus 1.00%, and if the Base Rate is less than zero percent, it will be deemed zero percent) plus an applicable margin ranging from 0.375% to 1.375% per year, in each case based upon the consolidated total net adjusted leverage ratio. Interest payments are typically paid on a quarterly basis, on the last business day each quarter. The undrawn portion of the commitment of the 2022 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, typically paid on a quarterly basis, on the last business day each quarter. However, the 2022 Revolving Credit Facility does not require any principal installment payments.

In conjunction with the closing of the 2022 Credit Facilities, we utilized the entire $250.0 million of proceeds from the 2022 Term Loan plus our existing cash on hand to pay off our entire debt balance outstanding of $254.2 million under prior credit facilities (described below).

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

The 2019 Term Loan bore 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 2019 Term Loan required amortization payments of 1.25% of the original outstanding principal balance of the 2019 Term Loan amount on a quarterly basis, on the last day of the calendar quarter. For the three months ended April 1, 2023 and April 2, 2022, we made the required quarterly amortization payments on the 2022 Term Loan and 2019 Term Loan of $1.6 million and $1.8 million, respectively.

The 2019 Revolving Credit Facility bore 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 2019 Revolving Credit Facility was subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio. However, the 2019 Revolving Credit Facility did not require any principal installment payments.

The 2018 Term Loan bore 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 amortization payments of 0.25% of the outstanding principal balance of the 2018 Term Loan amount on a quarterly basis.

Further, under the then Existing Credit Facilities, if we exceeded the annual excess cash flow threshold, we were required to make an annual additional principal payment based on the consolidated adjusted leverage ratio. The annual mandatory excess cash flow payment was based on (i) 50% of the excess cash flow amount if the adjusted leverage ratio was greater than 3.25 to 1.0, (ii) 25% of the excess cash flow amount if the adjusted leverage ratio was 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 was less than or

equal to 2.50 to 1.0. We did not exceed the annual excess cash flow threshold for 2021 and thus, no annual excess cash flow payment was required to be paid during the first quarter of 2022.

In conjunction with entering into the 2019 Revolving Credit Facility and the 2019 Term Loan, we used the $140.0 million of proceeds from the 2019 Term Loan 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 used the remainder for general corporate purposes. The $56.0 million pay down on the 2018 Term Loan paid all the required quarterly amortization payments on the 2018 Term Loan until maturity.

However, since we were paying down on the term loans during the three months ended April 2, 2022, we were required to pay down on the 2019 Term Loan and 2018 Term Loan on a pro-rata basis and thus, we paid down $13.0 million and $17.0 million on the 2019 Term Loan and 2018 Term Loan, respectively, for an aggregate total pay down of $30.0 million. During the three months ended April 1, 2023 and April 2, 2022, we made no other voluntary prepayments on our debt.

As of April 1, 2023, we had $199.8 million of unused borrowing capacity under the 2022 Revolving Credit Facility, after deducting $0.2 million for standby letters of credit.

As of April 1, 2023, we were in compliance with all covenants required under the 2022 Credit Facilities.

The 2022 Term Loan was considered a modification of debt for some lenders and an extinguishment of debt for other lenders, and thus, a loss of $0.2 million was recorded related to the extinguishment. In addition, the new fees incurred of $0.8 million were capitalized and will be amortized over the life of the 2022 Term Loan. Further, the remaining debt issuance costs related to the 2019 Term Loan and 2018 Term Loan of $1.0 million as of the modification date will be amortized over the life of the 2022 Term Loan, using the effective interest method.

The 2022 Revolving Credit Facility that replaced the 2019 Revolving Credit Facility was considered a modification of debt except for the portion related to the creditor that is no longer a part of the 2022 Revolving Credit Facility and in which case, it was considered an extinguishment of debt. As a result, we expensed the portion of the unamortized debt issuance costs related to the 2019 Revolving Credit Facility that was considered an extinguishment of debt of $0.1 million. In addition, the new fees incurred of $1.7 million as part of the 2022 Revolving Credit Facility were capitalized and will be amortized over the life of the 2022 Revolving Credit Facility. Further, the remaining debt issuance costs related to the 2019 Revolving Credit Facility of $0.8 million as of the modification date will also be amortized over the life of the 2022 Revolving Credit Facility.

The 2022 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 2022 Credit Facilities. The Parent Company has no independent assets or operations and therefore, no consolidating financial information for the Parent Company and its subsidiaries is presented.

Subsequent to the quarter ended April 1, 2023, we completed the acquisition of BLR on April 25, 2023. The purchase price for BLR was $115.0 million, net of cash acquired, all payable in cash. We paid a gross aggregate of $117.0 million in cash upon the closing of the transaction. We utilized the 2022 Revolving Credit Facility to complete the acquisition. See Note 2 for further information.

In November 2021, we entered into derivative contracts, U.S. dollar-one month LIBOR forward interest rate swaps designated as cash flow hedges, all with an effective date of January 1, 2024, for an aggregate total notional amount of $150.0 million, weighted average fixed rate of 1.8%, and all terminating on January 1, 2031 (“Forward Interest Rate Swaps”). The Forward Interest Rate Swaps mature on a monthly basis, with fixed amount payer payment dates on the first day of each calendar month, commencing on February 1, 2024 through January 1, 2031. The Forward Interest Rate Swaps were deemed to be highly effective upon entering into the derivative contracts and thus, hedge accounting treatment was utilized. Since the Amended Forward Interest Rate Swaps (as defined below) are not effective until January 1, 2024, we only record the changes in fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges. As such, during the three months ended April 1, 2023 and April 2, 2022, we recorded the unrealized gain (loss) to other comprehensive income (loss) of $(2.1) million and $4.9 million, respectively, and the associated change to other current assets, other assets, and deferred income taxes. See Note 1 for further information.

In July 2022, as a result of completing a refinancing of our existing debt, we were required to complete an amendment of the Forward Interest Rate Swaps (“Amended Forward Interest Rate Swaps”). The Forward Interest Rate Swaps were based on U.S. dollar-one month LIBOR and were amended to be based on one month Term SOFR as borrowings using LIBOR are no longer available under the 2022 Credit Facilities. Since this was an amendment of just the reference rate as a result of the cessation of LIBOR, utilizing the guidance under ASU 2020-04, we determined the Amended Forward Interest Rate Swaps as of the amendment date to continue to be highly effective. The Amended Forward Interest Rate Swaps weighted average fixed rate is 1.7%, as a result of the difference between U.S. dollar-one month LIBOR and one month Term SOFR.

Indemnifications	3 Months Ended
Indemnifications	Apr. 01, 2023
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. Additionally, we indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware and 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. Moreover, in connection with certain performance center leases, we have indemnified our lessors for certain claims arising from the performance center or the lease. The duration of the guarantees and indemnities varies and, in many cases is indefinite but subject to applicable statutes of limitations. The majority of guarantees and indemnities do not provide any limitations on 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 condensed consolidated balance sheets.

Income Taxes	3 Months Ended
Income Taxes	Apr. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is determined using an estimated annual effective tax rate, which is generally less than the U.S. Federal statutory rate, primarily due to research and development (“R&D”) tax credits. Our effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as expected utilization of R&D tax credits, valuation allowances against deferred tax assets, recognition or derecognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where we conduct business. Also, excess tax benefits and tax detriments related to our equity compensation recognized in the condensed consolidated income statement could result in fluctuations in our effective tax rate period-over-period depending on the volatility of our stock price, number of restricted or performance stock units that vests, and stock options exercised during the period. We recognize deferred tax assets and liabilities, using enacted tax rates, for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities along with net operating loss and tax credit carryovers. We record a valuation allowance against our deferred tax assets to reduce the net carrying value to an amount that we believe is more likely than not to be realized. When we establish or reduce our valuation allowances against our deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period when that determination is made. We recorded income tax expense of $0.8 million for the three months ended April 1, 2023 compared to $1.6 million for the three months ended April 2, 2022. The decrease in income tax expense for the first quarter of 2023 compared to the first quarter of 2022 was primarily due to lower pre-tax income in the first quarter of 2023 compared to the first quarter of 2022 and higher discrete tax benefits recognized in the first quarter of 2023 for net tax windfalls related to stock-based compensation compared to the first quarter of 2022. The decrease in income tax expense was partially offset by lower income tax benefits recognized in the first quarter of 2023 related to the U.S. Federal research and development tax credit compared to the first quarter of 2022. Our total amount of unrecognized tax benefits was $5.2 million and $4.9 million as of April 1, 2023 and December 31, 2022, respectively. If recognized, $2.6 million would affect the effective tax rate. 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 April 1, 2023 and December 31, 2022 were not significant. As a result of statute of limitations set to expire in the fourth quarter of 2023, we expect decreases to our unrecognized tax benefits of approximately $0.7 million in the next twelve months. 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 2018 and by state taxing authorities for tax years after 2017. 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.

- 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.

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+ Details

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Apr. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesIn December 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 in January 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 vigorously refuted and defended these claims, and reached a tentative settlement of $0.8 million during the fourth quarter 2021, which was subject to court approval. Thus, we recorded accrued liabilities of $0.8 million as of December 31, 2021. During the second quarter of 2022, additional factual information was identified resulting in an increase in the amount of the tentative settlement to $0.9 million. Therefore, we recorded an additional accrued liabilities of $0.1 million for a total accrued liabilities amount of $0.9 million as of the end of the second quarter of 2022 which remained unchanged as of December 31, 2022 as we were awaiting final court approval of this settlement. We received final court approval and paid the $0.9 million on January 17, 2023. 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 both April 1, 2023 and December 31, 2022, which is reflected in other long-term liabilities on our condensed consolidated balance sheets. 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 as of both April 1, 2023 and December 31, 2022, which is reflected in other long-term liabilities on our condensed consolidated balance sheets. 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. In June 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 the was severely damaged was comprised of two buildings with an aggregate total of 62,000 square feet. The loss of production from the Guaymas performance center was being absorbed by our other existing performance centers, however, we have reestablished and are in the process of ramping up our manufacturing capabilities in a different leased facility with 117,000 square feet in Guaymas. 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, up to a capped amount, 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 were reversed for revenue previously recognized using the over time method 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 condensed consolidated statements of income resulting in no net impact, with the anticipated insurance recoveries receivable included as part of other current assets on the condensed consolidated balance sheets. During the three months ended April 1, 2023 and April 2, 2022, we received insurance recoveries of zero and $3.0 million, respectively, for business interruption and since the contingencies related to this amount were deemed to be resolved, we recorded this amount as other income. In addition, as of April 1, 2023, we have received $13.5 million of general insurance recoveries, all during 2020. During the three months ended April 1, 2023, $3.9 million of the general insurance recoveries were gain contingencies related to loss on operating assets that were deemed to be resolved and thus, we recorded this amount as other income. 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 in the ordinary course of business. 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 condensed consolidated financial position, results of operations or cash flows.

Business Segment Information

3 Months Ended

Apr. 01, 2023

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 a reportable operating segment.

Financial information by reportable operating segment was as follows:


	(Dollars in thousands) Three Months Ended
	April 1, 2023		April 2, 2022
Net Revenues
Electronic Systems	$	105,626	$	97,466
Structural Systems	75,565		66,015
Total Net Revenues	$	181,191	$	163,481
Segment Operating Income
Electronic Systems	$	10,011	$	9,411
Structural Systems	4,745		4,887
	14,756		14,298
Corporate General and Administrative Expenses (1)	(8,384)		(5,175)
Total Operating Income	$	6,372	$	9,123
Depreciation and Amortization Expenses
Electronic Systems	$	3,498	$	3,506
Structural Systems	4,432		4,203
Corporate Administration	59		59
Total Depreciation and Amortization Expenses	$	7,989	$	7,768
Capital Expenditures
Electronic Systems	$	1,851	$	1,696
Structural Systems	3,130		3,372
Corporate Administration	—		—
Total Capital Expenditures	$	4,981	$	5,068

(1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.

Segment assets include assets directly identifiable to or allocated to each segment. Our segment assets are as follows:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Total Assets
Electronic Systems	$	544,302	$	543,298
Structural Systems	425,736		410,565
Corporate Administration (1)	36,040		67,643
Total Assets	$	1,006,078	$	1,021,506
Goodwill and Intangibles
Electronic Systems	$	180,179	$	182,501
Structural Systems	146,804		148,107
Total Goodwill and Intangibles	$	326,983	$	330,608

(1)Includes assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.

- 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.

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Apr. 01, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2022 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2022 (“2022 Form 10-K”). The financial information included in this Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the 2022 Form 10-K. In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income, changes in shareholders’ equity, and cash flows in accordance with GAAP for the periods covered by this Form 10-Q. The results of operations for the three months ended April 1, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. 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 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.
Use of Estimates	Use of EstimatesCertain amounts and disclosures included in the unaudited condensed consolidated financial statements require management to make estimates and judgments that affect the amounts of assets, liabilities (including contract liabilities), 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 may differ from these estimates.
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 any potentially dilutive shares that could be issued if exercised or converted into common stock in each period.
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 which are included as cash and cash equivalents. We also have forward interest rate swap agreements and the fair value of the forward interest rate swap agreements was 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 EquivalentsCash 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, and we classify as Level 1.
Derivatives Instruments	Derivative Instruments We recognize derivative instruments on our condensed 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. In November 2021, we entered into forward interest rate swap agreements with an aggregate notional amount of $150.0 million, all with an effective date of January 1, 2024 (“Forward Interest Rate Swaps”) to manage our exposure to interest rate movements on a portion of our debt. As such, at the time we entered into the Forward Interest Rate Swaps, there was a high probability of forecasted interest payments on our debts occurring and the swaps are highly effective in offsetting those interest payments and therefore, we elected to apply cash flow hedge accounting. In July 2022, as a result of refinancing all our existing debt, which allows borrowing based on a Secured Overnight Financing Rate (“SOFR”), we were required to complete an amendment of the Forward Interest Rate Swaps from One Month London Interbank Offered Rate (“LIBOR”) to One Month Term SOFR (“Amended Forward Interest Rate Swaps”), which occurred on the same day. After the transition of the Forward Interest Rate Swaps and debt to SOFR was completed, we determined the hedging relationship was still highly effective as of the amendment date. See Note 7. As of April 1, 2023, all of our derivative instruments were designated as cash flow hedges. We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedged item. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. Since the Amended Forward Interest Rate Swaps are not effective until January 1, 2024, we only record the changes in fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges. As such, during the three months ended April 1, 2023 and April 2, 2022, we recorded the unrealized gain (loss) to other comprehensive income (loss) of $(2.1) million and $4.9 million, respectively, and the associated change to other current assets, other assets, and deferred income taxes. When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. In all situations in which we discontinue hedge accounting and the derivative instrument remains outstanding, we will carry the derivative instrument at its fair value on our condensed consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.
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. 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.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income, as reflected on the condensed 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, “Revenue from Contracts with Customers” (“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 progress completed (and related profitability) on our contracts, we review and update our contract-related estimates on a regular basis. We recognize such adjustments under the cumulative catch-up method. Under this method, the impact of the adjustment is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. 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 gross profit recorded were not material for both the three months ended April 1, 2023 and April 2, 2022. 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 and have met the shipping terms, a contract liability is created for the advance or progress payment. When a contract liability and a contract asset exist on the same contract, we report it on a net basis. 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 condensed consolidated balance sheets. As of April 1, 2023 and December 31, 2022, provision for estimated losses on contracts were $5.3 million and $3.9 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 April 1, 2023 and December 31, 2022, production cost of contracts were $5.4 million and $5.7 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. When a contract liability and a contract asset exist on the same contract, we report it on a net basis.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Issued Accounting Standards In December 2022, the FASB issued ASU 2022-06, “Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848” (“ASU 2022-06”), which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Since we adopted ASU 2020-04 during 2022, ASU 2022-06 will not have a material impact on our condensed consolidated financial statements.

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Apr. 01, 2023

Accounting Policies [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental Cash Flow Information


	(Dollars in thousands)
	Three Months Ended
	April 1, 2023		April 2, 2022
Interest paid	$	4,010	$	2,186
Taxes paid, net	$	8,167	$	10
Non-cash activities:
Purchases of property and equipment not paid	$	814	$	1,576

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:


	(Dollars in thousands, except per share data)
	Three Months Ended
	April 1, 2023		April 2, 2022
Net income	$	5,231	$	8,099
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	12,195		11,989
Dilutive potential common shares	343		339
Diluted weighted-average common shares outstanding	12,538		12,328
Earnings per share
Basic	$	0.43	$	0.68
Diluted	$	0.42	$	0.66

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

(In thousands)

Three Months Ended

April 1,
2023

April 2,
2022

Stock options and stock units

Schedule of Contract with Customer, Asset and Liability

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


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Contract assets	$	194,316	$	191,290
Contract liabilities	$	39,682	$	47,068

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)
	Three Months Ended
	April 1 2023		April 2, 2022
Consolidated Ducommun
Military and space	$	96,440	$	99,334
Commercial aerospace	73,050		54,075
Industrial	11,701		10,072
Total	$	181,191	$	163,481

Electronic Systems
Military and space	$	73,327	$	71,820
Commercial aerospace	20,598		15,574
Industrial	11,701		10,072
Total	$	105,626	$	97,466

Structural Systems
Military and space	$	23,113	$	27,514
Commercial aerospace	52,452		38,501
Total	$	75,565	$	66,015

Restructuring Activities (Tables)

3 Months Ended

Apr. 01, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

Our restructuring activities during the three months ended April 1, 2023 were as follows (in thousands):


	December 31, 2022		Three Months Ended April 1, 2023								April 1, 2023
	Balance		Charges		Cash Payments		Non-Cash Payments		Change in Estimates		Balance
Severance and benefits	$	2,799	$	3,367	$	(1,377)	$	—	$	—	$	4,789

Property and equipment accelerated depreciation due to restructuring	—		427		—		(427)		—		—
Property and equipment impairment due to restructuring	—		—		—		—		—		—
Other	—		376		(376)		—		—		—
Ending balance	$	2,799	$	4,170	$	(1,753)	$	(427)	$	—	$	4,789

Inventories (Tables)

3 Months Ended

Apr. 01, 2023

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Raw materials and supplies	$	166,375	$	143,495
Work in process	23,774		23,799
Finished goods	3,850		3,917


Total	$	193,999	$	171,211

Goodwill (Tables)

3 Months Ended

Apr. 01, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of our goodwill were as follows:


	(Dollars in thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	85,972	$	285,129
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2022	$	117,435	$	85,972	$	203,407

Balance at April 1, 2023	$	117,435	$	85,972	$	203,407

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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+ Details

Accrued and Other Liabilities (Tables)

3 Months Ended

Apr. 01, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

The components of accrued and other liabilities were as follows:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Accrued compensation	$	20,228	$	28,785
Accrued income tax and sales tax	3,898		10,478



Other	4,674		9,557
Total	$	28,800	$	48,820

Long-Term Debt (Tables)

3 Months Ended

Apr. 01, 2023

Debt Disclosure [Abstract]

Schedule of Long Term Debt

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


	(Dollars in thousands)
	April 1, 2023			December 31, 2022
Term loans	$	246,875		$	248,438




Total debt	246,875			248,438
Less current portion	(6,250)			(6,250)
Total long-term debt, less current portion	240,625			242,188
Less debt issuance costs - term loans	(1,497)			(1,593)
Total long-term debt, net of debt issuance costs - term loans	$	239,128		$	240,595
Debt issuance costs - revolving credit facility (1)	$	2,139		$	2,265
Weighted-average interest rate	6.50		%	4.36		%

(1) Included as part of other assets.

- 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.

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+ Details

Business Segment Information (Tables)

3 Months Ended

Apr. 01, 2023

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

Financial information by reportable operating segment was as follows:


	(Dollars in thousands) Three Months Ended
	April 1, 2023		April 2, 2022
Net Revenues
Electronic Systems	$	105,626	$	97,466
Structural Systems	75,565		66,015
Total Net Revenues	$	181,191	$	163,481
Segment Operating Income
Electronic Systems	$	10,011	$	9,411
Structural Systems	4,745		4,887
	14,756		14,298
Corporate General and Administrative Expenses (1)	(8,384)		(5,175)
Total Operating Income	$	6,372	$	9,123
Depreciation and Amortization Expenses
Electronic Systems	$	3,498	$	3,506
Structural Systems	4,432		4,203
Corporate Administration	59		59
Total Depreciation and Amortization Expenses	$	7,989	$	7,768
Capital Expenditures
Electronic Systems	$	1,851	$	1,696
Structural Systems	3,130		3,372
Corporate Administration	—		—
Total Capital Expenditures	$	4,981	$	5,068

(1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.

Schedule of Segment Assets

Our segment assets are as follows:


	(Dollars in thousands)
	April 1, 2023		December 31, 2022
Total Assets
Electronic Systems	$	544,302	$	543,298
Structural Systems	425,736		410,565
Corporate Administration (1)	36,040		67,643
Total Assets	$	1,006,078	$	1,021,506
Goodwill and Intangibles
Electronic Systems	$	180,179	$	182,501
Structural Systems	146,804		148,107
Total Goodwill and Intangibles	$	326,983	$	330,608

(1)Includes assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.

Summary of Significant Accounting Policies - Narrative (Details)			3 Months Ended			12 Months Ended
	Apr. 25, 2023 USD ($)	Mar. 20, 2023 USD ($)	Apr. 01, 2023 USD ($) segment	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Nov. 30, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments \| segment			2
Purchase price of acquisition				$ 69,100,000
Cash flow hedge, gain (loss)			$ (2,130,000)		$ 4,903,000
Provision for loss on contracts			(5,300,000)			$ (3,900,000)
Production cost of contracts			5,368,000			5,693,000
Contract liability revenue			8,100,000			8,100,000
Remaining performance obligation			874,000,000
Grants receivable								$ 4,000,000
Proceeds received from grants						4,000,000	$ 2,000,000
Government grant expense			$ 0
BLR Aerospace, LLLC
Significant Accounting Policies [Line Items]
Purchase price of acquisition		$ 115,000,000
BLR Aerospace, LLLC \| Subsequent event
Significant Accounting Policies [Line Items]
Purchase price of acquisition	$ 115,000,000
Payments to acquire business	$ 117,000,000
Interest Rate Swap
Significant Accounting Policies [Line Items]
Notional amount								$ 150,000,000
Cost of Sales
Significant Accounting Policies [Line Items]
Government grant expense					1,800,000	3,600,000
Selling, General and Administrative Expenses
Significant Accounting Policies [Line Items]
Government grant expense					$ 200,000	$ 400,000
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-02
Significant Accounting Policies [Line Items]
Remaining performance obligation, percentage			70.00%
Remaining performance obligation, period			12 months

Summary of Significant Accounting Policies - Supplemental Cash Flow Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 4,010	$ 2,186
Taxes paid, net	8,167	10
Non-cash activities:
Purchases of property and equipment not paid	$ 814	$ 1,576

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	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Accounting Policies [Abstract]
Net income	$ 5,231	$ 8,099
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding (in shares)	12,195	11,989
Dilutive potential common shares (in shares)	343	339
Diluted weighted-average common shares outstanding (in shares)	12,538	12,328
Earnings per share
Basic (in dollars per share)	$ 0.43	$ 0.68
Diluted (in dollars per share)	$ 0.42	$ 0.66

- Definition

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

+ References

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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	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Stock options and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and stock units (in shares)	28	7

Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Contract assets	$ 194,316	$ 191,290
Contract liabilities	$ 39,682	$ 47,068

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Disaggregation of Revenue [Line Items]
Revenue	$ 181,191	$ 163,481
Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	105,626	97,466
Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	75,565	66,015
Military and space
Disaggregation of Revenue [Line Items]
Revenue	96,440	99,334
Military and space \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	73,327	71,820
Military and space \| Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	23,113	27,514
Commercial aerospace
Disaggregation of Revenue [Line Items]
Revenue	73,050	54,075
Commercial aerospace \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	20,598	15,574
Commercial aerospace \| Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	52,452	38,501
Industrial
Disaggregation of Revenue [Line Items]
Revenue	11,701	10,072
Industrial \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	$ 11,701	$ 10,072

- 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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+ Details

Business Combinations - Narrative (Details) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended
	Apr. 25, 2023	Mar. 20, 2023	Dec. 16, 2021	Dec. 31, 2021	Jul. 02, 2022	Apr. 01, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Purchase price of acquisition					$ 69,100
Goodwill						$ 203,407	$ 203,407
BLR Aerospace, LLLC
Business Acquisition [Line Items]
Percentage of outstanding common stock acquired		100.00%
Purchase price of acquisition		$ 115,000
BLR Aerospace, LLLC \| Subsequent event
Business Acquisition [Line Items]
Purchase price of acquisition	$ 115,000
Payments to acquire business	$ 117,000
Magnetic Seal Corporation
Business Acquisition [Line Items]
Percentage of outstanding common stock acquired			100.00%
Purchase price of acquisition			$ 69,500
Payments to acquire business			71,300
Cash acquired from acquisition					400
Total purchase price allocation					$ 70,900
Intangible assets			30,100
Inventories			4,500
Accounts receivable			2,100
Operating lease right-of-use assets			1,500
Property and equipment			500
Other current assets			100
Liabilities assumed			2,300
Goodwill			32,600
Magnetic Seal Corporation \| Trade name
Business Acquisition [Line Items]
Indefinite-lived intangible assets			4,700
Magnetic Seal Corporation \| Customer relationships
Business Acquisition [Line Items]
Finite-lived intangibles			24,800
Useful Life (In years)				19 years
Magnetic Seal Corporation \| Backlog
Business Acquisition [Line Items]
Finite-lived intangibles			$ 600
Useful Life (In years)				2 years

Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 4,170	$ 0
Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	5,200
Property and equipment accelerated depreciation due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	400
Other restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100
Restructuring Plan, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring charges	4,170
Cumulative restructuring charges	10,900
Restructuring reserve	4,789		$ 2,799
Restructuring Plan, 2022 \| Cost of Sales
Restructuring Cost and Reserve [Line Items]
Cumulative restructuring charges	500
Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,367
Restructuring reserve	4,789		2,799
Restructuring Plan, 2022 \| Property and equipment accelerated depreciation due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	427
Restructuring reserve	0		0
Restructuring Plan, 2022 \| Property and equipment impairment due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	0
Restructuring reserve	0		0
Restructuring Plan, 2022 \| Other restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	376
Restructuring reserve	0		$ 0
Electronic Systems \| Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,700
Electronic Systems \| Restructuring Plan, 2022 \| Property and equipment accelerated depreciation due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100
Electronic Systems \| Restructuring Plan, 2022 \| Other restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100
Structural Systems \| Restructuring Plan, 2022 \| Restructuring charges
Restructuring Cost and Reserve [Line Items]
Restructuring charges	300
Structural Systems \| Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,700
Structural Systems \| Restructuring Plan, 2022 \| Property and equipment impairment due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	300
Structural Systems \| Restructuring Plan, 2022 \| Other restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	300
Structural Systems Segment \| Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	3,300
Structural Systems Segment \| Restructuring Plan, 2022 \| Property and equipment impairment due to restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	800
Structural Systems Segment \| Restructuring Plan, 2022 \| Other
Restructuring Cost and Reserve [Line Items]
Restructuring charges	500
Minimum \| Restructuring Plan, 2022
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	8,000
Minimum \| Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	6,000
Minimum \| Restructuring Plan, 2022 \| Property and equipment impairment due to restructuring
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	2,000
Maximum \| Restructuring Plan, 2022
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	12,000
Maximum \| Restructuring Plan, 2022 \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	9,000
Maximum \| Restructuring Plan, 2022 \| Property and equipment impairment due to restructuring
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 3,000

Restructuring Activities - Other Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Restructuring Reserve [Roll Forward]
Charges	$ 4,170	$ 0
Restructuring Plan, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	2,799
Charges	4,170
Cash Payments	(1,753)
Non-Cash Payments	(427)
Change in Estimates	0
Ending balance	4,789
Severance and benefits
Restructuring Reserve [Roll Forward]
Charges	5,200
Severance and benefits \| Restructuring Plan, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	2,799
Charges	3,367
Cash Payments	(1,377)
Non-Cash Payments	0
Change in Estimates	0
Ending balance	4,789
Property and equipment accelerated depreciation due to restructuring
Restructuring Reserve [Roll Forward]
Charges	400
Property and equipment accelerated depreciation due to restructuring \| Restructuring Plan, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	427
Cash Payments	0
Non-Cash Payments	(427)
Change in Estimates	0
Ending balance	0
Property and equipment impairment due to restructuring \| Restructuring Plan, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	0
Cash Payments	0
Non-Cash Payments	0
Change in Estimates	0
Ending balance	0
Other
Restructuring Reserve [Roll Forward]
Charges	100
Other \| Restructuring Plan, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	0
Charges	376
Cash Payments	(376)
Non-Cash Payments	0
Change in Estimates	0
Ending balance	$ 0

Inventories (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 166,375	$ 143,495
Work in process	23,774	23,799
Finished goods	3,850	3,917
Total	$ 193,999	$ 171,211

Goodwill (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Goodwill [Line Items]
Gross goodwill		$ 285,129
Accumulated goodwill impairment		(81,722)
Balance at December 31, 2022	$ 203,407	203,407
Balance at April 1, 2023	203,407	203,407
Electronic Systems
Goodwill [Line Items]
Gross goodwill		199,157
Accumulated goodwill impairment		(81,722)
Balance at December 31, 2022	117,435	117,435
Balance at April 1, 2023	117,435	117,435
Structural Systems
Goodwill [Line Items]
Gross goodwill		85,972
Accumulated goodwill impairment		0
Balance at December 31, 2022	85,972	85,972
Balance at April 1, 2023	$ 85,972	$ 85,972

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued compensation	$ 20,228	$ 28,785
Accrued income tax and sales tax	3,898	10,478
Other	4,674	9,557
Total	$ 28,800	$ 48,820

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt	$ 246,875	$ 248,438
Less current portion	(6,250)	(6,250)
Total long-term debt, less current portion	240,625	242,188
Total long-term debt, net of debt issuance costs - term loans	$ 239,128	$ 240,595
Weighted-average interest rate	6.50%	4.36%
Term loans
Debt Instrument [Line Items]
Long-term debt	$ 246,875	$ 248,438
Less debt issuance costs - term loans	(1,497)	(1,593)
Debt issuance costs - revolving credit facility	1,497	1,593
Revolving credit facility
Debt Instrument [Line Items]
Less debt issuance costs - term loans	(2,139)	(2,265)
Debt issuance costs - revolving credit facility	$ 2,139	$ 2,265

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Long-Term Debt - Narrative (Details)				1 Months Ended			3 Months Ended
Long-Term Debt - Narrative (Details)	Apr. 25, 2023 USD ($)	Mar. 20, 2023 USD ($)	Jul. 14, 2022 USD ($)	Jul. 31, 2022 USD ($)	Dec. 31, 2019 USD ($)	Nov. 30, 2018 USD ($)	Apr. 01, 2023 USD ($) subsidiary	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Nov. 30, 2021 USD ($)
Debt Instrument [Line Items]
Repayments of secured debt							$ 1,562,000		$ 31,750,000
Cash flow hedge, gain (loss)							$ (2,130,000)		4,903,000
Purchase price of acquisition								$ 69,100,000
BLR Aerospace, LLLC
Debt Instrument [Line Items]
Purchase price of acquisition		$ 115,000,000
BLR Aerospace, LLLC \| Subsequent event
Debt Instrument [Line Items]
Purchase price of acquisition	$ 115,000,000
Payments to acquire business	$ 117,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount										$ 150,000,000
Average fixed interest rate			1.70%							1.80%
Credit Facilities
Debt Instrument [Line Items]
Debt amount					$ 480,000,000
New Credit Facilities
Debt Instrument [Line Items]
Number of subsidiaries that are not guarantors on debt \| subsidiary							2
Secured Debt
Debt Instrument [Line Items]
Repayments of secured debt									30,000,000
Secured Debt \| 2022 Term Loan Maturing July 14, 2027
Debt Instrument [Line Items]
Debt amount				$ 250,000,000
Spread on base rate (as a percent)				0.00%
Repayments of debt							$ 254,200,000
Proceeds from term loan							$ 250,000,000
Loss on extinguishment of debt			$ 200,000
Fees paid to lenders to be capitalized			800,000
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Debt Instrument, Quarterly Prepayment, Year One and Year Two
Debt Instrument [Line Items]
Prepayment amount of principal outstanding				0.625%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Debt Instrument, Quarterly Prepayment, Year Three and Year Four
Debt Instrument [Line Items]
Prepayment amount of principal outstanding				1.25%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Debt Instrument, Quarterly Prepayment, Year Five
Debt Instrument [Line Items]
Prepayment amount of principal outstanding				1.875%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| SOFR
Debt Instrument [Line Items]
Spread on base rate (as a percent)				1.00%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| SOFR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)				1.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| SOFR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)				2.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)				0.50%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)				0.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)				1.375%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024
Debt Instrument [Line Items]
Debt amount					$ 140,000,000
Prepayment amount of principal outstanding					1.25%
Repayments of debt									1,800,000
Proceeds from term loan					$ 140,000,000
Repayments of secured debt									13,000,000
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.50%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							2.50%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.50%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate (as a percent)							1.00%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.50%
Secured Debt \| 2019 Term Loan Maturing December 20, 2024 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.50%
Secured Debt \| 2018 Term Loan
Debt Instrument [Line Items]
Debt amount						$ 240,000,000
Prepayment amount of principal outstanding						0.25%
Repayments of debt					56,000,000
Repayments of secured debt									17,000,000
Secured Debt \| 2018 Term Loan \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)						3.75%
Secured Debt \| 2018 Term Loan \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)						4.00%
Secured Debt \| 2018 Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)						0.50%
Secured Debt \| 2018 Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate (as a percent)						1.00%
Secured Debt \| 2018 Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)						3.75%
Secured Debt \| 2018 Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)						4.00%
Secured Debt \| New Term Loan Maturing December 20, 2024
Debt Instrument [Line Items]
Repayments of debt							$ 1,600,000
Secured Debt \| Other instruments
Debt Instrument [Line Items]
Repayments of secured debt							$ 0		$ 0
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity				$ 200,000,000
Fees paid to lenders to be capitalized			1,700,000
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| Minimum
Debt Instrument [Line Items]
Commitment fee							0.175%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| Maximum
Debt Instrument [Line Items]
Commitment fee							0.275%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| SOFR
Debt Instrument [Line Items]
Spread on base rate (as a percent)							1.00%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| SOFR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| SOFR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							2.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.50%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility Due July 14, 2027 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.375%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					100,000,000
Amortization of debt issuance costs			100,000
Debt issuance costs, line of credit arrangements			800,000
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Minimum
Debt Instrument [Line Items]
Commitment fee							0.175%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Maximum
Debt Instrument [Line Items]
Commitment fee							0.275%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							2.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate (as a percent)							1.00%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							0.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate (as a percent)							1.50%
Revolving Credit Facility \| 2018 Revolving Credit Facility Maturing November 21, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity					100,000,000
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 but greater than 2.50						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
Revolving Credit Facility \| 2018 Revolving Credit Facility Maturing November 21, 2023 \| 50% of Excess Cash Flow Amount
Debt Instrument [Line Items]
Adjusted leverage ratio, minimum						3.25
Revolving Credit Facility \| 2018 Revolving Credit Facility Maturing November 21, 2023 \| 25% of Excess Cash Flow Amount
Debt Instrument [Line Items]
Adjusted leverage ratio, minimum						2.50
Adjusted leverage ratio, maximum						3.25
Revolving Credit Facility \| 2018 Revolving Credit Facility Maturing November 21, 2023 \| 0% of Excess Cash Flow Amount
Debt Instrument [Line Items]
Adjusted leverage ratio, maximum						2.50
Revolving Credit Facility \| 2018 Term Loan
Debt Instrument [Line Items]
Fees paid to lenders to be capitalized			$ 1,000,000
Revolving Credit Facility \| New Credit Facilities
Debt Instrument [Line Items]
Remaining borrowing capacity							$ 199,800,000
Outstanding standby letters of credit							$ 200,000

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Apr. 02, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 808	$ 1,622
Unrecognized tax benefits	5,200		$ 4,900
Expected change in unrecognized tax benefits	2,600
Decrease in unrecognized tax benefits in next twelve months	$ 700

- Definition

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

+ References + Details

Commitments and Contingencies (Details) ft² in Thousands		3 Months Ended			12 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Jan. 17, 2023 USD ($)	Apr. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Apr. 02, 2022 USD ($)	Dec. 31, 2020 USD ($)	Jan. 22, 2023 ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 29, 2020 ft² building
Loss Contingencies [Line Items]
Estimated litigation liability			$ 900,000					$ 800,000
Payment for legal settlement	$ 900,000
Revenue		$ 181,191,000		$ 163,481,000
Cost of sales		144,424,000		131,006,000
Gain contingencies related to loss on operating assets		3,900,000
Damage from Facility Fire
Loss Contingencies [Line Items]
Loss contingency, receivable, proceeds		0		3,000,000
Structural Systems
Loss Contingencies [Line Items]
Revenue		75,565,000		$ 66,015,000
El Mirage and Monrovia, California \| Structural Systems
Loss Contingencies [Line Items]
Reserve for estimated liability		1,500,000					$ 1,500,000
West Covina, California \| Structural Systems
Loss Contingencies [Line Items]
Reserve for estimated liability		400,000					$ 400,000
West Covina, California \| Structural Systems \| Minimum
Loss Contingencies [Line Items]
Possible loss		400,000
West Covina, California \| Structural Systems \| Maximum
Loss Contingencies [Line Items]
Possible loss		$ 3,100,000
Facility Fire In Guaymas, Mexico
Loss Contingencies [Line Items]
Real estate property (in sqft) \| ft²						117
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					$ 13,500,000
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Property, Plant and Equipment
Loss Contingencies [Line Items]
Carrying value of impaired assets					7,100,000
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Inventories
Loss Contingencies [Line Items]
Carrying value of impaired assets					3,400,000
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Revision of Prior Period, Reclassification, Adjustment
Loss Contingencies [Line Items]
Revenue					800,000
Cost of sales					$ 500,000
Accrued Liabilities
Loss Contingencies [Line Items]
Estimated litigation liability			900,000					$ 800,000
Additional accrued liabilities			$ 100,000

Business Segment Information - Narrative (Details)	3 Months Ended
Business Segment Information - Narrative (Details)	Apr. 01, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Business Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Apr. 01, 2023	Apr. 02, 2022
Segment Reporting Information [Line Items]
Net Revenues	$ 181,191	$ 163,481
Segment Operating Income	6,372	9,123
Depreciation and Amortization Expenses	7,989	7,768
Capital Expenditures	4,981	5,068
Operating Segments
Segment Reporting Information [Line Items]
Segment Operating Income	14,756	14,298
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate General and Administrative Expenses	(8,384)	(5,175)
Corporate Administration
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	59	59
Capital Expenditures	0	0
Electronic Systems
Segment Reporting Information [Line Items]
Net Revenues	105,626	97,466
Electronic Systems \| Operating Segments
Segment Reporting Information [Line Items]
Segment Operating Income	10,011	9,411
Depreciation and Amortization Expenses	3,498	3,506
Capital Expenditures	1,851	1,696
Structural Systems
Segment Reporting Information [Line Items]
Net Revenues	75,565	66,015
Structural Systems \| Operating Segments
Segment Reporting Information [Line Items]
Segment Operating Income	4,745	4,887
Depreciation and Amortization Expenses	4,432	4,203
Capital Expenditures	$ 3,130	$ 3,372

Business Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Apr. 01, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Total Assets	$ 1,006,078	$ 1,021,506
Goodwill and Intangibles	326,983	330,608
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Total Assets	544,302	543,298
Goodwill and Intangibles	180,179	182,501
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Total Assets	425,736	410,565
Goodwill and Intangibles	146,804	148,107
Corporate Administration
Segment Reporting Information [Line Items]
Total Assets	$ 36,040	$ 67,643

- 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
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-Section S99
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-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
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-Name Accounting Standards Codification
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+ Details