0001628280-22-003518 | 10-K | XBRL Viewer

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Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 76,316	$ 56,466
Accounts receivable (net of allowance for credit losses of $1,098 and $1,552 at December 31, 2021 and 2020, respectively)	72,261	58,025
Contract assets	176,405	154,028
Inventories	150,938	129,223
Production cost of contracts	8,024	6,971
Other current assets	8,625	5,571
Total Current Assets	492,569	410,284
Property and Equipment, Net	102,419	109,990
Operating Lease Right-of-Use Assets	33,265	16,348
Goodwill	203,694	170,830
Intangibles, Net	141,764	124,744
Deferred Income Taxes	0	33
Other Assets	5,024	5,118
Total Assets	978,735	837,347
Current Liabilities
Accounts payable	66,059	63,980
Contract liabilities	42,077	28,264
Accrued and other liabilities	41,291	40,526
Operating lease liabilities	6,133	3,132
Current portion of long-term debt	7,000	7,000
Total Current Liabilities	162,560	142,902
Long-Term Debt, Less Current Portion	279,384	311,922
Non-Current Operating Lease Liabilities	28,074	14,555
Deferred Income Taxes	18,727	16,992
Other Long-Term Liabilities	15,388	21,642
Total Liabilities	504,133	508,013
Commitments and Contingencies
Shareholders’ Equity
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,925,087 and 11,728,212 shares issued and outstanding at December 31, 2021 and 2020, respectively	119	117
Additional paid-in capital	104,253	97,090
Retained earnings	377,263	241,727
Accumulated other comprehensive loss	(7,033)	(9,600)
Total Shareholders’ Equity	474,602	329,334
Total Liabilities and Shareholders’ Equity	$ 978,735	$ 837,347
Common stock, shares authorized (in shares)	35,000,000	35,000,000

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 1,098	$ 1,552
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	11,925,087	11,728,212
Common stock, shares outstanding (in shares)	11,925,087	11,728,212

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net Revenues	$ 645,413	$ 628,941	$ 721,088
Cost of Sales	502,953	491,203	568,891
Gross Profit	142,460	137,738	152,197
Selling, General and Administrative Expenses	93,579	89,808	95,964
Restructuring Charges	0	2,424	0
Operating Income	48,881	45,506	56,233
Interest Expense	(11,187)	(13,653)	(18,290)
Loss on Extinguishment of Debt	0	0	(180)
Gain on Sale-Leaseback	132,522	0	0
Other Income, Net	268	128	0
Income Before Taxes	170,484	31,981	37,763
Income Tax Expense	34,948	2,807	5,302
Net Income	$ 135,536	$ 29,174	$ 32,461
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 11.41	$ 2.50	$ 2.82
Diluted earnings per share (in dollars per share)	$ 11.06	$ 2.45	$ 2.75
Weighted-Average Number of Shares Outstanding
Basic (in shares)	11,879	11,676	11,518
Diluted (in shares)	12,251	11,932	11,792

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 135,536	$ 29,174	$ 32,461
Pension Adjustments:
Amortization of actuarial losses and prior service costs, net of tax of $309, $236, and $209 for 2021, 2020, and 2019, respectively	976	757	676
Actuarial gains (losses) arising during the period, net of tax benefit of $902, $701, and $502 for 2021, 2020, and 2019, respectively	2,859	(2,251)	(1,682)
Change in net unrealized (losses) gains on cash flow hedges, net of tax of $391, $57, and $29 for 2021, 2020, and 2019, respectively	(1,268)	162	95
Other Comprehensive Income (Loss), Net of Tax	2,567	(1,332)	(911)
Comprehensive Income, Net of Tax	$ 138,103	$ 27,842	$ 31,550

- Definition

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

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

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Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Amortization of actuarial (loss) gain, tax	$ 309	$ 236	$ 209
Actuarial gain (loss) arising during the period, tax benefit	902	701	502
Unrealized gain (loss) on cash flow hedge, tax expense (benefit)	$ 391	$ 57	$ 29

Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018			11,417,863
Beginning balance at Dec. 31, 2018	$ 256,825	$ (264)	$ 114	$ 83,712	$ 180,356	$ (264)	$ (7,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	32,461				32,461
Other comprehensive income (loss), net of tax	(911)						(911)
Employee stock purchase plan (in shares)			26,521
Employee stock purchase plan	1,118			1,118
Stock options exercised (in shares)			80,693
Stock options exercised	2,015		$ 1	2,014
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(123,192)
Stock repurchased related to the exercise of stock options and stock awards vested	(5,605)		$ (1)	(5,604)
Stock awards vested (in shares)			170,783
Stock awards vested	0		$ 2	(2)
Stock-based compensation	7,161			7,161
Ending balance (in shares) at Dec. 31, 2019			11,572,668
Ending balance at Dec. 31, 2019	292,800		$ 116	88,399	212,553		(8,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	29,174				29,174
Other comprehensive income (loss), net of tax	(1,332)						(1,332)
Employee stock purchase plan (in shares)			57,285
Employee stock purchase plan	2,194		$ 1	2,193
Stock options exercised (in shares)			54,063
Stock options exercised	1,564		$ 1	1,563
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(95,411)
Stock repurchased related to the exercise of stock options and stock awards vested	(4,365)		$ (2)	(4,363)
Stock awards vested (in shares)			139,607
Stock awards vested	0		$ 1	(1)
Stock-based compensation	9,299			9,299
Ending balance (in shares) at Dec. 31, 2020			11,728,212
Ending balance at Dec. 31, 2020	329,334		$ 117	97,090	241,727		(9,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	135,536				135,536
Other comprehensive income (loss), net of tax	2,567						2,567
Employee stock purchase plan (in shares)			56,524
Employee stock purchase plan	$ 2,904		$ 1	2,903
Stock options exercised (in shares)	48,769		48,769
Stock options exercised	$ 1,733		$ 1	1,732
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)			(155,653)
Stock repurchased related to the exercise of stock options and stock awards vested	(8,684)		$ (2)	(8,682)
Stock awards vested (in shares)			247,235
Stock awards vested	0		$ 2	(2)
Stock-based compensation	11,212			11,212
Ending balance (in shares) at Dec. 31, 2021			11,925,087
Ending balance at Dec. 31, 2021	$ 474,602		$ 119	$ 104,253	$ 377,263		$ (7,033)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities
Net Income	$ 135,536	$ 29,174	$ 32,461
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation and amortization	28,389	28,850	28,305
Non-cash operating lease cost	3,349	3,157	2,669
Stock-based compensation expense	11,212	9,299	7,161
Deferred income taxes	1,768	327	(1,830)
(Recovery of) provision for credit losses	(454)	231	186
Noncash loss on extinguishment of debt	0	0	180
Insurance recoveries related to loss on operating assets	0	8,546	0
Gain on sale-leaseback	(132,522)	0	0
Other	(505)	826	942
Changes in Assets and Liabilities:
Accounts receivable	(11,689)	8,877	2,380
Contract assets	(22,377)	(47,358)	(20,005)
Inventories	(17,129)	(20,183)	(8,491)
Production cost of contracts	(2,311)	(1,488)	(1,079)
Other assets	(4,902)	(212)	1,358
Accounts payable	2,793	(19,714)	11,620
Contract liabilities	13,813	13,747	(2,628)
Operating lease liabilities	(3,531)	(2,953)	(2,713)
Accrued and other liabilities	(2,005)	1,485	515
Net Cash (Used in) Provided by Operating Activities	(565)	12,611	51,031
Cash Flows from Investing Activities
Purchases of property and equipment	(16,863)	(12,510)	(18,290)
Proceeds from sale-leaseback	143,100	0	0
Proceeds from sale of assets	553	5	3
Insurance recoveries related to property and equipment	0	4,954	0
Life insurance proceeds	439	1,889	0
Payments for acquisition of Magnetic Seal LLC, net of cash acquired	(69,479)	0	0
Post closing cash received from the acquisition of Nobles Worldwide, Inc., net	0	190	0
Payments for acquisition of Nobles Worldwide, Inc., net of cash acquired	0	0	(76,647)
Net Cash Provided by (Used in) Investing Activities	57,750	(5,472)	(94,934)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	96,000	65,900	298,400
Repayments of senior secured revolving credit facility	(121,000)	(40,900)	(298,400)
Borrowings from term loans	0	0	140,000
Repayments of term loans	(7,926)	(14,362)	(63,000)
Repayments of other debt	(362)	(288)	(169)
Debt issuance costs	0	0	(1,135)
Net cash paid upon issuance of common stock under stock plans	(4,047)	(607)	(2,472)
Net Cash (Used in) Provided by Financing Activities	(37,335)	9,743	73,224
Net Increase in Cash and Cash Equivalents	19,850	16,882	29,321
Cash and Cash Equivalents at Beginning of Year	56,466	39,584	10,263
Cash and Cash Equivalents at End of Year	$ 76,316	$ 56,466	$ 39,584

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2021

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: Electronic Systems segment (“Electronic Systems”) and 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. All reportable operating segments follow the same accounting principles.

Basis of Presentation

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

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

Changes in Accounting Policies

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

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

Use of Estimates

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

Reclassifications

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

Supplemental Cash Flow Information


	(Dollars in thousands) Years Ended December 31,
	2021		2020		2019
Interest paid	$	10,135	$	11,859	$	16,474
Taxes paid	$	32,934	$	3,810	$	5,699
Non-cash activities:
Purchases of property and equipment not paid	$	1,333	$	2,477	$	1,380

Fair Value

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

We have money market funds and they are included as cash and cash equivalents. We also have forward interest rate swap agreements and had interest rate cap hedge agreements and the fair value of the forward interest rate swap agreements and interest rate cap hedge agreements were determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement. The interest rate cap hedges matured during the second quarter of 2020 and as such, the premium was zero as of December 31, 2021.

There were no transfers between Level 1, Level 2, or Level 3 financial instruments in either 2021 or 2020.

Cash and Cash Equivalents

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

Derivative Instruments

We recognize derivative instruments on our consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. On November 29, 2021, we entered into forward interest rate swap agreements, 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, we have made the following cash flow hedging relationship elections to qualify for hedge accounting treatment related to the Forward Interest Rate Swaps as our current term loans mature before the expiration of the Forward Interest Rate Swaps: 1) Probability of forecasted transactions, and 2) Assessment of effectiveness. See Note 8. As of December 31, 2021, 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 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 Forward Interest Rate Swaps are not effective until January 1, 2024, in both 2021 and 2020, we only recorded the changes in the fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges in other long term liabilities and other comprehensive income (loss) of $1.7 million and zero, respectively.

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 consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.

Allowance for Credit Losses

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

Inventories

Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue

contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.

Property and Equipment and Depreciation

Property and equipment, including assets recorded under operating and finance leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets.

Business Combinations

When a business is acquired, we allocate the purchase price by recording the assets acquired and liabilities assumed at their estimated fair values as of the acquisition date, with the excess cost recorded as goodwill. A preliminary fair value is determined once a business is acquired, with the final determination of fair value be completed no later than one year from the date of acquisition.

To determine the estimated fair value of assets acquired and liabilities assumed requires significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenues, costs and cash flows, discount rates, and selection of comparable companies. We engage the assistance of valuation specialists in concluding on fair value measurements in determining the fair value of assets acquired and liabilities assumed in business combinations.

The fair value of the intangible assets is estimated using several valuation methodologies, including the income based or market based approaches, which represent Level 3 fair value measurements. Inputs to fair value analyses and other aspects of the allocation of the purchase price require judgment. The value for customer relationships is typically estimated based on a multi-period excess earnings approach. The more significant inputs used in the customer relationships intangible asset valuation include (i) future revenue growth rates, (ii) projected gross margins, (iii) the customer attrition rate, and (iv) the discount rate. The useful lives are estimated based on the underlying agreements or the future economic benefit expected to be received from the assets.

Acquisition related costs are not included as components of consideration transferred but instead, expensed as incurred and are included in selling, general and administrative expenses in our consolidated statements of income. See Note 2.

Goodwill

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

We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. The qualitative approach for potential impairment analysis is performed 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 the market approach. Management’s cash flow projections include significant judgments and assumptions, including the amount and timing of expected cash flows, long-term growth rates, and discount rates. The cash flows used in the discounted cash flow model are based on our best estimate of future revenues, gross margins, and adjusted after-tax earnings. If any of these assumptions are incorrect, it will impact the estimated fair value of a reporting unit. The market approach also requires significant management judgment in selecting comparable business acquisitions and the transaction values observed and its related control premiums.

In the fourth quarter of 2021, the carrying amount of goodwill at the date of the most recent annual impairment evaluation for Electronic Systems and Structural Systems was $117.4 million and $53.4 million, respectively.

We acquired 100% of the equity interests of Magnetic Seal LLC (f/k/a Magnetic Seal Corporation, “MagSeal”) on December 16, 2021, for a purchase price of $69.5 million, net of cash acquired. We recorded preliminary goodwill of $32.9 million in our Structural Systems segment, which is also our reporting unit. See Note 2.

As of the date of our 2021 annual evaluation for goodwill impairment for the Structural Systems segment, which is also our reporting unit, we performed a step one goodwill impairment analysis as of the first day of the fourth quarter of 2021. The fair value of our Structural Systems segment exceeded its carrying value by 72% and thus, was not deemed impaired.

As of the date of our 2021 annual evaluation for goodwill impairment for the Electronic Systems segment, which is also our reporting unit, we performed a qualitative assessment as of the first day of the fourth quarter of 2021, which considered each of the following: 1) margin of passing most recent step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. Based upon our qualitative assessment, we concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount and thus, goodwill was not deemed impaired.

Other Intangible Assets

We amortize acquired other intangible assets with finite lives over the estimated economic lives of the assets, ranging from 2 to 19 years, generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows when significant changes in conditions occur, and recognize impairment losses, if any, based upon the estimated fair value of the assets.

Restructuring Charges

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

Accumulated Other Comprehensive Loss

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

Revenue Recognition

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

We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue under ASC 606, “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 profit recorded were not material for both years ended December 31, 2021 and December 31, 2020.

Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer 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 consolidated balance sheets. As of December 31, 2021 and 2020, provision for estimated losses on contracts were $2.8 million and $2.3 million, respectively.

Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts. As of December 31, 2021 and 2020, production costs of contracts were $8.0 million and $7.0 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)
	December 31, 2021		December 31, 2020
Contract assets	$	176,405	$	154,028
Contract liabilities	$	42,077	$	28,264

The increase in our contract assets as of December 31, 2021 compared to December 31, 2020 was primarily due to a net increase of products in work in process.

The increase in our contract liabilities as of December 31, 2021 compared to December 31, 2020 was primarily due to a net increase of advance or progress payments received from our customers in the current year. We recognized $20.9 million of the contract liabilities as of December 31, 2020 as revenues during the year ended December 31, 2021.

Performance obligations are defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of December 31, 2021 totaled $814.1 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 2023 and beyond.

Revenue by Category

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


			(Dollars in thousands) Years Ended December 31,				% of Net Revenues
	Change		2021		2020		2021		2020
Consolidated Ducommun
Military and space	$	30,989	$	453,848	$	422,859	70.3	%	67.2	%
Commercial aerospace	(12,411)		155,731		168,142		24.1	%	26.8	%
Industrial	(2,106)		35,834		37,940		5.6	%	6.0	%
Total	$	16,472	$	645,413	$	628,941	100.0	%	100.0	%

Electronic Systems
Military and space	$	19,235	$	327,911	$	308,676	79.5	%	78.6	%
Commercial aerospace	2,886		48,903		46,017		11.8	%	11.7	%
Industrial	(2,106)		35,834		37,940		8.7	%	9.7	%
Total	$	20,015	$	412,648	$	392,633	100.0	%	100.0	%

Structural Systems
Military and space	$	11,754	$	125,937	$	114,183	54.1	%	48.3	%
Commercial aerospace	(15,297)		106,828		122,125		45.9	%	51.7	%
Total	$	(3,543)	$	232,765	$	236,308	100.0	%	100.0	%

Income Taxes

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

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

Litigation and Commitments

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

Environmental Liabilities

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

Accounting for Stock-Based Compensation

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

Government Grant

On November 15, 2021, we were awarded an Aviation Manufacturing Jobs Protection Program grant from the U.S. Department of Transportation of $4.0 million. As part of the award, we have to meet certain requirements over a six month performance period from November 15, 2021 to May 14, 2022. As of December 31, 2021, we have received $2.0 million with the remaining $2.0 million included as other current assets and expected to be received during 2022. We recorded $0.9 million and $0.1 million as a reduction of cost of sales and selling, general and administrative expenses, respectively, in 2021 with the remaining $3.0 million included as accrued and other liabilities.

Charitable Contributions

We contributed $0.3 million to the Ducommun Foundation during 2021.

Earnings Per Share

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

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


	(In thousands, except per share data) Years Ended December 31,
	2021		2020		2019
Net income	$	135,536	$	29,174	$	32,461
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,879		11,676		11,518
Dilutive potential common shares	372		256		274
Diluted weighted-average common shares outstanding	12,251		11,932		11,792
Earnings per share
Basic	$	11.41	$	2.50	$	2.82
Diluted	$	11.06	$	2.45	$	2.75

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


	(In thousands) Years Ended December 31,
	2021	2020	2019
Stock options and stock units	3	254	127

Recent Accounting Pronouncements

New Accounting Guidance Adopted in 2021

In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance” (“ASU 2021-10”), which increases the transparency of government assistance including (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. The new guidance is effective for fiscal years beginning after December 15, 2021, which will be our interim period

beginning January 1, 2022. Early adoption is permitted and thus, we have chosen to early adopt ASU 2021-10 beginning in 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements.

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

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which was our interim period beginning January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which was our interim period beginning January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements.

Recently Issued Accounting Standards

In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2023. Early adoption is permitted. We are evaluating the impact of this standard.

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

In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We have made the following elections related to our current cash flow hedging relationships as our current term loans mature before the expiration of the Forward Interest Rate Swaps: 1) Probability of forecasted transactions, and 2) Assessment of effectiveness. See Note 8.

Business Combinations

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Business Combinations

On December 16, 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 will continue to advance our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities.

The 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. We allocated the preliminary gross purchase price of $71.3 million to the assets acquired and liabilities assumed at their estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill.

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


	Estimated Fair Value
Cash	$	1,821
Accounts receivable	2,093
Inventories	4,586
Other current assets	98
Property and equipment	482
Operating lease right-of-use assets	1,533
Intangible assets	30,100
Goodwill	32,864

Total assets acquired	73,577
Current liabilities	(869)

Other non-current liabilities	(1,408)
Total liabilities assumed	(2,277)
Total purchase price allocation	$	71,300


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	19	$	24,800
Backlog	2	600
Trade name	Indefinite	4,700
		$	30,100

The intangible assets acquired of $30.1 million were determined based on the estimated fair values using valuation techniques consistent with the income approach to measure fair value, which represented Level 3 fair value measurements. The useful lives were estimated based on the underlying agreements or the future economic benefit expected to be received from the assets. The value for customer relationships and backlog were estimated based on a multi-period excess earnings approach, while the value for trade name was assessed using the relief from royalty methodology. Inputs to the income approach models and other aspects of the allocation of the purchase price require judgment. The more significant inputs used in the customer relationships intangible asset valuation include (i) future revenue growth rates, (ii) projected gross margins, (iii) the customer attrition rate, and (iv) the discount rate.

The goodwill of $32.9 million arising from the acquisition is attributable to the benefits we expect to derive from expected synergies from the transaction, including complementary products that will enhance our overall product portfolio, opportunities within new markets, and an acquired assembled workforce. All the goodwill was assigned to the Structural Systems segment. The MagSeal acquisition, for tax purposes, is deemed an asset acquisition and thus, is deductible for income tax purposes.

Acquisition related transaction costs were not included as components of consideration transferred but have been expensed as incurred. Total acquisition-related transaction costs incurred by us were $0.9 million during 2021 and charged to selling, general and administrative expenses.

MagSeal’s results of operations have been included in our 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 for both 2021 and 2020.

Inventories

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	(In thousands) December 31,
	2021		2020
Raw materials and supplies	$	125,334	$	107,983
Work in process	20,609		15,895
Finished goods	4,995		5,345
Total	$	150,938	$	129,223

Property and Equipment, Net

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and equipment, net consisted of the following:


	(In thousands) December 31,				Range of Estimated
	2021		2020		Useful Lives
Land	$	10,494	$	15,733
Buildings and improvements	49,699		60,664		5 - 40 Years
Machinery and equipment	180,761		174,251		2 - 20 Years
Furniture and equipment	19,017		18,490		2 - 10 Years
Construction in progress	10,580		10,594
	270,551		279,732
Less accumulated depreciation	168,132		169,742
Total	$	102,419	$	109,990

Depreciation expense was $14.1 million, $13.8 million, and $13.5 million, for the years ended December 31, 2021, 2020 and 2019, respectively.

Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Sale-Leaseback Transaction

On December 16, 2021, we entered into a sale-leaseback transaction for the building and related land for our Gardena performance center located in Carson, California (“Sale-Leaseback Agreement”). The building and related land was sold for $143.1 million and we have no continuing involvement. The carrying value of the building and related land was $9.4 million and we recognized a gain of $132.5 million. As part of the Sale-Leaseback Agreement, we entered into an initial five year lease for the usage of the just sold building and related land, with three options to renew in five year increments. The lease was classified as an operating lease and the future minimum base monthly lease payments during the initial five year period in aggregate total $19.6 million.

All Leases

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

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

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

We have operating and finance leases for manufacturing facilities, corporate offices, and various equipment. Our leases have remaining lease terms of 1 to 10 years, some of which include options to extend the leases for up to 15 years, and some of which include options to terminate the leases within 1 year.

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Operating leases expense	$	4,283	4,028

Finance leases expense:
Amortization of right-of-use assets	$	356	281
Interest on lease liabilities	62		56
Total finance lease expense	$	418	$	337

Short term and variable lease expenses for the year ended December 31, 2021 were not material.

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,150	$	4,191
Operating cash flows from finance leases	$	61	$	56
Financing cash flows from finance leases	$	363	$	288

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	23,317	$	165
Finance leases	$	401	$	1,241

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2021	December 31, 2020
Operating leases	5	6
Finance leases	6	7

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

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2021	December 31, 2020
Operating leases	3.1%	6.5%
Finance leases	3.6%	4.3%

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	7,037	$	375
2022	7,201		339
2023	7,037		272
2024	6,975		213
2025	6,345		159
Thereafter	2,536		433
Total lease payments	37,131		1,791
Less imputed interest	2,924		187
Total	$	34,207	$	1,604

Operating lease payments include $3.8 million related to options to extend lease terms that are reasonably certain of being exercised. As of December 31, 2021, there are $4.9 million of legally binding minimum lease payments for leases signed but not yet commenced. These operating leases will commence during 2022 with lease terms of 7 years.

Finance lease payments related to options to extend lease terms that are reasonably certain of being exercised are not significant. As of December 31, 2021, there are no legally binding minimum lease payments for leases signed but not yet commenced.

Leases

Sale-Leaseback Transaction

All Leases

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

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Operating leases expense	$	4,283	4,028

Finance leases expense:
Amortization of right-of-use assets	$	356	281
Interest on lease liabilities	62		56
Total finance lease expense	$	418	$	337

Short term and variable lease expenses for the year ended December 31, 2021 were not material.

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,150	$	4,191
Operating cash flows from finance leases	$	61	$	56
Financing cash flows from finance leases	$	363	$	288

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	23,317	$	165
Finance leases	$	401	$	1,241

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2021	December 31, 2020
Operating leases	5	6
Finance leases	6	7

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2021	December 31, 2020
Operating leases	3.1%	6.5%
Finance leases	3.6%	4.3%

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	7,037	$	375
2022	7,201		339
2023	7,037		272
2024	6,975		213
2025	6,345		159
Thereafter	2,536		433
Total lease payments	37,131		1,791
Less imputed interest	2,924		187
Total	$	34,207	$	1,604

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill

The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2021 and 2020 were as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,395	$	252,552
Accumulated goodwill impairment	(81,722)		—		(81,722)

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


Goodwill from acquisition during period	—		32,864		32,864
Balance at December 31, 2021	$	117,435	$	86,259	$	203,694

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

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.

Our most recent step one goodwill impairment test for our Electronic Systems reporting unit was as of the first day of the fourth quarter of 2019 where the fair value of our Electronic Systems reporting unit exceeded its carrying value by 44%. No material adverse factors/changes have occurred since the fourth quarter of 2019 and thus, for our annual goodwill impairment test of our Electronic Systems reporting unit as of the first day of the fourth quarter of 2021, we used a qualitative assessment and

determined it was not more likely than not that the fair value of a reporting unit was less than its carrying amount. As our commercial aerospace end-use market business continues to be negatively impacted by the COVID-19 pandemic, we performed a step one goodwill impairment test for our Structural Systems reporting unit as of the first day of the fourth quarter of 2021, where the fair value of our Structural Systems reporting unit exceeded its carrying value by 72%. Thus, the respective goodwill amounts were not deemed impaired.

On December 16, 2021, we acquired 100% of the outstanding equity of Magnetic Seal LLC (f/k/a Magnetic Seal Corporation, “MagSeal”) for a purchase price of $69.5 million, net of cash acquired. We preliminarily allocated the gross purchase price of $71.3 million to the assets acquired and the liabilities assumed at their estimated fair values. The excess of the purchase price over the aggregate fair values was recorded as goodwill within the Structural Systems reporting unit. See Note 2.

Other intangible assets are related to acquisitions, including MagSeal, and recorded at fair value at the time of the acquisition. Other intangible assets with finite lives are generally amortized on the straight-line method over periods ranging from 2 to 19 years. Intangible assets are as follows:


		(In thousands)
		December 31, 2021						December 31, 2020
	Wtd. Avg Life (Yrs)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived assets
Customer relationships	17	$	246,300	$	114,169	$	132,131	$	221,500	$	101,535	$	119,965
Trade names and trademarks	14	5,500		1,263		4,237		5,500		857		4,643
Contract renewal	14	1,845		1,845		—		1,845		1,845		—
Technology	15	400		291		109		400		264		136
Backlog	2	600		13		587		—		—		—
Total finite-lived assets		254,645		117,581		137,064		229,245		104,501		124,744

Indefinite-lived assets
Trade names and trademarks		4,700		—		4,700		—		—		—
Total		$	259,345	$	117,581	$	141,764	$	229,245	$	104,501	$	124,744

The carrying amount of other intangible assets by operating segment as of December 31, 2021 and 2020 was as follows:


	(In thousands)
	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net Carrying Value		Gross		Accumulated Amortization		Net Carrying Value
Other intangible assets
Electronic Systems	$	164,545	$	90,191	$	74,354	$	164,545	$	80,903	$	83,642
Structural Systems	94,800		27,390		67,410		64,700		23,598		41,102
Total	$	259,345	$	117,581	$	141,764	$	229,245	$	104,501	$	124,744

Amortization expense of other intangible assets was $13.1 million, $13.2 million and $11.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. Future amortization expense by operating segment is expected to be as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
2022	$	9,288	$	5,276	$	14,564
2023	9,288		5,196		14,484
2024	9,288		4,673		13,961
2025	9,288		4,673		13,961
2026	9,288		4,649		13,937
Thereafter	27,914		38,243		66,157
	$	74,354	$	62,710	$	137,064

Accrued and Other Liabilities

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Accrued and Other Liabilities

The components of accrued and other liabilities consisted of the following:


	(In thousands) December 31,
	2021		2020
Accrued compensation	$	24,391	$	28,432
Accrued income tax and sales tax	926		80
Other	15,974		12,014
Total	$	41,291	$	40,526

Long-Term Debt

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Long-Term Debt

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


	(In thousands) December 31,
	2021			2020
Term loans	$	287,712		$	295,638
Revolving credit facility	—			25,000


Total debt	287,712			320,638
Less current portion	7,000			7,000
Total long-term debt, less current portion	280,712			313,638
Less debt issuance costs - term loans	1,328			1,716
Total long-term debt, net of debt issuance costs - term loans	$	279,384		$	311,922
Debt issuance costs - revolving credit facility (1)	$	1,136		$	1,515

Weighted-average interest rate	3.27		%	3.59		%

(1) Included as part of other assets.

Future long-term debt payments at December 31, 2021 were as follows:


	(In thousands)
2022	$	7,000
2023	7,000
2024	112,000
2025	161,712
2026	—
Thereafter	—
Total	$	287,712

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

The 2019 Term Loan bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as the London Interbank Offered Rate [“LIBOR”]) plus an applicable margin ranging from 1.50% to 2.50% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable monthly or quarterly. In addition, the 2019 Term Loan requires installment 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. During 2021, we made the required quarterly payments, in aggregate totaling $7.0 million.

The 2019 Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as LIBOR) plus an applicable margin ranging from 1.50% to 2.50% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. The undrawn portion of the commitment of the 2019 Revolving Credit Facility is subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio. However, the 2019 Revolving Credit Facility does not require any principal installment payments.

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

Further, under the Credit Facilities, if we exceed the annual excess cash flow threshold, we are required to make an annual additional principal payment based on the consolidated adjusted leverage ratio. The annual mandatory excess cash flow payment is based on (i) 50% of the excess cash flow amount if the adjusted leverage ratio is greater than 3.25 to 1.0, (ii) 25% of the excess cash flow amount if the adjusted leverage ratio is less than or equal to 3.25 to 1.0 but greater than 2.50 to 1.0, and (iii) zero percent of the excess cash flow amount if the consolidated adjusted leverage ratio is less than or equal to 2.50 to 1.0. During the first quarter of 2021, we made the required 2020 annual excess cash flow payment of $0.9 million. As of December 31, 2021, we were in compliance with all covenants required under the Credit Facilities.

We drew down $50.0 million on the 2019 Revolving Credit Facility during the first quarter of 2020 to hold as cash on hand, $25.0 million of which was repaid during the fourth quarter of 2020. The remaining $25.0 million was repaid during 2021.

In conjunction with entering into the 2019 Revolving Credit Facility and the 2019 Term Loan, we drew down the entire $140.0 million on the 2019 Term Loan and used those proceeds to pay off and close the 2018 Revolving Credit Facility of $58.5 million, paid down a portion of the 2018 Term Loan of $56.0 million, paid the accrued interest associated with the amounts being paid down on the 2018 Revolving Credit Facility and 2018 Term Loan, paid the fees related to this transaction, and the

remainder used for general corporate expenses. The $56.0 million pay down on the 2018 Term Loan paid all the required quarterly installment payments on the 2018 Term Loan until maturity.

The 2019 Term Loan and 2018 Term Loan were considered a modification of debt and thus, no gain or loss was recorded. Instead, the new fees paid to the lenders of $0.6 million were capitalized and are being amortized over the life of the 2019 Term Loan. The remaining debt issuance costs related to the 2018 Term Loan of $1.5 million as of the modification date will continue to be amortized over its remaining life.

The 2019 Revolving Credit Facility that replaced the 2018 Revolving Credit Facility was considered an extinguishment of debt except for the portion related to the creditors that were part of both the 2019 Revolving Credit Facility and the 2018 Revolving Credit Facility and in which case, it was considered a modification of debt. As a result, we expensed the portion of the unamortized debt issuance costs related to the 2018 Revolving Credit Facility that was considered an extinguishment of debt of $0.5 million. In addition, the new fees paid to the lenders of $0.5 million as part of the 2019 Revolving Credit Facility were capitalized and are being amortized over its remaining life. Further, the remaining debt issuance costs related to the 2018 Revolving Credit Facility of $1.1 million will also be amortized over its remaining life.

On December 16, 2021, we acquired 100.0% of the outstanding equity interests of Magnetic Seal LLC (f/k/a Magnetic Seal Corporation, “MagSeal”) for a purchase price of $69.5 million, net of cash acquired, all payable in cash. Upon the closing of the transaction, we paid a gross total aggregate of $71.3 million in cash, $65.0 million of which was from drawing down on the 2019 Revolving Credit Facility. This draw down on the 2019 Revolving Credit Facility was paid off by December 31, 2021. See Note 2.

Also on December 16, 2021, we entered into a sale-leaseback transaction for the building and related land for our Gardena performance center located in Carson, California, for a sale price of $143.1 million. A portion of the net proceeds were used to pay down on the $65.0 million that was drawn on the 2019 Revolving Credit Facility for the MagSeal acquisition. See Note 5.

As of December 31, 2021, we had $99.8 million of unused borrowing capacity under the 2019 Revolving Credit Facility, after deducting $0.2 million for standby letters of credit.

The Credit Facilities were entered into by us (“Parent Company”) and guaranteed by all of our domestic subsidiaries, other than two subsidiaries that were considered minor (“Subsidiary Guarantors”). The Subsidiary Guarantors jointly and severally guarantee the Credit Facilities. The Parent Company has no independent assets or operations and therefore, no consolidating financial information for the Parent Company and its subsidiaries are presented.

On November 29, 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 Forward Interest Rate Swaps are not effective until January 1, 2024, we only recorded the changes in the fair value of the Forward Interest Rate Swaps and recorded in other long term liabilities and in other comprehensive income (loss) of $1.7 million as of December 31, 2021. See Note 1 for further information.

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

Shareholders' Equity	12 Months Ended
Shareholders' Equity	Dec. 31, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ EquityWe are authorized to issue five million shares of preferred stock. At December 31, 2021 and 2020, no preferred shares were issued or outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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+ Details

Stock-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

Stock Incentive Compensation Plans

We currently have two active stock incentive plans: i) the 2020 Stock Incentive Plan (the “2020 Plan”), which expires on May 6, 2030, and ii) the 2018 Employee Stock Purchase Plan (“ESPP”). The 2013 Stock Incentive Plan, as Amended (the “2013

Plan”) was closed to further issuances of stock awards on May 6, 2020 and any remaining shares available were folded into the 2020 Plan as part of the approval of the 2020 Plan by shareholders at the 2020 Annual Meeting of Shareholders on May 6, 2020. The 2020 Plan permit awards of stock options, restricted stock units, performance stock units and other stock-based awards to our officers, key employees and non-employee directors on terms determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”). The aggregate number of shares available for issuance under the 2020 Plan is 651,162 plus any outstanding awards issued under the 2013 Plan that are subsequently forfeited, terminated, expire or otherwise lapse without being exercised. As of December 31, 2021, shares available for future grant under the 2020 Plan are 113,579. Prior to the adoption of the 2020 Plan, we granted stock-based awards to purchase shares of our common stock under certain predecessor plans. No further awards can be granted under these predecessor plans.

Employee Stock Purchase Plan

The ESPP was adopted by the Board of Directors and approved by the shareholders in 2018, including 750,000 shares that can be awarded. The first offering period closed on July 31, 2019. Under the ESPP, our employees who elect to participate have the right to purchase common stock at a 15% discount from the lower of the market value of the common stock at the beginning or the end of each six month offering period and the discount will be treated as compensation to those employees. Employees purchase common stock using payroll deductions, which may not exceed 10% of their eligible compensation and other limitations. The Compensation Committee administers the ESPP. As of December 31, 2021, there are 609,670 shares available for future award grants.

Stock Options

In the years ended December 31, 2021, 2020, and 2019, we granted stock options to our officers and key employees of zero, 8,000, and 189,170, respectively, with weighted-average grant date fair values of zero, $16.48, and $15.95, respectively. Stock options have been granted with an exercise price equal to the fair market value of our stock on the date of grant and expire not more than ten years from the date of grant. The stock options typically vest over a period of three or four years from the date of grant. The option price and number of shares are subject to adjustment under certain dilutive circumstances. If an employee terminates employment, the non-vested portion of the stock options will not vest and all rights to the non-vested portion will terminate completely.

Stock option activity for the year ended December 31, 2021 were as follows:



	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	380,143	$	35.46
Granted	—	$	—
Exercised	(48,769)	$	35.53
Expired	(3,634)	$	36.49
Forfeited	(9,961)	$	39.72
Outstanding at December 31, 2021	317,779	$	35.30	5.7	$	3,460
Exerciseable at December 31, 2021	258,174	$	33.75	5.3	$	3,211

Changes in nonvested stock options for the year ended December 31, 2021 were as follows:


	Number of Stock Options	Weighted- Average Grant Date Fair Value
Nonvested at January 1, 2021	191,677	$	14.73
Granted	—	$	—
Vested	(122,111)	$	14.10
Forfeited	(9,961)	$	15.32
Nonvested at December 31, 2021	59,605	$	15.93

The aggregate intrinsic value of stock options represents the amount by which the market price of our common stock exceeds the exercise price of the stock option. The aggregate intrinsic value of stock options exercised for the years ended December 31, 2021, 2020 and 2019 was $1.0 million, $0.9 million, and $1.8 million, respectively. Cash received from stock options exercised

for the years ended December 31, 2021, 2020 and 2019 was $1.7 million, $1.6 million, and $2.0 million, respectively, with related tax benefits of $0.4 million, $0.4 million, and $0.5 million, respectively. The total amount of stock options vested and expected to vest in the future is 317,779 shares with a weighted-average exercise price of $35.30 and an aggregate intrinsic value of $3.5 million. These stock options have a weighted-average remaining contractual term of 5.7 years.

The share-based compensation cost expensed for stock options for the years ended December 31, 2021, 2020, and 2019 (before tax benefits) was $1.2 million, $1.8 million, and $1.6 million, respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2021, total unrecognized compensation cost (before tax benefits) related to stock options of $0.4 million is expected to be recognized over a weighted-average period of 0.5 years. The total fair value of stock options vested during the years ended December 31, 2021, 2020, and 2019 was $1.7 million, $2.0 million, and $1.3 million, respectively.

We apply fair value accounting for stock-based compensation based on the grant date fair value estimated using a Black-Scholes-Merton (“Black-Scholes”) valuation model. The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2021, 2020, and 2019 were as follows:


	Years Ended December 31,
	2021	2020		2019
Risk-free interest rate	N/A	1.59	%	1.92	%
Expected volatility	N/A	37.75	%	40.44	%
Expected dividends	N/A	—		—
Expected term (in months)	N/A	66		60

We recognize compensation expense, net of an estimated forfeiture rate, on a straight-line basis over the requisite service period of the award. We have award populations with option vesting terms of three and four years. We estimate the forfeiture rate based on our historic experience, attempting to determine any discernible activity patterns. The expected life computation is based on historic exercise patterns and post-vesting termination behavior. The risk-free interest rate for periods within the contractual life of the award is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is derived from historical volatility of our common stock. We suspended payments of dividends after the first quarter of 2011.

Restricted Stock Units

We granted restricted stock units (“RSUs”) to certain officers, key employees and non-employee directors of 118,995, 118,835, and 62,520 RSUs during the years ended December 31, 2021, 2020, and 2019, respectively, with weighted-average grant date fair values (equal to the fair market value of our stock on the date of grant) of $55.92, $27.62, and $41.04 per share, respectively. RSUs represent a right to receive a share of stock at future vesting dates with no cash payment required from the holder. The RSUs typically have a three year vesting term of 33%, 33% and 34% on the first, second and third anniversaries of the date of grant, respectively. If an employee terminates employment, their non-vested portion of the RSUs will not vest and all rights to the non-vested portion will terminate.

Restricted stock unit activity for the year ended December 31, 2021 was as follows:


	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2021	165,907	$	30.70
Granted	118,995	$	55.92
Vested	(74,958)	$	31.61
Forfeited	(7,662)	$	40.08
Outstanding at December 31, 2021	202,282	$	44.85

The share-based compensation cost expensed for RSUs for the years ended December 31, 2021, 2020, and 2019 (before tax benefits) was $4.1 million, $2.6 million, and $2.4 million respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2021, total unrecognized compensation cost (before tax benefits) related to RSUs of $5.6 million is expected to be recognized over a weighted average period of 1.7 years. The total fair value of RSUs vested for the years ended December 31, 2021, 2020, and 2019 was $4.2 million, $2.3 million, and $2.4 million, respectively. The tax benefit realized from vested RSUs for the years ended December 31, 2021, 2020, and 2019 was $1.0 million, $0.5 million, and $0.6 million, respectively.

Performance Stock Units

We granted performance stock awards (“PSUs”) to certain key employees of 182,886, 159,136, and 58,178 PSUs during the years ended December 31, 2021, 2020, and 2019, respectively, with weighted-average grant date fair values of $49.76, $29.65, and $43.80 per share, respectively. PSU awards are subject to the attainment of performance goals established by the Compensation Committee, the periods during which performance is to be measured, and all other limitations and conditions applicable to the awarded shares. Performance goals are based on a pre-established objective formula that specifies the manner of determining the number of PSUs that will be granted if performance goals are attained. If an employee terminates employment, their non-vested portion of the PSUs will not vest and all rights to the non-vested portion will terminate.

Performance stock activity for the year ended December 31, 2021 was as follows:


	Number of Performance Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2021	288,954	$	31.95
Granted	182,886	$	49.76

Vested	(172,277)	$	33.76
Forfeited	—	$	—
Outstanding at December 31, 2021	299,563	$	41.16

The share-based compensation cost expensed for PSUs for the years ended December 31, 2021, 2020, and 2019 (before tax benefits) was $5.9 million, $4.9 million and $3.2 million, respectively, and is included in selling, general and administrative expenses on the consolidated income statements. At December 31, 2021, total unrecognized compensation cost (before tax benefits) related to PSUs of $7.0 million is expected to be recognized over a weighted-average period of 1.5 years. The total fair value of PSUs vested during the years ended December 31, 2021, 2020, and 2019, was $9.6 million, $3.7 million, and $3.8 million, respectively. The tax benefit realized from PSUs for the years ended December 31, 2021, 2020, and 2019 were $2.3 million, $0.9 million, and $0.9 million, respectively.

Employee Benefit Plans

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Employee Benefit Plans

Supplemental Retirement Plans

We have three unfunded supplemental retirement plans. The first plan was suspended in 1986, but continues to cover certain former executives. The second plan was suspended in 1997, but continues to cover certain current and retired directors. The third plan covers certain current and retired employees and further employee contributions to this plan were suspended on August 5, 2011. The liability for the third plan and interest thereon is included in accrued employee compensation and long-term liabilities were both zero at December 31, 2021, and zero and $0.1 million, respectively, at December 31, 2020. The accumulated benefit obligations of the first two plans at December 31, 2021 and December 31, 2020 were both $0.3 million, and are included in accrued liabilities.

Defined Contribution 401(k) Plans

We sponsor a 401(k) defined contribution plan for all our employees. The plan allows the employees to make annual voluntary contributions not to exceed the lesser of an amount equal to 25% of their compensation or limits established by the Internal Revenue Code. Under this plan, we generally provide a match equal to 50% of the employee’s contributions up to the first 6% of compensation, except for union employees who are not eligible to receive the match. Our provision for matching and profit sharing contributions for the three years ended December 31, 2021, 2020, and 2019 was $2.8 million, $2.6 million, and $2.7 million, respectively.

Other Plans

We have a defined benefit pension plan covering certain hourly employees of a subsidiary (the “Pension Plan”). Pension Plan benefits are generally determined on the basis of the retiree’s age and length of service. Assets of the Pension Plan are composed primarily of fixed income and equity securities. We also have a retirement plan covering certain current and retired employees (the “LaBarge Retirement Plan”). As part of the acquisition of CTP, we acquired their defined benefit pension plan (the “CTP Pension Plan”), which covered certain current and retired employees that were fully funded by CTP as of the acquisition date in April 2018. The CTP Pension Plan was suspended as of the acquisition date but continued to cover certain current and former CTP employees. The CTP Pension Plan gross assets, liabilities, and current year expense were immaterial

for disclosure purposes. The CTP Pension Plan was subsequently liquidated in November 2019 with no loss recorded as a pension plan escrow fund was established as part of the acquisition to cover any losses until it was liquidated.

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


	(In thousands) Years Ended December 31,
	2021		2020		2019
Service cost	$	676	$	622	$	503
Interest cost	1,010		1,209		1,388
Expected return on plan assets	(1,895)		(1,761)		(1,644)
Amortization of actuarial losses	1,285		993		885
Net periodic pension cost	$	1,076	$	1,063	$	1,132

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2021 were as follows:


	(In thousands) Year Ended December 31,
	2021
Amortization of actuarial loss - total before tax (1)	$	1,285
Tax benefit	(309)
Net of tax	$	976

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

The estimated net actuarial loss for both plans that will be amortized from accumulated other comprehensive loss into net periodic cost during 2022 is $1.3 million.

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


	(In thousands) December 31,
	2021		2020
Change in benefit obligation(1)
Beginning benefit obligation (January 1)	$	42,804	$	39,085
Service cost	676		622
Interest cost	1,010		1,209
Actuarial (gain) loss	(2,537)		3,491
Benefits paid	(2,148)		(1,603)
Ending benefit obligation (December 31)	$	39,805	$	42,804
Change in plan assets
Beginning fair value of plan assets (January 1)	$	30,632	$	28,443
Return on assets	3,122		2,300
Employer contribution	2,095		1,492
Benefits paid	(2,151)		(1,603)
Ending fair value of plan assets (December 31)	$	33,698	$	30,632
Funded status (underfunded)	$	(6,107)	$	(12,172)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	427	$	605
Non-current liabilities	$	5,680	$	11,567
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	12,620	$	10,660
Amortization	(1,282)		(993)
Liability (gain) loss	(2,537)		3,491
Asset (gain) loss	(1,228)		(538)
Ending unrecognized loss, before tax (December 31)	7,573		12,620
Tax impact	(1,827)		(3,003)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	5,746	$	9,617

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

On December 31, 2021, our annual measurement date, the accumulated benefit obligation exceeded the fair value of the plans assets by $6.1 million. Such excess is referred to as an unfunded accumulated benefit obligation. We recorded unrecognized loss included in accumulated other comprehensive loss, net of tax at December 31, 2021 and 2020 of $5.7 million and $9.6 million, respectively, which decreased shareholders’ equity. This charge to shareholders’ equity represents a net loss not yet recognized as pension expense. This charge did not affect reported earnings, and would be decreased or be eliminated if either interest rates increase or market performance and plan returns improve which will cause the Pension Plan to return to fully funded status.

Our Pension Plan asset allocations at December 31, 2021 and 2020, by asset category, were as follows:


	December 31,
	2021	2020
Equity securities	69%	67%
Cash and equivalents	1%	—%
Debt securities	30%	33%
Total(1)	100%	100%

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


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

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


	(In thousands) Year Ended December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	414	$	—	$	—	$	414
Fixed income securities	3,648		—		—		3,648
Equities(1)	7,446		—		—		7,446
Other investments	1,199		—		—		1,199
Total plan assets at fair value	$	12,707	$	—	$	—	12,707
Pooled funds							20,991
Total fair value of plan assets							$	33,698


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

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

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

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

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


	Years Ended December 31,
	2021	2020	2019
Discount rate used to determine pension expense
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%

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


	December 31,
	2021	2020	2019
Discount rate used to determine value of obligations
Pension Plan	2.85%	2.50%	3.22%
LaBarge Retirement Plan	2.35%	1.85%	2.85%
Long-term rate of return - Pension Plan only	6.25%	6.25%	7.00%

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


	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2022	$	1,389	$	427
2023	$	1,457	$	410
2024	$	1,580	$	391
2025	$	1,668	$	372
2026	$	1,757	$	354
2027 - 2031	$	9,480	$	1,504

Our funding policy is to contribute cash to our plans so that the minimum contribution requirements established by government funding and taxing authorities are met. We expect to make contributions of $0.7 million to the plans in 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Indemnifications	12 Months Ended
Indemnifications	Dec. 31, 2021
Disclosure of Guarantees and Indemnifications [Abstract]
Indemnifications	Indemnifications We have made guarantees and indemnities under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions, including revenue transactions in the ordinary course of business. In connection with certain performance center leases, we have indemnified our lessors for certain claims arising from the performance center or the lease. We indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware. However, we have a directors and officers insurance policy that may reduce our exposure in certain circumstances and may enable us to recover a portion of future amounts that may be payable, if any. The duration of the guarantees and indemnities varies and, in many cases is indefinite but subject to statute of limitations. The majority of guarantees and indemnities do not provide any limitations of the maximum potential future payments we could be obligated to make. Historically, payments related to these guarantees and indemnities have been immaterial. We estimate the fair value of our indemnification obligations as insignificant based on this history and insurance coverage and have, therefore, not recorded any liability for these guarantees and indemnities in the accompanying consolidated balance sheets.

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

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


	(In thousands) Years Ended December 31,
	2021		2020		2019
Current tax expense
Federal	$	31,171	$	2,525	$	5,802
State	2,829		(459)		1,067
	34,000		2,066		6,869
Deferred tax expense (benefit)
Federal	107		1,294		(650)
State	841		(553)		(917)
	948		741		(1,567)
Income tax expense	$	34,948	$	2,807	$	5,302

We recognized net income tax benefits from deductions of share-based payments in excess of compensation cost recognized for financial reporting purposes of $0.9 million, $0.4 million, and $0.8 million for the years ended December 31, 2021, 2020, and 2019, respectively.

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


	(In thousands) December 31,
	2021		2020
Deferred tax assets:
Accrued expenses	$	620	$	558
Allowance for doubtful accounts	269		371
Contract overrun reserves	680		546
Deferred compensation	272		113
Deferred revenue	1,570		18
Employment-related accruals	4,028		5,912
Environmental reserves	499		493
Federal tax credit carryforwards	133		133
Inventory reserves	2,957		2,684
Operating lease liabilities	8,145		4,186
Pension obligation	1,550		2,915
Federal and state net operating loss carryforwards	4,243		5,125
State tax credit carryforwards	7,123		9,271
Stock-based compensation	2,584		2,179

Other	2,503		1,526
Total gross deferred tax assets	37,176		36,030
Valuation allowance	(7,718)		(9,330)
Total gross deferred tax assets, net of valuation allowance	29,458		26,700
Deferred tax liabilities:

Depreciation	(11,986)		(11,255)
Goodwill	(6,557)		(5,493)
Intangibles	(20,337)		(22,298)
Operating lease right-of-use assets	(7,931)		(3,879)
Prepaid insurance	(534)		(385)

Other	(840)		(349)
Total gross deferred tax liabilities	(48,185)		(43,659)
Net deferred tax liabilities	$	(18,727)	$	(16,959)

We have federal and state tax net operating losses of $15.1 million and $18.2 million, respectively, as of December 31, 2021. The federal net operating losses acquired from the acquisition of Nobles are subject to an annual limitation under Internal Revenue Code Section 382; however, we expect to fully realize them under ASC Subtopic 740-10 before they begin to expire in 2033. The state net operating loss carryforwards include $10.7 million that is not expected to be realized due to various limitations and has been reduced by a valuation allowance. If not realized, the state net operating loss carryforwards, depending on the tax jurisdiction, will begin to expire between 2027 and 2038.

We have federal and state tax credit carryforwards of $0.1 million and $10.9 million, respectively, as of December 31, 2021. A valuation allowance of $9.0 million has been provided on state tax credit carryforwards that are not expected to be realized under ASC Subtopic 740-10. If not realized, the federal tax carryforwards will begin to expire in 2032 and state tax credit carryforwards, depending on the tax jurisdiction, will begin to expire between 2022 and 2036.

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

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


	Years Ended December 31,
	2021	2020	2019
Statutory federal income tax rate	21.0%	21.0%	21.0%
State income taxes (net of federal benefit)	3.1	4.6	3.6
Foreign derived intangible income deduction	—	(0.4)	(1.2)

Stock-based compensation expense	(0.5)	(1.4)	(2.1)
Research and development tax credits (1)	(3.0)	(13.8)	(7.8)
Other tax credits	—	(0.3)	—

Changes in valuation allowance	(1.0)	(0.4)	(1.6)
Non-deductible book expenses	0.7	3.6	3.9
Changes in deferred tax assets	—	(0.2)	(2.2)


Changes in tax reserves	0.2	(4.6)	1.2
Other	—	0.7	(0.8)
Effective income tax rate	20.5%	8.8%	14.0%

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

Our total amount of unrecognized tax benefits was $4.4 million, $4.1 million, and $5.7 million at December 31, 2021, 2020, and 2019, respectively. We record interest and penalty charges, if any, related to uncertain tax positions as a component of tax expense and unrecognized tax benefits. The amounts accrued for interest and penalty charges as of December 31, 2021, 2020, and 2019 were not significant. If recognized, $2.6 million would affect the effective income tax rate. As a result of statute of limitations set to expire in 2022, we expect decreases to our unrecognized tax benefits of approximately $0.7 million in the next twelve months.

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


	(In thousands) Years Ended December 31,
	2021		2020		2019
Balance at January 1,	$	4,069	$	5,663	$	5,283
Additions for tax positions related to the current year	562		418		408
Additions for tax positions related to prior years	180		157		—
Reductions for tax positions related to prior years	—		—		(28)
Reductions for lapse of statute of limitations	(376)		(2,169)		—
Balance at December 31,	$	4,435	$	4,069	$	5,663

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 2017 and by state taxing authorities for tax years after 2016. 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.

In March 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that provided tax relief to individuals and businesses affected by the coronavirus pandemic. We considered the provisions of the CARES Act and determined they do not have a material impact on our overall income taxes. We utilized the option to defer payment of the employer portion of payroll taxes (Social Security) that would otherwise be required to be made during the period beginning March 27, 2020 to December 31, 2020. As such, as of December 31, 2020, we deferred payment of income tax deductions related to payroll taxes of $6.1 million and recorded the related deferred tax asset of $1.4 million, which was included as part of the net deferred income taxes on the consolidated balance sheet. We were required to and made the payments for 50% of the deferred payroll taxes by December 31, 2021. As of December 31, 2021, the remaining unpaid deferred income tax deductions related to payroll taxes is $3.1 million and the related deferred tax asset of $0.7 million is included as part of the net deferred income taxes on the consolidated balance sheet.

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

On March 11, 2021, the U.S. enacted the American Rescue Plan Act of 2021 (“Rescue Plan”). The amendment to Section 162(m) expanding the definition of covered employee to also include the next five highest compensated employees in the limitation will apply to us effective January 1, 2027. We do not expect any tax impacts to be material. We considered other provisions in the Rescue Plan and determined they have no or minimal impact to our overall income taxes.

The Tax Cuts and Jobs Act of 2017 (“TCJA”), which was signed into U.S. law in December 2017, eliminated the option to immediately deduct research and development expenditures in the year incurred under Section 174 effective January 1, 2022. The amended provision under Section 174 requires us to capitalize and amortize these expenditures over five years. Although there is proposed legislation to temporarily reinstate the current deduction of the expenditures after 2021 through 2025, we must consider the changes under the TCJA. If the provision is not deferred, modified, or repealed, with retroactive effect to January 1, 2022, it may result in a material impact on cash from operating activities and the balance of our deferred taxes. The actual impact will depend on if and when this provision is deferred, modified, or repealed by Congress, including if retroactively to January 1, 2022, and the amount of research and development expenditures incurred in 2022. We are monitoring legislation for any further changes to Section 174 and the impact to the financial statements in 2022.

- Definition

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

+ References

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+ Details

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies In 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 on January 28, 2021. The complaint alleges violations of California’s wage and hour laws relating to our current and former employees and seeks attorney’s fees and penalties. We vigorously refuted and defended these claims, and reached a tentative settlement of $0.8 million during the fourth quarter 2021, which is subject to court approval. Thus, we recorded accrued liabilities of $0.8 million as of December 31, 2021. 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 as of both December 31, 2021 and December 31, 2020, which is reflected in other long-term liabilities on our 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 December 31, 2021 and December 31, 2020, which is reflected in other long-term liabilities on our 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 is comprised of two buildings with an aggregate total of 62,000 square feet. The loss of production from the Guaymas performance center is being absorbed by our other existing performance centers. A neighboring, non-related manufacturing facility, also suffered fire damage during the same time as the fire that severely damaged our Guaymas performance center. The cause of the fire is still undetermined and as such, there is no amount of loss that is probable and reasonably estimable at this time. Our insurance covers damage to the facility, equipment, unfinished inventory, and other assets at replacement cost, finished goods inventory at selling price, as well as business interruption, third party property damage, and recovery related expenses caused by the fire, less our per claim deductible. The anticipated insurance recoveries related to losses and incremental costs incurred are recognized when receipt is probable. The anticipated insurance recoveries in excess of net book value of the damaged operating assets and business interruption will not be recorded until all contingencies related to our claim have been resolved. During the year ended December 31, 2020, $0.8 million of revenue and $0.5 million of related cost of sales 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 consolidated statements of income resulting in no net impact, with the anticipated insurance recoveries receivable included as part of other current assets on the consolidated balance sheets. As of December 31, 2021, $13.5 million of general insurance recoveries have been received to date. The timing of and the remaining amounts of insurance recoveries, including for business interruption, are not known at this time. In the normal course of business, Ducommun and its subsidiaries are defendants in certain other litigation, claims and inquiries, including matters relating to environmental laws. In addition, Ducommun makes various commitments and incurs contingent liabilities 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 consolidated financial position, results of operations or cash flows.

Major Customers and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Major Customers and Concentrations of Credit Risk

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


	Years Ended December 31,
	2021		2020		2019
Boeing	7.8	%	10.5	%	16.6	%
Lockheed Martin	4.4	%	5.0	%	4.0	%
Northrop	7.1	%	9.1	%	4.0	%
Raytheon	24.4	%	20.9	%	15.6	%
Spirit	3.8	%	3.3	%	12.2	%
Top ten customers (1)	61.1	%	61.1	%	65.4	%

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

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


	December 31,
	2021		2020
Boeing	3.5	%	4.8	%
Lockheed Martin	0.4	%	2.4	%
Northrop	10.9	%	12.3	%
Raytheon	17.8	%	15.0	%
Spirit	0.7	%	1.1	%

In 2021, 2020 and 2019, net revenues from foreign customers based on the location of the customer were $43.6 million, $58.5 million and $81.6 million, respectively. No net revenues from a foreign country were greater than 3.0% of total net revenues in 2021, 2020, and 2019. We have manufacturing facilities in Thailand and Mexico. Our net revenues, profitability and identifiable long-lived assets attributable to foreign revenues activity were not material compared to our net revenues, profitability and identifiable long-lived assets attributable to our domestic operations during 2021, 2020, and 2019. We are not subject to any significant foreign currency risks as all our sales are made in United States dollars.

Business Segment Information

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Business Segment Information

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

Financial information by reportable segment was as follows:


	(In thousands) Years Ended December 31,
	2021		2020		2019
Net Revenues
Electronic Systems	$	412,648	$	392,633	$	360,373
Structural Systems	232,765		236,308		360,715
Total Net Revenues	$	645,413	$	628,941	$	721,088
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	57,629	$	51,894	$	38,613
Structural Systems	20,234		19,584		46,836
	77,863		71,478		85,449
Corporate General and Administrative Expenses (3)	(28,982)		(25,972)		(29,216)
Operating Income	$	48,881	$	45,506	$	56,233
Depreciation and Amortization Expenses
Electronic Systems	$	13,823	$	14,038	$	14,170
Structural Systems	14,331		14,559		13,663
Corporate Administration	235		253		472
Total Depreciation and Amortization Expenses	$	28,389	$	28,850	$	28,305
Capital Expenditures
Electronic Systems	$	7,471	$	5,037	$	5,508
Structural Systems	8,463		8,570		13,338
Corporate Administration	—		—		—
Total Capital Expenditures	$	15,934	$	13,607	$	18,846

(1)The results for 2021 include MagSeal’s results of operations which have been included in our consolidated statements of income since the date of acquisition as part of the Structural Systems segment. See Note 2.

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

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

Segment assets include assets directly identifiable with each segment. Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2021 and 2020:


	(In thousands) December 31,
	2021		2020
Total Assets
Electronic Systems	$	490,814	$	448,606
Structural Systems	408,118		325,604
Corporate Administration	79,803		63,137
Total Assets	$	978,735	$	837,347
Goodwill and Intangibles
Electronic Systems	$	191,789	$	201,077
Structural Systems	153,669		94,497
Total Goodwill and Intangibles	$	345,458	$	295,574

On December 16, 2021, we acquired 100.0% of the outstanding equity interests of MagSeal for a purchase price of $69.5 million, net of cash acquired. We allocated the preliminary gross purchase price of $71.3 million to the assets acquired and liabilities assumed at their estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill. See Note 2.

- Definition

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

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+ Details

Consolidated Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

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

Consolidated Valuation and Qualifying Accounts

CONSOLIDATED VALUATION AND QUALIFYING ACCOUNTS

YEARS ENDED DECEMBER 31, 2021, 2020, AND 2019

(Dollars in thousands)

SCHEDULE II



Description	Balance at Beginning of Period		Charged to (Reduction of) Costs and Expenses		Deductions/(Recoveries)		Other(1)		Balance at End of Period
2021
Allowance for Credit Losses	$	1,552	$	227	$	681			$	1,098
Valuation Allowance on Deferred Tax Assets	$	9,330	$	(1,612)	$	—	$	—	$	7,718
2020
Allowance for Credit Losses	$	1,321	$	231	$	—	$	—	$	1,552
Valuation Allowance on Deferred Tax Assets	$	9,375	$	(111)	$	—	$	66	$	9,330
2019
Allowance for Credit Losses	$	1,135	$	219	$	33	$	—	$	1,321
Valuation Allowance on Deferred Tax Assets	$	9,083	$	(593)	$	—	$	885	$	9,375

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

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. Our fiscal quarters typically end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter.
Changes in Accounting Policies and Recent Accounting Pronouncements	Changes in Accounting Policies We adopted Accounting Standards Codification (“ASC”) 842, “Leases” (“ASC 842”), on January 1, 2019. We applied ASC 842 using the additional transition method and therefore, recognized the cumulative effect of initially applying ASC 842 as an adjustment to the opening consolidated balance sheet at January 1, 2019. Therefore, the comparative information has not been adjusted and continues to be reported under the previous lease accounting standard, ASC 840, “Leases” (“ASC 840”). Recent Accounting Pronouncements New Accounting Guidance Adopted in 2021 In November 2021, the FASB issued ASU 2021-10, “Government Assistance (Topic 832) - Disclosures by Business Entities about Government Assistance” (“ASU 2021-10”), which increases the transparency of government assistance including (1) the types of assistance, (2) an entity’s accounting for the assistance, and (3) the effect of the assistance on an entity’s financial statements. The new guidance is effective for fiscal years beginning after December 15, 2021, which will be our interim period beginning January 1, 2022. Early adoption is permitted and thus, we have chosen to early adopt ASU 2021-10 beginning in 2021 and the adoption of this standard did not have a material impact on our consolidated financial statements. In October 2020, the FASB issued ASU 2020-10, “Codification Improvements” (“ASU 2020-10”), which affect a wide variety of Topics in the Accounting Standards Codification (“Codification”). ASU 2020-10, among other things, contains amendments that improve the consistency of the Codification by including all disclosure guidance in the appropriate Disclosure Section (Section 50). Many of the amendments arose as the FASB provided an option to give certain information either on the face of the financial statements or in the notes to financial statements and that option only was included in the Other Presentation Matters Section (Section 45) of the Codification. Those amendments are not expected to change current practice. The new guidance is effective for fiscal years beginning after December 15, 2020, which was our interim period beginning January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which was our interim period beginning January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which was our interim period beginning January 1, 2021. The adoption of this standard did not have a material impact on our consolidated financial statements. Recently Issued Accounting Standards In October 2021, the FASB issued ASU 2021-08, “Business Combinations (Topic 805) - Accounting for Contract Assets and Contract Liabilities from Contracts with Customers” (“ASU 2021-08”), which improves the accounting for acquired revenue contracts with customers in a business combination. The new guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2023. Early adoption is permitted. We are evaluating the impact of this standard. In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40) - Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies reporting or provides clarification on various topics, including clarification that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. The new guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2022. Early adoption is permitted. We are evaluating the impact of this standard. In March 2020, the FASB issued ASU 2020-04, “Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We have made the following elections related to our current cash flow hedging relationships as our current term loans mature before the expiration of the Forward Interest Rate Swaps: 1) Probability of forecasted transactions, and 2) Assessment of effectiveness. See Note 8.
Use of Estimates	Use of Estimates Certain amounts and disclosures included in the consolidated financial statements required management to make estimates and judgments that affect the amount of assets, liabilities (including forward loss reserves), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to current year’s presentation.
Fair Value	Fair Value Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. We have money market funds and they are included as cash and cash equivalents. We also have forward interest rate swap agreements and had interest rate cap hedge agreements and the fair value of the forward interest rate swap agreements and interest rate cap hedge agreements were determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value above.
Derivative Instruments	Derivative Instruments We recognize derivative instruments on our consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. On November 29, 2021, we entered into forward interest rate swap agreements, 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, we have made the following cash flow hedging relationship elections to qualify for hedge accounting treatment related to the Forward Interest Rate Swaps as our current term loans mature before the expiration of the Forward Interest Rate Swaps: 1) Probability of forecasted transactions, and 2) Assessment of effectiveness. See Note 8. As of December 31, 2021, 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 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 Forward Interest Rate Swaps are not effective until January 1, 2024, in both 2021 and 2020, we only recorded the changes in the fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges in other long term liabilities and other comprehensive income (loss) of $1.7 million and zero, respectively. 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 consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.
Allowance for Credit Losses	Allowance for Credit Losses We maintain an allowance for credit losses for expected losses from the inability of customers to make required payments. The allowance for credit losses is evaluated periodically for expected credit losses based on the financial condition of customers and their payment history, the aging of accounts receivable, historical write-off experience and other assumptions, such as current assessment of economic conditions.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.
Property and Equipment and Depreciation	Property and Equipment and Depreciation Property and equipment, including assets recorded under operating and finance leases, are recorded at cost. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the related assets, or the lease term if shorter for leasehold improvements. Repairs and maintenance are charged to expense as incurred. We evaluate long-lived assets for recoverability considering undiscounted cash flows, when significant changes in conditions occur, and recognize impairment losses if any, based upon the fair value of the assets.
Business Combinations	Business Combinations When a business is acquired, we allocate the purchase price by recording the assets acquired and liabilities assumed at their estimated fair values as of the acquisition date, with the excess cost recorded as goodwill. A preliminary fair value is determined once a business is acquired, with the final determination of fair value be completed no later than one year from the date of acquisition. To determine the estimated fair value of assets acquired and liabilities assumed requires significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenues, costs and cash flows, discount rates, and selection of comparable companies. We engage the assistance of valuation specialists in concluding on fair value measurements in determining the fair value of assets acquired and liabilities assumed in business combinations. The fair value of the intangible assets is estimated using several valuation methodologies, including the income based or market based approaches, which represent Level 3 fair value measurements. Inputs to fair value analyses and other aspects of the allocation of the purchase price require judgment. The value for customer relationships is typically estimated based on a multi-period excess earnings approach. The more significant inputs used in the customer relationships intangible asset valuation include (i) future revenue growth rates, (ii) projected gross margins, (iii) the customer attrition rate, and (iv) the discount rate. The useful lives are estimated based on the underlying agreements or the future economic benefit expected to be received from the assets. Acquisition related costs are not included as components of consideration transferred but instead, expensed as incurred and are included in selling, general and administrative expenses in our consolidated statements of income.
Goodwill	Goodwill Goodwill is evaluated for impairment on an annual basis on the first day of the fourth fiscal quarter. If certain factors occur, including significant under performance of our business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, a decision to divest individual businesses within a reporting unit, or a decision to group individual businesses differently, we may be required to perform an interim impairment test prior to the fourth quarter. We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. The qualitative approach for potential impairment analysis is performed 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 the market approach. Management’s cash flow projections include significant judgments and assumptions, including the amount and timing of expected cash flows, long-term growth rates, and discount rates. The cash flows used in the discounted cash flow model are based on our best estimate of future revenues, gross margins, and adjusted after-tax earnings. If any of these assumptions are incorrect, it will impact the estimated fair value of a reporting unit. The market approach also requires significant management judgment in selecting comparable business acquisitions and the transaction values observed and its related control premiums. In the fourth quarter of 2021, the carrying amount of goodwill at the date of the most recent annual impairment evaluation for Electronic Systems and Structural Systems was $117.4 million and $53.4 million, respectively. We acquired 100% of the equity interests of Magnetic Seal LLC (f/k/a Magnetic Seal Corporation, “MagSeal”) on December 16, 2021, for a purchase price of $69.5 million, net of cash acquired. We recorded preliminary goodwill of $32.9 million in our Structural Systems segment, which is also our reporting unit. See Note 2. As of the date of our 2021 annual evaluation for goodwill impairment for the Structural Systems segment, which is also our reporting unit, we performed a step one goodwill impairment analysis as of the first day of the fourth quarter of 2021. The fair value of our Structural Systems segment exceeded its carrying value by 72% and thus, was not deemed impaired. As of the date of our 2021 annual evaluation for goodwill impairment for the Electronic Systems segment, which is also our reporting unit, we performed a qualitative assessment as of the first day of the fourth quarter of 2021, which considered each of the following: 1) margin of passing most recent step one analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. Based upon our qualitative assessment, we concluded that it was more likely than not that the fair value of the reporting unit exceeded its carrying amount and thus, goodwill was not deemed impaired.
Other Intangible Assets	Other Intangible Assets We amortize acquired other intangible assets with finite lives over the estimated economic lives of the assets, ranging from 2 to 19 years, generally using the straight-line method. The value of other intangibles acquired through business combinations has been estimated using present value techniques which involve estimates of future cash flows. We evaluate other intangible assets for recoverability considering undiscounted cash flows when significant changes in conditions occur, and recognize impairment losses, if any, based upon the estimated fair value of the assets.
Restructuring Charges	Restructuring ChargesIn May 2020, management approved and commenced a restructuring plan in the Structural Systems segment mainly to reduce headcount in response to the impact from the COVID-19 pandemic on commercial aerospace demand outlook.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, as reflected on the consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.
Revenue Recognition	Revenue Recognition Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause. We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue under ASC 606, “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 profit recorded were not material for both years ended December 31, 2021 and December 31, 2020. Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer 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 consolidated balance sheets. As of December 31, 2021 and 2020, provision for estimated losses on contracts were $2.8 million and $2.3 million, respectively. Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts. As of December 31, 2021 and 2020, production costs of contracts were $8.0 million and $7.0 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.
Income Taxes	Income Taxes Income taxes are accounted for using an asset and liability approach that requires the recognition of deferred tax assets and liabilities. Deferred tax assets and liabilities are recognized, using enacted tax rates, for the expected future tax consequences of temporary differences between the book and tax bases of recorded assets and liabilities, operating losses, and tax credit carryforwards. Deferred tax assets are evaluated quarterly and are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized. Tax positions taken or expected to be taken in a tax return are recognized when it is more-likely-than-not, based on technical merits, to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement, including resolution of related appeals and/or litigation process, if any.
Litigation and Commitments	Litigation and Commitments In the normal course of business, we are defendants in certain litigation, claims and inquiries, including matters relating to environmental laws. In addition, we make various commitments and incur contingent liabilities. Management’s estimates regarding contingent liabilities could differ from actual results.
Environmental Liabilities	Environmental Liabilities Environmental liabilities are recorded when environmental assessments and/or remedial efforts are probable and costs can be reasonably estimated. Generally, the timing of these accruals coincides with the completion of a feasibility study or our commitment to a formal plan of action. Further, we review and update our environmental accruals as circumstances change and/or additional information is obtained that reasonably could be expected to have a meaningful effect on the outcome of a matter or the estimated cost thereof.
Accounting for Stock-Based Compensation	Accounting for Stock-Based CompensationWe measure and recognize compensation expense for share-based payment transactions to our employees and non-employees at their estimated fair value. The expense is measured at the grant date, based on the calculated fair value of the share-based award, and is recognized over the requisite service period (generally the vesting period of the equity award). The fair value of stock options are determined using the Black-Scholes-Merton (“Black-Scholes”) valuation model, which requires assumptions and judgments regarding stock price volatility, risk-free interest rates, and expected options terms. Management’s estimates could differ from actual results. The fair value of unvested stock awards is determined based on the closing price of the underlying common stock on the date of grant except for market condition awards for which the fair value was based on a Monte Carlo simulation model.
Earnings per Share	Earnings Per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus potentially dilutive shares that could be issued if exercised or converted into common stock in each period.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Accounting Policies [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental Cash Flow Information


	(Dollars in thousands) Years Ended December 31,
	2021		2020		2019
Interest paid	$	10,135	$	11,859	$	16,474
Taxes paid	$	32,934	$	3,810	$	5,699
Non-cash activities:
Purchases of property and equipment not paid	$	1,333	$	2,477	$	1,380

Schedule of Contract with Customer, Asset and Liability

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


	(Dollars in thousands)
	December 31, 2021		December 31, 2020
Contract assets	$	176,405	$	154,028
Contract liabilities	$	42,077	$	28,264

Schedule of Disaggregation of Revenue

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


			(Dollars in thousands) Years Ended December 31,				% of Net Revenues
	Change		2021		2020		2021		2020
Consolidated Ducommun
Military and space	$	30,989	$	453,848	$	422,859	70.3	%	67.2	%
Commercial aerospace	(12,411)		155,731		168,142		24.1	%	26.8	%
Industrial	(2,106)		35,834		37,940		5.6	%	6.0	%
Total	$	16,472	$	645,413	$	628,941	100.0	%	100.0	%

Electronic Systems
Military and space	$	19,235	$	327,911	$	308,676	79.5	%	78.6	%
Commercial aerospace	2,886		48,903		46,017		11.8	%	11.7	%
Industrial	(2,106)		35,834		37,940		8.7	%	9.7	%
Total	$	20,015	$	412,648	$	392,633	100.0	%	100.0	%

Structural Systems
Military and space	$	11,754	$	125,937	$	114,183	54.1	%	48.3	%
Commercial aerospace	(15,297)		106,828		122,125		45.9	%	51.7	%
Total	$	(3,543)	$	232,765	$	236,308	100.0	%	100.0	%

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

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


	(In thousands, except per share data) Years Ended December 31,
	2021		2020		2019
Net income	$	135,536	$	29,174	$	32,461
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,879		11,676		11,518
Dilutive potential common shares	372		256		274
Diluted weighted-average common shares outstanding	12,251		11,932		11,792
Earnings per share
Basic	$	11.41	$	2.50	$	2.82
Diluted	$	11.06	$	2.45	$	2.75

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


	(In thousands) Years Ended December 31,
	2021	2020	2019
Stock options and stock units	3	254	127

Business Combinations (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions, by Acquisition

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


	Estimated Fair Value
Cash	$	1,821
Accounts receivable	2,093
Inventories	4,586
Other current assets	98
Property and equipment	482
Operating lease right-of-use assets	1,533
Intangible assets	30,100
Goodwill	32,864

Total assets acquired	73,577
Current liabilities	(869)

Other non-current liabilities	(1,408)
Total liabilities assumed	(2,277)
Total purchase price allocation	$	71,300

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


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	19	$	24,800
Backlog	2	600
Trade name	Indefinite	4,700
		$	30,100

Inventories (Tables)

12 Months Ended

Dec. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	(In thousands) December 31,
	2021		2020
Raw materials and supplies	$	125,334	$	107,983
Work in process	20,609		15,895
Finished goods	4,995		5,345
Total	$	150,938	$	129,223

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment

Property and equipment, net consisted of the following:


	(In thousands) December 31,				Range of Estimated
	2021		2020		Useful Lives
Land	$	10,494	$	15,733
Buildings and improvements	49,699		60,664		5 - 40 Years
Machinery and equipment	180,761		174,251		2 - 20 Years
Furniture and equipment	19,017		18,490		2 - 10 Years
Construction in progress	10,580		10,594
	270,551		279,732
Less accumulated depreciation	168,132		169,742
Total	$	102,419	$	109,990

Leases (Tables)

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Schedule of Lease, Cost

The components of lease expense consisted of the following:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Operating leases expense	$	4,283	4,028

Finance leases expense:
Amortization of right-of-use assets	$	356	281
Interest on lease liabilities	62		56
Total finance lease expense	$	418	$	337

Supplemental cash flow information related to leases was as follows:


	(In thousands)
	Years Ended
	December 31, 2021		December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,150	$	4,191
Operating cash flows from finance leases	$	61	$	56
Financing cash flows from finance leases	$	363	$	288

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	23,317	$	165
Finance leases	$	401	$	1,241

The weighted average remaining lease terms were as follows:


	(In years)
	December 31, 2021	December 31, 2020
Operating leases	5	6
Finance leases	6	7

The weighted average discount rates were as follows:


	Years Ended
	December 31, 2021	December 31, 2020
Operating leases	3.1%	6.5%
Finance leases	3.6%	4.3%

Schedule of Finance Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	7,037	$	375
2022	7,201		339
2023	7,037		272
2024	6,975		213
2025	6,345		159
Thereafter	2,536		433
Total lease payments	37,131		1,791
Less imputed interest	2,924		187
Total	$	34,207	$	1,604

Schedule of Lessee, Operating Lease, Liability, Maturity

Maturity of operating and finance lease liabilities are as follows:


	(In thousands)
	Operating Leases		Finance Leases
2021	$	7,037	$	375
2022	7,201		339
2023	7,037		272
2024	6,975		213
2025	6,345		159
Thereafter	2,536		433
Total lease payments	37,131		1,791
Less imputed interest	2,924		187
Total	$	34,207	$	1,604

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of goodwill, by operating segment, for the years ended December 31, 2021 and 2020 were as follows:


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,395	$	252,552
Accumulated goodwill impairment	(81,722)		—		(81,722)

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


Goodwill from acquisition during period	—		32,864		32,864
Balance at December 31, 2021	$	117,435	$	86,259	$	203,694

Schedule of Other Intangible Assets

Intangible assets are as follows:


		(In thousands)
		December 31, 2021						December 31, 2020
	Wtd. Avg Life (Yrs)	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount
Finite-lived assets
Customer relationships	17	$	246,300	$	114,169	$	132,131	$	221,500	$	101,535	$	119,965
Trade names and trademarks	14	5,500		1,263		4,237		5,500		857		4,643
Contract renewal	14	1,845		1,845		—		1,845		1,845		—
Technology	15	400		291		109		400		264		136
Backlog	2	600		13		587		—		—		—
Total finite-lived assets		254,645		117,581		137,064		229,245		104,501		124,744

Indefinite-lived assets
Trade names and trademarks		4,700		—		4,700		—		—		—
Total		$	259,345	$	117,581	$	141,764	$	229,245	$	104,501	$	124,744

The carrying amount of other intangible assets by operating segment as of December 31, 2021 and 2020 was as follows:


	(In thousands)
	December 31, 2021						December 31, 2020
	Gross		Accumulated Amortization		Net Carrying Value		Gross		Accumulated Amortization		Net Carrying Value
Other intangible assets
Electronic Systems	$	164,545	$	90,191	$	74,354	$	164,545	$	80,903	$	83,642
Structural Systems	94,800		27,390		67,410		64,700		23,598		41,102
Total	$	259,345	$	117,581	$	141,764	$	229,245	$	104,501	$	124,744

Schedule of Future Amortization Expense

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


	(In thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
2022	$	9,288	$	5,276	$	14,564
2023	9,288		5,196		14,484
2024	9,288		4,673		13,961
2025	9,288		4,673		13,961
2026	9,288		4,649		13,937
Thereafter	27,914		38,243		66,157
	$	74,354	$	62,710	$	137,064

Accrued and Other Liabilities (Tables)

12 Months Ended

Dec. 31, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

The components of accrued and other liabilities consisted of the following:


	(In thousands) December 31,
	2021		2020
Accrued compensation	$	24,391	$	28,432
Accrued income tax and sales tax	926		80
Other	15,974		12,014
Total	$	41,291	$	40,526

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Long Term Debt

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


	(In thousands) December 31,
	2021			2020
Term loans	$	287,712		$	295,638
Revolving credit facility	—			25,000


Total debt	287,712			320,638
Less current portion	7,000			7,000
Total long-term debt, less current portion	280,712			313,638
Less debt issuance costs - term loans	1,328			1,716
Total long-term debt, net of debt issuance costs - term loans	$	279,384		$	311,922
Debt issuance costs - revolving credit facility (1)	$	1,136		$	1,515

Weighted-average interest rate	3.27		%	3.59		%

(1) Included as part of other assets.

Schedule of Future Long Term Debt Payments

Future long-term debt payments at December 31, 2021 were as follows:


	(In thousands)
2022	$	7,000
2023	7,000
2024	112,000
2025	161,712
2026	—
Thereafter	—
Total	$	287,712

- Definition

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

+ References

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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Option Activity

Stock option activity for the year ended December 31, 2021 were as follows:



	Number of Stock Options	Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	380,143	$	35.46
Granted	—	$	—
Exercised	(48,769)	$	35.53
Expired	(3,634)	$	36.49
Forfeited	(9,961)	$	39.72
Outstanding at December 31, 2021	317,779	$	35.30	5.7	$	3,460
Exerciseable at December 31, 2021	258,174	$	33.75	5.3	$	3,211

Schedule of Nonvested Options Activity

Changes in nonvested stock options for the year ended December 31, 2021 were as follows:


	Number of Stock Options	Weighted- Average Grant Date Fair Value
Nonvested at January 1, 2021	191,677	$	14.73
Granted	—	$	—
Vested	(122,111)	$	14.10
Forfeited	(9,961)	$	15.32
Nonvested at December 31, 2021	59,605	$	15.93

Schedule of Assumptions Used

The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2021, 2020, and 2019 were as follows:


	Years Ended December 31,
	2021	2020		2019
Risk-free interest rate	N/A	1.59	%	1.92	%
Expected volatility	N/A	37.75	%	40.44	%
Expected dividends	N/A	—		—
Expected term (in months)	N/A	66		60

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


	Years Ended December 31,
	2021	2020	2019
Discount rate used to determine pension expense
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%

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


	December 31,
	2021	2020	2019
Discount rate used to determine value of obligations
Pension Plan	2.85%	2.50%	3.22%
LaBarge Retirement Plan	2.35%	1.85%	2.85%
Long-term rate of return - Pension Plan only	6.25%	6.25%	7.00%

Schedule of Restricted Stock Units Activity

Restricted stock unit activity for the year ended December 31, 2021 was as follows:


	Number of Restricted Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2021	165,907	$	30.70
Granted	118,995	$	55.92
Vested	(74,958)	$	31.61
Forfeited	(7,662)	$	40.08
Outstanding at December 31, 2021	202,282	$	44.85

Schedule of Performance-based Units Activity

Performance stock activity for the year ended December 31, 2021 was as follows:


	Number of Performance Stock Units	Weighted- Average Grant Date Fair Value
Outstanding at January 1, 2021	288,954	$	31.95
Granted	182,886	$	49.76

Vested	(172,277)	$	33.76
Forfeited	—	$	—
Outstanding at December 31, 2021	299,563	$	41.16

Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

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


	(In thousands) Years Ended December 31,
	2021		2020		2019
Service cost	$	676	$	622	$	503
Interest cost	1,010		1,209		1,388
Expected return on plan assets	(1,895)		(1,761)		(1,644)
Amortization of actuarial losses	1,285		993		885
Net periodic pension cost	$	1,076	$	1,063	$	1,132

Schedule of Reclassification out of Accumulated Other Comprehensive Income

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for 2021 were as follows:


	(In thousands) Year Ended December 31,
	2021
Amortization of actuarial loss - total before tax (1)	$	1,285
Tax benefit	(309)
Net of tax	$	976

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

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

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


	(In thousands) December 31,
	2021		2020
Change in benefit obligation(1)
Beginning benefit obligation (January 1)	$	42,804	$	39,085
Service cost	676		622
Interest cost	1,010		1,209
Actuarial (gain) loss	(2,537)		3,491
Benefits paid	(2,148)		(1,603)
Ending benefit obligation (December 31)	$	39,805	$	42,804
Change in plan assets
Beginning fair value of plan assets (January 1)	$	30,632	$	28,443
Return on assets	3,122		2,300
Employer contribution	2,095		1,492
Benefits paid	(2,151)		(1,603)
Ending fair value of plan assets (December 31)	$	33,698	$	30,632
Funded status (underfunded)	$	(6,107)	$	(12,172)
Amounts recognized in the consolidated balance sheet
Current liabilities	$	427	$	605
Non-current liabilities	$	5,680	$	11,567
Unrecognized loss included in accumulated other comprehensive loss
Beginning unrecognized loss, before tax (January 1)	$	12,620	$	10,660
Amortization	(1,282)		(993)
Liability (gain) loss	(2,537)		3,491
Asset (gain) loss	(1,228)		(538)
Ending unrecognized loss, before tax (December 31)	7,573		12,620
Tax impact	(1,827)		(3,003)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$	5,746	$	9,617

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

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

Our Pension Plan asset allocations at December 31, 2021 and 2020, by asset category, were as follows:


	December 31,
	2021	2020
Equity securities	69%	67%
Cash and equivalents	1%	—%
Debt securities	30%	33%
Total(1)	100%	100%

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


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


	(In thousands) Year Ended December 31, 2021
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	414	$	—	$	—	$	414
Fixed income securities	3,648		—		—		3,648
Equities(1)	7,446		—		—		7,446
Other investments	1,199		—		—		1,199
Total plan assets at fair value	$	12,707	$	—	$	—	12,707
Pooled funds							20,991
Total fair value of plan assets							$	33,698


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

Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost

The assumptions used to compute the fair value of stock option grants under the Stock Incentive Plans for years ended December 31, 2021, 2020, and 2019 were as follows:


	Years Ended December 31,
	2021	2020		2019
Risk-free interest rate	N/A	1.59	%	1.92	%
Expected volatility	N/A	37.75	%	40.44	%
Expected dividends	N/A	—		—
Expected term (in months)	N/A	66		60

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


	Years Ended December 31,
	2021	2020	2019
Discount rate used to determine pension expense
Pension Plan	2.50%	3.22%	4.23%
LaBarge Retirement Plan	1.85%	2.85%	4.00%

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


	December 31,
	2021	2020	2019
Discount rate used to determine value of obligations
Pension Plan	2.85%	2.50%	3.22%
LaBarge Retirement Plan	2.35%	1.85%	2.85%
Long-term rate of return - Pension Plan only	6.25%	6.25%	7.00%

Expected Future Benefit Payments Under Pension Plans

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


	(In thousands)
	Pension Plan		LaBarge Retirement Plan
2022	$	1,389	$	427
2023	$	1,457	$	410
2024	$	1,580	$	391
2025	$	1,668	$	372
2026	$	1,757	$	354
2027 - 2031	$	9,480	$	1,504

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Provision for Income Tax Expense (Benefit)

The provision for income tax expense consisted of the following:


	(In thousands) Years Ended December 31,
	2021		2020		2019
Current tax expense
Federal	$	31,171	$	2,525	$	5,802
State	2,829		(459)		1,067
	34,000		2,066		6,869
Deferred tax expense (benefit)
Federal	107		1,294		(650)
State	841		(553)		(917)
	948		741		(1,567)
Income tax expense	$	34,948	$	2,807	$	5,302

Summary of Deferred Tax Assets (Liabilities)

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


	(In thousands) December 31,
	2021		2020
Deferred tax assets:
Accrued expenses	$	620	$	558
Allowance for doubtful accounts	269		371
Contract overrun reserves	680		546
Deferred compensation	272		113
Deferred revenue	1,570		18
Employment-related accruals	4,028		5,912
Environmental reserves	499		493
Federal tax credit carryforwards	133		133
Inventory reserves	2,957		2,684
Operating lease liabilities	8,145		4,186
Pension obligation	1,550		2,915
Federal and state net operating loss carryforwards	4,243		5,125
State tax credit carryforwards	7,123		9,271
Stock-based compensation	2,584		2,179

Other	2,503		1,526
Total gross deferred tax assets	37,176		36,030
Valuation allowance	(7,718)		(9,330)
Total gross deferred tax assets, net of valuation allowance	29,458		26,700
Deferred tax liabilities:

Depreciation	(11,986)		(11,255)
Goodwill	(6,557)		(5,493)
Intangibles	(20,337)		(22,298)
Operating lease right-of-use assets	(7,931)		(3,879)
Prepaid insurance	(534)		(385)

Other	(840)		(349)
Total gross deferred tax liabilities	(48,185)		(43,659)
Net deferred tax liabilities	$	(18,727)	$	(16,959)

Principle Reasons for Variation Between Expected and Effective Tax Rate

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


	Years Ended December 31,
	2021	2020	2019
Statutory federal income tax rate	21.0%	21.0%	21.0%
State income taxes (net of federal benefit)	3.1	4.6	3.6
Foreign derived intangible income deduction	—	(0.4)	(1.2)

Stock-based compensation expense	(0.5)	(1.4)	(2.1)
Research and development tax credits (1)	(3.0)	(13.8)	(7.8)
Other tax credits	—	(0.3)	—

Changes in valuation allowance	(1.0)	(0.4)	(1.6)
Non-deductible book expenses	0.7	3.6	3.9
Changes in deferred tax assets	—	(0.2)	(2.2)


Changes in tax reserves	0.2	(4.6)	1.2
Other	—	0.7	(0.8)
Effective income tax rate	20.5%	8.8%	14.0%

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

Reconciliation of Unrecognized Tax Benefits

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


	(In thousands) Years Ended December 31,
	2021		2020		2019
Balance at January 1,	$	4,069	$	5,663	$	5,283
Additions for tax positions related to the current year	562		418		408
Additions for tax positions related to prior years	180		157		—
Reductions for tax positions related to prior years	—		—		(28)
Reductions for lapse of statute of limitations	(376)		(2,169)		—
Balance at December 31,	$	4,435	$	4,069	$	5,663

Major Customers and Concentrations of Credit Risk (Tables)

12 Months Ended

Dec. 31, 2021

Risks and Uncertainties [Abstract]

Schedule of Concentration Risk by Major Customers

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


	Years Ended December 31,
	2021		2020		2019
Boeing	7.8	%	10.5	%	16.6	%
Lockheed Martin	4.4	%	5.0	%	4.0	%
Northrop	7.1	%	9.1	%	4.0	%
Raytheon	24.4	%	20.9	%	15.6	%
Spirit	3.8	%	3.3	%	12.2	%
Top ten customers (1)	61.1	%	61.1	%	65.4	%

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

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


	December 31,
	2021		2020
Boeing	3.5	%	4.8	%
Lockheed Martin	0.4	%	2.4	%
Northrop	10.9	%	12.3	%
Raytheon	17.8	%	15.0	%
Spirit	0.7	%	1.1	%

Business Segment Information (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Financial information by reportable segment was as follows:


	(In thousands) Years Ended December 31,
	2021		2020		2019
Net Revenues
Electronic Systems	$	412,648	$	392,633	$	360,373
Structural Systems	232,765		236,308		360,715
Total Net Revenues	$	645,413	$	628,941	$	721,088
Segment Operating Income (Loss) (1)(2)
Electronic Systems	$	57,629	$	51,894	$	38,613
Structural Systems	20,234		19,584		46,836
	77,863		71,478		85,449
Corporate General and Administrative Expenses (3)	(28,982)		(25,972)		(29,216)
Operating Income	$	48,881	$	45,506	$	56,233
Depreciation and Amortization Expenses
Electronic Systems	$	13,823	$	14,038	$	14,170
Structural Systems	14,331		14,559		13,663
Corporate Administration	235		253		472
Total Depreciation and Amortization Expenses	$	28,389	$	28,850	$	28,305
Capital Expenditures
Electronic Systems	$	7,471	$	5,037	$	5,508
Structural Systems	8,463		8,570		13,338
Corporate Administration	—		—		—
Total Capital Expenditures	$	15,934	$	13,607	$	18,846

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

Segment Assets

Corporate assets include assets not specifically identified with a business segment, including cash. The following table summarizes our segment assets for 2021 and 2020:


	(In thousands) December 31,
	2021		2020
Total Assets
Electronic Systems	$	490,814	$	448,606
Structural Systems	408,118		325,604
Corporate Administration	79,803		63,137
Total Assets	$	978,735	$	837,347
Goodwill and Intangibles
Electronic Systems	$	191,789	$	201,077
Structural Systems	153,669		94,497
Total Goodwill and Intangibles	$	345,458	$	295,574

Summary of Significant Accounting Policies - Narrative (Details)		12 Months Ended
	Dec. 16, 2021 USD ($)	Dec. 31, 2021 USD ($) segment	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Nov. 15, 2021 USD ($)	Oct. 03, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments \| segment		2
Cash flow hedge, gain (loss)		$ (1,268,000)	$ 162,000	$ 95,000
Goodwill		203,694,000	170,830,000
Restructuring charges		0	2,424,000	$ 0
Provision for loss on contracts		2,800,000	2,300,000
Production cost of contracts		8,024,000	6,971,000
Contract liability revenue		20,900,000
Grants receivable					$ 4,000,000
Proceeds received from grants		2,000,000
Grants receivable, current		2,000,000
Accrued government grant		3,000,000
Miscellaneous expenses		300,000
Cost of Sales
Significant Accounting Policies [Line Items]
Government grant expense		900,000
Selling, General and Administrative Expenses
Significant Accounting Policies [Line Items]
Government grant expense		100,000
Designated as Hedging Instrument
Significant Accounting Policies [Line Items]
Cash flow hedge, gain (loss)		$ 1,700,000	0
Severance and Benefits
Significant Accounting Policies [Line Items]
Restructuring charges			2,400,000
Minimum
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets (in years)		2 years
Maximum
Significant Accounting Policies [Line Items]
Estimated useful life of intangible assets (in years)		19 years
Magnetic Seal Corporation
Significant Accounting Policies [Line Items]
Goodwill	$ 32,864,000
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 69,500,000
Electronic Systems
Significant Accounting Policies [Line Items]
Goodwill		$ 117,435,000	117,435,000			$ 117,400,000
Percentage of fair value in excess of carrying amount				44.00%
Structural Systems
Significant Accounting Policies [Line Items]
Goodwill		86,259,000	$ 53,395,000			$ 53,400,000
Percentage of fair value in excess of carrying amount						72.00%
Other Assets
Significant Accounting Policies [Line Items]
Interest rate cap hedge premium		$ 0

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Information [Abstract]
Interest paid	$ 10,135	$ 11,859	$ 16,474
Taxes paid	32,934	3,810	5,699
Non-cash activities:
Purchases of property and equipment not paid	$ 1,333	$ 2,477	$ 1,380

Summary of Significant Accounting Policies - Contact Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Contract assets	$ 176,405	$ 154,028
Contract liabilities	$ 42,077	$ 28,264

Summary of Significant Accounting Policies - Remaining Performance Obligation (Details) $ in Millions	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Remaining performance obligation, amount	$ 814.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	70.00%
Remaining performance obligation, period	12 months

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 16,472
Revenues	$ 645,413	$ 628,941	$ 721,088
Percentage of revenues	100.00%	100.00%
Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 20,015
Revenues	$ 412,648	$ 392,633
Percentage of revenues	100.00%	100.00%
Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (3,543)
Revenues	$ 232,765	$ 236,308
Percentage of revenues	100.00%	100.00%
Military and space
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 30,989
Revenues	$ 453,848	$ 422,859
Percentage of revenues	70.30%	67.20%
Military and space \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 19,235
Revenues	$ 327,911	$ 308,676
Percentage of revenues	79.50%	78.60%
Military and space \| Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 11,754
Revenues	$ 125,937	$ 114,183
Percentage of revenues	54.10%	48.30%
Commercial aerospace
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (12,411)
Revenues	$ 155,731	$ 168,142
Percentage of revenues	24.10%	26.80%
Commercial aerospace \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ 2,886
Revenues	$ 48,903	$ 46,017
Percentage of revenues	11.80%	11.70%
Commercial aerospace \| Structural Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (15,297)
Revenues	$ 106,828	$ 122,125
Percentage of revenues	45.90%	51.70%
Industrial
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (2,106)
Revenues	$ 35,834	$ 37,940
Percentage of revenues	5.60%	6.00%
Industrial \| Electronic Systems
Disaggregation of Revenue [Line Items]
Change in revenue for the period	$ (2,106)
Revenues	$ 35,834	$ 37,940
Percentage of revenues	8.70%	9.70%

- Definition

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

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Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income	$ 135,536	$ 29,174	$ 32,461
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding (in shares)	11,879	11,676	11,518
Dilutive potential common shares (in shares)	372	256	274
Diluted weighted-average common shares outstanding (in shares)	12,251	11,932	11,792
Earnings per share
Basic (in dollars per share)	$ 11.41	$ 2.50	$ 2.82
Diluted (in dollars per share)	$ 11.06	$ 2.45	$ 2.75

- Definition

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

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- Definition

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

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+ Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock options and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and stock units (in shares)	3	254	127

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill		$ 203,694	$ 170,830
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
Consideration transferred	71,300
Intangible assets	30,100
Goodwill	$ 32,864
Acquisition related costs		$ 900

Business Combinations - Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 16, 2021	Dec. 31, 2020
Business Acquisition [Line Items]
Goodwill	$ 203,694		$ 170,830
Magnetic Seal Corporation
Business Acquisition [Line Items]
Cash		$ 1,821
Accounts receivable		2,093
Inventories		4,586
Other current assets		98
Property and equipment		482
Operating lease right-of-use assets		1,533
Intangible assets		30,100
Goodwill		32,864
Total assets acquired		73,577
Current liabilities		(869)
Other non-current liabilities		(1,408)
Total liabilities assumed		(2,277)
Total purchase price allocation		$ 71,300

Business Combinations - Estimated Fair Value of Intangible Assets Acquired (Details) - USD ($) $ in Thousands		12 Months Ended
	Dec. 16, 2021	Dec. 31, 2021
Customer relationships
Business Acquisition [Line Items]
Useful Life (In years)		17 years
Backlog
Business Acquisition [Line Items]
Useful Life (In years)		2 years
Magnetic Seal Corporation
Business Acquisition [Line Items]
Intangible assets	$ 30,100
Magnetic Seal Corporation \| Trade name
Business Acquisition [Line Items]
Indefinite-lived intangible assets	$ 4,700
Magnetic Seal Corporation \| Customer relationships
Business Acquisition [Line Items]
Useful Life (In years)	19 years
Finite-lived intangibles	$ 24,800
Magnetic Seal Corporation \| Backlog
Business Acquisition [Line Items]
Useful Life (In years)	2 years
Finite-lived intangibles	$ 600

Inventories - (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 125,334	$ 107,983
Work in process	20,609	15,895
Finished goods	4,995	5,345
Total	$ 150,938	$ 129,223

Property and Equipment, Net - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 270,551	$ 279,732
Less accumulated depreciation	168,132	169,742
Total	102,419	109,990
Depreciation expense	14,100	13,800	$ 13,500
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	10,494	15,733
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 49,699	60,664
Buildings and improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	5 years
Buildings and improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	40 years
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 180,761	174,251
Machinery and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Machinery and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	20 years
Furniture and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 19,017	18,490
Furniture and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life	2 years
Furniture and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life	10 years
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 10,580	$ 10,594

Leases - Narrative (Details) $ in Thousands		12 Months Ended
Leases - Narrative (Details) $ in Thousands	Dec. 16, 2021 USD ($)	Dec. 31, 2021 USD ($) renew_lease_option	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Proceeds from sale-leaseback	$ 143,100	$ 143,100	$ 0	$ 0
Sale leaseback transaction, carrying value	9,400
Gain on Sale-Leaseback	$ 132,500	$ 132,522	$ 0	$ 0
Lease contract terms		5 years
Lease renew option \| renew_lease_option		3
Aggregate minimum monthly lease payments		$ 19,600
Lease renewal term		15 years
Lease termination period		1 year
Payments due with option to extend		$ 3,800
Operating lease, lease not yet commenced, amount		$ 4,900
Lease not yet commenced, term of contract		7 years
Finance lease, lease not yet commenced, amount		$ 0
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease term		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease term		10 years

Leases - Lease Costs (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating leases expense	$ 4,283	$ 4,028
Finance leases expense:
Amortization of right-of-use assets	356	281
Interest on lease liabilities	62	56
Total finance lease expense	$ 418	$ 337

Leases - Supplemental Cash Flow (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flows from operating leases	$ 5,150	$ 4,191
Operating cash flows from finance leases	61	56
Financing cash flows from finance leases	363	288
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	23,317	165
Finance leases	$ 401	$ 1,241

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Lease Term
Operating leases	5 years	6 years
Finance leases	6 years	7 years
Weighted Average Discount Rate
Operating leases	3.10%	6.50%
Finance leases	3.60%	4.30%

Leases - Undiscounted Cash Flows (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases
2021	$ 7,037
2022	7,201
2023	7,037
2024	6,975
2025	6,345
Thereafter	2,536
Total lease payments	37,131
Less imputed interest	2,924
Total	34,207
Finance Leases
2021	375
2022	339
2023	272
2024	213
2025	159
Thereafter	433
Total lease payments	1,791
Less imputed interest	187
Total	$ 1,604

Goodwill and Other Intangible Assets - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Gross goodwill		$ 252,552
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 170,830
Goodwill from acquisition during period	32,864
Goodwill, ending balance	203,694
Electronic Systems
Goodwill [Line Items]
Gross goodwill		199,157
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Goodwill, beginning balance	117,435
Goodwill from acquisition during period	0
Goodwill, ending balance	117,435
Structural Systems
Goodwill [Line Items]
Gross goodwill		53,395
Accumulated goodwill impairment		$ 0
Goodwill [Roll Forward]
Goodwill, beginning balance	53,395
Goodwill from acquisition during period	32,864
Goodwill, ending balance	$ 86,259

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Dec. 16, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Oct. 03, 2021
Goodwill And Intangible Assets [Line Items]
Amortization expense of intangible asset		$ 13.1	$ 13.2	$ 11.4
Minimum
Goodwill And Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)		2 years
Maximum
Goodwill And Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)		19 years
Magnetic Seal Corporation
Goodwill And Intangible Assets [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 69.5
Consideration transferred	$ 71.3
Electronic Systems
Goodwill And Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount				44.00%
Structural Systems
Goodwill And Intangible Assets [Line Items]
Percentage of fair value in excess of carrying amount					72.00%

Goodwill and Other Intangible Assets - Carrying Amount of Finite-lived and Other Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-lived assets
Gross Carrying Amount	$ 254,645	$ 229,245
Accumulated Amortization	117,581	104,501
Net Carrying Amount	137,064	124,744
Indefinite-lived assets
Intangible assets, gross	259,345	229,245
Intangibles, Net	141,764	124,744
Trade names and trademarks
Indefinite-lived assets
Indefinite-lived Intangible Assets (Excluding Goodwill)	4,700	0
Electronic Systems
Finite-lived assets
Accumulated Amortization	90,191	80,903
Net Carrying Amount	74,354
Indefinite-lived assets
Intangible assets, gross	164,545	164,545
Intangibles, Net	74,354	83,642
Structural Systems
Finite-lived assets
Accumulated Amortization	27,390	23,598
Net Carrying Amount	62,710
Indefinite-lived assets
Intangible assets, gross	94,800	64,700
Intangibles, Net	$ 67,410	41,102
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	17 years
Finite-lived assets
Gross Carrying Amount	$ 246,300	221,500
Accumulated Amortization	114,169	101,535
Net Carrying Amount	$ 132,131	119,965
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	14 years
Finite-lived assets
Gross Carrying Amount	$ 5,500	5,500
Accumulated Amortization	1,263	857
Net Carrying Amount	$ 4,237	4,643
Contract renewal
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	14 years
Finite-lived assets
Gross Carrying Amount	$ 1,845	1,845
Accumulated Amortization	1,845	1,845
Net Carrying Amount	$ 0	0
Technology
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	15 years
Finite-lived assets
Gross Carrying Amount	$ 400	400
Accumulated Amortization	291	264
Net Carrying Amount	$ 109	136
Backlog
Finite-Lived Intangible Assets [Line Items]
Estimated useful life of intangible assets (in years)	2 years
Finite-lived assets
Gross Carrying Amount	$ 600	0
Accumulated Amortization	13	0
Net Carrying Amount	$ 587	$ 0

Goodwill and Other Intangible Assets - Future Amortization Expense of Other Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 14,564
2023	14,484
2024	13,961
2025	13,961
2026	13,937
Thereafter	66,157
Net Carrying Amount	137,064	$ 124,744
Electronic Systems
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	9,288
2023	9,288
2024	9,288
2025	9,288
2026	9,288
Thereafter	27,914
Net Carrying Amount	74,354
Structural Systems
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	5,276
2023	5,196
2024	4,673
2025	4,673
2026	4,649
Thereafter	38,243
Net Carrying Amount	$ 62,710

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Accrued compensation	$ 24,391	$ 28,432
Accrued income tax and sales tax	926	80
Other	15,974	12,014
Total	$ 41,291	$ 40,526

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 287,712	$ 320,638
Less current portion	7,000	7,000
Total long-term debt, less current portion	280,712	313,638
Less debt issuance costs	1,328	1,716
Total long-term debt, net of debt issuance costs	$ 279,384	$ 311,922
Weighted-average interest rate	3.27%	3.59%
Term loans
Debt Instrument [Line Items]
Long-term debt, gross	$ 287,712	$ 295,638
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt, gross	0	25,000
Less debt issuance costs	$ 1,136	$ 1,515

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

Long-Term Debt - Future Long-Term Debt Payment (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2022	$ 7,000
2023	7,000
2024	112,000
2025	161,712
2026	0
Thereafter	0
Total Debt	$ 287,712

Long-Term Debt - Narrative (Details) - USD ($)				1 Months Ended	3 Months Ended			12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Dec. 16, 2021	Dec. 20, 2019	Nov. 21, 2018	Oct. 31, 2015	Apr. 03, 2021	Dec. 31, 2020	Mar. 28, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Nov. 29, 2021	Nov. 30, 2018
Debt Instrument [Line Items]
Repayments of debt								$ 362,000	$ 288,000	$ 169,000
Repayments of secured debt								7,926,000	14,362,000	63,000,000
Proceeds from sale-leaseback	$ 143,100,000							143,100,000	0	0
Other comprehensive income (loss), net of tax								2,567,000	(1,332,000)	(911,000)
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount											$ 150,000,000
Average fixed interest rate											1.80%
Interest rate cap premiums
Debt Instrument [Line Items]
Interest rate hedge				$ 135,000,000
Payments made for interest rate hedge				$ 1,000,000
Magnetic Seal Corporation
Debt Instrument [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 69,500,000
Payments to acquire business	71,300,000
Credit Facilities
Debt Instrument [Line Items]
Debt amount										$ 480,000,000
Revolving Credit Facility \| 2019 Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Repayments of debt	65,000,000
Proceeds from lines of credit	$ 65,000,000						$ 50,000,000
Repayments of lines of credit						$ 25,000,000		25,000,000
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate		0.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate		1.00%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Minimum
Debt Instrument [Line Items]
Commitment fee		0.175%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate		1.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate		0.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Maximum
Debt Instrument [Line Items]
Commitment fee		0.275%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate		2.50%
Revolving Credit Facility \| 2019 Revolving Credit Facility \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate		1.50%
Revolving Credit Facility \| 2018 Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 100,000,000
Percentage of excess cash flow payment when leverage ratio is greater than 3.25		50.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 3.25		25.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 2.50		0.00%
Repayments of lines of credit		$ 58,500,000
Fees paid to lenders to be capitalized								500,000
Amortization of debt issuance costs								500,000
Debt issuance costs, line of credit arrangements								1,100,000
Revolving Credit Facility \| 2018 Term Loan
Debt Instrument [Line Items]
Fees paid to lenders to be capitalized								1,500,000
Revolving Credit Facility \| New Credit Facilities
Debt Instrument [Line Items]
Remaining borrowing capacity								99,800,000
Outstanding standby letters of credit								200,000
Secured Debt \| New Term Loan
Debt Instrument [Line Items]
Debt amount		$ 140,000,000
Prepayment amount of principal outstanding		1.25%
Repayments of debt									$ 7,000,000
Proceeds from lines of credit		$ 140,000,000
Fees paid to lenders to be capitalized								$ 600,000
Secured Debt \| New Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate		0.50%
Secured Debt \| New Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate		1.00%
Secured Debt \| New Term Loan \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate		1.50%
Secured Debt \| New Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate		0.50%
Secured Debt \| New Term Loan \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate		2.50%
Secured Debt \| New Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate		1.50%
Secured Debt \| 2018 Term Loan
Debt Instrument [Line Items]
Debt amount												$ 240,000,000
Prepayment amount of principal outstanding			0.25%
Repayments of debt		$ 56,000,000
Secured Debt \| 2018 Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on base rate			0.50%
Secured Debt \| 2018 Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate			1.00%
Secured Debt \| 2018 Term Loan \| Minimum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| Minimum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| Maximum \| LIBOR Rate
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| 2018 Term Loan \| Maximum \| Base Rate
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| Credit Facilities
Debt Instrument [Line Items]
Repayments of secured debt					$ 900,000

Shareholders' Equity (Details) - shares	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Preferred stock, shares authorized (in shares)	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0

Stock-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021 USD ($) plan $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 31, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive plans \| plan	2
Granted (in shares) \| shares	0
Grants (in dollars per share) \| $ / shares	$ 0
Weighted average remaining contractual term	5 years 8 months 12 days
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	750,000
Shares reserved for future issuance (in shares) \| shares	609,670
Discount from market price, offering date	15.00%
Share-based offering period	6 months
Maximum percentage of employee compensation for purchase of common stock	10.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares) \| shares	0	8,000	189,170
Grants (in dollars per share) \| $ / shares	$ 0	$ 16.48	$ 15.95
Expiration period from date of grant	10 years
Aggregate intrinsic value of stock options exercised	$ 1.0	$ 0.9	$ 1.8
Cash received from the exercise of options	1.7	1.6	2.0
Tax benefits realized for the tax deductions from options exercised	$ 0.4	0.4	0.5
Options vested (in shares) \| shares	317,779
Weighted average exercise price (in dollars per share) \| $ / shares	$ 35.30
Aggregate intrinsic value	$ 3.5
Weighted average remaining contractual term	5 years 8 months 12 days
Share-based compensation expense	$ 1.2	1.8	1.6
Unrecognized compensation cost related to stock option	$ 0.4
Weighted average period	6 months
Total fair value of options expensed before tax benefits	$ 1.7	2.0	1.3
Stock Options \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	3 years
Stock Options \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	4 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Option vesting term	3 years
Share-based compensation expense	$ 4.1	$ 2.6	$ 2.4
Weighted average period	1 year 8 months 12 days
Granted (in shares) \| shares	118,995	118,835	62,520
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 55.92	$ 27.62	$ 41.04
Compensation not yet recognized	$ 5.6
Fair value of awards vested in period	4.2	$ 2.3	$ 2.4
Tax benefit realized on vesting of options	$ 1.0	0.5	0.6
Restricted Stock Units \| First Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Units \| Second Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	33.00%
Restricted Stock Units \| Third Anniversary
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	34.00%
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5.9	$ 4.9	$ 3.2
Weighted average period	1 year 6 months
Granted (in shares) \| shares	182,886	159,136	58,178
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 49.76	$ 29.65	$ 43.80
Compensation not yet recognized	$ 7.0
Fair value of awards vested in period	9.6	$ 3.7	$ 3.8
Tax benefit realized on vesting of options	$ 2.3	$ 0.9	$ 0.9
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares) \| shares	651,162
Shares reserved for future issuance (in shares) \| shares	113,579

Stock-Based Compensation - Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($) $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	380,143
Granted (in shares) \| shares	0
Exercised (in shares) \| shares	(48,769)
Expired (in shares) \| shares	(3,634)
Forfeited (in shares) \| shares	(9,961)
Ending balance (in shares) \| shares	317,779
Exercisable at end of period (in shares) \| shares	258,174
Weighted- Average Exercise Price Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 35.46
Granted (in dollars per share) \| $ / shares	0
Exercised (in dollars per share) \| $ / shares	35.53
Expired (in dollars per share) \| $ / shares	36.49
Forfeited (in dollars per share) \| $ / shares	39.72
Ending balance (in dollars per share) \| $ / shares	35.30
Exercisable at end of period (in dollars per share) \| $ / shares	$ 33.75
Weighted-Average Remaining Contractual Life (Years)
Outstanding	5 years 8 months 12 days
Exercisable	5 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding \| $	$ 3,460
Exercisable \| $	$ 3,211

Stock-Based Compensation - Changes in Nonvested Stock Options (Details)	12 Months Ended
	Dec. 31, 2021 $ / shares shares
Number of Stock Options
Beginning balance (in shares) \| shares	191,677
Granted (in shares) \| shares	0
Vested (in shares) \| shares	(122,111)
Forfeited (in shares) \| shares	(9,961)
Ending balance (in shares) \| shares	59,605
Weighted- Average Grant Date Fair Value
Beginning balance, (in dollars per share) \| $ / shares	$ 14.73
Granted, (in dollars per share) \| $ / shares	0
Vested, (in dollars per share) \| $ / shares	14.10
Forfeited, (in dollars per share) \| $ / shares	15.32
Ending balance, (in dollars per share) \| $ / shares	$ 15.93

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

Stock-Based Compensation - Restricted Stock Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock Units
Outstanding
Beginning of period (in shares)	165,907
Granted (in shares)	118,995	118,835	62,520
Vested (in shares)	(74,958)
Forfeited (in shares)	(7,662)
Ending of period (in shares)	202,282	165,907
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 30.70
Granted (in dollars per share)	55.92	$ 27.62	$ 41.04
Vested (in dollars per share)	31.61
Forfeited (in dollars per share)	40.08
Outstanding at ending of period (in dollars per share)	$ 44.85	$ 30.70
Performance Stock Units
Outstanding
Beginning of period (in shares)	288,954
Granted (in shares)	182,886	159,136	58,178
Vested (in shares)	(172,277)
Forfeited (in shares)	0
Ending of period (in shares)	299,563	288,954
Weighted Average Grant Date Fair Value
Outstanding at beginning of period (in dollars per share)	$ 31.95
Granted (in dollars per share)	49.76	$ 29.65	$ 43.80
Vested (in dollars per share)	33.76
Forfeited (in dollars per share)	0
Outstanding at ending of period (in dollars per share)	$ 41.16	$ 31.95

Employee Benefit Plans - Narrative (Details)	12 Months Ended
Employee Benefit Plans - Narrative (Details)	Dec. 31, 2021 USD ($) plan compensation_plan	Dec. 31, 2020 USD ($) compensation_plan	Dec. 31, 2019 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Number of unfunded supplemental retirement plans \| compensation_plan	3
Accumulated benefit obligations	$ 300,000	$ 300,000
Number of company sponsored 401(K) defined contribution plans \| compensation_plan	1
Provision for matching and profit sharing contribution	$ 2,800,000	2,600,000	$ 2,700,000
Estimated net actuarial loss for the defined benefit pension plan	1,300,000
Excess of accumulated benefit obligation over fair value of plan assets	6,100,000
Pension liability	5,700,000	$ 9,600,000
Estimated employer Contribution to pension plan in next fiscal year	$ 700,000
Defined Benefit Plan, Number Of Active Plans \| plan	2
Plan One covering all employees, other than employees of Miltec
Defined Benefit Plan Disclosure [Line Items]
Contribution by employee towards defined benefit plan	25.00%
Contribution by employer towards defined benefit plan	50.00%
Employee contribution compensation limit	6.00%
Executives and Directors
Defined Benefit Plan Disclosure [Line Items]
Number of unfunded supplemental retirement plans \| compensation_plan	2	2
Deferred Compensation Plan
Defined Benefit Plan Disclosure [Line Items]
Liability for labarge deferred compensation plan	$ 0	$ 0
Interest on labarge deferred compensation plan	$ 0	$ 100,000

Employee Benefit Plans - Components of Net Periodic Pension Cost for Defined Benefit Pension Plan and Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Service cost	$ 676	$ 622	$ 503
Interest cost	1,010	1,209	1,388
Expected return on plan assets	(1,895)	(1,761)	(1,644)
Amortization of actuarial losses	1,285	993	885
Net periodic pension cost	$ 1,076	$ 1,063	$ 1,132

Employee Benefit Plans - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Retirement Benefits [Abstract]
Amortization of actuarial loss - total before tax	$ 1,285
Tax benefit	(309)	$ (236)	$ (209)
Net of tax	$ 976	$ 757	$ 676

Employee Benefit Plans - Obligation and Funded Status of Defined Benefit Pension Plan and Retirement Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in benefit obligation
Beginning benefit obligation	$ 42,804	$ 39,085
Service cost	676	622	$ 503
Interest cost	1,010	1,209	1,388
Actuarial (gain) loss	(2,537)	3,491
Benefits paid	(2,148)	(1,603)
Ending benefit obligation	39,805	42,804	39,085
Change in plan assets
Fair value of plan assets at beginning of year	30,632	28,443
Return on assets	3,122	2,300
Employer contribution	2,095	1,492
Benefits paid	(2,151)	(1,603)
Fair value of plan assets at end of year	33,698	30,632	28,443
Funded status (underfunded)	(6,107)	(12,172)
Amounts recognized in the consolidated balance sheet
Current liabilities	427	605
Non-current liabilities	5,680	11,567
Unrecognized loss included in accumulated other comprehensive loss
Unrecognized loss before tax, beginning balance	12,620	10,660
Amortization	(1,282)	(993)
Liability (gain) loss	(2,537)	3,491
Asset (gain) loss	(1,228)	(538)
Unrecognized loss before tax, ending balance	7,573	12,620	$ 10,660
Tax impact	(1,827)	(3,003)
Unrecognized loss included in accumulated other comprehensive loss, net of tax	$ 5,746	$ 9,617

Employee Benefit Plans - Pension Plan Asset Allocations (Details)	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Plan assets	100.00%	100.00%
Equity securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	69.00%	67.00%
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Plan assets	1.00%	0.00%
Debt securities
Defined Benefit Plan Disclosure [Line Items]
Plan assets	30.00%	33.00%

Employee Benefit Plans - Asset Allocation Ranges (Details)	Dec. 31, 2021
Minimum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	0.00%
Minimum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	15.00%
Minimum \| Equities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	30.00%
Maximum \| Cash
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	10.00%
Maximum \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	75.00%
Maximum \| Equities
Defined Benefit Plan Disclosure [Line Items]
Asset allocation percentage	80.00%

Employee Benefit Plans - Return on Current and Target Asset Allocation (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	$ 12,707	$ 7,547
Pooled funds	20,991	23,085
Total fair value of plan assets	33,698	30,632	$ 28,443
Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	414	136
Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,648	2,983
Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	7,446	3,331
Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,199	1,097
Level 1
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	12,707	7,547
Level 1 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	414	136
Level 1 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	3,648	2,983
Level 1 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	7,446	3,331
Level 1 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	1,199	1,097
Level 2
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Level 2 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 2 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3
Defined Benefit Plan Disclosure [Line Items]
Total plan assets at fair value	0	0
Level 3 \| Cash and cash equivalents
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Fixed income securities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Equities
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	0	0
Level 3 \| Other investments
Defined Benefit Plan Disclosure [Line Items]
Pension plan assets	$ 0	$ 0

Employee Benefit Plans - Weighted-average Assumptions Used to Determine Benefit Obligations (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Pension Plan
Discount rate used to determine pension expense
Discount rate	2.50%	3.22%	4.23%
Discount rate used to determine value of obligations
Discount rate	2.85%	2.50%	3.22%
Long term rate of return	6.25%	6.25%	7.00%
LaBarge Retirement Plan
Discount rate used to determine pension expense
Discount rate	1.85%	2.85%	4.00%
Discount rate used to determine value of obligations
Discount rate	2.35%	1.85%	2.85%

Employee Benefit Plans - Future Benefit Payments Under Pension Plans (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Pension Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	$ 1,389
2023	1,457
2024	1,580
2025	1,668
2026	1,757
2027 - 2031	9,480
LaBarge Retirement Plan
Defined Benefit Plan, Expected Future Benefit Payment [Abstract]
2022	427
2023	410
2024	391
2025	372
2026	354
2027 - 2031	$ 1,504

Income Taxes - Schedule of Components of Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current tax expense
Federal	$ 31,171	$ 2,525	$ 5,802
State	2,829	(459)	1,067
Current tax expense	34,000	2,066	6,869
Deferred tax expense (benefit)
Federal	107	1,294	(650)
State	841	(553)	(917)
Deferred tax expense (benefit)	948	741	(1,567)
Income tax expense	$ 34,948	$ 2,807	$ 5,302

- Definition

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

+ References + Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Tax Credit Carryforward [Line Items]
Excess tax benefit over compensation cost recognized, amount	$ 900	$ 400	$ 800
Operating loss carryforward not expected to be realized under ASC subtopic 740-10	10,700
Tax credit carryforwards	133	133
Tax credit carryforwards valuation allowance	7,718	9,330
Unrecognized tax benefits	4,435	4,069	$ 5,663	$ 5,283
Unrecognized tax benefits that would impact effective tax rate	2,600
Decrease in unrecognized tax benefits is reasonably possible	700
Deferred income tax deduction related to payroll taxes	3,100	6,100
Deferred tax assets, tax deferred expense	700	$ 1,400
Federal
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	15,100
Tax credit carryforwards	100
State
Tax Credit Carryforward [Line Items]
Net operating loss carryforwards	18,200
Tax credit carryforwards	10,900
Tax credit carryforwards valuation allowance	$ 9,000

Income Taxes - Schedule of Deferred Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Accrued expenses	$ 620	$ 558
Allowance for doubtful accounts	269	371
Contract overrun reserves	680	546
Deferred compensation	272	113
Deferred revenue	1,570	18
Employment-related accruals	4,028	5,912
Environmental reserves	499	493
Federal tax credit carryforwards	133	133
Inventory reserves	2,957	2,684
Operating lease liabilities	8,145	4,186
Pension obligation	1,550	2,915
Federal and state net operating loss carryforwards	4,243	5,125
State tax credit carryforwards	7,123	9,271
Stock-based compensation	2,584	2,179
Other	2,503	1,526
Total gross deferred tax assets	37,176	36,030
Valuation allowance	(7,718)	(9,330)
Total gross deferred tax assets, net of valuation allowance	29,458	26,700
Deferred tax liabilities:
Depreciation	(11,986)	(11,255)
Goodwill	(6,557)	(5,493)
Intangibles	(20,337)	(22,298)
Operating lease right-of-use assets	(7,931)	(3,879)
Prepaid insurance	(534)	(385)
Other	(840)	(349)
Total gross deferred tax liabilities	(48,185)	(43,659)
Net deferred tax liabilities	$ (18,727)	$ (16,959)

Income Taxes - Variation Between Expected and Effective Tax Rate (Details)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Statutory federal income tax rate	21.00%	21.00%	21.00%
State income taxes (net of federal benefit)	3.10%	4.60%	3.60%
Foreign derived intangible income deduction	0	(0.004)	(0.012)
Stock-based compensation expense	(0.50%)	(1.40%)	(2.10%)
Research and development tax credits	(3.00%)	(13.80%)	(7.80%)
Other tax credits	0.00%	(0.30%)	0.00%
Changes in valuation allowance	(1.00%)	(0.40%)	(1.60%)
Non-deductible book expenses	0.70%	3.60%	3.90%
Changes in deferred tax assets	0.00%	(0.20%)	(2.20%)
Changes in tax reserves	0.20%	(4.60%)	1.20%
Other	0.00%	0.70%	(0.80%)
Effective income tax rate	20.50%	8.80%	14.00%
Tax credit, percent		(3.40%)

Income Taxes - Schedule of Changes in Unrecognized Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning Balance	$ 4,069	$ 5,663	$ 5,283
Additions for tax positions related to the current year	562	418	408
Additions for tax positions related to prior years	180	157	0
Reductions for tax positions related to prior years	0	0	(28)
Reductions for lapse of statute of limitations	(376)	(2,169)	0
Ending Balance	$ 4,435	$ 4,069	$ 5,663

Commitments and Contingencies (Details) ft² in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Jun. 29, 2020 ft² building
Loss Contingencies [Line Items]
Estimated litigation liability	$ 800
Net Revenues	645,413	$ 628,941	$ 721,088
Cost of Sales	502,953	491,203	$ 568,891
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire
Loss Contingencies [Line Items]
Number of buildings \| building				2
Real estate property (in sqft) \| ft²				62
Loss contingency, receivable, proceeds	13,500
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Property, Plant and Equipment
Loss Contingencies [Line Items]
Carrying value of impaired assets		7,100
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Inventories
Loss Contingencies [Line Items]
Carrying value of impaired assets		3,400
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Revision of Prior Period, Reclassification, Adjustment
Loss Contingencies [Line Items]
Net Revenues		800
Cost of Sales		500
Structural Systems
Loss Contingencies [Line Items]
Net Revenues	232,765	236,308
Structural Systems \| El Mirage and Monrovia, California
Loss Contingencies [Line Items]
Reserve for estimated liability	1,500	1,500
Structural Systems \| Casmalia and West Covina, California
Loss Contingencies [Line Items]
Reserve for estimated liability	400	$ 400
Structural Systems \| Casmalia and West Covina, California \| Minimum
Loss Contingencies [Line Items]
Possible loss	400
Structural Systems \| Casmalia and West Covina, California \| Maximum
Loss Contingencies [Line Items]
Possible loss	3,100
Accrued and other liabilities
Loss Contingencies [Line Items]
Estimated litigation liability	$ 800

Major Customers and Concentrations of Credit Risk - Sales to Major Customers (Details) - Customer Concentration Risk - Revenue from Contract with Customer Benchmark	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Boeing
Revenue, Major Customer [Line Items]
Concentration percentage	7.80%	10.50%	16.60%
Lockheed Martin
Revenue, Major Customer [Line Items]
Concentration percentage	4.40%	5.00%	4.00%
Northrop
Revenue, Major Customer [Line Items]
Concentration percentage	7.10%	9.10%	4.00%
Raytheon
Revenue, Major Customer [Line Items]
Concentration percentage	24.40%	20.90%	15.60%
Spirit
Revenue, Major Customer [Line Items]
Concentration percentage	3.80%	3.30%	12.20%
Top ten customers
Revenue, Major Customer [Line Items]
Concentration percentage	61.10%	61.10%	65.40%

Major Customers and Concentrations of Credit Risk - Receivables from Customers (Details) - Customer Concentration Risk - Accounts Receivable	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Boeing
Concentration Risk [Line Items]
Concentration percentage	3.50%	4.80%
Lockheed Martin
Concentration Risk [Line Items]
Concentration percentage	0.40%	2.40%
Northrop
Concentration Risk [Line Items]
Concentration percentage	10.90%	12.30%
Raytheon
Concentration Risk [Line Items]
Concentration percentage	17.80%	15.00%
Spirit
Concentration Risk [Line Items]
Concentration percentage	0.70%	1.10%

Major Customers and Concentrations of Credit Risk - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Concentration Risk [Line Items]
Revenues	$ 645,413	$ 628,941	$ 721,088
Non-Us
Concentration Risk [Line Items]
Revenues	$ 43,600	$ 58,500	$ 81,600
Maximum \| Non-Us
Concentration Risk [Line Items]
Percentage of sales	3.00%	3.00%	3.00%

- Definition

+ References

+ Details

Business Segment Information - Narrative (Details) $ in Thousands		12 Months Ended
	Dec. 16, 2021 USD ($)	Dec. 31, 2021 segment
Segment Reporting Information [Line Items]
Number of reportable segments \| segment		2
Magnetic Seal Corporation
Segment Reporting Information [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 69,500
Gross purchase price	$ 71,300

Business Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Net Revenues	$ 645,413	$ 628,941	$ 721,088
Operating Income (Loss)	48,881	45,506	56,233
Depreciation and Amortization Expenses	28,389	28,850	28,305
Capital Expenditures	15,934	13,607	18,846
Electronic Systems
Segment Reporting Information [Line Items]
Net Revenues	412,648	392,633
Structural Systems
Segment Reporting Information [Line Items]
Net Revenues	232,765	236,308
Operating Segments
Segment Reporting Information [Line Items]
Operating Income (Loss)	77,863	71,478	85,449
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Net Revenues	412,648	392,633	360,373
Operating Income (Loss)	57,629	51,894	38,613
Depreciation and Amortization Expenses	13,823	14,038	14,170
Capital Expenditures	7,471	5,037	5,508
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Net Revenues	232,765	236,308	360,715
Operating Income (Loss)	20,234	19,584	46,836
Depreciation and Amortization Expenses	14,331	14,559	13,663
Capital Expenditures	8,463	8,570	13,338
Corporate Administration
Segment Reporting Information [Line Items]
Corporate General and Administrative Expenses	(28,982)	(25,972)	(29,216)
Depreciation and Amortization Expenses	235	253	472
Capital Expenditures	$ 0	$ 0	$ 0

Business Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total Assets	$ 978,735	$ 837,347
Goodwill and Intangibles	345,458	295,574
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Total Assets	490,814	448,606
Goodwill and Intangibles	191,789	201,077
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Total Assets	408,118	325,604
Goodwill and Intangibles	153,669	94,497
Corporate Administration
Segment Reporting Information [Line Items]
Total Assets	$ 79,803	$ 63,137

- 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
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+ Details

Consolidated Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Credit Losses, Doubtful Accounts
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	$ 1,552	$ 1,321	$ 1,135
Charged to (Reduction of) Costs and Expenses	227	231	219
Deductions	681	0
Recoveries			33
Other		0	0
Balance at End of Period	1,098	1,552	1,321
Valuation Allowance on Deferred Tax Assets
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Balance at Beginning of Period	9,330	9,375	9,083
Charged to (Reduction of) Costs and Expenses	(1,612)	(111)	(593)
Deductions	0	0	0
Other	0	66	885
Balance at End of Period	$ 7,718	$ 9,330	$ 9,375

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2016-02 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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