0001628280-25-022383 | 10-Q | XBRL Viewer

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Derivative Financial Instruments - Schedule of AOCI Activities (Details) $ in Thousands	3 Months Ended
	Mar. 29, 2025 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 682,530
Ending balance	693,007
Cash flow hedges, before tax totals
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	17,831
Changes in Fair Value Recognized	(2,141)
Reclassifications to Income Statement	(948)
Ending balance	$ 14,742

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Business Segment Information

3 Months Ended

Mar. 29, 2025

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. 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. Structural Systems designs,

engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies.

Our chief operating decision maker (“CODM”) is the Chairman, President and Chief Executive Officer. The measure used by the CODM to assess segment performance is segment operating income. Monitoring of segment operating income budgeted versus actual results is used for assessing performance of the segment and in establishing management’s compensation.

Financial information by reportable segment was as follows:


	(Dollars in thousands) Three Months Ended
	March 29, 2025						March 30, 2024
	Electronic Systems		Structural Systems		Total		Electronic Systems		Structural Systems		Total
Consolidated Net Revenues	$109,746		$84,368		$194,114		$107,539		$83,308		$190,847
Less: Significant Expenses
Cost of sales	80,785		61,732				77,721		66,186
Selling, general and administrative expenses	10,740		11,916				10,390		13,343
Restructuring charges	90		336				459		911

Segment Operating Income	$	18,131	$	10,384	28,515		$	18,969	$	2,868	21,837

Reconciliation of Profit or Loss (Segment Operating Income)
Unallocated Amounts:
Corporate general and administrative expenses (1)					(11,938)						(9,215)


Operating Income					16,577						12,622
Interest Expense					(3,263)						(3,883)


Income Before Taxes					$	13,314					$	8,739

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

Additional financial information by reportable segment was as follows:


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Depreciation and Amortization Expenses
Electronic Systems	$	3,566	$	3,632
Structural Systems	4,916		4,662
Corporate Administration	102		59
Total Depreciation and Amortization Expenses	$	8,584	$	8,353
Capital Expenditures
Electronic Systems	$	2,265	$	796
Structural Systems	2,114		1,524
Corporate Administration	13		2,425
Total Capital Expenditures	$	4,392	$	4,745

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:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Total Assets
Electronic Systems	$	524,950	$	507,428
Structural Systems	545,426		551,213
Corporate Administration	58,239		67,460
Total Assets	$	1,128,615	$	1,126,101
Goodwill and Intangibles
Electronic Systems	$	161,604	$	163,926
Structural Systems	228,399		230,265
Total Goodwill and Intangibles	$	390,003	$	394,191

- 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

Long-Term Debt

3 Months Ended

Mar. 29, 2025

Debt Disclosure [Abstract]

Long-Term Debt

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


	(Dollars in thousands)
	March 29, 2025			December 31, 2024
Term loan	$	234,375		$	234,375
Revolving credit facility	8,800			8,800



Total debt	243,175			243,175
Less current portion	(12,500)			(12,500)
Total long-term debt, less current portion	230,675			230,675
Less debt issuance costs - term loan	(755)			(845)
Total long-term debt, net of debt issuance costs - term loan	$	229,920		$	229,830
Debt issuance costs - revolving credit facility (1)	$	1,132		$	1,258
Weighted-average interest rate	6.18		%	7.25		%

(1) Included as part of other assets.

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

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

The 2022 Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) Term SOFR plus an applicable margin ranging from 1.375% to 2.375% per year or (ii) Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] Term SOFR plus 1.00%, and if the Base Rate is less than zero percent, it will be deemed zero percent) plus an applicable margin ranging from 0.375% to 1.375% per year, in each case based upon the consolidated total net adjusted leverage ratio. Interest payments are typically paid on a monthly or quarterly basis, depending on the interest rate selected, on the last business day each month or quarter. The undrawn portion of the commitment of the 2022 Revolving Credit Facility is subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio, typically paid on a quarterly basis, on the last business day each quarter. However, the 2022 Revolving Credit Facility does not require any principal installment payments.

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

For the three months ended March 29, 2025 and March 30, 2024, we made the required quarterly amortization payments on the 2022 Term Loan of zero and $1.6 million, respectively. The required quarterly amortization payment due on March 31, 2025 is in our second fiscal quarter of 2025.

As of March 29, 2025, we had $191.0 million of unused borrowing capacity under the 2022 Revolving Credit Facility, after deducting $0.2 million for standby letters of credit.

As of March 29, 2025, we were in compliance with all covenants required under the 2022 Credit Facilities.

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

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

The 2022 Credit Facilities were entered into by us (“Parent Company”) and guaranteed by all of our domestic subsidiaries, other than two subsidiaries that were considered minor (“Subsidiary Guarantors”). The Subsidiary Guarantors jointly and severally guarantee the 2022 Credit Facilities. The Parent Company has no independent assets or operations, and therefore, no consolidating financial information for the Parent Company and its subsidiaries is presented.

In May 2023, we completed a public offering of our common stock resulting in net proceeds of $85.1 million. We utilized the net proceeds plus cash on hand to pay down $85.2 million on the 2022 Revolving Credit Facility that was utilized to complete the acquisition of BLR Aerospace, L.L.C. in April 2023.

In November 2021, we entered into derivative contracts, U.S. dollar-one month LIBOR forward interest rate swaps designated as cash flow hedges, all with an effective date of January 1, 2024, for an aggregate total notional amount of $150.0 million, weighted average fixed rate of 1.8%, and all terminating on January 1, 2031 (“Forward Interest Rate Swaps”). The Forward Interest Rate Swaps mature on a monthly basis, with fixed amount payer payment dates on the first day of each calendar month, commencing on February 1, 2024 through January 1, 2031. The Forward Interest Rate Swaps were deemed to be highly effective upon entering into the derivative contracts, and thus, hedge accounting treatment was utilized. Since the Amended Forward Interest Rate Swaps (as defined below) were not effective until January 1, 2024, we only recorded the changes in fair value of the derivative instruments that were highly effective and that were designated and qualified as cash flow hedges in other comprehensive income through December 31, 2023. See Note 1 and Note 3 for further information.

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

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024
Pay vs Performance Disclosure
Net income	$ 10,511	$ 6,849

- Definition

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

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+ Details

Business Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	$ 8,584	$ 8,353
Capital Expenditures	4,392	4,745
Operating segments \| Electronic Systems
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	3,566	3,632
Capital Expenditures	2,265	796
Operating segments \| Structural Systems
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	4,916	4,662
Capital Expenditures	2,114	1,524
Corporate Administration
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	102	59
Capital Expenditures	$ 13	$ 2,425

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Accounting Policies [Abstract]
Net income	$ 10,511	$ 6,849
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding (in shares)	14,856	14,694
Dilutive potential common shares (in shares)	321	243
Diluted weighted-average common shares outstanding (in shares)	15,177	14,937
Earnings per share
Basic (in dollars per share)	$ 0.71	$ 0.47
Diluted (in dollars per share)	$ 0.69	$ 0.46

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Derivative Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 29, 2025 USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Pre-tax deferred gains	$ 3.2

Inventories (Tables)

3 Months Ended

Mar. 29, 2025

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories consisted of the following:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Raw materials and supplies	$	161,475	$	158,865
Work in process	29,795		32,082
Finished goods	6,144		5,934


Total	$	197,414	$	196,881

Derivative Financial Instruments

3 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Cash Flow Hedges

Our cash flow hedges consists of forward interest rate swaps to manage our exposure to interest rate movements on a portion of our debt through January 1, 2031. Our forward interest rate swaps hedge forecasted transactions through January 1, 2031.

The notional amounts of derivative instruments are as follows:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Derivative instruments designated as hedging instruments:
Interest rate contracts	$	150,000	$	150,000

The following table summarizes the fair value and presentation on the condensed consolidated balance sheets for derivative instruments:


		(Dollars in thousands)
	Balance Sheet Location	March 29, 2025		December 31, 2024
Derivative instruments designated as hedging instruments:
Interest rate contracts	Other assets, current	$	3,313	$	3,576
	Other assets	11,719		14,606

Accumulated other comprehensive income activities during the three months ended March 29, 2025 were as follows (in thousands):


	December 31, 2024		Three Months Ended March 29, 2025				March 29, 2025
	Balance		Changes in Fair Value Recognized		Reclassifications to Income Statement		Balance
Cash flow hedges, before tax totals	$	17,831	$	(2,141)	$	(948)	$	14,742

Unrealized (losses) gains associated with our hedging transactions recognized in other comprehensive income are presented in the following table:


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Change in Other Comprehensive Income:
Interest rate contracts	$	(2,374)	$	2,201

We began reclassifying gains/losses associated with our cash flow hedges from accumulated other comprehensive income to the condensed statements of income when the Forward Interest Rate Swaps became effective as of January 1, 2024. We reclassify amounts to income as the hedged item impacts earnings and those amounts are presented in the following table:


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Interest rate contracts:
Interest expense	$	948	$	1,340

The pre-tax deferred gains recorded in other comprehensive income that will mature in the next 12 months total $3.2 million.

Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 161,475	$ 158,865
Work in process	29,795	32,082
Finished goods	6,144	5,934
Total	$ 197,414	$ 196,881

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Stock options and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Stock options and stock units (in shares)	47	2

Summary of Significant Accounting Policies - Narrative (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Jul. 15, 2024 $ / shares	Apr. 08, 2024 $ / shares	Mar. 29, 2025 USD ($) segment	Dec. 31, 2024 USD ($)	Nov. 30, 2024 shares	Nov. 30, 2021 USD ($)
Significant Accounting Policies [Line Items]
Number of reportable segments \| segment			2
Number of operating segments \| segment			2
Shares acquired (in dollars per share) \| $ / shares	$ 65.00	$ 60.00
Provision for loss on contracts			$ 4,400	$ 4,700
Production cost of contracts			6,699	$ 6,802
Contract liability revenue			6,500
Remaining performance obligation			986,000
Berryville \| Held-for-sale
Significant Accounting Policies [Line Items]
Land, building and building improvements held for sale			$ 800
Interest rate swap
Significant Accounting Policies [Line Items]
Notional amount						$ 150,000
Albion
Significant Accounting Policies [Line Items]
Number of shares owned by investor (in shares) \| shares					737,992
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30
Significant Accounting Policies [Line Items]
Remaining performance obligation, percentage			70.00%
Remaining performance obligation, period			12 months

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 29, 2025	Apr. 29, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2025
Document Transition Report	false
Entity File Number	001-08174
Entity Registrant Name	DUCOMMUN INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-0693330
Entity Address, Address Line One	600 Anton Boulevard, Suite 1100
Entity Address, City or Town	Costa Mesa
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92626-7100
City Area Code	657
Local Phone Number	335-3665
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	DCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,877,749
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000030305

Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Contract assets	$ 210,897	$ 200,584
Contract liabilities	$ 37,496	$ 34,445

Summary of Significant Accounting Policies

3 Months Ended

Mar. 29, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

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

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2024 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”).

Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). The financial information included in this Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the 2024 Form 10-K.

In the opinion of management, all adjustments, including recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income, changes in shareholders’ equity, and cash flows in accordance with GAAP for the periods covered by this Form 10-Q. The results of operations for the three months ended March 29, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025.

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

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

Use of Estimates

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

Assets Held For Sale

Assets and liabilities to be disposed of by sale are classified as “held for sale” if their carrying amounts are principally expected to be recovered through a sale transaction rather than through continuing use. The classification occurs when the disposal group is available for immediate sale and sale is probable. These criteria are generally met when an agreement to sell exists, or management has committed to a plan to sell the assets within one year. During the three months ended March 29, 2025, we finalized the decision to sell our Berryville, Arkansas facility (consists only of land, building, and building improvements) (“Berryville Property”), which is part of our Electronic Systems segment, and as a result, we met the criteria for assets held for sale. We have been winding down the manufacturing activities of our Berryville performance center, which is part of the previously announced 2022 Restructuring Plan. See Note 2.

As such, we reclassified the Berryville Property with a net book value of $0.8 million as of March 29, 2025 to other current assets. In addition, we will not be recording depreciation expense on the Berryville Property while it is classified as assets held for sale.

Unsolicited Non-Binding Indication of Interest

In April 2024, our Board of Directors (“BOD”) confirmed receipt of the first unsolicited non-binding indication of interest dated April 1, 2024 (“First IOI”) from Albion River LLC (“Albion”), a private direct investment firm. Albion expressed interest in acquiring all the outstanding shares of Ducommun for $60.00 per share in cash. Later in April 2024, we issued a press release responding to the First IOI that the BOD had unanimously determined it was not in the best interests of Ducommun and Ducommun shareholders to pursue further discussions regarding the proposal.

In July 2024, our BOD received an unsolicited revised non-binding indication of interest from Albion (“Second IOI”), to acquire all outstanding shares of Ducommun for $65.00 per share in cash. Later in July 2024, we issued a press release responding to the Second IOI that the BOD had unanimously determined it was not in the best interests of Ducommun and Ducommun shareholders to pursue further discussions regarding the revised proposal.

In November 2024 Albion filed a Schedule 13D/A with the SEC stating that it no longer intended to maintain an active role with Ducommun and that it had reduced its stock ownership to 737,992 shares of our common stock. On February 10, 2025, Albion filed a Schedule 13G/A with the SEC reporting that Albion had liquidated its holdings and no longer owned any shares of Ducommun as of December 31, 2024.

Supplemental Cash Flow Information


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Interest paid, net	$	2,658	$	3,975
Taxes paid, net	$	221	$	92
Non-cash activities:
Purchases of property and equipment not paid	$	664	$	578

Earnings Per Share

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

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


	(Dollars in thousands, except per share data)
	Three Months Ended
	March 29, 2025		March 30, 2024
Net income	$	10,511	$	6,849
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	14,856		14,694
Dilutive potential common shares	321		243
Diluted weighted-average common shares outstanding	15,177		14,937
Earnings per share
Basic	$	0.71	$	0.47
Diluted	$	0.69	$	0.46

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

(In thousands)

Three Months Ended

March 29,
2025

March 30,
2024

Stock options and stock units

Fair Value

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

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

There were no transfers between Level 1, Level 2, or Level 3 financial instruments in the three months ended March 29, 2025.

Cash and Cash Equivalents

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

Derivative Instruments

We recognize derivative instruments on our condensed consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. In November 2021, we entered into forward interest rate swap agreements with an aggregate notional amount of $150.0 million, all with an effective date of January 2024 (“Forward Interest Rate Swaps”), to manage our exposure to interest rate movements on a portion of our debt. At the time we entered into the Forward Interest Rate Swaps, there was a high probability of forecasted interest payments on our debts occurring and the swaps were highly effective in offsetting those interest payments; therefore, we elected to apply cash flow hedge accounting. In July 2022, as a result of refinancing all our existing debt, which allowed borrowing based on a Secured Overnight Financing Rate (“SOFR”), we were required to complete an amendment of the Forward Interest Rate Swaps from One Month London Interbank Offered Rate (“LIBOR”) to One Month Term SOFR (“Amended Forward Interest Rate Swaps”), which occurred on the same day. After the transition of the Forward Interest Rate Swaps and debt to SOFR was completed, we determined the hedging relationships were still highly effective as of the amendment date. See Note 3 and Note 7. As of March 29, 2025, all of our derivative instruments were designated as cash flow hedges.

We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedged item. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. See Note 3.

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

Inventories

Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based

on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.

Accumulated Other Comprehensive Income

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

Revenue Recognition

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

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

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

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

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

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

Contract estimates, known as “estimates at completion,” are based on various assumptions to project the outcome of future events that can span multiple months or years. These assumptions include among others, actual gross profits on the same or similar products manufactured previously; labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; overhead cost rates; 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. In any given reporting period, we have a large number of active contracts, which we have defined as a customer purchase order, and changes in estimates may occur on a significant number of these contracts. Given the significant number of contracts that we may have at any given point in time, the varied nature of products produced under such contracts, and the different assumptions, facts and circumstances associated with each individual contract, and the fact that such changes at the contract level are typically not material, we disclose cumulative catch-up adjustments on a net basis.

Net cumulative favorable (unfavorable) catch-up adjustments to contracts had the following impact on our operating results:


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Total net revenues	$	891	$	(1,935)
Operating income	$	891	$	(1,935)

Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer and have met the shipping terms, a contract liability is created for the advance or progress payment. When a contract liability and a contract asset exist on the same contract, we report it on a net basis.

We record provisions for the total anticipated losses on contracts, considering total estimated costs to complete the contract compared to total anticipated revenues, in the period in which such losses are identified. The provisions for estimated losses on contracts require us to make certain estimates and assumptions, including those with respect to the future revenue under a contract and the future cost to complete the contract. Our estimate of the future cost to complete a contract may include assumptions as to changes in manufacturing efficiency, operating and material costs, and our ability to resolve claims and assertions with our customers. If any of these or other assumptions and estimates do not materialize in the future, we may be required to adjust the provisions for estimated losses on contracts. The provision for estimated losses on contracts is included as part of contract liabilities on the condensed consolidated balance sheets. As of March 29, 2025 and December 31, 2024, provision for estimated losses on contracts were $4.4 million and $4.7 million, respectively. It is reasonably possible we may incur additional losses in the future.

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 March 29, 2025 and December 31, 2024, production cost of contracts were $6.7 million and $6.8 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)
	March 29, 2025		December 31, 2024
Contract assets	$	210,897	$	200,584
Contract liabilities	$	37,496	$	34,445

The increase in our contract assets as of March 29, 2025 compared to December 31, 2024 was primarily due to a net increase of products in work in process in the current period.

The increase in our contract liabilities as of March 29, 2025 compared to December 31, 2024 was primarily due to a net increase of advance or progress payments received from our customers in the current period. We recognized $6.5 million of the contract liabilities as of December 31, 2024 as revenues during the three months ended March 29, 2025.

Performance obligations are defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of March 29, 2025 totaled $986.0 million. Of the remaining performance obligations as of March 29, 2025, we anticipate recognizing an estimated 70% of our remaining performance obligations as revenue during the next 12 months with the remaining performance obligations being recognized in the remainder of 2026 and beyond.

Revenue by Category

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


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Consolidated Ducommun
Military and space	$	113,516	$	98,929
Commercial aerospace	71,701		79,917
Industrial	8,897		12,001
Total	$	194,114	$	190,847

Electronic Systems
Military and space	$	84,772	$	72,505
Commercial aerospace	16,077		23,033
Industrial	8,897		12,001
Total	$	109,746	$	107,539

Structural Systems
Military and space	$	28,744	$	26,424
Commercial aerospace	55,624		56,884
Total	$	84,368	$	83,308

Recent Accounting Pronouncements

New Accounting Pronouncements Adopted in 2025

In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-02, “Codification Improvements - Amendments to Remove References to the Concepts Statements,” which removed references to various FASB Concepts Statements and updates technical corrections such as conforming amendments, clarification to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The new guidance is effective for fiscal years beginning after December 15, 2024, which is our annual period beginning January 1, 2025. The adoption of this accounting standard did not have a material impact on our condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which provides more transparency about tax information primarily related to the rate reconciliation and the income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024, which is our annual period beginning January 1, 2025. The adoption of this accounting standard did not have a material impact on our condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” which clarifies that all public business entities should initially adopt the disclosure requirements in the final annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The new guidance is effective for fiscal years beginning after December 15, 2026, which is our annual period beginning January 1, 2027, and interim reporting periods beginning after December 15, 2027, which will be our interim period beginning January 1, 2028. Early adoption of ASU 2024-03 (described below) is permitted. We are evaluating the impact of this standard in conjunction with ASU 2024-03 below.

In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The new guidance is effective for fiscal years beginning after December 15, 2026, which is our annual period beginning January 1, 2027, and interim reporting periods beginning after December 15, 2027, which will be our interim period beginning

January 1, 2028. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either 1) prospectively to financial statements issued for reporting periods after the effective date, or 2) retrospectively to any or all prior periods presented in the financial statements. We are evaluating the impact of this standard.

In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which incorporates updates to the Accounting Standards Codification (“Codification”) to align certain Securities and Exchange Commission (“SEC”) disclosure requirements. The amendments impact a variety of topics but are relatively narrow in nature. For entities required to comply with the SEC’s existing disclosure requirements, the effective date for each amendment will be the effective date of the removal of the disclosure requirement from SEC Regulation S-X or SEC Regulation S-K, with early adoption prohibited. The amendments should be applied prospectively. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We are evaluating the impact of this standard.

Goodwill (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Goodwill [Line Items]
Gross goodwill		$ 326,322
Accumulated goodwill impairment		(81,722)
Balance at December 31, 2024	$ 244,600	244,600
Balance at March 29, 2025	244,600	244,600
Electronic Systems
Goodwill [Line Items]
Gross goodwill		199,157
Accumulated goodwill impairment		(81,722)
Balance at December 31, 2024	117,435	117,435
Balance at March 29, 2025	117,435	117,435
Structural Systems
Goodwill [Line Items]
Gross goodwill		127,165
Accumulated goodwill impairment		0
Balance at December 31, 2024	127,165	127,165
Balance at March 29, 2025	$ 127,165	$ 127,165

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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Long-Term Debt (Tables)

3 Months Ended

Mar. 29, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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


	(Dollars in thousands)
	March 29, 2025			December 31, 2024
Term loan	$	234,375		$	234,375
Revolving credit facility	8,800			8,800



Total debt	243,175			243,175
Less current portion	(12,500)			(12,500)
Total long-term debt, less current portion	230,675			230,675
Less debt issuance costs - term loan	(755)			(845)
Total long-term debt, net of debt issuance costs - term loan	$	229,920		$	229,830
Debt issuance costs - revolving credit facility (1)	$	1,132		$	1,258
Weighted-average interest rate	6.18		%	7.25		%

(1) Included as part of other assets.

- Definition

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

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Summary of Significant Accounting Policies - Estimates at Completion (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Disaggregation of Revenue [Line Items]
Total net revenues	$ 194,114	$ 190,847
Operating income	16,577	12,622
EAC adjustment
Disaggregation of Revenue [Line Items]
Total net revenues	891	(1,935)
Operating income	$ 891	$ (1,935)

- Definition

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+ References + Details

- 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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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Restructuring Activities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 426	$ 1,370
Severance and benefits \| Electronic Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	9,600
Property and equipment accelerated depreciation due to restructuring \| Electronic Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	300
Inventory write down \| Electronic Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	300
Other restructuring \| Electronic Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	200
2022 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring charges, net of change in estimates	400
Cumulative restructuring charges	29,600
Cumulative cost of sales	2,100
Restructuring charges	581
Restructuring reserve	1,256		$ 1,932
2022 Restructuring Plan \| Severance and benefits
Restructuring Cost and Reserve [Line Items]
Restructuring charges	59
Restructuring reserve	866		1,543
2022 Restructuring Plan \| Severance and benefits \| Electronic Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100
2022 Restructuring Plan \| Severance and benefits \| Structural Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(200)
Other restructuring charges	7,400
2022 Restructuring Plan \| Property and equipment accelerated depreciation due to restructuring \| Structural Systems
Restructuring Cost and Reserve [Line Items]
Other restructuring charges	2,000
2022 Restructuring Plan \| Inventory write down \| Structural Systems
Restructuring Cost and Reserve [Line Items]
Other restructuring charges	1,800
2022 Restructuring Plan \| Other restructuring
Restructuring Cost and Reserve [Line Items]
Restructuring charges	522
Restructuring reserve	390		$ 389
2022 Restructuring Plan \| Other restructuring \| Structural Systems
Restructuring Cost and Reserve [Line Items]
Restructuring charges	500
Other restructuring charges	7,900
2022 Restructuring Plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	500
2022 Restructuring Plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 1,000

Business Segment Information (Tables)

3 Months Ended

Mar. 29, 2025

Segment Reporting [Abstract]

Schedule of Financial Information by Reportable Segment

Financial information by reportable segment was as follows:


	(Dollars in thousands) Three Months Ended
	March 29, 2025						March 30, 2024
	Electronic Systems		Structural Systems		Total		Electronic Systems		Structural Systems		Total
Consolidated Net Revenues	$109,746		$84,368		$194,114		$107,539		$83,308		$190,847
Less: Significant Expenses
Cost of sales	80,785		61,732				77,721		66,186
Selling, general and administrative expenses	10,740		11,916				10,390		13,343
Restructuring charges	90		336				459		911

Segment Operating Income	$	18,131	$	10,384	28,515		$	18,969	$	2,868	21,837

Reconciliation of Profit or Loss (Segment Operating Income)
Unallocated Amounts:
Corporate general and administrative expenses (1)					(11,938)						(9,215)


Operating Income					16,577						12,622
Interest Expense					(3,263)						(3,883)


Income Before Taxes					$	13,314					$	8,739

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

Additional financial information by reportable segment was as follows:


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Depreciation and Amortization Expenses
Electronic Systems	$	3,566	$	3,632
Structural Systems	4,916		4,662
Corporate Administration	102		59
Total Depreciation and Amortization Expenses	$	8,584	$	8,353
Capital Expenditures
Electronic Systems	$	2,265	$	796
Structural Systems	2,114		1,524
Corporate Administration	13		2,425
Total Capital Expenditures	$	4,392	$	4,745

Schedule of Segment Assets

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


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Total Assets
Electronic Systems	$	524,950	$	507,428
Structural Systems	545,426		551,213
Corporate Administration	58,239		67,460
Total Assets	$	1,128,615	$	1,126,101
Goodwill and Intangibles
Electronic Systems	$	161,604	$	163,926
Structural Systems	228,399		230,265
Total Goodwill and Intangibles	$	390,003	$	394,191

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 2,122	$ 2,630
Property and equipment, accumulated depreciation	$ 197,524	$ 194,921
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)	14,868,305	14,781,218
Common stock, shares outstanding (in shares)	14,868,305	14,781,218

Business Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Total Assets	$ 1,128,615	$ 1,126,101
Goodwill and Intangibles	390,003	394,191
Operating segments \| Electronic Systems
Segment Reporting Information [Line Items]
Total Assets	524,950	507,428
Goodwill and Intangibles	161,604	163,926
Operating segments \| Structural Systems
Segment Reporting Information [Line Items]
Total Assets	545,426	551,213
Goodwill and Intangibles	228,399	230,265
Corporate Administration
Segment Reporting Information [Line Items]
Total Assets	$ 58,239	$ 67,460

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

Inventories

3 Months Ended

Mar. 29, 2025

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Raw materials and supplies	$	161,475	$	158,865
Work in process	29,795		32,082
Finished goods	6,144		5,934


Total	$	197,414	$	196,881

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Payables and Accruals [Abstract]
Accrued compensation	$ 22,103	$ 35,915
Accrued income tax and sales tax	2,376	669
Other	9,886	7,630
Total	$ 34,365	$ 44,214

Business Segment Information - Schedule of Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Segment Reporting Information [Line Items]
Net Revenues	$ 194,114	$ 190,847
Cost of Sales	142,517	143,904
Selling, General and Administrative Expenses	34,594	32,951
Restructuring Charges	426	1,370
Segment Operating Income	28,515	21,837
Operating Income	16,577	12,622
Interest Expense	(3,263)	(3,883)
Income Before Taxes	13,314	8,739
Corporate Administration
Segment Reporting Information [Line Items]
Corporate general and administrative expenses	(11,938)	(9,215)
Electronic Systems \| Operating segments
Segment Reporting Information [Line Items]
Net Revenues	109,746	107,539
Cost of Sales	80,785	77,721
Selling, General and Administrative Expenses	10,740	10,390
Restructuring Charges	90	459
Segment Operating Income	18,131	18,969
Structural Systems \| Operating segments
Segment Reporting Information [Line Items]
Net Revenues	84,368	83,308
Cost of Sales	61,732	66,186
Selling, General and Administrative Expenses	11,916	13,343
Restructuring Charges	336	911
Segment Operating Income	$ 10,384	$ 2,868

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 29, 2025
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2024 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”). The financial information included in this Quarterly Report on Form 10-Q (“Form 10-Q”) should be read in conjunction with the 2024 Form 10-K. In the opinion of management, all adjustments, including recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income, changes in shareholders’ equity, and cash flows in accordance with GAAP for the periods covered by this Form 10-Q. The results of operations for the three months ended March 29, 2025 are not necessarily indicative of the results to be expected for the full year ending December 31, 2025. Our fiscal quarters end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter. Certain reclassifications have been made to prior period amounts to conform to the current year’s presentation.
Use of Estimates	Use of Estimates Certain amounts and disclosures included in the unaudited condensed consolidated financial statements require management to make estimates and judgments that affect the amounts of assets, liabilities (including contract liabilities), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Earnings Per Share	Earnings Per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus any potentially dilutive shares that could be issued if exercised or converted into common stock in each period.
Fair Value	Fair Value Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. We have money market funds which are included as cash and cash equivalents. We also have forward interest rate swap agreements and the fair value of the forward interest rate swap agreements was determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, and we classify as Level 1.
Derivative Instruments	Derivative Instruments We recognize derivative instruments on our condensed consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, or a derivative instrument that will not be accounted for using hedge accounting methods. In November 2021, we entered into forward interest rate swap agreements with an aggregate notional amount of $150.0 million, all with an effective date of January 2024 (“Forward Interest Rate Swaps”), to manage our exposure to interest rate movements on a portion of our debt. At the time we entered into the Forward Interest Rate Swaps, there was a high probability of forecasted interest payments on our debts occurring and the swaps were highly effective in offsetting those interest payments; therefore, we elected to apply cash flow hedge accounting. In July 2022, as a result of refinancing all our existing debt, which allowed borrowing based on a Secured Overnight Financing Rate (“SOFR”), we were required to complete an amendment of the Forward Interest Rate Swaps from One Month London Interbank Offered Rate (“LIBOR”) to One Month Term SOFR (“Amended Forward Interest Rate Swaps”), which occurred on the same day. After the transition of the Forward Interest Rate Swaps and debt to SOFR was completed, we determined the hedging relationships were still highly effective as of the amendment date. See Note 3 and Note 7. As of March 29, 2025, all of our derivative instruments were designated as cash flow hedges. We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedged item. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. See Note 3. When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. In all situations in which we discontinue hedge accounting and the derivative instrument remains outstanding, we will carry the derivative instrument at its fair value on our condensed consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle performance center expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Accumulated other comprehensive income, as reflected on the condensed consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.
Revenue Recognition	Revenue Recognition Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause. We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue under ASC 606, “Revenue from Contracts with Customers” (“ASC 606”), which utilizes a five-step model. The definition of a contract for us is typically defined as a customer purchase order as this is when we achieve an enforceable right to payment. The majority of our contracts are firm fixed-price contracts. The deliverables within a customer purchase order are analyzed to determine the number of performance obligations. In addition, at times, in order to achieve economies of scale and based on our customer’s forecasted demand, we may build in advance of receiving a purchase order from our customer. When that occurs, we would not recognize revenue until we have received the customer purchase order. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account under ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, control is transferred and the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services are highly interrelated or met the series guidance. For contracts with multiple performance obligations, we allocate the contract transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate the standalone selling price is the expected cost plus a margin approach, under which we forecast our expected costs of satisfying a performance obligation and then add an appropriate margin for that distinct good or service. We manufacture most products to customer specifications, and the product cannot be easily modified for another customer. As such, these products are deemed to have no alternative use once the manufacturing process begins. In the event the customer invokes a termination for convenience clause, we would be entitled to costs incurred to date plus a reasonable profit. Contract costs typically include labor, materials, overhead, and when applicable, subcontractor costs. For most of our products, we are building assets with no alternative use and have enforceable right to payment, and thus, we recognize revenue using the over time method. The majority of our performance obligations are satisfied over time as work progresses. Typically, revenue is recognized over time using an input measure (i.e., costs incurred to date relative to total estimated costs at completion, also known as cost-to-cost plus reasonable profit) to measure progress. Our typical revenue contract is a firm fixed price contract, and the cost of raw materials could make up a significant amount of the total costs incurred. As such, we believe using the total costs incurred input method would be the most appropriate method. While the cost of raw materials could make up a significant amount of the total costs incurred, there is a direct relationship between our inputs and the transfer of control of goods or services to the customer. Contract estimates, known as “estimates at completion,” are based on various assumptions to project the outcome of future events that can span multiple months or years. These assumptions include among others, actual gross profits on the same or similar products manufactured previously; labor productivity and availability; the complexity of the work to be performed; the cost and availability of materials; overhead cost rates; 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. In any given reporting period, we have a large number of active contracts, which we have defined as a customer purchase order, and changes in estimates may occur on a significant number of these contracts. Given the significant number of contracts that we may have at any given point in time, the varied nature of products produced under such contracts, and the different assumptions, facts and circumstances associated with each individual contract, and the fact that such changes at the contract level are typically not material, we disclose cumulative catch-up adjustments on a net basis.
Recent Accounting Pronouncements and Recently Issued Accounting Standards	Recent Accounting Pronouncements New Accounting Pronouncements Adopted in 2025 In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-02, “Codification Improvements - Amendments to Remove References to the Concepts Statements,” which removed references to various FASB Concepts Statements and updates technical corrections such as conforming amendments, clarification to guidance, simplifications to wording or the structure of guidance, and other minor improvements. The new guidance is effective for fiscal years beginning after December 15, 2024, which is our annual period beginning January 1, 2025. The adoption of this accounting standard did not have a material impact on our condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which provides more transparency about tax information primarily related to the rate reconciliation and the income taxes paid. The new guidance is effective for fiscal years beginning after December 15, 2024, which is our annual period beginning January 1, 2025. The adoption of this accounting standard did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Pronouncements In January 2025, the FASB issued ASU 2025-01, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date,” which clarifies that all public business entities should initially adopt the disclosure requirements in the final annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The new guidance is effective for fiscal years beginning after December 15, 2026, which is our annual period beginning January 1, 2027, and interim reporting periods beginning after December 15, 2027, which will be our interim period beginning January 1, 2028. Early adoption of ASU 2024-03 (described below) is permitted. We are evaluating the impact of this standard in conjunction with ASU 2024-03 below. In November 2024, the FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The new guidance is effective for fiscal years beginning after December 15, 2026, which is our annual period beginning January 1, 2027, and interim reporting periods beginning after December 15, 2027, which will be our interim period beginning January 1, 2028. Early adoption is permitted. The amendments in ASU 2024-03 should be applied either 1) prospectively to financial statements issued for reporting periods after the effective date, or 2) retrospectively to any or all prior periods presented in the financial statements. We are evaluating the impact of this standard. In October 2023, the FASB issued ASU 2023-06, “Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative,” which incorporates updates to the Accounting Standards Codification (“Codification”) to align certain Securities and Exchange Commission (“SEC”) disclosure requirements. The amendments impact a variety of topics but are relatively narrow in nature. For entities required to comply with the SEC’s existing disclosure requirements, the effective date for each amendment will be the effective date of the removal of the disclosure requirement from SEC Regulation S-X or SEC Regulation S-K, with early adoption prohibited. The amendments should be applied prospectively. If by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the Codification and will not become effective for any entity. We are evaluating the impact of this standard.

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Statement of Comprehensive Income [Abstract]
Net Income	$ 10,511	$ 6,849
Other Comprehensive (Loss) Income, Net of Tax:
Amortization of actuarial losses and prior service costs, net of tax of $6 and $14 for the three months ended March 29, 2025 and March 30, 2024, respectively.	20	42
Change in net unrealized (losses) gains on cash flow hedges, net of tax (benefit) expense of $(715) and $672 for the three months ended March 29, 2025 and March 30, 2024, respectively.	(2,374)	2,201
Other Comprehensive (Loss) Income, Net of Tax	(2,354)	2,243
Comprehensive Income	$ 8,157	$ 9,092

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

+ References

+ Details

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024	Dec. 31, 2024	Nov. 30, 2021
Interest rate contract \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Notional amount	$ 150,000		$ 150,000
Interest rate contract \| Cash flow hedging \| Other comprehensive income (loss)
Derivatives, Fair Value [Line Items]
Gains recognized in other comprehensive income, net of tax:	(2,374)	$ 2,201
Interest rate contract \| Cash flow hedging \| Other assets, current
Derivatives, Fair Value [Line Items]
Fair value	3,313		3,576
Interest rate contract \| Cash flow hedging \| Other assets
Derivatives, Fair Value [Line Items]
Fair value	11,719		$ 14,606
Interest rate swap
Derivatives, Fair Value [Line Items]
Notional amount				$ 150,000
Interest rate swap \| Cash flow hedging
Derivatives, Fair Value [Line Items]
Gains recognized in AOCI	$ 948	$ 1,340

Restructuring Activities (Tables)

3 Months Ended

Mar. 29, 2025

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Activities

Our restructuring activities during the three months ended March 29, 2025 were as follows (in thousands):


	December 31, 2024		Three Months Ended March 29, 2025								March 29, 2025
	Balance		Charges		Cash Payments		Non-Cash Payments		Change in Estimates		Balance
Severance and benefits	$	1,543	$	59	$	(581)	$	—	$	(155)	$	866




Other	389		522		(521)		—		—		390
Ending balance	$	1,932	$	581	$	(1,102)	$	—	$	(155)	$	1,256

Restructuring Activities

3 Months Ended

Mar. 29, 2025

Restructuring and Related Activities [Abstract]

Restructuring Activities

Summary of 2022 Restructuring Plan

In April 2022, management approved and commenced a restructuring plan that is intended to better position us for stronger performance. The restructuring plan will mainly reduce headcount and consolidate facilities. As a result of this restructuring plan, we analyzed the need to write-down inventory and impair long-lived assets, including operating lease right-of-use assets. During the three months ended March 29, 2025, we recorded total charges, net of $0.4 million. Cumulative through the three months ended March 29, 2025, we recorded aggregate total charges of $29.6 million ($2.1 million of which was recorded as cost of sales). As of March 29, 2025, we estimate the remaining amount of charges related to this initiative will be $0.5 million to $1.0 million of total pre-tax restructuring charges during 2025 for facility consolidation related expenses.

In the Electronics Systems segment, we recorded charges of $0.1 million during the three months ended March 29, 2025 for severance and benefits that were classified as restructuring charges. Cumulative through the three months ended March 29, 2025, we recorded total charges for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment that was classified as restructuring charges, charges for inventory write down that was classified as cost of sales, and other restructuring of $9.6 million, $0.3 million, $0.3 million, and $0.2 million, respectively.

In the Structural Systems segment, we recorded (credits) charges of $(0.2) million and $0.5 million during the three months ended March 29, 2025 for severance and benefits that were classified as restructuring charges and other restructuring charges, respectively. Cumulative through the three months ended March 29, 2025, we recorded total charges for severance and benefits that were classified as restructuring charges, accelerated depreciation of property and equipment/impairment of property and equipment that was classified as restructuring charges, charges for inventory write down that was classified as cost of sales, and other restructuring of $7.4 million, $2.0 million, $1.8 million, and $7.9 million, respectively.

Our restructuring activities during the three months ended March 29, 2025 were as follows (in thousands):


	December 31, 2024		Three Months Ended March 29, 2025								March 29, 2025
	Balance		Charges		Cash Payments		Non-Cash Payments		Change in Estimates		Balance
Severance and benefits	$	1,543	$	59	$	(581)	$	—	$	(155)	$	866




Other	389		522		(521)		—		—		390
Ending balance	$	1,932	$	581	$	(1,102)	$	—	$	(155)	$	1,256

The restructuring activities accrual for severance and benefits and other of $1.3 million as of March 29, 2025 was included as part of accrued and other liabilities and is expected to be paid out during 2025.

Goodwill (Tables)

3 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of our goodwill were as follows:


	(Dollars in thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	127,165	$	326,322
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2024	$	117,435	$	127,165	$	244,600

Balance at March 29, 2025	$	117,435	$	127,165	$	244,600

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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-Name Accounting Standards Codification
-Section 55
-Paragraph 24
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 29, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Notional Amounts and Fair Values

The notional amounts of derivative instruments are as follows:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Derivative instruments designated as hedging instruments:
Interest rate contracts	$	150,000	$	150,000

The following table summarizes the fair value and presentation on the condensed consolidated balance sheets for derivative instruments:


		(Dollars in thousands)
	Balance Sheet Location	March 29, 2025		December 31, 2024
Derivative instruments designated as hedging instruments:
Interest rate contracts	Other assets, current	$	3,313	$	3,576
	Other assets	11,719		14,606

Schedule of AOCI Activities

Accumulated other comprehensive income activities during the three months ended March 29, 2025 were as follows (in thousands):


	December 31, 2024		Three Months Ended March 29, 2025				March 29, 2025
	Balance		Changes in Fair Value Recognized		Reclassifications to Income Statement		Balance
Cash flow hedges, before tax totals	$	17,831	$	(2,141)	$	(948)	$	14,742


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Interest rate contracts:
Interest expense	$	948	$	1,340

Schedule of Unrealized Gains (Losses) on Hedging Transactions

Unrealized (losses) gains associated with our hedging transactions recognized in other comprehensive income are presented in the following table:


	(Dollars in thousands) Three Months Ended
	March 29, 2025		March 30, 2024
Change in Other Comprehensive Income:
Interest rate contracts	$	(2,374)	$	2,201

Goodwill

3 Months Ended

Mar. 29, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

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

We may use either a qualitative or quantitative approach when testing a reporting unit’s goodwill for impairment. The qualitative approach for potential impairment analysis is performed by evaluating a number of qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit was less than its carrying amount. If the qualitative assessment indicates that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative assessment.

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 management judgment in selecting comparable companies, business acquisitions and the transaction values observed and its related control premiums.

No material adverse factors/changes have occurred since the fourth quarter of 2024 that would require us to perform another qualitative or quantitative assessment as of our quarter ended March 29, 2025. As such, for the first quarter of 2025, it was also not more likely than not that the fair values of the reporting units were less than their carrying amounts and thus, the respective goodwill amounts were not deemed to be impaired.

The carrying amounts of our goodwill were as follows:


	(Dollars in thousands)
	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	127,165	$	326,322
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2024	$	117,435	$	127,165	$	244,600

Balance at March 29, 2025	$	117,435	$	127,165	$	244,600

Restructuring Activities - Other Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Restructuring Reserve [Roll Forward]
Charges	$ 426	$ 1,370
2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	1,932
Charges	581
Cash Payments	(1,102)
Non-Cash Payments	0
Change in Estimates	(155)
Ending balance	1,256
Severance and benefits \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	1,543
Charges	59
Cash Payments	(581)
Non-Cash Payments	0
Change in Estimates	(155)
Ending balance	866
Other \| 2022 Restructuring Plan
Restructuring Reserve [Roll Forward]
Beginning balance	389
Charges	522
Cash Payments	(521)
Non-Cash Payments	0
Change in Estimates	0
Ending balance	$ 390

Business Segment Information - Narrative (Details)	3 Months Ended
Business Segment Information - Narrative (Details)	Mar. 29, 2025 segment
Segment Reporting [Abstract]
Number of reportable segments	2
Number of operating segments	2

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Statement of Comprehensive Income [Abstract]
Amortization of actuarial losses, net of tax	$ 6	$ 14
Unrealized gain on cash flow hedge, tax expense (benefit)	$ (715)	$ 672

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 29, 2025
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies California’s Wage and Hour Laws Complaint 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 in January 2021. The complaint alleged violations of California’s wage and hour laws relating to our current and former employees and sought attorney’s fees and penalties. We vigorously refuted and defended these claims, and reached a tentative settlement of $0.8 million during the fourth quarter 2021, which was subject to court approval. Thus, we recorded accrued liabilities of $0.8 million as of December 31, 2021. During the second quarter of 2022, additional factual information was identified resulting in an increase in the amount of the tentative settlement to $0.9 million. Therefore, we recorded an additional accrued liabilities of $0.1 million for a total accrued liabilities amount of $0.9 million as of the end of the second quarter of 2022, which amount remained unchanged as of December 31, 2022 as we were awaiting final court approval of this settlement. Subsequent to final court approval and payment of the $0.9 million in January 2023, during the third quarter of 2023 and upon plaintiff’s motion, the court re-opened the settlement agreement to determine whether the class list captured all affected employees. While we appealed that determination the appellate court upheld the trial court’s decision, and the case has been returned to the trial court for the parties to re-examine the class list. Any amount of additional liability is still undetermined pending the parties agreeing upon, and the court’s approval of, an updated class list, and as such, there is no amount of loss that is probable and reasonably estimable at this time. Thus, no additional accrual was recorded during the third quarter of 2023 or during the three months ended March 29, 2025. Groundwater 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 the estimated liability for such investigation and corrective action of $1.5 million at both March 29, 2025 and December 31, 2024, which is reflected in other long-term liabilities on our condensed consolidated balance sheets. Waste Disposal 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 March 29, 2025 and December 31, 2024, which is reflected in other long-term liabilities on our condensed consolidated balance sheets. We anticipate an updated estimate will be available over the next 12 to 24 months however, and will update our accrual for the estimated liability at that time, if needed. 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 related to a final remedy, and the allocation of liability among potentially responsible parties. Guaymas Performance Center Fire 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, comprised of two buildings with an aggregate total of 62,000 square feet, was severely damaged. The insurance claim for damages to our operating assets and business interruption was deemed final and closed by our insurance company during the three months ended July 1, 2023. The loss of production from the Guaymas performance center was absorbed by our other existing performance centers; however, we have reestablished our operations and are in the process of certification with various customers and ramping up our manufacturing capabilities in a different leased facility with 117,000 square feet in Guaymas. A neighboring, non-related manufacturing facility also suffered fire damage during the same time as the fire that severely damaged our Guaymas performance center, and in November 2023, the occupant of the neighboring facility filed suit against us in U.S. District Court for the Central District of California seeking unspecified amounts for damages relating to the fire. In addition, in July 2024, we received a subrogation demand from our landlord’s insurer, who also serves as one of our excess carriers, and with whom we have since entered into an informed consent and conflict of waiver agreement. In the interim, discovery is ongoing, and we intend to defend these matters vigorously. As ultimate responsibility for the fire is still undetermined and damages to our former neighbor’s facility have yet to be quantified, there is no amount of loss that is probable and reasonably estimable at this time. If we are ultimately deemed to be responsible or partly responsible, it is possible we could incur a loss in excess of our insurance coverage limits, which could be material to our cash flow, liquidity, or financial results. Our insurance covers damage, up to a capped amount, to the facility, equipment, unfinished inventory, and other assets at replacement cost, finished goods inventory at selling price, as well as business interruption, third party property damage, and recovery related expenses caused by the fire, less our per claim deductible. The anticipated insurance recoveries related to losses and incremental costs incurred are recognized when receipt is probable. The anticipated insurance recoveries in excess of net book value of the damaged operating assets and business interruption are not recorded until all contingencies related to our claim have been resolved. In the normal course of business, Ducommun and its subsidiaries are defendants in certain other litigation, claims and inquiries, including matters relating to environmental laws. In addition, Ducommun makes various commitments and incurs contingent liabilities in the ordinary course of business. While it is not feasible to predict the outcome of these matters, Ducommun does not presently expect that any sum it may be required to pay in connection with these matters would have a material adverse effect on its condensed consolidated financial position, results of operations or cash flows.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 30,732	$ 37,139
Accounts receivable, net of allowance for credit losses of $2,122 and $2,630 at March 29, 2025 and December 31, 2024, respectively	119,154	109,716
Contract assets	210,897	200,584
Inventories	197,414	196,881
Production cost of contracts	6,699	6,802
Other current assets	13,641	16,959
Total Current Assets	578,537	568,081
Property and Equipment, Net of Accumulated Depreciation of $197,524 and $194,921 at March 29, 2025 and December 31, 2024, respectively	109,075	109,812
Operating Lease Right-of-Use Assets	26,423	28,611
Goodwill	244,600	244,600
Intangibles, Net	145,403	149,591
Deferred Income Taxes	4,245	2,239
Other Assets	20,332	23,167
Total Assets	1,128,615	1,126,101
Current Liabilities
Accounts payable	80,290	75,784
Contract liabilities	37,496	34,445
Accrued and other liabilities	34,365	44,214
Operating lease liabilities	8,721	8,531
Current portion of long-term debt	12,500	12,500
Total Current Liabilities	173,372	175,474
Long-Term Debt, Less Current Portion	229,920	229,830
Non-Current Operating Lease Liabilities	19,103	21,284
Other Long-Term Liabilities	13,213	16,983
Total Liabilities	435,608	443,571
Commitments and Contingencies (Notes 8, 10)
Shareholders’ Equity
Common Stock - $0.01 par value; 35,000,000 shares authorized; 14,868,305 and 14,781,218 shares issued and outstanding at March 29, 2025 and December 31, 2024, respectively	149	148
Additional Paid-In Capital	219,842	217,523
Retained Earnings	463,986	453,475
Accumulated Other Comprehensive Income	9,030	11,384
Total Shareholders’ Equity	693,007	682,530
Total Liabilities and Shareholders’ Equity	$ 1,128,615	$ 1,126,101

Summary of Significant Accounting Policies - Supplemental Cash Flow Items (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Supplemental Cash Flow Information [Abstract]
Interest paid, net	$ 2,658	$ 3,975
Taxes paid, net	221	92
Non-cash activities:
Purchases of property and equipment not paid	$ 664	$ 578

Long-Term Debt - Narrative (Details)		1 Months Ended		3 Months Ended
Long-Term Debt - Narrative (Details)	Jul. 14, 2022 USD ($)	May 31, 2023 USD ($)	Jul. 31, 2022 USD ($)	Mar. 29, 2025 USD ($) subsidiary	Mar. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Nov. 30, 2021 USD ($)
Debt Instrument [Line Items]
Debt balance outstanding				$ 229,920,000		$ 229,830,000
Interest rate swap
Debt Instrument [Line Items]
Notional amount							$ 150,000,000
Average fixed interest rate (as a percent)	1.70%						1.80%
New Credit Facilities
Debt Instrument [Line Items]
Number of subsidiaries that are not guarantors on debt \| subsidiary				2
Secured Debt \| 2022 Term Loan Maturing July 14, 2027
Debt Instrument [Line Items]
Debt amount			$ 250,000,000
Spread on base rate (as a percent)			0.00%
Proceeds from term loan			$ 250,000,000
Debt balance outstanding			$ 254,200,000
Repayments of debt				$ 0	$ 1,600,000
Noncash loss on extinguishment of debt	$ 200,000
Fees paid to lenders to be capitalized	800,000
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Year one and two
Debt Instrument [Line Items]
Prepayment amount of principal outstanding (as a percent)			0.625%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Year three and four
Debt Instrument [Line Items]
Prepayment amount of principal outstanding (as a percent)			1.25%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Year five
Debt Instrument [Line Items]
Prepayment amount of principal outstanding (as a percent)			1.875%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| SOFR
Debt Instrument [Line Items]
Spread on base rate (as a percent)			1.00%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Federal funds rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			0.50%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Minimum \| SOFR
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			1.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Minimum \| Base rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			0.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			2.375%
Secured Debt \| 2022 Term Loan Maturing July 14, 2027 \| Maximum \| Base rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			1.375%
Revolving Credit Facility \| 2022 Term Loan Maturing July 14, 2027
Debt Instrument [Line Items]
Outstanding standby letters of credit				200,000
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 85,200,000	$ 200,000,000
Remaining borrowing capacity				$ 191,000,000.0
Fees paid to lenders to be capitalized	1,700,000
Proceeds from issuance of common stock in public offering, net of issuance costs		$ 85,100,000
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| SOFR
Debt Instrument [Line Items]
Spread on base rate (as a percent)			1.00%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Federal funds rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			0.50%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Minimum
Debt Instrument [Line Items]
Commitment fee (as a precent)			0.175%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Minimum \| SOFR
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			1.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Minimum \| Base rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			0.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Maximum
Debt Instrument [Line Items]
Commitment fee (as a precent)			0.275%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Maximum \| SOFR
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			2.375%
Revolving Credit Facility \| 2022 Revolving Credit Facility due July 14, 2027 \| Maximum \| Base rate
Debt Instrument [Line Items]
Spread on variable rate (as a percent)			1.375%
Revolving Credit Facility \| 2018 Term Loan
Debt Instrument [Line Items]
Fees paid to lenders to be capitalized	1,000,000
Revolving Credit Facility \| 2019 Revolving Credit Facility Due December 20, 2024
Debt Instrument [Line Items]
Amortization of debt issuance costs	100,000
Debt issuance costs, line of credit arrangements	$ 800,000

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2023		14,600,766
Beginning balance at Dec. 31, 2023	$ 636,094	$ 146	$ 206,197	$ 421,980	$ 7,771
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	6,849			6,849
Other comprehensive income, net of tax	2,243				2,243
Employee stock purchase plan (in shares)		28,773
Employee stock purchase plan	1,190		1,190
Stock options exercised (in shares)		1,625
Stock options exercised	47		47
Stock awards vested (in shares)		152,569
Stock awards vested	0	$ 2	(2)
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)		(77,107)
Stock repurchased related to the exercise of stock options and stock awards vested	(3,765)	$ (1)	(3,764)
Stock-based compensation	2,889		2,889
Ending balance (in shares) at Mar. 30, 2024		14,706,626
Ending balance at Mar. 30, 2024	$ 645,547	$ 147	206,557	428,829	10,014
Beginning balance (in shares) at Dec. 31, 2024	14,781,218	14,781,218
Beginning balance at Dec. 31, 2024	$ 682,530	$ 148	217,523	453,475	11,384
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income	10,511			10,511
Other comprehensive income, net of tax	(2,354)				(2,354)
Employee stock purchase plan (in shares)		24,412
Employee stock purchase plan	1,294	$ 1	1,293
Stock awards vested (in shares)		123,580
Stock awards vested	0	$ 1	(1)
Stock repurchased related to the exercise of stock options and stock awards vested (in shares)		(60,905)
Stock repurchased related to the exercise of stock options and stock awards vested	(3,560)	$ (1)	(3,559)
Stock-based compensation	$ 4,586		4,586
Ending balance (in shares) at Mar. 29, 2025	14,868,305	14,868,305
Ending balance at Mar. 29, 2025	$ 693,007	$ 149	$ 219,842	$ 463,986	$ 9,030

Commitments and Contingencies (Details) ft² in Thousands	1 Months Ended
Commitments and Contingencies (Details) ft² in Thousands	Jan. 31, 2023 USD ($)	Mar. 29, 2025 USD ($)	Dec. 31, 2024 USD ($)	Jan. 22, 2023 ft²	Jul. 02, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2020 ft² building
Loss Contingencies [Line Items]
Estimated litigation liability					$ 900,000	$ 800,000
Estimated litigation liability, additional amount		$ 0			$ 100,000
El Mirage and Monrovia, California \| Structural Systems
Loss Contingencies [Line Items]
Reserve for estimated liability		1,500,000	$ 1,500,000
West Covina, California \| Structural Systems
Loss Contingencies [Line Items]
Reserve for estimated liability		400,000	$ 400,000
West Covina, California \| Structural Systems \| Minimum
Loss Contingencies [Line Items]
Possible loss		400,000
West Covina, California \| Structural Systems \| Maximum
Loss Contingencies [Line Items]
Possible loss		$ 3,100,000
Facility fire in Guaymas, Mexico
Loss Contingencies [Line Items]
Real estate property (in sqft) \| ft²				117
Facility fire in Guaymas, Mexico \| Damage from facility fire
Loss Contingencies [Line Items]
Number of buildings \| building							2
Real estate property (in sqft) \| ft²							62
County of San Bernardino
Loss Contingencies [Line Items]
Payment for legal settlement	$ 900,000

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Disaggregation of Revenue [Line Items]
Total net revenues	$ 194,114	$ 190,847
Electronic Systems
Disaggregation of Revenue [Line Items]
Total net revenues	109,746	107,539
Structural Systems
Disaggregation of Revenue [Line Items]
Total net revenues	84,368	83,308
Military and space
Disaggregation of Revenue [Line Items]
Total net revenues	113,516	98,929
Military and space \| Electronic Systems
Disaggregation of Revenue [Line Items]
Total net revenues	84,772	72,505
Military and space \| Structural Systems
Disaggregation of Revenue [Line Items]
Total net revenues	28,744	26,424
Commercial aerospace
Disaggregation of Revenue [Line Items]
Total net revenues	71,701	79,917
Commercial aerospace \| Electronic Systems
Disaggregation of Revenue [Line Items]
Total net revenues	16,077	23,033
Commercial aerospace \| Structural Systems
Disaggregation of Revenue [Line Items]
Total net revenues	55,624	56,884
Industrial
Disaggregation of Revenue [Line Items]
Total net revenues	8,897	12,001
Industrial \| Electronic Systems
Disaggregation of Revenue [Line Items]
Total net revenues	$ 8,897	$ 12,001

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

Accrued and Other Liabilities (Tables)

3 Months Ended

Mar. 29, 2025

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

The components of accrued and other liabilities were as follows:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Accrued compensation	$	22,103	$	35,915
Accrued income tax and sales tax	2,376		669



Other	9,886		7,630
Total	$	34,365	$	44,214

Income Taxes	3 Months Ended
Income Taxes	Mar. 29, 2025
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The provision for income taxes is determined using an estimated annual effective tax rate, which is generally less than the U.S. Federal statutory rate, primarily due to research and development (“R&D”) tax credits. Our effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as expected utilization of R&D tax credits, valuation allowances against deferred tax assets, recognition or derecognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where we conduct business. Also, excess tax benefits and tax detriments related to our equity compensation recognized in the condensed consolidated income statement could result in fluctuations in our effective tax rate period-over-period depending on the volatility of our stock price, number of restricted or performance stock units that vests, and stock options exercised during the period. We recognize deferred tax assets and liabilities, using enacted tax rates, for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities along with net operating loss and tax credit carryovers. We record a valuation allowance against our deferred tax assets to reduce the net carrying value to an amount that we believe is more likely than not to be realized. When we establish or reduce our valuation allowances against our deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period when that determination is made. We recorded income tax expense of $2.8 million for the three months ended March 29, 2025 compared to $1.9 million for the three months ended March 30, 2024. The increase in income tax expense for the first quarter of 2025 compared to the first quarter of 2024 was primarily due to higher pre-tax income in the first quarter of 2025 compared to the first quarter of 2024. Our total amount of unrecognized tax benefits was $4.7 million and $4.5 million as of March 29, 2025 and December 31, 2024, respectively. If recognized, $2.7 million would affect the effective tax rate. We record interest and penalty charges, if any, related to uncertain tax positions as a component of tax expense and unrecognized tax benefits. The amounts accrued for interest and penalty charges as of March 29, 2025 and December 31, 2024 were not significant. As a result of statute of limitations set to expire in the fourth quarter of 2025, we expect decreases to our unrecognized tax benefits of approximately $0.5 million in the next twelve months. We file U.S. Federal and state income tax returns. We are subject to examination by the Internal Revenue Service (“IRS”) for tax years after 2020 and by state taxing authorities for tax years after 2019. While we are no longer subject to examination prior to those periods, carryforwards generated prior to those periods may still be adjusted upon examination by the IRS or state taxing authorities if they either have been or will be used in a subsequent period. We believe we have adequately accrued for tax deficiencies or reductions in tax benefits, if any, that could result from the examination and all open audit years.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Indemnifications	3 Months Ended
Indemnifications	Mar. 29, 2025
Disclosure of Guarantees and Indemnifications [Abstract]
Indemnifications	Indemnifications We have made guarantees and indemnities under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions, including revenue transactions in the ordinary course of business. Additionally, we indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware and have a directors and officers insurance policy that may reduce our exposure in certain circumstances and may enable us to recover a portion of future amounts that may be payable, if any. Moreover, in connection with certain performance center leases, we have indemnified our lessors for certain claims arising from the performance center or the lease. The duration of the guarantees and indemnities varies and, in many cases, is indefinite but subject to applicable statutes of limitations. The majority of guarantees and indemnities do not provide any limitations on the maximum potential future payments we could be obligated to make. Historically, payments related to these guarantees and indemnities have been immaterial. We estimate the fair value of our indemnification obligations as insignificant based on this history and insurance coverage and have, therefore, not recorded any liability for these guarantees and indemnities in the accompanying condensed consolidated balance sheets.

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Income Statement [Abstract]
Net Revenues	$ 194,114	$ 190,847
Cost of Sales	142,517	143,904
Gross Profit	51,597	46,943
Selling, General and Administrative Expenses	34,594	32,951
Restructuring Charges	426	1,370
Operating Income	16,577	12,622
Interest Expense	(3,263)	(3,883)
Income Before Taxes	13,314	8,739
Income Tax Expense	2,803	1,890
Net Income	$ 10,511	$ 6,849
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 0.71	$ 0.47
Diluted earnings per share (in dollars per share)	$ 0.69	$ 0.46
Weighted-Average Number of Common Shares Outstanding
Basic (in shares)	14,856	14,694
Diluted (in shares)	15,177	14,937

Long-Term Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Long-term debt	$ 243,175	$ 243,175
Less current portion	(12,500)	(12,500)
Total long-term debt, less current portion	230,675	230,675
Total long-term debt, net of debt issuance costs - term loan	$ 229,920	$ 229,830
Weighted-average interest rate	6.18%	7.25%
Term loan
Debt Instrument [Line Items]
Long-term debt	$ 234,375	$ 234,375
Less debt issuance costs - term loan	(755)	(845)
Debt issuance costs - revolving credit facility	755	845
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	8,800	8,800
Less debt issuance costs - term loan	(1,132)	(1,258)
Debt issuance costs - revolving credit facility	$ 1,132	$ 1,258

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

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

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2025	Mar. 30, 2024
Cash Flows from Operating Activities
Net Income	$ 10,511	$ 6,849
Adjustments to Reconcile Net Income to Net Cash Used in Operating Activities:
Depreciation and amortization	8,584	8,353
Non-cash operating lease cost	2,194	2,071
Stock-based compensation expense	5,347	4,258
Deferred income taxes	(1,296)	(1,013)
(Recovery of) provision for credit losses	(54)	65
Other	307	218
Changes in Assets and Liabilities:
Accounts receivable	(9,384)	128
Contract assets	(10,313)	(19,370)
Inventories	(533)	(9,758)
Production cost of contracts	(16)	(273)
Other assets	3,622	4,343
Accounts payable	4,929	12,257
Contract liabilities	3,051	4,298
Operating lease liabilities	(1,918)	(2,059)
Accrued and other liabilities	(14,260)	(12,015)
Net Cash Provided by (Used in) Operating Activities	771	(1,648)
Cash Flows from Investing Activities
Purchases of property and equipment	(4,815)	(4,974)
Net Cash Used in Investing Activities	(4,815)	(4,974)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	15,000	10,000
Repayments of senior secured revolving credit facility	(15,000)	(10,000)
Repayments of term loan	0	(1,563)
Repayments of other debt	(96)	(84)
Net cash paid upon issuance of common stock under stock plans	(2,267)	(2,528)
Net Cash Used in Financing Activities	(2,363)	(4,175)
Net Decrease in Cash and Cash Equivalents	(6,407)	(10,797)
Cash and Cash Equivalents at Beginning of Period	37,139	42,863
Cash and Cash Equivalents at End of Period	$ 30,732	$ 32,066

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 29, 2025

Accounting Policies [Abstract]

Schedule of Cash Flow, Supplemental Disclosures

Supplemental Cash Flow Information


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Interest paid, net	$	2,658	$	3,975
Taxes paid, net	$	221	$	92
Non-cash activities:
Purchases of property and equipment not paid	$	664	$	578

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

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


	(Dollars in thousands, except per share data)
	Three Months Ended
	March 29, 2025		March 30, 2024
Net income	$	10,511	$	6,849
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	14,856		14,694
Dilutive potential common shares	321		243
Diluted weighted-average common shares outstanding	15,177		14,937
Earnings per share
Basic	$	0.71	$	0.47
Diluted	$	0.69	$	0.46

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

(In thousands)

Three Months Ended

March 29,
2025

March 30,
2024

Stock options and stock units

Schedule of Estimates at Completion

Net cumulative favorable (unfavorable) catch-up adjustments to contracts had the following impact on our operating results:


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Total net revenues	$	891	$	(1,935)
Operating income	$	891	$	(1,935)

Schedule of Contract with Customer, Asset and Liability

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


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Contract assets	$	210,897	$	200,584
Contract liabilities	$	37,496	$	34,445

Schedule of Disaggregation of Revenue

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


	(Dollars in thousands)
	Three Months Ended
	March 29, 2025		March 30, 2024
Consolidated Ducommun
Military and space	$	113,516	$	98,929
Commercial aerospace	71,701		79,917
Industrial	8,897		12,001
Total	$	194,114	$	190,847

Electronic Systems
Military and space	$	84,772	$	72,505
Commercial aerospace	16,077		23,033
Industrial	8,897		12,001
Total	$	109,746	$	107,539

Structural Systems
Military and space	$	28,744	$	26,424
Commercial aerospace	55,624		56,884
Total	$	84,368	$	83,308

Accrued and Other Liabilities

3 Months Ended

Mar. 29, 2025

Payables and Accruals [Abstract]

Accrued and Other Liabilities

The components of accrued and other liabilities were as follows:


	(Dollars in thousands)
	March 29, 2025		December 31, 2024
Accrued compensation	$	22,103	$	35,915
Accrued income tax and sales tax	2,376		669



Other	9,886		7,630
Total	$	34,365	$	44,214

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Mar. 29, 2025	Mar. 30, 2024	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 2,803	$ 1,890
Unrecognized tax benefits	4,700		$ 4,500
Expected change in unrecognized tax benefits	2,700
Decrease in unrecognized tax benefits in next twelve months	$ 500

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details