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Revenue Recognition and Contracts with Customers Contract Assets and Liabilities (Notes)
 6 Months Ended
Sep. 30, 2019
Change in Contract with Customer, Asset and Liability [Abstract]  
Revenue from Contract with Customer [Text Block]
4.    REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
The Company disaggregates revenue based on the method of measuring satisfaction of the performance obligation either over time or at a point in time. Additionally, the Company disaggregates revenue based upon the end market where products and services are transferred to the customer. The Company’s principal operating segments and related revenue are discussed in Note 13, Segments.




The following table shows disaggregated net sales satisfied overtime and at a point in time (excluding intercompany sales) for the three and six months ended September 30, 2019:
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Integrated Systems
 
 
 
 
 
 
 
Satisfied over time
$
75,871

 
$
72,188

 
$
148,176

 
$
136,547

Satisfied at a point in time
198,648

 
177,626

 
369,275

 
342,804

          Revenue from contracts with customers
274,519

 
249,814

 
517,451

 
479,351

     Amortization of acquired contract liabilities
9,624

 
8,768

 
17,749

 
17,617

          Total revenue
284,143

 
258,582

 
535,200

 
496,968

 
 
 
 
 
 
 
 
Aerospace Structures
 
 
 
 
 
 
 
Satisfied over time
$
372,247

 
$
448,315

 
$
744,484

 
$
901,594

Satisfied at a point in time
35,462

 
70,059

 
71,874

 
138,743

          Revenue from contracts with customers
407,709

 
518,374

 
816,358

 
1,040,337

     Amortization of acquired contract liabilities
12,992

 
8,036

 
21,807

 
16,421

          Total revenue
420,701

 
526,410

 
838,165

 
1,056,758

 
 
 
 
 
 
 
 
Product Support
 
 
 
 
 
 
 
Satisfied over time
$
63,483

 
$
64,807

 
$
120,420

 
$
124,232

Satisfied at a point in time
3,783

 
5,309

 
8,556

 
10,050

          Revenue from contracts with customers
67,266

 
70,116

 
128,976

 
134,282

     Amortization of acquired contract liabilities
—

 
—

 
—

 
—

          Total revenue
67,266

 
70,116

 
128,976

 
134,282

 
$
772,110

 
$
855,108

 
$
1,502,341

 
$
1,688,008


The following table shows disaggregated net sales by end market (excluding intercompany sales) for the three and six months ended September 30, 2019:
 
Three Months Ended September 30,
 
Six Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Integrated Systems
 
 
 
 
 
 
 
Commercial aerospace
$
139,819

 
$
133,103

 
$
268,238

 
$
253,680

Military
99,538

 
87,735

 
183,603

 
170,427

Business jets
17,832

 
15,297

 
33,539

 
28,133

Regional
8,537

 
7,339

 
15,860

 
13,956

Non-aviation
8,793

 
6,340

 
16,211

 
13,155

          Revenue from contracts with customers
274,519

 
249,814

 
517,451

 
479,351

     Amortization of acquired contract liabilities
9,624

 
8,768

 
17,749

 
17,617

          Total revenue
$
284,143

 
$
258,582

 
$
535,200

 
$
496,968

 
 
 
 
 
 
 
 
Aerospace Structures
 
 
 
 
 
 
 
Commercial aerospace
$
242,888

 
$
244,636

 
$
472,529

 
$
526,799

Military
28,778

 
66,482

 
56,378

 
124,404

Business jets
110,660

 
191,866

 
231,809

 
359,313

Regional
25,377

 
10,132

 
55,632

 
16,534

Non-aviation
6

 
5,258

 
10

 
13,287

          Revenue from contracts with customers
407,709

 
518,374

 
816,358

 
1,040,337

     Amortization of acquired contract liabilities
12,992

 
8,036

 
21,807

 
16,421

          Total revenue
$
420,701

 
$
526,410

 
$
838,165

 
$
1,056,758

 
 
 
 
 
 
 
 
Product Support
 
 
 
 
 
 
 
Commercial aerospace
$
54,447

 
$
55,093

 
$
101,347

 
$
104,563

Military
8,978

 
11,869

 
20,271

 
21,254

Business jets
525

 
399

 
964

 
1,793

Regional
3,214

 
2,755

 
6,264

 
6,672

Non-aviation
102

 
—

 
130

 
—

          Revenue from contracts with customers
67,266

 
70,116

 
128,976

 
134,282

     Amortization of acquired contract liabilities
—

 
—

 
—

 
—

          Total revenue
67,266

 
70,116

 
128,976

 
134,282

 
$
772,110

 
$
855,108

 
$
1,502,341

 
$
1,688,008


Contract Assets and Liabilities
Contract assets primarily represent revenues recognized for performance obligations that have been satisfied or partially satisfied but for which amounts have not been billed. This typically occurs when revenue is recognized over time but the Company's contractual right to bill the customer and receive payment is conditional upon the satisfaction of additional performance obligations in the contract, such as final delivery of the product. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. The Company performs ongoing evaluations of the potential impairment of its contract assets based on prior experience and specific matters when they arise. No impairments to contract assets were recorded for the period ended September 30, 2019.
Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities other than those pertaining to forward loss reserves are derecognized when or as revenue is recognized.
Contract modifications can also impact contract asset and liability balances. When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications that are for goods or services that are not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification to an existing contract on the transaction price and our measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively.
Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period. The following table summarizes our contract assets and liabilities balances:
 
September 30, 2019
 
March 31, 2019
 
Change
Contract assets
$
334,843

 
$
326,667

 
$
8,176

Contract liabilities
(390,704
)
 
(450,051
)
 
59,347

Net contract liability
$
(55,861
)
 
$
(123,384
)
 
$
67,523


The Company recognized revenue due to changes in estimates associated with performance obligations satisfied or partially satisfied in previous periods of $1,245. The increase in contract assets is the result of revenue recognized in excess of amounts billed during the quarter partially offset by $76,667 in contract assets liquidated as part of the assignment of the E2-Jets contract to ASTK. The decrease in contract liabilities is the result of revenue recognized in excess of the receipt of additional customer advances during the period as well as $12,641 in contract liabilities liquidated as part of the assignment of the E2-Jets contract to ASTK. For the period ended September 30, 2019, the Company recognized $48,555 of revenue that was included in the contract liability balance at the beginning of the period. Noncurrent contract assets presented in other, net on the accompanying consolidated balance sheets as of September 30, 2019 and March 31, 2019, were $34,173 and $34,185, respectively. Noncurrent contract liabilities presented in other noncurrent liabilities on the accompanying consolidated balance sheets as of September 30, 2019 and March 31, 2019, were $113,737 and $156,332, respectively.
Performance Obligations
Customers generally contract with the Company for requirements in a segment relating to a specific program, and the Company’s performance obligations consist of a wide range of engineering design services and manufactured components, as well as spare parts and repairs for OEMs. A single contract may contain multiple performance obligations consisting of both recurring and nonrecurring elements.
As of September 30, 2019, the Company has the following unsatisfied, or partially unsatisfied, performance obligations that are expected to be recognized in the future as noted in the table below. The Company expects options to be exercised in addition to the amounts presented below.
 
Total
 
Less than
1 year
 
1-3 years
 
4-5 years
 
More than 5
years
Unsatisfied performance obligations
$
4,426,826

 
$
2,167,822

 
$
1,348,222

 
$
458,893

 
$
451,889