REVENUE (Notes)

12 Months Ended

Oct. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Contract Balances

    Contract assets (unbilled receivables) represent revenue recognized on contracts using an over-time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities in the Company’s Consolidated Balance Sheet.    

    Changes in the Company’s contract assets and liabilities during fiscal 2021 and 2020 are as follows (in thousands):

	October 31, 2021	October 31, 2020	Change
Contract assets	$80,073	$60,429	$19,644
Contract liabilities	32,738	25,631	7,107
Net contract assets	$47,335	$34,798	$12,537

The increase in the Company's contract assets during fiscal 2021 principally reflects the contract assets of certain businesses acquired during fiscal 2021. The increase in the Company's contract liabilities during fiscal 2021 principally reflects the receipt of customer deposits on certain long-term customer contracts as well as the contract liabilities of certain businesses acquired during fiscal 2021.     

The amount of revenue that the Company recognized during fiscal 2021 that was included in contract liabilities as of the beginning of fiscal 2021 was $20.7 million.

Remaining Performance Obligations

    As of October 31, 2021, the Company had $461.0 million of remaining performance obligations associated with contracts with an original duration of greater than one year pertaining to the majority of the products offered by the ETG as well as certain products of the FSG's specialty products and aftermarket replacement parts product lines. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize $344.7 million of this amount during fiscal 2022 and $116.3 million thereafter, of which the majority is expected to occur in fiscal 2023.

Disaggregation of Revenue

    The following table summarizes the Company’s net sales by product line for each operating segment (in thousands):

	Year Ended October 31,
	2021	2020	2019
Flight Support Group:
Aftermarket replacement parts (1)	$535,217	$525,636	$678,001
Repair and overhaul parts and services (2)	208,215	193,164	299,323
Specialty products (3)	183,657	206,012	262,859
Total net sales	927,089	924,812	1,240,183
Electronic Technologies Group:
Electronic component parts primarily for    defense, space and aerospace equipment (4)	709,621	679,901	633,685
Electronic component parts for equipment in various other industries (5)	249,549	195,086	200,837
Total net sales	959,170	874,987	834,522
Intersegment sales	(20,577)	(12,790)	(19,058)
Total consolidated net sales	$1,865,682	$1,787,009	$2,055,647

(1)    Includes various jet engine and aircraft component replacement parts.

(2)    Includes primarily the sale of parts consumed in various repair and overhaul services on selected jet engine and aircraft components, avionics, instruments, composites and flight surfaces of commercial and military aircraft.

(3)    Includes primarily the sale of specialty components such as thermal insulation blankets, renewable/reusable insulation systems, advanced niche components, complex composite assemblies, and expanded foil mesh as well as machining, brazing, fabricating and welding services generally to original equipment manufacturers.

(4)    Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products, power conversion products, underwater locator beacons, emergency locator transmission beacons, traveling wave tube amplifiers, microwave power modules, a wide variety of memory products and radio frequency (RF) and microwave products, crashworthy and ballistically self-sealing auxiliary fuel systems, high performance communications and electronic intercept receivers and tuners, high performance active antenna systems and technical surveillance countermeasures (TSCM) equipment.

(5)    Includes various component parts such as electromagnetic and radio frequency interference shielding, high voltage interconnection devices, high voltage advanced power electronics, harsh environment connectivity products, custom molded cable assemblies, silicone material for a variety of demanding applications and rugged small form-factor embedded computing solutions.

    The following table summarizes the Company’s net sales by industry for each operating segment (in thousands):

	Year ended October 31,
	2021	2020	2019
Flight Support Group:
Aerospace	$660,867	$669,194	$1,004,088
Defense and Space	224,236	213,273	190,076
Other (1)	41,986	42,345	46,019
Total net sales	927,089	924,812	1,240,183
Electronic Technologies Group:
Defense and Space	599,570	577,581	531,029
Other (2)	284,834	225,749	217,889
Aerospace	74,766	71,657	85,604
Total net sales	959,170	874,987	834,522
Intersegment sales	(20,577)	(12,790)	(19,058)
Total consolidated net sales	$1,865,682	$1,787,009	$2,055,647

(1)    Principally industrial products.

(2)    Principally other electronics and medical products.