REVENUE

3 Months Ended

Jan. 31, 2025

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 and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheets.    

Changes in the Company’s contract assets and liabilities for the three months ended January 31, 2025 are as follows (in thousands):

	January 31, 2025	October 31, 2024	Change
Contract assets, current	$118,213	$112,235	$5,978
Contract liabilities, current	77,429	83,903	(6,474)
Contract liabilities, long-term	77,858	61,843	16,015
Total contract liabilities	155,287	145,746	9,541
Net contract (liabilities) assets	($37,074)	($33,511)	($3,563)

The increase in the Company's total contract liabilities during the first quarter of fiscal 2025 principally reflects the receipt of advance deposits on certain customer contracts, mainly at the FSG.

The amount of revenue that the Company recognized during the first quarter of fiscal 2025 that was included in contract liabilities as of the beginning of fiscal 2025 was $35.8 million.

Remaining Performance Obligations

Backlog, which the Company believes to be the equivalent of its remaining performance obligations, represents contractually committed, or firm customer orders. As of January 31, 2025, the Company had $1,945.3 million of remaining performance obligations associated with firm contracts pertaining to many of the products offered by the FSG and ETG. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize $1,076.1 million of this amount during the remainder of fiscal 2025 and $869.2 million thereafter, of which a little more than half is expected to occur in fiscal 2026.

Disaggregation of Revenue

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

	Three months ended January 31,
	2025	2024
Flight Support Group:
Aftermarket replacement parts (1)	$456,028	$395,154
Repair and overhaul parts and services (2)	155,449	135,582
Specialty products (3)	101,697	87,980
Total net sales	713,174	618,716
Electronic Technologies Group:
Electronic component parts primarily for defense, space and aerospace equipment (4)	263,622	220,646
Electronic component parts for equipment in various other industries (5)	66,693	65,296
Total net sales	330,315	285,942
Intersegment sales	(13,267)	(8,295)
Total consolidated net sales	$1,030,222	$896,363

(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, expanded foil mesh as well as machining, brazing, fabricating and welding services generally to original equipment manufacturers, and emergency descent devices and personnel and cargo parachute products.

(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, power distribution solutions, 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 airborne antennas, technical surveillance countermeasures (TSCM) equipment, custom high power filters and filter assemblies, radiation assurance services and products, and high-reliability, complex, passive electronic components and rotary joint assemblies, and proprietary in-cabin power and entertainment components and subsystems.

(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, and high performance test sockets and adaptors.

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

	Three months ended January 31,
	2025	2024
Flight Support Group:
Aerospace	$533,621	$461,241
Defense and Space	165,889	138,772
Other (1)	13,664	18,703
Total net sales	713,174	618,716
Electronic Technologies Group:
Defense and Space	170,741	135,776
Other (2)	98,962	100,610
Aerospace	60,612	49,556
Total net sales	330,315	285,942
Intersegment sales	(13,267)	(8,295)
Total consolidated net sales	$1,030,222	$896,363

(1)    Principally industrial products.

(2)    Principally other electronics and medical products.