Revenue (Tables)

6 Months Ended

Jul. 03, 2020

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

	For the Three Months Ended				For the Six Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 2019
In thousands
Defense	$	42,200	$	46,758	$	90,957	$	82,400
Safe and Arm Devices	56,986		39,113		114,986		96,707
Commercial, Business, & General Aviation	47,855		69,176		111,112		124,283
Medical	14,763		7,974		35,739		15,226
Industrial & Other	16,086		11,691		32,418		22,530
Total revenue(1)	$	177,890	$	174,712	$	385,212	$	341,146

⁽¹⁾ Sales of the Company's formerly owned Distribution business were included in earnings from discontinued operations, net of tax, on the Company's Condensed Consolidated Statements of Operations. See Note 3, Discontinued Operations, for further information on the Company's sale of the Distribution business.

COVID-19

The impact of the novel coronavirus (“COVID-19”) and the precautionary measures instituted by governments and businesses to mitigate the spread, including limiting non-essential gatherings of people, ceasing all non-essential travel, ordering certain businesses and government agencies to cease non-essential operations at physical locations and issuing “shelter-in-place” orders, have contributed to a general slowdown in the global economy and significant volatility in financial markets. The Company has implemented strategies to limit the risk to its operations with a continued focus on the health of its employees and the satisfaction of its customers’ requirements. Despite all of these efforts to mitigate the risks associated with COVID-19, the effects of the pandemic have adversely impacted our commercial end markets, more specifically Commercial, Business, and General Aviation customers, and Medical. Additionally, the Company has experienced modest declines in its other product lines driven by lower demand in the industrial end market. As of the date of this filing, the Company's defense and safe and arm device end markets have not been impacted by COVID-19. The extent and duration of time to which COVID-19 may adversely impact the Company depends on future developments, which are highly uncertain and unpredictable at this time.

The following table disaggregates total revenue by product types.

	For the Three Months Ended				For the Six Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 2019
Original Equipment Manufacturer	55	%	62	%	58	%	57	%
Aftermarket	13	%	16	%	12	%	15	%
Safe and Arm Devices	32	%	22	%	30	%	28	%
Total revenue	100	%	100	%	100	%	100	%

5. REVENUE (CONTINUED)

Disaggregation of Revenue - continued

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time:

	For the Three Months Ended				For the Six Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 2019
Over time	35	%	50	%	33	%	47	%
Point-in-time	65	%	50	%	67	%	53	%
Total revenue	100	%	100	%	100	%	100	%

Schedule of Change in Accounting Estimate [Table Text Block]

Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:

	For the Three Months Ended				For the Six Months Ended
	July 3, 2020		June 28, 2019		July 3, 2020		June 28, 2019
In thousands
Net change in revenue due to change in profit estimates	$	(1,425)	$	467	$	(2,540)	$	(314)

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Backlog at July 3, 2020 and December 31, 2019, and the portion of backlog we expect to recognize revenue on over the next twelve months is as follows:

	July 3,  2020(1)		December 31, 2019
In thousands
Backlog	$	708,960	$	806,870

⁽¹⁾ The Company expects to recognize revenue on approximately 67% of backlog as of July 3, 2020 over the next twelve months.

^[1]

[1] The Company expects to recognize revenue on approximately 67% of backlog as of July 3, 2020 over the next twelve months.