Revenue (Tables)

3 Months Ended

Apr. 02, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]

	For the Three Months Ended
	April 2, 2021		April 3, 2020
In thousands
Defense	$	43,611	$	48,757
Safe and Arm Devices	41,586		58,000
Commercial, Business, & General Aviation	47,958		63,257
Medical	20,583		20,976
Industrial & Other	17,878		16,332
Total revenue	$	171,616	$	207,322

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. The Company saw recoveries in the medical and industrial end markets during the first quarter of 2021 and management expects improved performance through the remainder of 2021. 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
	April 2, 2021		April 3, 2020
Original Equipment Manufacturer	63	%	61	%
Aftermarket	13	%	11	%
Safe and Arm Devices	24	%	28	%
Total revenue	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
	April 2, 2021		April 3, 2020
Over time	35	%	32	%
Point-in-time	65	%	68	%
Total revenue	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
	April 2, 2021		April 3, 2020
In thousands
Net change in revenue due to change in profit estimates	$	2,865	$	(1,115)

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

Backlog at April 2, 2021 and December 31, 2020, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:

	April 2,  2021(1)		December 31, 2020
In thousands
Backlog	$	562,407	$	631,236

(1) The Company expects to recognize revenue on approximately 72% of backlog as of April 2, 2021 over the next twelve months.

^[1]

[1] The Company expects to recognize revenue on approximately 72% of backlog as of April 2, 2021 over the next twelve months.