Accounting Changes and Error Corrections (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Changes and Error Corrections [Abstract]

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
	June 30, 2023		July 1, 2022		June 30, 2023		July 1, 2022
In thousands
Net (decrease) increase in revenue due to change in profit estimates	$	(1,595)	$	567	$	(2,864)	$	1,472

Schedule of Changes in Accounting Estimates - Revision

The revision to the accompanying unaudited condensed consolidated balance sheet, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income and condensed consolidated statement of cash flows are as follows. There were no changes to the consolidated statement of stockholders' equity that have not otherwise been reflected in the condensed consolidated balance sheets, condensed consolidated statements of operations, and condensed consolidated statements of comprehensive income as detailed in the tables below.

Condensed Consolidated Balance Sheet
In thousands
	December 31, 2022
	As Previously Reported		Adjustments		As Corrected
Assets
Inventories(1)	$	176,468	$	(4,085)	$	172,383
Income tax refunds receivable	13,981		862		14,843
Total	$	190,449	$	(3,223)	$	187,226
Shareholders' equity
Retained earnings	$	688,457	$	(3,223)	$	685,234

(1) At December 31, 2022, the adjustments to inventories consisted of an adjustment of $2.5 million for certain labor costs at a business within the Precision Products segment and an adjustment of $1.6 million for the net realizable value on certain portions of the inventory at a business within the Structures segment.

2. ACCOUNTING CHANGES (CONTINUED)

Revision of Previously Issued Consolidated Financial Statements - continued

Condensed Consolidated Statements of Operations
In thousands, except per share amounts
	For the Three Months Ended July 1, 2022
	As Previously Reported		Adjustments		As Corrected
Cost of sales	$	108,659	$	368	$	109,027
Income tax expense	557		(78)		479
Net earnings	4,064		(290)		3,774
Basic earnings per share	$	0.15	$	(0.02)	$	0.13
Diluted earnings per share	$	0.14	$	(0.01)	$	0.13
	For the Six Months Ended July 1, 2022
	As Previously Reported		Adjustments		As Corrected
Cost of sales	$	216,120	$	562	$	216,682
Income tax expense	1,864		(119)		1,745
Net earnings	8,092		(443)		7,649
Basic earnings per share	$	0.29	$	(0.02)	$	0.27
Diluted earnings per share	$	0.29	$	(0.02)	$	0.27

Condensed Consolidated Statements of Comprehensive Income (Loss)
In thousands
	For the Three Months Ended July 1, 2022
	As Previously Reported		Adjustments		As Corrected
Comprehensive (loss) income	$	(5,297)	$	(290)	$	(5,587)
	For the Six Months Ended July 1, 2022
	As Previously Reported		Adjustments		As Corrected
Comprehensive (loss) income	$	(5,725)	$	(443)	$	(6,168)

Condensed Consolidated Statement of Cash Flows
In thousands
	For the Six Months Ended July 1, 2022
	As Previously Reported		Adjustments		As Corrected
Net earnings	$	8,092	$	(443)	$	7,649
Inventories	(24,411)		562		(23,849)
Income tax refunds receivable	(2,365)		(119)		(2,484)
Net cash used in operating activities	(26,954)		—		(26,954)