Revenue (Tables)

9 Months Ended

Sep. 29, 2018

Revenue from Contract with Customer [Abstract]

Summary of Cumulative Effect of Changes

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of  ASU 2014-09, were as follows (in thousands):

Balance Sheet	Balance at December 31, 2017		Adjustments Due to ASU 2014-09		Balance at January 1, 2018
Assets
Accounts Receivable, Net of Allowance for Doubtful Accounts	$	132,633	$	4,005	$	136,638
Inventories	$	150,196	$	(7,957)	$	142,239
Liabilities
Accrued Income Taxes	$	261	$	1,028	$	1,289
Customer Advance Payments and Deferred Revenue	$	19,607	$	(8,176)	$	11,431
Deferred Income Taxes	$	5,121	$	(72)	$	5,049
Equity
Retained Earnings	$	325,191	$	3,268	$	328,459

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our consolidated income statement and balance sheet was as follows (in thousands):

	For the Nine Months Ended September 29, 2018						For the Three Months Ended September 29, 2018
Income Statement	As Reported		Effect of Change Higher/(Lower)		Balances Without Adoption of ASU 2014-09		As Reported		Effect of Change Higher/(Lower)		Balances Without Adoption of ASU 2014-09
Revenues
Aerospace	$	500,383	$	424	$	499,959	$	169,579	$	1,195	$	168,384
Test Systems	$	99,956	$	1,344	$	98,612	$	43,095	$	1,919	$	41,176
Costs and Expenses
Cost of Products Sold	$	467,315	$	1,272	$	466,043	$	166,354	$	2,739	$	163,615
Provision for (Benefit from) Income Taxes	$	2,370	$	152	$	2,218	$	(1,419)	$	130	$	(1,549)
Net Income	$	34,318	$	344	$	33,974	$	16,999	$	245	$	16,754

	September 29, 2018
Balance Sheet	As Reported		Effect of Change Higher/(Lower)		Balances Without Adoption of ASU 2014-09
Assets
Accounts Receivable, Net of Allowance for Doubtful Accounts	$	189,110	$	10,114	$	178,996
Inventories	$	154,870	$	(9,230)	$	164,100
Liabilities
Accrued Expenses and Other Current Liabilities	$	43,338	$	1,895	$	41,443
Customer Advance Payments and Deferred Revenue	$	30,186	$	(3,836)	$	34,022
Other Liabilities	$	31,258	$	(787)	$	32,045
Equity
Other Shareholders' Equity	$	384,529	$	3,612	$	380,917

Summary of Contract Assets and Liabilities

The following table presents the beginning and ending balances of contract assets and contract liabilities during the nine months ended September 29, 2018 (in thousands):

	Contract Assets		Contract Liabilities
Beginning Balance, January 1, 2018 (1)	$	24,423	$	11,431
Ending Balance, September 29, 2018	$	29,927	$	30,912
(1) Due to the adoption of ASU 2014-09 effective January 1, 2018, the Company recorded a transition adjustment to the opening balance of Contract Assets and Contract Liabilities at January 1, 2018. Refer to the cumulative effect of the changes table above for further explanation of the changes made to our consolidated January 1, 2018 balance sheet.

Disaggregation of Revenue

The following table presents our revenue disaggregated by Market Segments (in thousands):

	Nine Months Ended				Three Months Ended
	September 29, 2018		September 30, 2017		September 29, 2018		September 30, 2017
Aerospace Segment
Commercial Transport	$	402,539	$	306,898	$	136,692	$	98,821
Military	46,410		46,297		16,125		15,365
Business Jet	30,291		28,844		9,289		10,592
Other	21,143		12,998		7,473		3,885
Aerospace Total	500,383		395,037		169,579		128,663
Test Systems Segment
Semiconductor	72,061		18,343		33,596		6,632
Aerospace & Defense	27,895		39,766		9,499		14,341
Test Systems Total	99,956		58,109		43,095		20,973
Total	$	600,339	$	453,146	$	212,674	$	149,636

The following table presents our revenue disaggregated by Product Lines (in thousands):

	Nine Months Ended				Three Months Ended
	September 29, 2018		September 30, 2017		September 29, 2018		September 30, 2017
Aerospace Segment
Electrical Power & Motion	$	218,931	$	199,014	$	78,610	$	63,972
Lighting & Safety	129,244		122,317		43,481		37,001
Avionics	100,354		31,424		31,059		11,348
Systems Certification	12,028		9,405		2,373		4,454
Structures	18,683		19,879		6,583		8,003
Other	21,143		12,998		7,473		3,885
Aerospace Total	500,383		395,037		169,579		128,663
Test Systems	99,956		58,109		43,095		20,973
Total	$	600,339	$	453,146	$	212,674	$	149,636