XML 44 R31.htm IDEA: XBRL DOCUMENT

Revenue (Tables)

12 Months Ended

Dec. 31, 2018

Revenue from Contract with Customer [Abstract]

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 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 at December 31 is as follows:


(In thousands)	2018
Income Statement	As Reported		Effect of Change Higher/(Lower)		Balances Without Adoption of ASU 2014-09
Sales
Aerospace	$	675,625	$	(1,796)	$	677,421
Test Systems	$	127,631	$	1,633	$	125,998
Costs and Expenses
Cost of Products Sold	$	622,560	$	(610)	$	623,170
Provision for (Benefit from) Income Taxes	$	5,479	$	119	$	5,360
Net Income	$	46,803	$	328	$	46,475


(In thousands)	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	$	182,308	$	11,277	$	171,031
Inventories	$	138,685	$	(7,345)	$	146,030
Liabilities
Accrued (Prepaid) Income Taxes	$	312	$	1,947	$	(1,635)
Customer Advance Payments and Deferred Revenue	$	26,880	$	(740)	$	27,620
Deferred Income Taxes	$	3,199	$	(871)	$	4,070
Equity
Retained Earnings	$	376,567	$	3,596	$	372,971

Summary of Contract Assets and Liabilities

The following table presents the beginning and ending balances of contract assets and contract liabilities:


(In thousands)	Contract Assets		Contract Liabilities
Beginning Balance, January 1, 2018 (1)	$	24,423	$	11,431
Ending Balance, December 31, 2018	$	33,030	$	27,347
(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 as of December 31 as follows:


(In thousands)	2018		2017		2016
Aerospace Segment
Commercial Transport	$	536,269	$	414,523	$	435,552
Military	68,138		61,270		54,556
Business Jet	43,090		41,298		25,407
Other	28,128		17,512		18,526
Aerospace Total	675,625		534,603		534,041

Test Systems Segment
Semiconductor	84,254		31,999		37,939
Aerospace & Defense	43,377		57,862		61,143
Test Systems Total	127,631		89,861		99,082

Total	$	803,256	$	624,464	$	633,123

The following table presents our revenue disaggregated by Product Lines as of December 31 as follows:


(In thousands)	2018		2017		2016
Aerospace Segment
Electrical Power & Motion	$	303,180	$	264,286	$	288,465
Lighting & Safety	174,383		158,663		156,871
Avionics	131,849		53,960		32,761
Systems Certification	13,951		14,333		16,531
Structures	24,134		25,849		20,887
Other	28,128		17,512		18,526
Aerospace Total	675,625		534,603		534,041

Test Systems	127,631		89,861		99,082

Total	$	803,256	$	624,464	$	633,123