Revenue (Tables)
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6 Months Ended |
Jun. 30, 2018 |
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| Revenue from Contract with Customer [Abstract] |
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| Impact of Adoption of Standards Related to Revenue Recognition and Leases |
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):
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Balance Sheet |
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Balance at December 31, 2017 |
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Adjustments Due to ASU 2014-09 |
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Balance at January 1, 2018 |
Assets |
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Accounts Receivable, Net of Allowance for Doubtful Accounts |
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$ |
132,633 |
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$ |
4,005 |
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$ |
136,638 |
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Inventories |
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$ |
150,196 |
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$ |
(7,957 |
) |
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$ |
142,239 |
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Liabilities |
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Accrued Income Taxes |
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$ |
261 |
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$ |
1,028 |
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$ |
1,289 |
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Customer Advance Payments and Deferred Revenue |
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$ |
19,607 |
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$ |
(8,176 |
) |
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$ |
11,431 |
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Deferred Income Taxes |
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$ |
5,121 |
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$ |
(72 |
) |
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$ |
5,049 |
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Equity |
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Retained Earnings |
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$ |
325,191 |
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$ |
3,268 |
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$ |
328,459 |
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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):
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For the Six Months Ended June 30, 2018 |
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For the Three Months Ended June 30, 2018 |
Income Statement |
As Reported |
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Effect of Change Higher/(Lower) |
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Balances Without Adoption of ASU 2014-09 |
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As Reported |
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Effect of Change Higher/(Lower) |
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Balances Without Adoption of ASU 2014-09 |
Revenues |
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Aerospace |
$ |
330,804 |
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|
$ |
(771 |
) |
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$ |
331,575 |
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$ |
166,204 |
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|
$ |
(1,429 |
) |
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$ |
167,633 |
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Test Systems |
$ |
56,861 |
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|
$ |
(575 |
) |
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$ |
57,436 |
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$ |
42,402 |
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$ |
(2,536 |
) |
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$ |
44,938 |
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Costs and Expenses |
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Cost of Products Sold |
$ |
300,961 |
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$ |
(1,467 |
) |
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$ |
302,428 |
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$ |
159,034 |
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$ |
(2,814 |
) |
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$ |
161,848 |
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Provision for Income Taxes |
$ |
3,789 |
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$ |
21 |
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$ |
3,768 |
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$ |
3,157 |
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$ |
(272 |
) |
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$ |
3,429 |
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Net Income |
$ |
17,319 |
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$ |
100 |
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$ |
17,219 |
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$ |
14,025 |
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$ |
(879 |
) |
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$ |
14,904 |
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June 30, 2018 |
Balance Sheet |
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As Reported |
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Effect of Change Higher/(Lower) |
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Balances Without Adoption of ASU 2014-09 |
Assets |
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Accounts Receivable, Net of Allowance for Doubtful Accounts |
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$ |
169,496 |
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$ |
6,330 |
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$ |
163,166 |
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Inventories |
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$ |
159,479 |
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$ |
(6,490 |
) |
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$ |
165,969 |
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Liabilities |
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Accrued Expenses and Other Current Liabilities |
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$ |
38,590 |
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$ |
1,295 |
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$ |
37,295 |
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Customer Advance Payments and Deferred Revenue |
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$ |
25,429 |
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$ |
(4,505 |
) |
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$ |
29,934 |
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Other Liabilities |
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$ |
34,189 |
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$ |
(318 |
) |
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$ |
34,507 |
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Equity |
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Other Shareholders' Equity |
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$ |
366,859 |
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$ |
3,368 |
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$ |
363,491 |
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| Summary of Contract Assets and Liabilities |
The following table presents the beginning and ending balances of contract assets and contract liabilities during the six months ended June 30, 2018 (in thousands):
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Contract Assets |
Contract Liabilities |
Beginning Balance, January 1, 2018 (1) |
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$ |
24,423 |
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$ |
11,431 |
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Ending Balance, June 30, 2018 |
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$ |
20,672 |
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$ |
25,429 |
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(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. |
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| Disaggregation of Revenue |
The following table presents our revenue disaggregated by Market Segments (in thousands):
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Six Months Ended |
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Three Months Ended |
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June 30, 2018 |
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July 1, 2017 |
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June 30, 2018 |
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July 1, 2017 |
Aerospace Segment |
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Commercial Transport |
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$ |
265,847 |
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$ |
208,079 |
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$ |
132,797 |
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$ |
98,355 |
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Military |
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30,285 |
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30,931 |
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16,270 |
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|
15,785 |
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Business Jet |
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21,002 |
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18,251 |
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10,338 |
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10,716 |
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Other |
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13,670 |
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9,113 |
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6,799 |
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4,691 |
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Aerospace Total |
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330,804 |
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266,374 |
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166,204 |
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129,547 |
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Test Systems Segment |
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Semiconductor |
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38,465 |
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11,711 |
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31,405 |
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7,080 |
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Aerospace & Defense |
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18,396 |
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25,425 |
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10,997 |
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|
14,487 |
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Test Systems Total |
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56,861 |
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37,136 |
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42,402 |
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21,567 |
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Total |
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$ |
387,665 |
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$ |
303,510 |
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$ |
208,606 |
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$ |
151,114 |
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The following table presents our revenue disaggregated by Product Lines (in thousands):
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Six Months Ended |
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Three Months Ended |
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June 30, 2018 |
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July 1, 2017 |
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June 30, 2018 |
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July 1, 2017 |
Aerospace Segment |
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Electrical Power & Motion |
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$ |
140,321 |
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$ |
135,040 |
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$ |
67,643 |
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$ |
62,597 |
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Lighting & Safety |
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85,763 |
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|
85,316 |
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44,121 |
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|
42,646 |
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Avionics |
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69,295 |
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|
20,076 |
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36,272 |
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|
10,940 |
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Systems Certification |
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9,655 |
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4,952 |
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4,872 |
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2,793 |
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Structures |
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12,100 |
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11,877 |
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6,497 |
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|
5,880 |
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Other |
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13,670 |
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9,113 |
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6,799 |
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|
4,691 |
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Aerospace Total |
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330,804 |
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266,374 |
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166,204 |
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129,547 |
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Test Systems |
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56,861 |
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37,136 |
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42,402 |
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21,567 |
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Total |
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$ |
387,665 |
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$ |
303,510 |
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$ |
208,606 |
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$ |
151,114 |
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