Revenue (Tables)
|
12 Months Ended |
Dec. 31, 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 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 |
|