Quarterly report pursuant to Section 13 or 15(d)

Revenue (Tables)

v3.8.0.1
Revenue (Tables)
3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
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):
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 Three Months Ended March 31, 2018
Income Statement
 
As Reported
 
Effect of Change Higher/(Lower)
 
Balances Without Adoption of ASU 2014-09
Revenues
 
 
 
 
 
 
Aerospace
 
$
164,600

 
$
658

 
$
163,942

Test Systems
 
$
14,459

 
$
1,961

 
$
12,498

 
 
 
 
 
 


Costs and Expenses
 
 
 
 
 


Cost of Products Sold
 
$
141,927

 
$
1,347

 
$
140,580

Provision for Income Taxes
 
$
632

 
$
293

 
$
339

 
 
 
 
 
 
 
Net Income
 
$
3,294

 
$
979

 
$
2,315


 
 
March 31, 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
 
$
157,650

 
$
5,859

 
$
151,791

Inventories
 
$
159,961

 
$
(9,366
)
 
$
169,327

 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
Accrued Expenses and Other Current Liabilities
 
$
36,510

 
$
639

 
$
35,871

Customer Advance Payments and Deferred Revenue
 
$
22,164

 
$
(9,004
)
 
$
31,168

Other Liabilities
 
$
33,376

 
$
611

 
$
32,765

 
 
 
 
 
 
 
Equity
 
 
 
 
 


Other Shareholders' Equity
 
$
352,007

 
$
4,247

 
$
347,760

Summary of Contract Assets and Liabilities
The following table presents the beginning and ending balances of contract assets and contract liabilities during the three months ended March 31, 2018 (in thousands):
 
 
Contract Assets
Contract Liabilities
Beginning Balance, January 1, 2018 (1)
 
$
24,423

$
11,431

Ending Balance, March 31, 2018
 
$
18,966

$
22,164

(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):
 
 
Three Months Ended
 
 
3/31/2018
 
4/1/2017
Aerospace Segment
 
 
 
 
Commercial Transport
 
$
133,050

 
$
109,723

Military
 
14,015

 
15,146

Business Jet
 
10,664

 
7,536

Other
 
6,871

 
4,422

Aerospace Total
 
164,600

 
136,827

 
 
 
 
 
Test Systems Segment
 
 
 
 
Semiconductor
 
7,060

 
4,631

Aerospace & Defense
 
7,399

 
10,938

Test Systems Total
 
14,459

 
15,569

 
 
 
 
 
Total
 
$
179,059

 
$
152,396

The following table presents our revenue disaggregated by Product Lines (in thousands):
 
 
Three Months Ended
 
 
3/31/2018
 
4/1/2017
Aerospace Segment
 
 
 
 
Electrical Power & Motion
 
$
72,678

 
$
72,444

Lighting & Safety
 
41,642

 
42,670

Avionics
 
33,023

 
9,136

Systems Certification
 
4,783

 
2,159

Structures
 
5,603

 
5,996

Other
 
6,871

 
4,422

Aerospace Total
 
164,600

 
136,827

 
 
 
 
 
Test Systems
 
14,459

 
15,569

 
 
 
 
 
Total
 
$
179,059

 
$
152,396