REVENUE

6 Months Ended

Apr. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

Contract Balances

    Contract assets (unbilled receivables) represent revenue recognized on contracts using an over-time recognition model in excess of amounts invoiced to the customer. Contract liabilities (deferred revenue) represent customer advances and billings in excess of revenue recognized and are included within accrued expenses and other current liabilities and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheets.

    Changes in the Company’s contract assets and liabilities for the six months ended April 30, 2025 are as follows (in thousands):

	April 30, 2025	October 31, 2024	Change
Contract assets, current	$124,683	$112,235	$12,448
Contract liabilities, current	(79,764)	(83,903)	4,139
Contract liabilities, long-term	(91,120)	(61,843)	(29,277)
Total contract liabilities	(170,884)	(145,746)	(25,138)
Net contract liabilities	($46,201)	($33,511)	($12,690)

The increase in the Company's contract assets during the first six months of fiscal 2025 mainly reflects additional unbilled receivables on certain customer contracts using an over-time recognition model in excess of billings on certain customer contracts, mainly at the FSG. The increase in the Company's total contract liabilities during the first six months of fiscal 2025 principally reflects the receipt of advance deposits on certain customer contracts, mainly at the FSG.

The amount of revenue that the Company recognized during the six and three months ended April 30, 2025 that was included in contract liabilities as of the beginning of fiscal 2025 was $46.0 million and $10.2 million, respectively.

Remaining Performance Obligations

Backlog, which the Company believes to be the equivalent of its remaining performance obligations, represents contractually committed or firm customer orders. As of April 30, 2025, the Company had $2,024.7 million of remaining performance obligations associated with firm contracts pertaining to many of the products offered by the FSG and ETG. The Company will recognize net sales as these obligations are satisfied. The Company expects to recognize $963.8 million of this amount during the remainder of fiscal 2025 and $1,060.9 million thereafter, of which more than half is expected to occur in fiscal 2026.

Disaggregation of Revenue

    The following table summarizes the Company’s net sales by product line for each operating segment (in thousands):

	Six months ended April 30,		Three months ended April 30,
	2025	2024	2025	2024
Flight Support Group:
Aftermarket replacement parts (1)	$925,990	$798,879	$469,962	$403,725
Repair and overhaul parts and services (2)	342,105	283,763	186,656	148,181
Specialty products (3)	212,149	183,306	110,452	95,326
Total net sales	1,480,244	1,265,948	767,070	647,232
Electronic Technologies Group:
Electronic component parts primarily for defense, space and aerospace equipment (4)	539,713	474,404	276,091	253,758
Electronic component parts for equipment in various other industries (5)	132,769	130,860	66,076	65,564
Total net sales	672,482	605,264	342,167	319,322
Intersegment sales	(24,684)	(19,454)	(11,417)	(11,159)
Total consolidated net sales	$2,128,042	$1,851,758	$1,097,820	$955,395

(1)    Includes various jet engine and aircraft component replacement parts.

(2)    Includes primarily the sale of parts consumed in various repair and overhaul services on selected jet engine and aircraft components, avionics, instruments, composites and flight surfaces of commercial and military aircraft.

(3) Includes primarily the sale of specialty components such as thermal insulation blankets, renewable/reusable insulation systems, advanced niche components, complex composite assemblies, expanded foil mesh as well as machining, brazing, fabricating and welding services generally to original equipment manufacturers, and emergency descent devices and personnel and cargo parachute products and missile hardware and components.

(4)    Includes various component parts such as electro-optical infrared simulation and test equipment, electro-optical laser products, electro-optical, microwave and other power equipment, high-speed interface products, power conversion products, power distribution solutions, underwater locator beacons, emergency locator transmission beacons, traveling wave tube amplifiers, microwave power modules, a wide variety of memory products and radio frequency (RF) and microwave products, crashworthy and ballistically self-sealing auxiliary fuel systems, high performance communications and electronic intercept receivers and tuners, high performance active antenna systems and airborne antennas, technical surveillance countermeasures (TSCM) equipment, custom high power filters and filter assemblies, radiation assurance services and products, and high-reliability, complex, passive electronic components and rotary joint assemblies, and proprietary in-cabin power and entertainment components and subsystems.

(5)    Includes various component parts such as electromagnetic and radio frequency interference shielding, high voltage interconnection devices, high voltage advanced power electronics, harsh environment connectivity products, custom molded cable assemblies, silicone material for a variety of demanding applications, and rugged small form-factor embedded computing solutions, and high performance test sockets and adaptors.

    The following table summarizes the Company’s net sales by industry for each operating segment (in thousands):

	Six months ended April 30,		Three months ended April 30,
	2025	2024	2025	2024
Flight Support Group:
Aerospace	$1,106,321	$939,590	$572,700	$478,349
Defense and Space	344,001	288,678	178,112	149,906
Other (1)	29,922	37,680	16,258	18,977
Total net sales	1,480,244	1,265,948	767,070	647,232
Electronic Technologies Group:
Defense and Space	341,987	300,757	171,246	164,981
Other (2)	205,340	200,442	106,378	99,832
Aerospace	125,155	104,065	64,543	54,509
Total net sales	672,482	605,264	342,167	319,322
Intersegment sales	(24,684)	(19,454)	(11,417)	(11,159)
Total consolidated net sales	$2,128,042	$1,851,758	$1,097,820	$955,395

(1)    Principally industrial products.

(2)    Principally other electronics and medical products.