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Revenue (Notes)
 6 Months Ended
Jul. 02, 2021
Revenue [Abstract]  
Revenue from Contract with Customer [Text Block]
5. REVENUE

Disaggregation of Revenue

The following table disaggregates total revenue by major product sales by end market.
For the Three Months EndedFor the Six Months Ended
July 2,
2021		July 3,
2020		July 2,
2021		July 3,
2020
In thousands
Defense$39,780 $42,200 $83,391 $90,957 
Safe and Arm Devices58,006 56,986 99,592 114,986 
Commercial, Business & General Aviation41,130 47,855 89,088 111,112 
Medical22,862 14,763 43,445 35,739 
Industrial & Other20,616 16,086 38,494 32,418 
Total revenue$182,394 $177,890 $354,010 $385,212 

COVID-19

The impact of the novel coronavirus (“COVID-19”) and the precautionary measures instituted by governments and businesses to mitigate the spread, including limiting non-essential gatherings of people, ceasing all non-essential travel, ordering certain businesses and government agencies to cease non-essential operations at physical locations and issuing “shelter-in-place” orders, have contributed to a general slowdown in the global economy and significant volatility in financial markets. The Company has implemented strategies to limit the risk to its operations with a continued focus on the health of its employees and the satisfaction of its customers’ requirements. Despite all of these efforts to mitigate the risks associated with COVID-19, the effects of the pandemic have adversely impacted our commercial end markets, more specifically Commercial, Business and General Aviation customers. The Company saw recoveries in the medical and industrial end markets through the first half of 2021 and management expects improved performance through the remainder of 2021. As of the date of this filing, the Company's defense and safe and arm device end markets have not been impacted by COVID-19. The extent and duration of time to which COVID-19 may adversely impact the Company depends on future developments, which are highly uncertain and unpredictable at this time.

The following table disaggregates total revenue by product types.
For the Three Months EndedFor the Six Months Ended
July 2,
2021		July 3,
2020		July 2,
2021		July 3,
2020
Original Equipment Manufacturer55 %55 %59 %58 %
Aftermarket13 %13 %13 %12 %
Safe and Arm Devices32 %32 %28 %30 %
Total revenue100 %100 %100 %100 %

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time:
For the Three Months EndedFor the Six Months Ended
July 2,
2021		July 3,
2020		July 2,
2021		July 3,
2020
Over time36 %35 %36 %33 %
Point-in-time64 %65 %64 %67 %
Total revenue100 %100 %100 %100 %
5. REVENUE (CONTINUED)

Disaggregation of Revenue - continued

For contracts in which revenue is recognized over time, the Company performs detailed quarterly reviews of the progress and execution of its performance obligations under these contracts. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management's judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. Based upon these reviews, the Company will record the effects of adjustments in profit estimates each period. If at any time management determines that in the case of a particular contract total costs will exceed total contract revenue, a provision for the entire anticipated contract loss is recorded at that time.

Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:
For the Three Months EndedFor the Six Months Ended
July 2,
2021		July 3,
2020		July 2,
2021		July 3,
2020
In thousands
Net change in revenue due to change in profit estimates$(3,446)$(1,425)$(581)$(2,540)

The net reductions in revenue in the three-month and six-month fiscal periods ended July 2, 2021 were primarily related to cost growth on certain structures programs and missile fuzing contracts, partially offset by favorable cost performance on the completion of the SH-2 program with New Zealand. Additionally, for the six-month fiscal period ended July 2, 2021, the net decrease in revenue was offset by favorable cost performance on the joint programmable fuze ("JPF") contract with the U.S. Government ("USG"). The net reductions in revenue in the three-month and six-month fiscal periods ended July 3, 2020 were primarily related to cost growth on certain structures programs and legacy fuzing contracts, partially offset by favorable cost performance on the JPF contract with the USG.

Unfulfilled Performance Obligations

Unfulfilled performance obligations ("backlog") represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts. Backlog at July 2, 2021 and December 31, 2020, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:
July 2,
 2021(1)
December 31,
2020
In thousands
Backlog$510,224 $631,236 
(1) The Company expects to recognize revenue on approximately 78% of backlog as of July 2, 2021 over the next twelve months.