Revenue

9 Months Ended

Sep. 27, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

On September 27, 2025, we had $646.7 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $479.2 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter.

The Company’s contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. 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, 2025	$	54,171	$	28,171
Ending Balance, September 27, 2025	$	54,302	$	27,802

The increase in contract assets reflects the net impact of new revenue recognized in excess of billings exceeding billing of previously unbilled revenue during the period, partially offset by $8.3 million in revisions of estimated costs to complete certain long-term mass transit Test contracts, which was recorded during the nine months ended September 27, 2025. The revisions resulted in reduced revenue recognized during the nine months ended September 27, 2025 due to lower estimates of the percentage of work completed on the programs. The decrease in contract liabilities reflects the net impact of revenue recognized in excess of new customer advances or deferred revenues recorded.

The Company recognized $9.1 million and $6.3 million during the three months ended and $19.1 million and $16.4 million during the nine months ended September 27, 2025 and September 28, 2024, respectively, in revenues that were included in the contract liability balance at the beginning of the period.

The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Inventories in the accompanying Consolidated Condensed Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. The Company’s capitalized fulfillment costs amounted to $5.9 million and $8.3 million on September 27, 2025 and December 31, 2024, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was insignificant for the three months and was $3.4 million and $3.1 million for the nine months ended September 27, 2025 and September 28, 2024, respectively.

The following table presents our revenue disaggregated by Market Segments as follows:

	Nine Months Ended				Three Months Ended
(In thousands)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Aerospace Segment
Commercial Transport	$	432,324	$	383,679	$	149,209	$	133,850
Military Aircraft	88,250		63,545		27,554		21,685
General Aviation	47,532		56,643		13,919		18,077
Other	9,620		14,268		2,043		3,942
Aerospace Total	577,726		518,135		192,725		177,554
Test Systems Segment
Government & Defense	44,335		68,751		18,722		26,144
Test Systems Total	44,335		68,751		18,722		26,144
Total	$	622,061	$	586,886	$	211,447	$	203,698

The following table presents our revenue disaggregated by Product Lines as follows:

	Nine Months Ended				Three Months Ended
(In thousands)	September 27, 2025		September 28, 2024		September 27, 2025		September 28, 2024
Aerospace Segment
Electrical Power & Motion	$	296,541	$	263,919	$	101,295	$	90,467
Lighting & Safety	154,324		135,162		51,654		46,921
Avionics	91,452		83,716		26,168		29,151
Systems Certification	15,842		12,272		7,938		4,460
Structures	9,947		8,798		3,627		2,613
Other	9,620		14,268		2,043		3,942
Aerospace Total	577,726		518,135		192,725		177,554
Test Systems	44,335		68,751		18,722		26,144
Total	$	622,061	$	586,886	$	211,447	$	203,698