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Revenue Recognition and Contract Balances | 3 Months Ended
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Mar. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue Recognition and Contract Balances | Revenue Recognition and Contract Balances Approximately 70% of the Company's net sales are recognized at a point in time, with the remaining 30% of net sales recognized over time. The Company disaggregates its revenue from contracts with customers by customer type and geographic region for each segment, as management believes it best depicts how the nature, amount, timing and uncertainty of its revenue and cash flows are affected by economic factors.
| First Quarter Ended March 30, 2025 |  |  | First Quarter Ended March 30, 2025 |
| Customer Type |  |  |  |  | Geographic Region (c) |  |  |
(in millions) | U.S. Govt. (a) |  | Other (b) |  | Total |  |  | United States |  | Europe |  | Asia |  | All Other |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital Imaging | $ | 161.7 |  |  | $ | 595.3 |  |  | $ | 757.0 |  |  |  | $ | 355.9 |  |  | $ | 188.2 |  |  | $ | 139.7 |  |  | $ | 73.2 |  |  | $ | 757.0 |  |
Instrumentation | 27.3 |  |  | 316.0 |  |  | 343.3 |  |  |  | 148.0 |  |  | 102.5 |  |  | 58.8 |  |  | 34.0 |  |  | 343.3 |  |
Aerospace and Defense Electronics | 90.2 |  |  | 152.3 |  |  | 242.5 |  |  |  | 159.1 |  |  | 50.9 |  |  | 23.0 |  |  | 9.5 |  |  | 242.5 |  |
Engineered Systems | 92.6 |  |  | 14.5 |  |  | 107.1 |  |  |  | 106.3 |  |  | — |  |  | 0.3 |  |  | 0.5 |  |  | 107.1 |  |
Total | $ | 371.8 |  |  | $ | 1,078.1 |  |  | $ | 1,449.9 |  |  |  | $ | 769.3 |  |  | $ | 341.6 |  |  | $ | 221.8 |  |  | $ | 117.2 |  |  | $ | 1,449.9 |  |
(a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination
| First Quarter Ended March 31, 2024 |  |  | First Quarter Ended March 31, 2024 |
| Customer Type |  |  |  |  | Geographic Region (c) |  |  |
(in millions) | U.S. Govt. (a) |  | Other (b) |  | Total |  |  | United States |  | Europe |  | Asia |  | All Other |  | Total |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Digital Imaging | $ | 130.7 |  |  | $ | 610.1 |  |  | $ | 740.8 |  |  |  | $ | 333.7 |  |  | $ | 200.3 |  |  | $ | 134.2 |  |  | $ | 72.6 |  |  | $ | 740.8 |  |
Instrumentation | 33.3 |  |  | 297.1 |  |  | 330.4 |  |  |  | 144.6 |  |  | 96.9 |  |  | 60.1 |  |  | 28.8 |  |  | 330.4 |  |
Aerospace and Defense Electronics | 58.8 |  |  | 126.9 |  |  | 185.7 |  |  |  | 123.7 |  |  | 34.2 |  |  | 18.6 |  |  | 9.2 |  |  | 185.7 |  |
Engineered Systems | 79.8 |  |  | 13.4 |  |  | 93.2 |  |  |  | 92.8 |  |  | — |  |  | 0.1 |  |  | 0.3 |  |  | 93.2 |  |
Total | $ | 302.6 |  |  | $ | 1,047.5 |  |  | $ | 1,350.1 |  |  |  | $ | 694.8 |  |  | $ | 331.4 |  |  | $ | 213.0 |  |  | $ | 110.9 |  |  | $ | 1,350.1 |  |
(a) U.S. Government sales include sales as a prime contractor or subcontractor. (b) Primarily commercial sales (c) Geographic region by destination With the exception of the Engineered Systems segment, net sales in each segment are primarily derived from fixed price contracts. Net sales in the Engineered Systems segment are typically between 45% and 55% fixed price contracts in a given reporting period, with the balance of net sales derived from cost-reimbursable type contracts. For the three months ended March 30, 2025, approximately 47% of net sales in the Engineered Systems segment were derived from fixed price contracts. Contract Liabilities
| Balance at |  |  |  |
Contract Liabilities by Balance Sheet Location (in millions) | March 30, 2025 |  | December 29, 2024 |  |  |  |
Accrued liabilities | $ | 323.7 |  |  | $ | 312.6 |  |  |  |  |
Other long-term liabilities | 42.5 |  |  | 30.5 |  |  |  |  |
Total contract liabilities | $ | 366.2 |  |  | $ | 343.1 |  |  |  |  |
The Company recognized revenue of $98.3 million during the three months ended March 30, 2025, from contract liabilities that existed at the beginning of year. Remaining Performance Obligations Remaining performance obligations represent the transaction price of firm orders for which work has not been performed as of the period end date and exclude unexercised contract options and potential orders under ordering-type contracts (e.g., indefinite-delivery, indefinite-quantity). As of March 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $4,214.5 million. The Company expects approximately 77% of remaining performance obligations to be recognized into revenue within the next 12 months, with the remaining 23% recognized thereafter. Changes in Contract Estimates at Completion For over time contracts using the cost-to-cost method, the Company has an Estimate at Completion (“EAC”) process in which management reviews the progress and execution of our performance obligations. This EAC process requires management’s judgment relative to assessing risks, estimating contract revenue, determining reasonably dependable cost estimates, and making assumptions for scheduling and technical issues. The majority of revenue recognized over time uses an EAC process. Since certain contracts extend over a long period of time, the impact of revisions in cost and revenue estimates during the progress of work may adjust the current period earnings through a cumulative catch-up basis. This method recognizes, in the current period, the cumulative effect of the changes on current and prior quarters. Additionally, if the current contract estimate indicates a loss, a provision is made for the total anticipated loss in the period that it becomes evident. Contract cost and revenue estimates for significant contracts are generally reviewed and reassessed quarterly. The net aggregate effects of these changes in estimates on contracts accounted for under the cost-to-cost method in the first three months of 2025 was $2.3 million of favorable operating income compared with $0.3 million of unfavorable operating income in the first three months of 2024. None of the effects of changes in estimates on any individual contract were material to the condensed consolidated statements of income (loss) for any period presented.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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