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Revenue | 6 Months Ended
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Jun. 29, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue On June 29, 2024, we had $633.4 million of outstanding performance obligations, which we refer to as total backlog. We expect to recognize approximately $561.5 million of our outstanding performance obligations as revenue over the next twelve months and the balance thereafter. We recognized $9.0 million and $10.6 million during the three months ended and $15.2 million and $19.5 million during the six months ended June 29, 2024 and July 1, 2023, respectively, in revenues that were included in the contract liability balance at the beginning of the period. 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 during the six months ended June 29, 2024:
(In thousands) |  | Contract Assets |  | Contract Liabilities
Beginning Balance, January 1, 2024 |  | $ | 46,321 |  |  | $ | 22,888 |
Ending Balance, June 29, 2024 |  | $ | 53,291 |  |  | $ | 18,448 |
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 a $3.5 million revision of estimated costs to complete certain long-term mass transit Test contracts. The revision resulted in reduced revenue recognized during the three and six months ended June 29, 2024 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 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 Work in Progress within 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. Capitalized fulfillment costs were $3.0 million and $4.7 million on June 29, 2024 and December 31, 2023, respectively. Amortization of fulfillment costs recognized within Cost of Products Sold was approximately $2.7 million and $3.0 million for the three and six months ended June 29, 2024. No amortization of fulfillment costs was recorded in 2023. The following table presents our revenue disaggregated by Market Segments as follows:
|  | Six Months Ended |  | Three Months Ended
(In thousands) |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Aerospace Segment |  |  |  |  |  |  |  |
Commercial Transport |  | $ | 249,829 |  |  | $ | 206,292 |  |  | $ | 128,399 |  |  | $ | 112,079 |
Military Aircraft |  | 41,860 |  |  | 27,648 |  |  | 24,781 |  |  | 13,584 |
General Aviation |  | 38,566 |  |  | 44,463 |  |  | 19,015 |  |  | 25,015 |
Other |  | 10,326 |  |  | 15,576 |  |  | 4,748 |  |  | 7,704 |
Aerospace Total |  | 340,581 |  |  | 293,979 |  |  | 176,943 |  |  | 158,382 |
Test Systems Segment |  |  |  |  |  |  |  |
Government & Defense |  | 42,607 |  |  | 37,013 |  |  | 21,171 |  |  | 16,072 |
Test Systems Total |  | 42,607 |  |  | 37,013 |  |  | 21,171 |  |  | 16,072 |
Total |  | $ | 383,188 |  |  | $ | 330,992 |  |  | $ | 198,114 |  |  | $ | 174,454 |
The following table presents our revenue disaggregated by Product Lines as follows:
|  | Six Months Ended |  | Three Months Ended
(In thousands) |  | June 29, 2024 |  | July 1, 2023 |  | June 29, 2024 |  | July 1, 2023
Aerospace Segment |  |  |  |  |  |  |  |
Electrical Power & Motion |  | $ | 173,452 |  |  | $ | 121,400 |  |  | $ | 90,328 |  |  | $ | 67,946 |
Lighting & Safety |  | 88,241 |  |  | 78,471 |  |  | 46,454 |  |  | 41,918 |
Avionics |  | 54,565 |  |  | 60,664 |  |  | 28,971 |  |  | 30,923 |
Systems Certification |  | 7,812 |  |  | 13,297 |  |  | 3,364 |  |  | 7,620 |
Structures |  | 6,185 |  |  | 4,571 |  |  | 3,078 |  |  | 2,271 |
Other |  | 10,326 |  |  | 15,576 |  |  | 4,748 |  |  | 7,704 |
Aerospace Total |  | 340,581 |  |  | 293,979 |  |  | 176,943 |  |  | 158,382 |
Test Systems |  | 42,607 |  |  | 37,013 |  |  | 21,171 |  |  | 16,072 |
Total |  | $ | 383,188 |  |  | $ | 330,992 |  |  | $ | 198,114 |  |  | $ | 174,454 |

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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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