Astronics (ATRO) 10-Q 5 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Apr. 02, 2016shares
Document Information
Entity Registrant Name	ASTRONICS CORP
Trading Symbol	ATRO
Entity Central Index Key	8,063
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Apr. 2, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Class Undefined
Document Information
Entity Common Stock, Shares Outstanding	19,428,339
Convertible Class B Stock
Document Information
Entity Common Stock, Shares Outstanding	6,091,821

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Apr. 02, 2016	Dec. 31, 2015
Current Assets:
Cash and Cash Equivalents	$ 15,791	$ 18,561
Accounts Receivable, Net of Allowance for Doubtful Accounts	106,177	95,277
Inventories	118,666	115,467
Prepaid Expenses and Other Current Assets	16,403	20,662
Total Current Assets	257,037	249,967
Property, Plant and Equipment, Net of Accumulated Depreciation	123,971	124,742
Other Assets	11,438	10,889
Intangible Assets, Net of Accumulated Amortization	105,633	108,276
Goodwill	115,742	115,369
Total Assets	613,821	609,243
Current Liabilities:
Current Maturities of Long-term Debt	2,664	2,579
Accounts Payable	30,089	27,138
Accrued Expenses and Other Current Liabilities	27,516	35,758
Customer Advance Payments and Deferred Revenue	34,878	38,757
Total Current Liabilities	95,147	104,232
Long-term Debt	169,682	167,210
Other Liabilities	38,019	37,576
Total Liabilities	302,848	309,018
Shareholders’ Equity:
Common Stock	257	256
Accumulated Other Comprehensive Loss	(13,117)	(15,064)
Other Shareholders’ Equity	323,833	315,033
Total Shareholders’ Equity	310,973	300,225
Total Liabilities and Shareholders’ Equity	$ 613,821	$ 609,243

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Income Statement [Abstract]
Sales	$ 159,530	$ 161,638
Cost of Products Sold	120,047	121,476
Gross Profit	39,483	40,162
Selling, General and Administrative Expenses	21,884	22,619
Income from Operations	17,599	17,543
Interest Expense, Net of Interest Income	1,087	1,246
Income Before Income Taxes	16,512	16,297
Provision for Income Taxes	5,027	5,614
Net Income	$ 11,485	$ 10,683
Earnings Per Share:
Basic (in usd per share)	$ 0.45	$ 0.42
Diluted (in usd per share)	$ 0.44	$ 0.41

Consolidated Condensed Stateme4

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Statement of Comprehensive Income [Abstract]
Net Income	$ 11,485	$ 10,683
Other Comprehensive Income (Loss):
Foreign Currency Translation Adjustments	1,816	(3,646)
Retirement Liability Adjustment – Net of Tax	131	161
Other Comprehensive Income (Loss)	1,947	(3,485)
Comprehensive Income	$ 13,432	$ 7,198

Consolidated Condensed Stateme5

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Cash Flows From Operating Activities:
Net Income	$ 11,485	$ 10,683
Adjustments to Reconcile Net Income to Cash Provided By Operating Activities:
Depreciation and Amortization	6,546	6,127
Provisions for Non-Cash Losses on Inventory and Receivables	563	(74)
Stock Compensation Expense	597	506
Deferred Tax Benefit	(468)	(40)
Other	119	110
Cash Flows from Changes in Operating Assets and Liabilities:
Accounts Receivable	(10,384)	18,563
Inventories	(3,117)	(3,474)
Accounts Payable	2,755	5,517
Accrued Expenses	(8,522)	(4,535)
Other Current Assets and Liabilities	214	(633)
Customer Advanced Payments and Deferred Revenue	(3,831)	(8,796)
Income Taxes	4,245	2,416
Supplemental Retirement and Other Liabilities	341	409
Cash Provided By Operating Activities	543	26,779
Cash Flows From Investing Activities:
Acquisition of Business, Net of Cash Acquired	0	(52,615)
Capital Expenditures	(2,450)	(7,059)
Other Investing Activities	0	(300)
Cash Used For Investing Activities	(2,450)	(59,974)
Cash Flows From Financing Activities:
Proceeds from Long-term Debt	10,000	40,000
Payments for Long-term Debt	(7,604)	(5,663)
Purchase of Outstanding Shares for Treasury	(4,261)	0
Debt Acquisition Costs	(164)	0
Proceeds from Exercise of Stock Options	451	402
Income Tax Benefit from Exercise of Stock Options	529	708
Cash (Used For) Provided By Financing Activities	(1,049)	35,447
Effect of Exchange Rates on Cash	186	(886)
(Decrease) Increase in Cash and Cash Equivalents	(2,770)	1,366
Cash and Cash Equivalents at Beginning of Period	18,561	21,197
Cash and Cash Equivalents at End of Period	$ 15,791	$ 22,563

Basis of Presentation

Basis of Presentation	3 Months Ended
	Apr. 02, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. All 2015 share quantities and per share data reported have been restated to reflect the impact of the three-for-twenty Class B stock distribution to shareholders of record on October 8, 2015 . Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended April 2, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in Astronics Corporation’s 2015 annual report on Form 10-K. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading supplier of products to the global aerospace, defense, electronics and semiconductor industries. Our products and services include advanced, high-performance electrical power generation, distribution and motion systems, lighting & safety systems, avionics products, aircraft structures, systems certification and automated test systems. We have operations in the United States (“U.S.”), Canada and France. We design and build our products through our wholly owned subsidiaries Astronics Advanced Electronic Systems Corp. (“AES”); Astronics AeroSat Corporation (“AeroSat”); Ballard Technology, Inc. (“Ballard”); Astronics DME LLC (“DME”); Luminescent Systems, Inc. (“LSI”); Luminescent Systems Canada, Inc. (“LSI Canada”); Max-Viz, Inc. (“Max-Viz”); Peco, Inc. (“Peco”); PGA Electronic s.a. (“PGA”); Astronics Test Systems, Inc. (“ATS”) and Armstrong Aerospace, Inc. (“Armstrong”). Cost of Products Sold, Engineering and Development and Selling, General and Administrative Expenses Cost of products sold includes the costs to manufacture products such as direct materials and labor and manufacturing overhead as well as all engineering and development costs. The Company is engaged in a variety of engineering and design activities as well as basic research and development activities directed to the substantial improvement or new application of the Company’s existing technologies. These costs are expensed when incurred and included in cost of products sold. Research and development, design and related engineering amounted to $23.3 million and $22.2 million for the three months ended April 2, 2016 and April 4, 2015 , respectively. Selling, general and administrative expenses include costs primarily related to our sales and marketing departments and administrative departments. Interest expense is shown net of interest income. Interest income was insignificant for the three months ended April 2, 2016 and April 4, 2015 . Foreign Currency Translation The aggregate transaction gain or loss included in operations was insignificant for the three months ended April 2, 2016 and April 4, 2015 . Accounting Pronouncements Adopted in 2016 There have been no recent accounting pronouncements that have had an impact on the Company’s financial statements.

Inventories

Inventories	3 Months Ended
	Apr. 02, 2016
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are as follows: (In thousands) April 2, December 31, Finished Goods $ 28,295 $ 27,770 Work in Progress 23,482 23,977 Raw Material 66,889 63,720 $ 118,666 $ 115,467

Property, Plant and Equipment

Property, Plant and Equipment	3 Months Ended
	Apr. 02, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment The following table summarizes Property, Plant and Equipment as follows: (In thousands) April 2, December 31, Land $ 11,187 $ 11,145 Buildings and Improvements 79,514 78,989 Machinery and Equipment 91,656 89,514 Construction in Progress 3,294 3,282 185,651 182,930 Less Accumulated Depreciation 61,680 58,188 $ 123,971 $ 124,742

Intangible Assets

Intangible Assets	3 Months Ended
	Apr. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes acquired intangible assets as follows: April 2, 2016 December 31, 2015 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 5 Years $ 2,146 $ 1,311 $ 2,146 $ 1,264 Non-compete Agreement 4 Years 2,500 604 2,500 479 Trade Names 8 Years 10,250 2,451 10,217 2,216 Completed and Unpatented Technology 6 Years 24,115 7,401 24,056 6,795 Backlog Less than 1 Year 11,202 10,997 11,202 10,793 Customer Relationships 12 Years 96,577 18,393 96,472 16,770 Total Intangible Assets 6 Years $ 146,790 $ 41,157 $ 146,593 $ 38,317 All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Three Months Ended (In thousands) April 2, April 4, Amortization Expense $ 2,808 $ 2,852 Amortization expense for acquired intangible assets expected for 2016 and for each of the next five years is summarized as follows: (In thousands) 2016 $ 10,770 2017 10,336 2018 10,023 2019 9,622 2020 9,088 2021 9,042

Goodwill

Goodwill	3 Months Ended
	Apr. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill The following table summarizes the changes in the carrying amount of goodwill for the three months ended April 2, 2016 : (In thousands) December 31, Acquisition Foreign Currency Translation April 2, Aerospace $ 115,369 $ — $ 373 $ 115,742 Test Systems — — — — $ 115,369 $ — $ 373 $ 115,742

Long-term Debt and Notes Payabl

Long-term Debt and Notes Payable	3 Months Ended
	Apr. 02, 2016
Debt Disclosure [Abstract]
Long-term Debt and Notes Payable	Long-term Debt and Notes Payable The Company’s obligations under the Credit Agreement as amended are jointly and severally guaranteed by each domestic subsidiary of the Company other than a non-material subsidiary. The obligations are secured by a first priority lien on substantially all of the Company’s and the guarantors’ assets. The Company's Credit Agreement consists of a $350 million revolving credit line with the option to increase the line by up to $150 million . On January 13, 2016, the Company amended the Agreement to add a new lender and extend the maturity date of the credit facility from September 26, 2019 to January 13, 2021 . At April 2, 2016 there was $158.0 million outstanding on the revolving credit facility and there remains $190.9 million available, net of outstanding letters of credit. The credit facility allocates up to $20 million of the $350 million revolving credit line for the issuance of letters of credit, including certain existing letters of credit. At April 2, 2016 , outstanding letters of credit totaled $1.1 million . The maximum permitted leverage ratio of funded debt to Adjusted EBITDA (as defined in the Agreement) is 3.5 to 1, increasing to 4.0 to 1 for up to two fiscal quarters following the closing of an acquisition permitted under the Agreement. The Company will pay interest on the unpaid principal amount of the facility at a rate equal to one-, three- or six-month LIBOR plus between 137.5 basis points and 225 basis points based upon the Company’s leverage ratio. The Company will also pay a commitment fee to the lenders in an amount equal to between 17.5 basis points and 35 basis points on the undrawn portion of the credit facility, based upon the Company’s leverage ratio. The Company must also maintain a minimum interest coverage ratio (Adjusted EBITDA to interest expense) of 3.0 to 1 for the term of the Agreement. The Company’s interest coverage ratio was 35.6 to 1 at April 2, 2016 . The Company’s leverage ratio was 1.29 to 1 at April 2, 2016 . In the event of voluntary or involuntary bankruptcy of the Company or any subsidiary, all unpaid principal and other amounts owing under the Agreement automatically become due and payable. Other events of default, such as failure to make payments as they become due and breach of financial and other covenants, change of control, judgments over a certain amount, and cross default under other agreements give the Agent the option to declare all such amounts immediately due and payable.

Product Warranties

Product Warranties	3 Months Ended
	Apr. 02, 2016
Product Warranties Disclosures [Abstract]
Product Warranties	Product Warranties In the ordinary course of business, the Company warrants its products against defects in design, materials and workmanship typically over periods ranging from 12 to 60 months . The Company determines warranty reserves needed by product line based on experience and current facts and circumstances. Activity in the warranty accrual is summarized as follows: Three Months Ended (In thousands) April 2, April 4, Balance at Beginning of Period $ 5,741 $ 4,884 Acquisitions — 500 Warranties Issued 661 738 Warranties Settled (885 ) (726 ) Reassessed Warranty Exposure (395 ) 76 Balance at End of Period $ 5,122 $ 5,472

Income Taxes

Income Taxes	3 Months Ended
	Apr. 02, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective tax rates were approximately 30.4% and 34.4% for the three months ended April 2, 2016 and April 4, 2015 , respectively. The tax rate in the first quarter of 2016 was favorably impacted by the inclusion of the federal research and development tax credit due to its permanent reinstatement in the fourth quarter of 2015.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity The changes in shareholders’ equity for the three months ended April 2, 2016 are summarized as follows: Number of Shares (Dollars and Shares in thousands) Amount Common Stock Convertible Class B Stock Shares Authorized 40,000 10,000 Share Par Value $ 0.01 $ 0.01 COMMON STOCK Beginning of Period $ 256 19,349 6,220 Conversion of Class B Shares to Common Shares — 174 (174 ) Exercise of Stock Options 1 34 46 End of Period $ 257 19,557 6,092 ADDITIONAL PAID IN CAPITAL Beginning of Period $ 57,865 Stock Compensation Expense 597 Exercise of Stock Options 979 End of Period $ 59,441 ACCUMULATED OTHER COMPREHENSIVE LOSS Beginning of Period $ (15,064 ) Foreign Currency Translation Adjustment 1,816 Retirement Liability Adjustment – Net of Tax 131 End of Period $ (13,117 ) RETAINED EARNINGS Beginning of Period $ 257,168 Net Income 11,485 End of Period $ 268,653 TREASURY STOCK Beginning of Period $ — — Purchase (4,261 ) 129 End of Period $ (4,261 ) 129 TOTAL SHAREHOLDERS’ EQUITY Beginning of Period $ 300,225 End of Period $ 310,973 On February 24, 2016, the Company’s Board of Directors authorized the repurchase of up to $50 million of common stock (the “Buyback Program”). The Buyback Program allows the Company to purchase shares of its common stock in accordance with applicable securities laws on the open market or through privately negotiated transactions. The Buyback Program may be suspended or discontinued at any time. Under this program the Company has repurchased approximately 129,000 shares for $4.3 million .

Earnings Per Share

Earnings Per Share	3 Months Ended
	Apr. 02, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended (In thousands) April 2, April 4, Weighted Average Shares - Basic 25,561 25,313 Net Effect of Dilutive Stock Options 838 914 Weighted Average Shares - Diluted 26,399 26,227 Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares covered by out-of-the-money stock options at April 2, 2016 was approximately 102,000 shares.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss and Other Comprehensive Loss	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
Accumulated Other Comprehensive Loss and Other Comprehensive Loss	Accumulated Other Comprehensive Loss and Other Comprehensive Loss The components of accumulated other comprehensive loss are as follows: (In thousands) April 2, December 31, Foreign Currency Translation Adjustments $ (6,155 ) $ (7,971 ) Retirement Liability Adjustment – Before Tax (10,711 ) (10,912 ) Tax Benefit 3,749 3,819 Retirement Liability Adjustment – After Tax (6,962 ) (7,093 ) Accumulated Other Comprehensive Loss $ (13,117 ) $ (15,064 ) The components of other comprehensive income (loss) are as follows: Three Months Ended (In thousands) April 2, April 4, Foreign Currency Translation Adjustments $ 1,816 $ (3,646 ) Retirement Liability Adjustments: Reclassifications to General and Administrative Expense: Amortization of Prior Service Cost 110 130 Amortization of Net Actuarial Losses 91 118 Tax Benefit (70 ) (87 ) Retirement Liability Adjustment 131 161 Other Comprehensive Income (Loss) $ 1,947 $ (3,485 )

Supplemental Retirement Plan an

Supplemental Retirement Plan and Related Post Retirement Benefits	3 Months Ended
	Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract]
Supplemental Retirement Plan and Related Post Retirement Benefits	Supplemental Retirement Plan and Related Post Retirement Benefits The Company has two non-qualified supplemental retirement defined benefit plans (“SERP” and “SERP II”) for certain executive officers. The following table sets forth information regarding the net periodic pension cost for the plans. Three Months Ended (In thousands) April 2, April 4, Service Cost $ 44 $ 48 Interest Cost 225 211 Amortization of Prior Service Cost 104 124 Amortization of Net Actuarial Losses 86 112 Net Periodic Cost $ 459 $ 495 Participants in the SERP are entitled to paid medical, dental and long-term care insurance benefits upon retirement under the plan. The following table sets forth information regarding the net periodic cost recognized for those benefits: Three Months Ended (In thousands) April 2, April 4, Service Cost $ 1 $ 2 Interest Cost 11 10 Amortization of Prior Service Cost 6 6 Amortization of Net Actuarial Losses 5 6 Net Periodic Cost $ 23 $ 24

Sales to Major Customers

Sales to Major Customers	3 Months Ended
	Apr. 02, 2016
Risks and Uncertainties [Abstract]
Sales to Major Customers	Sales to Major Customers The Company has a significant concentration of business with two major customers, each in excess of 10% of consolidated sales. The loss of any of these customers would significantly, negatively impact our sales and earnings. Sales to these two customers represented 22% and 15% of consolidated sales for the three months ended April 2, 2016 . Sales to these customers were in the Aerospace segment. Accounts receivable from these customers at April 2, 2016 was approximately $31.1 million .

Legal Proceedings

Legal Proceedings	3 Months Ended
	Apr. 02, 2016
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings The Company is subject to various legal proceedings, claims, and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, we do not expect these matters will have a material adverse effect on our business, financial position, results of operations, or cash flows. However, the results of these matters cannot be predicted with certainty. Should the Company fail to prevail in any legal matter or should several legal matters be resolved against the Company in the same reporting period, then the financial results of that particular reporting period could be materially adversely affected. On December 29, 2010, Lufthansa Technik AG (“Lufthansa”) filed a Statement of Claim in the Regional State Court of Mannheim, Germany. Lufthansa’s claim asserts that our subsidiary, AES sold, marketed and brought into use in Germany a power supply system which infringes upon a German patent held by Lufthansa. The relief sought by Lufthansa includes requiring AES to stop selling and marketing the allegedly infringing power supply system, a recall of allegedly infringing products sold to commercial customers since November 26, 2003 and compensation for damages. The claim does not specify an estimate of damages and a damages claim will be made by Lufthansa only if it receives a favorable ruling on the determination of infringement. The value of the dispute has been set by the Court to be €2 million . This is an estimate of the commercial value of the matter. On February 6, 2015, the Regional State Court of Mannheim, Germany rendered its decision that the patent was infringed. The judgment does not require AES to recall products which are already installed in aircraft or have been sold to other end users. On July 15, 2015, Lufthansa advised AES of their intention to enforce the accounting provisions of the decision, which require AES to provide certain financial information regarding sales of the infringing product to enable Lufthansa to make an estimate of requested damages. Additionally, if Lufthansa provides the required bank guarantee specified in the decision, the Company may be required to offer a recall of products which are in the distribution channels in Germany. No such bank guarantee has been issued to date. The Company appealed and believes it has valid defenses to refute the decision. The appeal process is estimated to extend up to two years. The enforcement of the accounting provision of the decision, as discussed above, has no impact on the appeals process. As a result, we do not currently have sufficient information to provide an estimate of AES’s potential exposure related to this matter. As loss exposure is neither probable nor estimable at this time, the Company has not recorded any liability with respect to this litigation as of April 2, 2016 . On November 26, 2014, Lufthansa filed a complaint in the United States District for the Western District of Washington. Lufthansa’s complaint in this action alleges that AES manufactures, uses, sells and offers for sale a power supply system which infringes upon a U.S. patent held by Lufthansa. The patent at issue in the U.S. action is based on technology similar to that involved in the German action. On April 25, 2016, the Court issued its ruling on claim construction, holding that the sole independent claim in the patent is indefinite, rendering all claims in the patent indefinite. Based on this ruling, AES intends to seek an order dismissing the case on the grounds that the patent is invalid and unenforceable. Lufthansa may appeal the Court’s ruling. The Company believes that it has valid defenses to Lufthansa’s claims and would vigorously contest any appeal. As loss exposure is neither probable nor estimable at this time, the Company has not recorded any liability with respect to this litigation as of April 2, 2016 .

Segment Information

Segment Information	3 Months Ended
	Apr. 02, 2016
Segment Reporting [Abstract]
Segment Information	Segment Information Below are the sales and operating profit by segment for the three months ended April 2, 2016 and April 4, 2015 and a reconciliation of segment operating profit to income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Three Months Ended (Dollars in thousands) April 2, April 4, Sales Aerospace $ 138,649 $ 142,352 Less Intersegment Sales (340 ) — Total Aerospace Sales 138,309 142,352 Test Systems $ 21,221 $ 19,341 Less Intersegment Sales — (55 ) Total Test Systems Sales 21,221 19,286 Total Consolidated Sales $ 159,530 $ 161,638 Operating Profit and Margins Aerospace $ 18,691 $ 23,402 13.5 % 16.4 % Test Systems 2,210 (2,225 ) 10.4 % (11.5 )% Total Operating Profit 20,901 21,177 13.1 % 13.1 % Deductions from Operating Profit Interest Expense, Net of Interest Income 1,087 1,246 Corporate Expenses and Other 3,302 3,634 Income Before Income Taxes $ 16,512 $ 16,297 Identifiable Assets: (In thousands) April 2, December 31, Aerospace $ 513,756 $ 510,884 Test Systems 75,051 64,934 Corporate 25,014 33,425 Total Assets $ 613,821 $ 609,243

Fair Value

Fair Value	3 Months Ended
	Apr. 02, 2016
Fair Value Disclosures [Abstract]
Fair Value	Fair Value A fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Fair value is based upon an exit price model. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and involves consideration of factors specific to the asset or liability. The Company follows a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value. On a Recurring Basis: A financial asset or liability’s classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement. The financial liabilities carried at fair value measured on a recurring basis consisted of contingent consideration related to certain prior acquisitions, valued at zero at April 2, 2016 and December 31, 2015 , determind using Level 3 inputs. On a Non-recurring Basis: The Company estimates the fair value of reporting units, utilizing unobservable Level 3 inputs. Level 3 inputs require significant management judgment due to the absence of quoted market prices or observable inputs for assets of a similar nature. The Company utilizes a discounted cash flow analysis to estimate the fair value of reporting units utilizing unobservable inputs. The fair value measurement of the reporting unit under the step-one and step-two analysis of the quantitative goodwill impairment test are classified as Level 3 inputs. Intangible assets that are amortized are evaluated for recoverability whenever adverse effects or changes in circumstances indicate that the carrying value may not be recoverable. The recoverability test consists of comparing the undiscounted projected cash flows with the carrying amount. Should the carrying amount exceed undiscounted projected cash flows, an impairment loss would be recognized to the extent the carrying amount exceeds fair value. For the Company’s indefinite-lived intangible asset, the impairment test consists of comparing the fair value, determined using the relief from royalty method, with its carrying amount. An impairment loss would be recognized for the carrying amount in excess of its fair value. Due to their short-term nature, the carrying value of cash and equivalents, accounts receivable, accounts payable, and notes payable approximate fair value. The carrying value of the Company’s variable rate long-term debt instruments also approximates fair value due to the variable rate feature of these instruments. As of April 2, 2016 , the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Apr. 02, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) which simplifies several aspects of the accounting for employee share-based payment transactions. The guidance makes several modifications to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. In addition, ASU 2016-09 clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company is currently assessing how the adoption of this standard will impact the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. The standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. The Company is currently assessing the impact on the financial statements. In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers . This new standard is effective for reporting periods beginning after December 15, 2017, pursuant to the issuance of ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date issued in August 2015. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. Early adoption is not permitted. The Company is currently evaluating the impacts of adoption and the implementation approach to be used.

Acquisitions

Acquisitions	3 Months Ended
	Apr. 02, 2016
Business Combinations [Abstract]
Acquisitions	Acquisitions Armstrong Aerospace, Inc. On January 14, 2015 , the Company purchased 100% of the equity of Armstrong for $52.6 million in cash. Armstrong, located in Itasca, Illinois, is a leading provider of engineering, design and certification solutions for commercial aircraft, specializing in connectivity, in-flight entertainment, and electrical power systems. Armstrong is included in our Aerospace segment. This transaction was not considered material to the Company’s financial position or results of operations. All of the goodwill and 15 years . The purchase price allocation for this acquisition has been finalized.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Apr. 02, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals, considered necessary for a fair presentation have been included. All 2015 share quantities and per share data reported have been restated to reflect the impact of the three-for-twenty Class B stock distribution to shareholders of record on October 8, 2015 .
Operating Results	Operating Results The results of operations for any interim period are not necessarily indicative of results for the full year. Operating results for the three months ended April 2, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in Astronics Corporation’s 2015 annual report on Form 10-K.
Cost of Products Sold, Engineering and Development and Selling, General and Administrative Expenses	Cost of Products Sold, Engineering and Development and Selling, General and Administrative Expenses Cost of products sold includes the costs to manufacture products such as direct materials and labor and manufacturing overhead as well as all engineering and development costs. The Company is engaged in a variety of engineering and design activities as well as basic research and development activities directed to the substantial improvement or new application of the Company’s existing technologies. These costs are expensed when incurred and included in cost of products sold.
Foreign Currency Translation	Foreign Currency Translation The aggregate transaction gain or loss included in operations was insignificant for the three months ended April 2, 2016 and April 4, 2015 .
Accounting Pronouncements Adopted in 2016 and Recent Accounting Pronouncements	Accounting Pronouncements Adopted in 2016 There have been no recent accounting pronouncements that have had an impact on the Company’s financial statements. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB”) issued Accounting Standards Update (“ASU”) 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”) which simplifies several aspects of the accounting for employee share-based payment transactions. The guidance makes several modifications to the accounting for forfeitures, employer tax withholding on share-based compensation and the financial statement presentation of excess tax benefits or deficiencies. In addition, ASU 2016-09 clarifies the statement of cash flows presentation for certain components of share-based awards. The standard is effective for interim and annual reporting periods beginning after December 15, 2016, although early adoption is permitted. The Company is currently assessing how the adoption of this standard will impact the financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”) which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. The standard also requires additional disclosures by lessees and contains targeted changes to accounting by lessors. ASU 2016-02 is effective for annual periods beginning after December 15, 2018, including interim periods within those annual periods, with early adoption permitted. The guidance is required to be adopted at the earliest period presented using a modified retrospective approach. The Company is currently assessing the impact on the financial statements. In May 2014, the FASB issued ASU 2014-9, Revenue from Contracts with Customers . This new standard is effective for reporting periods beginning after December 15, 2017, pursuant to the issuance of ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date issued in August 2015. The comprehensive new standard will supersede existing revenue recognition guidance and require revenue to be recognized when promised goods or services are transferred to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or services. Adoption of the new rules could affect the timing of revenue recognition for certain transactions. The guidance permits two implementation approaches, one requiring retrospective application of the new standard with restatement of prior years and one requiring prospective application of the new standard with disclosure of results under old standards. Early adoption is not permitted. The Company is currently evaluating the impacts of adoption and the implementation approach to be used.
Fair Value	Fair Value A fair value measurement assumes that the transaction to sell an asset or transfer a liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. Fair value is based upon an exit price model. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and involves consideration of factors specific to the asset or liability. The Company follows a valuation hierarchy for disclosure of the inputs to valuation used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on our own assumptions used to measure assets and liabilities at fair value.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Apr. 02, 2016
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories are as follows: (In thousands) April 2, December 31, Finished Goods $ 28,295 $ 27,770 Work in Progress 23,482 23,977 Raw Material 66,889 63,720 $ 118,666 $ 115,467

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	3 Months Ended
	Apr. 02, 2016
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	The following table summarizes Property, Plant and Equipment as follows: (In thousands) April 2, December 31, Land $ 11,187 $ 11,145 Buildings and Improvements 79,514 78,989 Machinery and Equipment 91,656 89,514 Construction in Progress 3,294 3,282 185,651 182,930 Less Accumulated Depreciation 61,680 58,188 $ 123,971 $ 124,742

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Apr. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Intangible Assets	The following table summarizes acquired intangible assets as follows: April 2, 2016 December 31, 2015 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 5 Years $ 2,146 $ 1,311 $ 2,146 $ 1,264 Non-compete Agreement 4 Years 2,500 604 2,500 479 Trade Names 8 Years 10,250 2,451 10,217 2,216 Completed and Unpatented Technology 6 Years 24,115 7,401 24,056 6,795 Backlog Less than 1 Year 11,202 10,997 11,202 10,793 Customer Relationships 12 Years 96,577 18,393 96,472 16,770 Total Intangible Assets 6 Years $ 146,790 $ 41,157 $ 146,593 $ 38,317
Summary of Amortization Expense for Acquired Intangibles	All acquired intangible assets other than goodwill and one trade name are being amortized. Amortization expense for acquired intangibles is summarized as follows: Three Months Ended (In thousands) April 2, April 4, Amortization Expense $ 2,808 $ 2,852
Summary of Amortization Expense for Intangible Assets for Each of Next Five Years	Amortization expense for acquired intangible assets expected for 2016 and for each of the next five years is summarized as follows: (In thousands) 2016 $ 10,770 2017 10,336 2018 10,023 2019 9,622 2020 9,088 2021 9,042

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Apr. 02, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Carrying Amount of Goodwill	The following table summarizes the changes in the carrying amount of goodwill for the three months ended April 2, 2016 : (In thousands) December 31, Acquisition Foreign Currency Translation April 2, Aerospace $ 115,369 $ — $ 373 $ 115,742 Test Systems — — — — $ 115,369 $ — $ 373 $ 115,742

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Apr. 02, 2016
Product Warranties Disclosures [Abstract]
Summary of Activity in Warranty Accrual	Activity in the warranty accrual is summarized as follows: Three Months Ended (In thousands) April 2, April 4, Balance at Beginning of Period $ 5,741 $ 4,884 Acquisitions — 500 Warranties Issued 661 738 Warranties Settled (885 ) (726 ) Reassessed Warranty Exposure (395 ) 76 Balance at End of Period $ 5,122 $ 5,472

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
Summary of Changes in Shareholder's Equity	The changes in shareholders’ equity for the three months ended April 2, 2016 are summarized as follows: Number of Shares (Dollars and Shares in thousands) Amount Common Stock Convertible Class B Stock Shares Authorized 40,000 10,000 Share Par Value $ 0.01 $ 0.01 COMMON STOCK Beginning of Period $ 256 19,349 6,220 Conversion of Class B Shares to Common Shares — 174 (174 ) Exercise of Stock Options 1 34 46 End of Period $ 257 19,557 6,092 ADDITIONAL PAID IN CAPITAL Beginning of Period $ 57,865 Stock Compensation Expense 597 Exercise of Stock Options 979 End of Period $ 59,441 ACCUMULATED OTHER COMPREHENSIVE LOSS Beginning of Period $ (15,064 ) Foreign Currency Translation Adjustment 1,816 Retirement Liability Adjustment – Net of Tax 131 End of Period $ (13,117 ) RETAINED EARNINGS Beginning of Period $ 257,168 Net Income 11,485 End of Period $ 268,653 TREASURY STOCK Beginning of Period $ — — Purchase (4,261 ) 129 End of Period $ (4,261 ) 129 TOTAL SHAREHOLDERS’ EQUITY Beginning of Period $ 300,225 End of Period $ 310,973

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Apr. 02, 2016
Earnings Per Share [Abstract]
Summary of Basic and Diluted Weighted-Average Shares Outstanding	Basic and diluted weighted-average shares outstanding are as follows: Three Months Ended (In thousands) April 2, April 4, Weighted Average Shares - Basic 25,561 25,313 Net Effect of Dilutive Stock Options 838 914 Weighted Average Shares - Diluted 26,399 26,227

Accumulated Other Comprehensi32

Accumulated Other Comprehensive Loss and Other Comprehensive Loss (Tables)	3 Months Ended
	Apr. 02, 2016
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss are as follows: (In thousands) April 2, December 31, Foreign Currency Translation Adjustments $ (6,155 ) $ (7,971 ) Retirement Liability Adjustment – Before Tax (10,711 ) (10,912 ) Tax Benefit 3,749 3,819 Retirement Liability Adjustment – After Tax (6,962 ) (7,093 ) Accumulated Other Comprehensive Loss $ (13,117 ) $ (15,064 )
Components of Other Comprehensive Income (Loss)	The components of other comprehensive income (loss) are as follows: Three Months Ended (In thousands) April 2, April 4, Foreign Currency Translation Adjustments $ 1,816 $ (3,646 ) Retirement Liability Adjustments: Reclassifications to General and Administrative Expense: Amortization of Prior Service Cost 110 130 Amortization of Net Actuarial Losses 91 118 Tax Benefit (70 ) (87 ) Retirement Liability Adjustment 131 161 Other Comprehensive Income (Loss) $ 1,947 $ (3,485 )

Supplemental Retirement Plan 33

Supplemental Retirement Plan and Related Post Retirement Benefits (Tables)	3 Months Ended
	Apr. 02, 2016
Compensation and Retirement Disclosure [Abstract]
Summary of the Components of Net Periodic Cost	The following table sets forth information regarding the net periodic pension cost for the plans. Three Months Ended (In thousands) April 2, April 4, Service Cost $ 44 $ 48 Interest Cost 225 211 Amortization of Prior Service Cost 104 124 Amortization of Net Actuarial Losses 86 112 Net Periodic Cost $ 459 $ 495 . The following table sets forth information regarding the net periodic cost recognized for those benefits: Three Months Ended (In thousands) April 2, April 4, Service Cost $ 1 $ 2 Interest Cost 11 10 Amortization of Prior Service Cost 6 6 Amortization of Net Actuarial Losses 5 6 Net Periodic Cost $ 23 $ 24

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Apr. 02, 2016
Segment Reporting [Abstract]
Summary of Segment Reporting Information	Below are the sales and operating profit by segment for the three months ended April 2, 2016 and April 4, 2015 and a reconciliation of segment operating profit to income before income taxes. Operating profit is net sales less cost of products sold and other operating expenses excluding interest and corporate expenses. Cost of products sold and other operating expenses are directly identifiable to the respective segment. Three Months Ended (Dollars in thousands) April 2, April 4, Sales Aerospace $ 138,649 $ 142,352 Less Intersegment Sales (340 ) — Total Aerospace Sales 138,309 142,352 Test Systems $ 21,221 $ 19,341 Less Intersegment Sales — (55 ) Total Test Systems Sales 21,221 19,286 Total Consolidated Sales $ 159,530 $ 161,638 Operating Profit and Margins Aerospace $ 18,691 $ 23,402 13.5 % 16.4 % Test Systems 2,210 (2,225 ) 10.4 % (11.5 )% Total Operating Profit 20,901 21,177 13.1 % 13.1 % Deductions from Operating Profit Interest Expense, Net of Interest Income 1,087 1,246 Corporate Expenses and Other 3,302 3,634 Income Before Income Taxes $ 16,512 $ 16,297 Identifiable Assets: (In thousands) April 2, December 31, Aerospace $ 513,756 $ 510,884 Test Systems 75,051 64,934 Corporate 25,014 33,425 Total Assets $ 613,821 $ 609,243

Basis of Presentation (Detail)

Basis of Presentation (Detail) $ in Millions	Oct. 08, 2015	Apr. 02, 2016USD ($)	Apr. 04, 2015USD ($)
Business Acquisition
Research and development, design and related engineering		$ 23.3	$ 22.2
Convertible Class B Stock
Business Acquisition
Common stock conversion	0.15
Date of payment of dividend to shareholders		Oct. 8, 2015

Inventories - Summary of Invent

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Finished Goods	$ 28,295	$ 27,770
Work in Progress	23,482	23,977
Raw Material	66,889	63,720
Inventory, net	$ 118,666	$ 115,467

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Dec. 31, 2015
Property, Plant and Equipment
Property, plant and equipment, gross	$ 185,651	$ 182,930
Less accumulated depreciation	61,680	58,188
Property, plant and equipment net	123,971	124,742
Land
Property, Plant and Equipment
Property, plant and equipment, gross	11,187	11,145
Buildings and Improvements
Property, Plant and Equipment
Property, plant and equipment, gross	79,514	78,989
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	91,656	89,514
Construction in Progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 3,294	$ 3,282

Intangible Assets - Summary of

Intangible Assets - Summary of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets
Weighted average life	6 years
Gross carrying amount	$ 146,790	$ 146,593
Accumulated amortization	$ 41,157	38,317
Patents
Finite-Lived Intangible Assets
Weighted average life	5 years
Gross carrying amount	$ 2,146	2,146
Accumulated amortization	$ 1,311	1,264
Non-compete Agreement
Finite-Lived Intangible Assets
Weighted average life	4 years
Gross carrying amount	$ 2,500	2,500
Accumulated amortization	$ 604	479
Trade Names
Finite-Lived Intangible Assets
Weighted average life	8 years
Gross carrying amount	$ 10,250	10,217
Accumulated amortization	$ 2,451	2,216
Completed and Unpatented Technology
Finite-Lived Intangible Assets
Weighted average life	6 years
Gross carrying amount	$ 24,115	24,056
Accumulated amortization	$ 7,401	6,795
Backlog
Finite-Lived Intangible Assets
Weighted average life	1 year
Gross carrying amount	$ 11,202	11,202
Accumulated amortization	$ 10,997	10,793
Customer Relationships
Finite-Lived Intangible Assets
Weighted average life	12 years
Gross carrying amount	$ 96,577	96,472
Accumulated amortization	$ 18,393	$ 16,770

Intangible Assets - Summary o39

Intangible Assets - Summary of Amortization Expense for Acquired Intangibles (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 2,808	$ 2,852

Intangible Assets - Summary o40

Intangible Assets - Summary of Amortization Expense for Intangible Assets for Each of Next Five Years (Detail) $ in Thousands	Apr. 02, 2016USD ($)
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract]
2,016	$ 10,770
2,017	10,336
2,018	10,023
2,019	9,622
2,020	9,088
2,021	$ 9,042

Goodwill - Summary of Changes i

Goodwill - Summary of Changes in Carrying Amount of Goodwill (Detail) $ in Thousands	3 Months Ended
	Apr. 02, 2016USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 115,369
Acquisition	0
Foreign currency translation	373
Balance at end of period	115,742
Operating Segments | Aerospace
Goodwill [Roll Forward]
Balance at beginning of period	115,369
Acquisition	0
Foreign currency translation	373
Balance at end of period	115,742
Operating Segments | Test Systems
Goodwill [Roll Forward]
Balance at beginning of period	0
Acquisition	0
Foreign currency translation	0
Balance at end of period	$ 0

Long-Term Debt and Notes Paya42

Long-Term Debt and Notes Payable (Detail)	Jan. 13, 2016	Apr. 02, 2016USD ($)fiscal_quarter
Debt Instrument
Revolving credit facility remaining		$ 190,900,000
Outstanding letters of credit		$ 1,100,000
Duration of permitted leverage ratio following acquisition | fiscal_quarter		2
Interest coverage ratio		35.6
Leverage ratio		1.29
Revolving Credit Facility
Debt Instrument
Credit facility outstanding		$ 158,000,000
Letter of Credit
Debt Instrument
Credit facility allocated		20,000,000
Amended and Restated Credit Agreement
Debt Instrument
Maximum borrowing capacity		350,000,000
Line of credit facility increase amount		$ 150,000,000
Maturity date of loans	Jan. 13, 2021
Ratio of funded debt to Adjusted EBITDA		3.5
Minimum interest coverage ratio		3
Amended and Restated Credit Agreement | Maximum
Debt Instrument
Ratio of funded debt to Adjusted EBITDA		4
Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument
Basis points for commitment fee		0.175%
Amended and Restated Credit Agreement | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument
Basis points for variable interest rate		1.375%
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument
Basis points for commitment fee		0.35%
Amended and Restated Credit Agreement | Revolving Credit Facility | Maximum | LIBOR
Debt Instrument
Basis points for variable interest rate		2.25%

Product Warranties - Summary of

Product Warranties - Summary of Activity in Warranty Accrual (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 5,741	$ 4,884
Acquisitions	0	500
Warranties issued	661	738
Warranties settled	(885)	(726)
Reassessed warranty exposure	(395)	76
Balance at end of period	$ 5,122	$ 5,472
Minimum
Product Liability Contingency [Line Items]
Product warranty period	12 months
Maximum
Product Liability Contingency [Line Items]
Product warranty period	60 months

Income Taxes (Detail)

Income Taxes (Detail)	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Income Tax Disclosure [Abstract]
Effective tax rate	30.40%	34.40%

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Changes in Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Feb. 24, 2016	Apr. 02, 2016	Apr. 04, 2015
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		$ 300,225
Foreign Currency Translation Adjustments		1,816	$ (3,646)
Retirement liability adjustment – net of tax		131	161
Net income		11,485	$ 10,683
End of period		310,973
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		256
Conversion of Class B Shares to Common Shares		0
Exercise of stock options		1
End of period		$ 257
Common Stock | Common Class Undefined
Class of Stock [Line Items]
Shares authorized		40,000,000
Share par value		$ 0.01
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period (shares)		19,349,000
Conversion of Class B Shares to Common Shares (shares)		174,000
Exercise of stock options (shares)		34,000
End of period (shares)		19,557,000
Common Stock | Convertible Class B Stock
Class of Stock [Line Items]
Shares authorized		10,000,000
Share par value		$ 0.01
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period (shares)		6,220,000
Conversion of Class B Shares to Common Shares (shares)		(174,000)
Exercise of stock options (shares)		46,000
End of period (shares)		6,092,000
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		$ 57,865
Exercise of stock options		979
Stock Compensation Expense		597
End of period		59,441
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		(15,064)
Foreign Currency Translation Adjustments		1,816
Retirement liability adjustment – net of tax		131
End of period		(13,117)
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		257,168
Net income		11,485
End of period		268,653
Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning of period		$ 0
Beginning of period (shares)		0
Purchase	$ (4,300)	$ (4,261)
Purchase (shares)	129,000	129,000
End of period		$ (4,261)
End of period (shares)		129,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Thousands	Feb. 24, 2016	Apr. 02, 2016
Class of Stock [Line Items]
Authorized repurchase of common stock, amount	$ 50,000,000
Treasury Stock
Class of Stock [Line Items]
Number of shares repurchased (shares)	129	129
Repurchase of shares	$ 4,300,000	$ 4,261,000

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Weighted-Average Shares Outstanding (Detail) - shares shares in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Earnings Per Share [Abstract]
Weighted average shares - Basic (in shares)	25,561	25,313
Net effect of dilutive stock options (in shares)	838	914
Weighted average shares - Diluted (in shares)	26,399	26,227
Number of shares out-of-the-money (in shares)	102

Accumulated Other Comprehensi48

Accumulated Other Comprehensive Loss and Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	Apr. 02, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	$ 310,973	$ 300,225
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	(6,155)	(7,971)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment – Before Tax	10,711	10,912
Tax Benefit	3,749	3,819
Total Shareholders’ Equity	6,962	7,093
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	$ (13,117)	$ (15,064)

Accumulated Other Comprehensi49

Accumulated Other Comprehensive Loss and Other Comprehensive Loss - Components of Other Comprehensive Loss (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	$ 1,947	$ (3,485)
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	1,816	(3,646)
Amortization of Prior Service Cost
Reclassifications to General and Administrative Expense:
Reclassifications to General and Administrative Expense	110	130
Amortization of Net Actuarial Losses
Reclassifications to General and Administrative Expense:
Reclassifications to General and Administrative Expense	91	118
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other comprehensive income (loss)	131	161
Reclassifications to General and Administrative Expense:
Tax Benefit	$ (70)	$ (87)

Supplemental Retirement Plan 50

Supplemental Retirement Plan and Related Post Retirement Benefits - Summary of the Components of Net Periodic Cost (Detail) $ in Thousands	3 Months Ended
	Apr. 02, 2016USD ($)retirement_plan	Apr. 04, 2015USD ($)
Compensation and Retirement Disclosure [Abstract]
Number of non-qualified supplemental retirement defined benefit plans | retirement_plan	2
SERP
Defined Benefit Plan Disclosure
Service cost	$ 44	$ 48
Interest cost	225	211
Amortization of prior service cost	104	124
Amortization of net actuarial losses	86	112
Net periodic cost	459	495
SERP Medical
Defined Benefit Plan Disclosure
Service cost	1	2
Interest cost	11	10
Amortization of prior service cost	6	6
Amortization of net actuarial losses	5	6
Net periodic cost	$ 23	$ 24

Sales to Major Customers (Detai

Sales to Major Customers (Detail) $ in Millions	3 Months Ended
	Apr. 02, 2016USD ($)customer
Segment Reporting, Asset Reconciling Item
Number of major customers | customer	2
Sales Revenue, Net | Customer Concentration Risk | Major Customer One
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue	22.00%
Sales Revenue, Net | Customer Concentration Risk | Major Customer Two
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue	15.00%
Sales Revenue, Net | Customer Concentration Risk | Two Major Customers
Segment Reporting, Asset Reconciling Item
Accounts receivable from major customers | $	$ 31.1

Legal Proceedings Legal Proceed

Legal Proceedings Legal Proceedings (Details) - Germany - Lufthansa Technik AG - Patent Infringement - EUR (€) € in Millions	Feb. 06, 2015	Apr. 02, 2016
Loss Contingencies [Line Items]
Appeal process duration (in years, up to)	2 years
Subsidiaries
Loss Contingencies [Line Items]
Loss Contingency, Estimate of Possible Loss		€ 2

Segment Information - Summary o

Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Apr. 02, 2016	Apr. 04, 2015	Dec. 31, 2015
Segment Reporting Information
Sales	$ 159,530	$ 161,638
Operating profit (loss)	17,599	17,543
Deductions from Operating Profit
Interest expense, net of interest income	(1,087)	(1,246)
Income before income taxes	16,512	16,297
Total assets	613,821		$ 609,243
Aerospace
Segment Reporting Information
Sales	138,309	142,352
Test Systems
Segment Reporting Information
Sales	21,221	19,286
Operating Segments
Segment Reporting Information
Operating profit (loss)	$ 20,901	$ 21,177
Operating margins (percentage)	13.10%	13.10%
Operating Segments | Aerospace
Segment Reporting Information
Sales	$ 138,649	$ 142,352
Operating profit (loss)	$ 18,691	$ 23,402
Operating margins (percentage)	13.50%	16.40%
Deductions from Operating Profit
Total assets	$ 513,756		510,884
Operating Segments | Test Systems
Segment Reporting Information
Sales	21,221	$ 19,341
Operating profit (loss)	$ 2,210	$ (2,225)
Operating margins (percentage)	10.40%	(11.50%)
Deductions from Operating Profit
Total assets	$ 75,051		64,934
Intersegment Eliminations | Aerospace
Segment Reporting Information
Sales	(340)	$ 0
Intersegment Eliminations | Test Systems
Segment Reporting Information
Sales	0	(55)
Segment Reconciling Items
Deductions from Operating Profit
Interest expense, net of interest income	1,087	1,246
Corporate expenses and other	3,302	$ 3,634
Corporate
Deductions from Operating Profit
Total assets	$ 25,014		$ 33,425

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($)	Apr. 02, 2016	Dec. 31, 2015
Recurring Basis | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Acquisition contingent consideration	$ 0	$ 0

Acquisitions (Detail)

Acquisitions (Detail) - Armstrong Aerospace, Inc. - USD ($) $ in Millions	Jan. 14, 2015	Apr. 02, 2016
Business Acquisition
Date of acquisition		Jan. 14, 2015
Percentage of acquired stock	100.00%
Business acquisition purchase price paid in cash	$ 52.6
Goodwill and purchased intangible assets deductible for tax purposes period (in years)	15 years