Astronics (ATRO) 10-Q 9 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 30, 2019shares
Document Information
Entity Registrant Name	ASTRONICS CORPORATION
Trading Symbol	ATRO
Entity Central Index Key	0000008063
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Common Class Undefined
Document Information
Entity Common Stock, Shares Outstanding (in shares)	24,503,388
Convertible Class B Stock
Document Information
Entity Common Stock, Shares Outstanding (in shares)	8,145,709

Consolidated Condensed Balance

Consolidated Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Current Assets:
Cash and Cash Equivalents	$ 15,966	$ 16,622
Accounts Receivable, Net of Allowance for Doubtful Accounts	188,564	182,308
Inventories	139,090	138,685
Prepaid Expenses and Other Current Assets	17,796	17,198
Assets Held for Sale	0	19,358
Total Current Assets	361,416	374,171
Property, Plant and Equipment, Net of Accumulated Depreciation	117,307	120,862
Other Assets	47,811	21,272
Intangible Assets, Net of Accumulated Amortization	129,133	133,383
Goodwill	124,854	124,952
Total Assets	780,521	774,640
Current Liabilities:
Current Maturities of Long-term Debt	112	1,870
Accounts Payable	48,492	50,664
Accrued Expenses and Other Current Liabilities	68,430	47,772
Customer Advance Payments and Deferred Revenue	30,937	26,880
Liabilities Held for Sale	0	906
Total Current Liabilities	147,971	128,092
Long-term Debt	115,194	232,112
Other Liabilities	51,353	27,811
Total Liabilities	314,518	388,015
Shareholders’ Equity:
Common Stock	343	343
Accumulated Other Comprehensive Loss	(13,449)	(13,329)
Other Shareholders’ Equity	479,109	399,611
Total Shareholders’ Equity	466,003	386,625
Total Liabilities and Shareholders’ Equity	$ 780,521	$ 774,640

Consolidated Condensed Statemen

Consolidated Condensed Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Sales	$ 208,174	$ 179,059
Cost of Products Sold		141,927
Gross Profit	52,077	37,132
Selling, General and Administrative Expenses	29,196	30,500
Income from Operations	22,881	6,632
Gain on Sale of Business	80,133	0
Other Expense, Net of Other Income	215	375
Interest Expense, Net of Interest Income	1,804	2,331
Income Before Income Taxes	100,995	3,926
Provision for Income Taxes	22,849	632
Net Income	$ 78,146	$ 3,294
Earnings Per Share:
Basic (in usd per share)	$ 2.40	$ 0.10
Diluted (in usd per share)	$ 2.35	$ 0.10
Product
Cost of Products Sold	$ 156,097

Consolidated Condensed Statem_2

Consolidated Condensed Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 78,146	$ 3,294
Other Comprehensive (Loss) Income:
Foreign Currency Translation Adjustments	(270)	233
Retirement Liability Adjustment – Net of Tax	150	215
Total Other Comprehensive (Loss) Income	(120)	448
Comprehensive Income	$ 78,026	$ 3,742

Consolidated Condensed Statem_3

Consolidated Condensed Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Cash Flows From Operating Activities:
Net Income	$ 78,146	$ 3,294
Adjustments to Reconcile Net Income to Cash Provided By Operating Activities:
Depreciation and Amortization	8,076	9,841
Provisions for Non-Cash Losses on Inventory and Receivables	2,498	564
Equity-based Compensation Expense	1,193	931
Deferred Tax Benefit	(3,398)	(1,128)
Gain on Sale of Business, Before Taxes	(80,133)	0
Other	252	(467)
Cash Flows from Changes in Operating Assets and Liabilities:
Accounts Receivable	(6,414)	(20,868)
Inventories	(5,943)	(18,204)
Accounts Payable	(2,032)	19,418
Accrued Expenses	(9,283)	(3,194)
Other Current Assets and Liabilities	(2,860)	(3,474)
Customer Advanced Payments and Deferred Revenue	4,055	10,482
Income Taxes	26,824	1,303
Supplemental Retirement and Other Liabilities	373	448
Cash Provided By (Used For) Operating Activities	11,354	(1,054)
Cash Flows From Investing Activities:
Proceeds on Sale of Business	103,793	0
Capital Expenditures	(3,474)	(4,346)
Cash Provided By (Used For) Investing Activities	100,319	(4,346)
Cash Flows From Financing Activities:
Proceeds from Long-term Debt	10,000	15,000
Payments for Long-term Debt	(122,026)	(10,705)
Debt Acquisition Costs	0	(516)
Proceeds from Exercise of Stock Options	159	160
Other Financing Activities	(395)	0
Cash (Used For) Provided By Financing Activities	(112,262)	3,939
Effect of Exchange Rates on Cash	(67)	(66)
Decrease in Cash and Cash Equivalents	(656)	(1,527)
Cash and Cash Equivalents at Beginning of Period	16,622	17,914
Cash and Cash Equivalents at End of Period	$ 15,966	$ 16,387

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	COMMON STOCKCommon Class Undefined	COMMON STOCKConvertible Class B Stock	ADDITIONAL PAID IN CAPITAL	ACCUMULATED OTHER COMPREHENSIVE LOSS	RETAINED EARNINGS	TREASURY STOCK
Beginning of Period at Dec. 31, 2017		$ 229	$ 111	$ 67,748	$ (13,352)	$ 325,191	$ (50,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B Shares to Common Shares		2	(2)
Exercise of Stock Options				1,091
Adoption of ASU 2018-02	$ 1,400				(1,373)
Adoption of ASU 2018-02 | Accounting Standards Update 2014-09						1,373
Foreign Currency Translation Adjustments					233
Retirement Liability Adjustment – Net of Tax	215				215
Net Income	3,294					3,294
Purchase of Shares							0
Retirement of Treasury Shares							0
End of Period at Mar. 31, 2018	338,028	$ 231	$ 109	68,839	(14,277)	333,126	$ (50,000)
Beginning of Period (in shares) at Dec. 31, 2017		22,861	11,083				1,675
Increase (Decrease) in Stockholders' Equity (in shares)
Exercise of Stock Options (in shares)		19	34
Conversion of Class B Shares to Common Shares (in shares)		226	(226)
Retirement of Treasury Shares (in shares)			0				0
Number of shares repurchased (in shares)							0
End of Period (in shares) at Mar. 31, 2018		23,106	10,891				1,675
Beginning of Period at Dec. 31, 2018	386,625	$ 260	$ 83	73,044	(13,329)	376,567	$ (50,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of Class B Shares to Common Shares		2	(2)
Exercise of Stock Options				1,352
Foreign Currency Translation Adjustments					(270)
Retirement Liability Adjustment – Net of Tax	150				150
Net Income	78,146					78,146
Purchase of Shares							0
Retirement of Treasury Shares							0
End of Period at Mar. 30, 2019	$ 466,003	$ 262	$ 81	$ 74,396	$ (13,449)	$ 454,713	$ (50,000)
Beginning of Period (in shares) at Dec. 31, 2018		25,978	8,290				1,675
Increase (Decrease) in Stockholders' Equity (in shares)
Exercise of Stock Options (in shares)		21	35
Conversion of Class B Shares to Common Shares (in shares)		179	(179)
Retirement of Treasury Shares (in shares)			0				0
Number of shares repurchased (in shares)							0
End of Period (in shares) at Mar. 30, 2019		26,178	8,146				1,675

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 30, 2019
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 2018 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 12, 2018. 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 March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheet at December 31, 2018 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 (“GAAP”) for complete financial statements. For further information, refer to the financial statements and footnotes thereto included in Astronics Corporation’s 2018 annual report on Form 10-K. Description of the Business Astronics Corporation (“Astronics” or the “Company”) is a leading provider of advanced technologies to the global aerospace, defense and electronics industries. Our products and services include advanced, high-performance electrical power generation, distribution and motion systems, lighting and safety systems, avionics products, systems and certification, aircraft structures 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”); Armstrong Aerospace, Inc. (“Armstrong”); Astronics Test Systems, Inc. (“ATS”); Ballard Technology, Inc. (“Ballard”); Astronics Connectivity Systems and Certification Corp. (“CSC”); Astronics Custom Control Concepts Inc. (“CCC”); Astronics DME LLC (“DME”); Luminescent Systems, Inc. (“LSI”); Luminescent Systems Canada, Inc. (“LSI Canada”); Max-Viz, Inc. (“Max-Viz”); Peco, Inc. (“Peco”); and PGA Electronic s.a. (“PGA”). On February 13, 2019, the Company completed a divestiture of its semiconductor test business within the Test Systems segment. The total proceeds of the divestiture amounted to $103.8 million. The Company recorded a pre-tax gain on the sale of $80.1 million in the first quarter of 2019. The income tax expense relating to the gain is expected to be $21.3 million. 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 $26.7 million and $28.9 million for the three months ended March 30, 2019 and March 31, 2018, 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 March 30, 2019 and March 31, 2018. Foreign Currency Translation The aggregate transaction gain or loss included in operations was insignificant for the three months ended March 30, 2019 and March 31, 2018. Newly Adopted and Recent Accounting Pronouncements During the first quarter of 2018, the Company early-adopted ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows for a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company applied the guidance as of the beginning of the period of adoption and reclassified approximately $1.4 million from accumulated other comprehensive loss to retained earnings due to the change in federal corporate tax rate. In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 required entities to adopt the new standard using a modified retrospective method and initially apply the related guidance at the beginning of the earliest period presented in the financial statements. During July 2018, the FASB issued ASU 2018-11, which allows for an additional and optional transition method under which an entity would record a cumulative-effect adjustment at the beginning of the period of adoption (“cumulative-effect method”). We have adopted this guidance as of January 1, 2019 using the cumulative-effect method. The standard requires lessees to recognize a lease liability and a right-of-use (“ROU”) asset on the balance sheet for operating leases. Accounting for finance leases is substantially unchanged. Prior year financial statements were not recast under the new method. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The implementation of this standard did not have a material effect on our financial statements. As of January 1, 2019, ROU assets of approximately $18.4 million and lease liabilities of approximately $18.5 million were recognized on our balance sheet for our leased office and manufacturing facilities and equipment leases. There was a reclassification to ROU assets of approximately $3.5 million from net property plant and equipment for assets under existing finance leases at the transition date. The standards did not impact the Company's consolidated statements of operations or retained earnings. Refer to Note 9 for additional information. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This standard requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. In November 2018, the FASB issued ASU 2018-19 which clarifies the guidance in ASU 2016-13. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of this ASU. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement . The new standard removes the disclosure requirements for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. We do not expect this ASU to have a significant impact on our consolidated financial statements, as it only includes changes to disclosure requirements. In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The new standard includes updates to the disclosure requirements for defined benefit plans including several additions, deletions and modifications to the disclosure requirements. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU.

Revenue

Revenue	3 Months Ended
	Mar. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue	Revenue ASU 2014-09 was adopted on January 1, 2018 using the modified retrospective method, which required the recognition of the cumulative effect of the transition as an adjustment to retained earnings. We recognized a transition adjustment of $3.3 million, net of tax effects, which increased our January 1, 2018 retained earnings. Revenue is recognized when, or as, the Company transfers control of promised products or services to a customer in an amount that reflects the consideration the Company expects to be entitled in exchange for transferring those products or services. Sales shown on the Company's Condensed Consolidated Statements of Operations are from contracts with customers. Payment terms and conditions vary by contract, although terms generally include a requirement of payment within a range from 30 to 60 days after the performance obligation has been satisfied; or in certain cases, up-front deposits. In circumstances where the timing of revenue recognition differs from the timing of invoicing, the Company has determined that the Company's contracts generally do not include a significant financing component. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from sales. The Company recognizes an asset for the incremental, material costs of obtaining a contract with a customer if the Company expects the benefit of those costs to be longer than one year and the costs are expected to be recovered. These incremental costs include, but are not limited to, sales commissions incurred to obtain a contract with a customer. As of March 30, 2019, the Company does not have material incremental costs on any open contracts with an original expected duration of greater than one year, and therefore such costs are expensed as incurred. 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 anticipated contracts 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. As of March 30, 2019, the Company does not have material capitalized fulfillment costs. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts which are, therefore, not distinct. Promised goods or services that are immaterial in the context of the contract are not separately assessed as performance obligations. Some of our contracts have multiple performance obligations, most commonly due to the contract covering multiple phases of the product lifecycle (development, production, maintenance and support). For contracts with multiple performance obligations, the contract’s transaction price is allocated to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is the expected cost plus margin approach, under which expected costs are forecast to satisfy a performance obligation and then an appropriate margin is added for that distinct good or service. Shipping and handling activities that occur after the customer has obtained control of the good are considered fulfillment activities, not performance obligations. Some of our contracts offer price discounts or free units after a specified volume has been purchased. The Company evaluates these options to determine whether they provide a material right to the customer, representing a separate performance obligation. If the option provides a material right to the customer, revenue is allocated to these rights and recognized when those future goods or services are transferred, or when the option expires. Contract modifications are routine in the performance of our contracts. Contracts are often modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are distinct, and, therefore, are accounted for as new contracts. The aggregate effect of all modifications have been reflected when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price. The vast majority of the Company’s revenue from contracts with customers is recognized at a point in time, when the customer obtains control of the promised product, which is generally upon delivery and acceptance by the customer. These contracts may provide credits or incentives, which may be accounted for as variable consideration. Variable consideration is estimated at the most likely amount to predict the consideration to which the Company will be entitled, and only to the extent it is probable that a subsequent change in estimate will not result in a significant revenue reversal when estimating the amount of revenue to recognize. Variable consideration is treated as a change to the sales transaction price and based on an assessment of all information (i.e., historical, current and forecasted) that is reasonably available to the Company, and estimated at contract inception and updated at the end of each reporting period as additional information becomes available. Most of our contracts do not contain rights to return product; where this right does exist, it is evaluated as possible variable consideration. For contracts that are subject to the requirement to accrue anticipated losses, the company recognizes the entire anticipated loss in the period that the loss becomes probable. For contracts with customers in which the Company satisfies a promise to the customer to provide a product that has no alternative use to the Company and the Company has enforceable rights to payment for progress completed to date inclusive of profit, the Company satisfies the performance obligation and recognizes revenue over time, using costs incurred to date relative to total estimated costs at completion to measure progress toward satisfying our performance obligations. Incurred cost represents work performed, which corresponds with, and thereby best depicts, the transfer of control to the customer. Contract costs include labor, material and overhead. The Company also recognizes revenue from service contracts (including service-type warranties) over time. The Company recognizes revenue over time during the term of the agreement as the customer is simultaneously receiving and consuming the benefits provided throughout the Company’s performance. Therefore, due to control transferring over time, the Company typically recognizes revenue on a straight-line basis throughout the contract period. On March 30, 2019, we had $400.2 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $335.5 million of our remaining performance obligations as revenue in 2019. The Company has not recognized any material amount of revenue from performance obligations that were satisfied or partially satisfied in previous periods. Costs in excess of billings includes unbilled amounts resulting from revenues under contracts with customers that are satisfied over time and when the cost-to-cost measurement method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, and right to payment is not just subject to the passage of time. Amounts may not exceed their net realizable value. Costs in excess of billings are classified as current assets, within Accounts Receivable, Net of Allowance for Doubtful Accounts on our Consolidated Condensed Balance Sheet. Billings in excess of cost includes billings in excess of revenue recognized as well as deferred revenue, which includes advanced payments, up-front payments, and progress billing payments. Billings in excess of cost are classified as current liabilities, reported in our Consolidated Condensed Balance Sheet within Customer Advance Payments and Deferred Revenue. To determine the revenue recognized in the period from the beginning balance of billings in excess of cost, the contract liability as of the beginning of the period is recognized as revenue on a contract-by-contract basis when the Company satisfies the performance obligation related to the individual contract. Once the beginning contract liability balance for an individual contract has been fully recognized as revenue, any additional payments received in the period are recognized as revenue once the related costs have been incurred. We recognized $8.2 million and $3.2 million during the three months ended March 30, 2019 and March 31, 2018, respectively, in revenues that were included in the contract liability balance at the beginning of the year. The Company's contract assets and contract liabilities consist of costs in excess of billings and billings in excess of cost, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities during the three months ended March 30, 2019: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2019 $ 33,030 $ 27,347 Ending Balance, March 30, 2019 $ 38,680 $ 31,329 The following table presents our revenue disaggregated by Market Segments as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Aerospace Segment Commercial Transport $ 141,778 $ 133,050 Military 20,953 14,015 Business Jet 19,837 10,664 Other 5,933 6,871 Aerospace Total 188,501 164,600 Test Systems Segment Semiconductor 3,354 7,060 Aerospace & Defense 16,319 7,399 Test Systems Total 19,673 14,459 Total $ 208,174 $ 179,059 The following table presents our revenue disaggregated by Product Lines as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Aerospace Segment Electrical Power & Motion $ 92,537 $ 72,678 Lighting & Safety 48,605 41,642 Avionics 33,861 33,023 Systems Certification 1,618 4,783 Structures 5,947 5,603 Other 5,933 6,871 Aerospace Total 188,501 164,600 Test Systems 19,673 14,459 Total $ 208,174 $ 179,059

Inventories

Inventories	3 Months Ended
	Mar. 30, 2019
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories are as follows: ( In thousands ) March 30, 2019 December 31, 2018 Finished Goods $ 32,322 $ 33,100 Work in Progress 26,783 27,409 Raw Material 79,985 78,176 $ 139,090 $ 138,685 Additionally, net Inventories of $14,385 are classified in Assets Held for Sale at December 31, 2018. Refer to Note 18.

Property, Plant and Equipment (

Property, Plant and Equipment (Notes)	3 Months Ended
	Mar. 30, 2019
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, Plant and Equipment Property, Plant and Equipment are as follows: (In thousands) March 30, 2019 December 31, 2018 Land $ 11,172 $ 11,191 Buildings and Improvements 75,710 83,812 Machinery and Equipment 107,101 106,327 Construction in Progress 8,563 6,404 202,546 207,734 Less Accumulated Depreciation 85,239 86,872 $ 117,307 $ 120,862 Additionally, net Property, Plant and Equipment of $3,521 are classified in Assets Held for Sale at December 31, 2018. Refer to Note 18.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets The following table summarizes acquired intangible assets as follows: March 30, 2019 December 31, 2018 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 1,738 $ 2,146 $ 1,716 Non-compete Agreement 4 years 10,900 5,429 10,900 4,680 Trade Names 10 years 11,438 5,449 11,454 5,182 Completed and Unpatented Technology 10 years 36,378 15,897 36,406 14,964 Customer Relationships 15 years 136,845 40,061 136,894 37,875 Total Intangible Assets 13 years $ 197,707 $ 68,574 $ 197,800 $ 64,417 Additionally, net Intangible Assets of $651 are classified in Assets Held for Sale at December 31, 2018. Refer to Note 18. 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) March 30, 2019 March 31, 2018 Amortization Expense $ 4,224 $ 6,001 Amortization expense for acquired intangible assets expected for 2019 and for each of the next five years is summarized as follows: (In thousands) 2019 $ 16,616 2020 15,903 2021 13,993 2022 13,569 2023 12,402 2024 10,931

Goodwill

Goodwill	3 Months Ended
	Mar. 30, 2019
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 March 30, 2019: (In thousands) December 31, 2018 Foreign Currency Translation March 30, 2019 Aerospace $ 124,952 $ (98) $ 124,854 Test Systems — — — $ 124,952 $ (98) $ 124,854

Long-Term Debt and Notes Payabl

Long-Term Debt and Notes Payable	3 Months Ended
	Mar. 30, 2019
Debt Disclosure [Abstract]
Long-term Debt and Notes Payable	Long-term Debt and Notes Payable The Company's Fourth Amended and Restated Credit Agreement (the “Original Facility”) provided for a $350 million revolving credit line with the option to increase the line by up to $150 million. The maturity date of the Original Facility was January 13, 2021. On February 16, 2018, the Company modified and extended the Original Facility by entering into the Fifth Amended and Restated Credit Agreement (the “Agreement”), which provides for a $500 million revolving credit line with the option to increase the line by up to $150 million. A new lender was added to the facility as well. The outstanding balance of the Original Facility was rolled into the Agreement on the date of closing. The maturity date of the loans under the Agreement is February 16, 2023. At March 30, 2019, there was $115.0 million outstanding on the revolving credit facility and there remains $383.9 million available, net of outstanding letters of credit. The credit facility allocates up to $20 million of the $500 million revolving credit line for the issuance of letters of credit, including certain existing letters of credit. At March 30, 2019, 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 3.75 to 1, increasing to 4.50 to 1 for up to four fiscal quarters following the closing of an acquisition permitted under the Agreement, subject to limitations. The Company is in compliance with its financial covenant at March 30, 2019. 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 1.00% and 1.50% based upon the Company’s leverage ratio. The Company will also pay a commitment fee to the Lenders in an amount equal to between 0.10% and 0.20% on the undrawn portion of the credit facility, based upon the Company’s leverage ratio. 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. In the event of voluntary or involuntary bankruptcy of the Company or any subsidiary, all unpaid principal and other amounts owing under the Credit 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
	Mar. 30, 2019
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) March 30, 2019 March 31, 2018 Balance at Beginning of Period $ 5,027 $ 5,136 Warranties Divested in Sale of Business (123) — Warranties Issued 529 567 Warranties Settled (588) (640) Reassessed Warranty Exposure (16) 52 Balance at End of Period $ 4,829 $ 5,115

Leases

Leases	3 Months Ended
	Mar. 30, 2019
Leases [Abstract]
Leases	LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. At inception of arrangements with vendors, the Company determines whether the contract is or contains a lease based on each party’s rights and obligations under the arrangement. At inception, any new additional operating lease liabilities and corresponding ROU assets are based on the present value of the remaining minimum rental payments. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combined lease and non-lease components for all lease contracts. For our real estate leases, the remaining fixed minimum rental payments used in the calculation of the new lease liability, include fixed payments and variable payments (if the variable payments are based on an index), over the remaining lease term. While we do have real estate leases with options to purchase the facility at a market value at the date of exercise, these are not included in the calculation of the lease liability, as these options are not expected to be exercised as of the January 1, 2019 transition date. The present value of the Company’s lease liability was calculated using a weighted-average incremental borrowing rate of 3.7%. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution as of the transition date. As of March 30, 2019, the Company recognized an operating right-of-use asset and lease liability of approximately $22.9 million and $23.1 million, respectively. The Company's operating lease liability increased approximately $5.5 million as a result of acquiring right-of-use-assets from new leases entered into during the three months ended March 30, 2019. As of March 30, 2019, the Company recognized a financing right-of-use asset and lease liability of approximately $3.2 million and $6.1 million, respectively. The right-of-use asset is included within Other assets in the Consolidated Condensed Balance Sheets, while the lease liability is included within Other current liabilities and Other liabilities, as appropriate. As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and right-of-use asset. Furthermore, as permitted by ASC 842, the Company elected to apply the package of practical expedients, which allows companies not to reassess: (a) whether its expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases, and (c) initial direct costs for any existing leases. The following is a summary of the Company's total lease costs: Three months ended (In thousands) March 30, 2019 Finance Lease Cost: Amortization of Right-of-use Assets $ 255 Interest on Lease Liabilities 86 Total Finance Lease Cost 341 Operating Lease Cost 1,205 Variable Lease Cost 370 Short-term Lease Cost (excluding month-to-month) 47 Less Sublease and Rental Income (212) Total Operating Lease Cost $ 1,410 Total Net Lease Cost $ 1,751 The following is a summary of cash paid for amounts included in the measurement of lease liabilities: Three months ended (In thousands) March 30, 2019 Operating Cash Flows Used for Finance Leases $ 341 Operating Cash Flows Used for Operating Leases $ 1,005 Financing Cash Flows Used for Finance Leases $ 395 The weighted-average remaining term for the Company's operating and financing leases are approximately 8 years and 3 years, respectively. The following is a summary of the Company's maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2019 $ 3,467 $ 1,563 2020 3,951 2,128 2021 3,632 2,180 2022 3,233 743 2023 2,618 — Thereafter 10,037 — Total Lease Payments $ 26,938 $ 6,614 Less: Interest 3,822 532 Total Lease Liability $ 23,116 $ 6,082
Leases	LeasesThe Company has operating and finance leases for leased office and manufacturing facilities and equipment leases. At inception of arrangements with vendors, the Company determines whether the contract is or contains a lease based on each party’s rights and obligations under the arrangement. At inception, any new additional operating lease liabilities and corresponding ROU assets are based on the present value of the remaining minimum rental payments. If the lease arrangement also contains non-lease components, the Company elected the practical expedient not to separate any combined lease and non-lease components for all lease contracts. For our real estate leases, the remaining fixed minimum rental payments used in the calculation of the new lease liability, include fixed payments and variable payments (if the variable payments are based on an index), over the remaining lease term. While we do have real estate leases with options to purchase the facility at a market value at the date of exercise, these are not included in the calculation of the lease liability, as these options are not expected to be exercised as of the January 1, 2019 transition date. The present value of the Company’s lease liability was calculated using a weighted-average incremental borrowing rate of 3.7%. In determining the incremental borrowing rate, we have considered borrowing data for secured debt obtained from our lending institution as of the transition date. As of March 30, 2019, the Company recognized an operating right-of-use asset and lease liability of approximately $22.9 million and $23.1 million, respectively. The Company's operating lease liability increased approximately $5.5 million as a result of acquiring right-of-use-assets from new leases entered into during the three months ended March 30, 2019. As of March 30, 2019, the Company recognized a financing right-of-use asset and lease liability of approximately $3.2 million and $6.1 million, respectively. The right-of-use asset is included within Other assets in the Consolidated Condensed Balance Sheets, while the lease liability is included within Other current liabilities and Other liabilities, as appropriate. As permitted by ASC 842, leases with expected durations of less than 12 months from inception (i.e. short-term leases) were excluded from the Company’s calculation of its lease liability and right-of-use asset. Furthermore, as permitted by ASC 842, the Company elected to apply the package of practical expedients, which allows companies not to reassess: (a) whether its expired or existing contracts are or contain leases, (b) the lease classification for any expired or existing leases, and (c) initial direct costs for any existing leases. The following is a summary of the Company's total lease costs: Three months ended (In thousands) March 30, 2019 Finance Lease Cost: Amortization of Right-of-use Assets $ 255 Interest on Lease Liabilities 86 Total Finance Lease Cost 341 Operating Lease Cost 1,205 Variable Lease Cost 370 Short-term Lease Cost (excluding month-to-month) 47 Less Sublease and Rental Income (212) Total Operating Lease Cost $ 1,410 Total Net Lease Cost $ 1,751 The following is a summary of cash paid for amounts included in the measurement of lease liabilities: Three months ended (In thousands) March 30, 2019 Operating Cash Flows Used for Finance Leases $ 341 Operating Cash Flows Used for Operating Leases $ 1,005 Financing Cash Flows Used for Finance Leases $ 395 The weighted-average remaining term for the Company's operating and financing leases are approximately 8 years and 3 years, respectively. The following is a summary of the Company's maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2019 $ 3,467 $ 1,563 2020 3,951 2,128 2021 3,632 2,180 2022 3,233 743 2023 2,618 — Thereafter 10,037 — Total Lease Payments $ 26,938 $ 6,614 Less: Interest 3,822 532 Total Lease Liability $ 23,116 $ 6,082

Income Taxes

Income Taxes	3 Months Ended
	Mar. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe effective tax rates were approximately 22.6% and 16.1% for the three months ended March 30, 2019 and March 31, 2018, respectively. The 2019 tax rate was unfavorably impacted by state income taxes, which was partially offset by the federal research and development tax credit.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 30, 2019
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) March 30, 2019 March 31, 2018 Weighted Average Shares - Basic 32,619 32,282 Net Effect of Dilutive Stock Options 595 732 Weighted Average Shares - Diluted 33,214 33,014 The above prior-year information has been adjusted to reflect the impact of the three-for-twenty Class B stock distribution to shareholders of record on October 12, 2018. 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 was approximately 154,000 shares as of March 30, 2019 and insignificant as of March 31, 2018.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share Buyback Program 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 allowed 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 Company has repurchased approximately 1,675,000 shares and has completed that program. On December 12, 2017, the Company’s Board of Directors authorized an additional repurchase of up to $50 million. No amounts have been repurchased under the new program as of March 30, 2019. Comprehensive Income (Loss) and Accumulated Other Comprehensive Income (Loss) The components of accumulated other comprehensive loss are as follows: (In thousands) March 30, 2019 December 31, 2018 Foreign Currency Translation Adjustments $ (7,426) $ (7,156) Retirement Liability Adjustment – Before Tax (7,628) (7,814) Tax Benefit of Retirement Liability Adjustment 1,605 1,641 Retirement Liability Adjustment – After Tax (6,023) (6,173) Accumulated Other Comprehensive Loss $ (13,449) $ (13,329) The components of other comprehensive (loss) income are as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Foreign Currency Translation Adjustments $ (270) $ 233 Retirement Liability Adjustments: Reclassifications to General and Administrative Expense: Amortization of Prior Service Cost 101 101 Amortization of Net Actuarial Losses 85 172 Tax Benefit (36) (58) Retirement Liability Adjustment 150 215 Other Comprehensive (Loss) Income $ (120) $ 448

Supplemental Retirement Plan an

Supplemental Retirement Plan and Related Post Retirement Benefits	3 Months Ended
	Mar. 30, 2019
Retirement Benefits [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) March 30, 2019 March 31, 2018 Service Cost $ 45 $ 50 Interest Cost 229 225 Amortization of Prior Service Cost 97 97 Amortization of Net Actuarial Losses 75 157 Net Periodic Cost $ 446 $ 529 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) March 30, 2019 March 31, 2018 Service Cost $ 3 $ 4 Interest Cost 12 11 Amortization of Prior Service Cost 4 4 Amortization of Net Actuarial Losses 10 15 Net Periodic Cost $ 29 $ 34

Sales to Major Customers

Sales to Major Customers	3 Months Ended
	Mar. 30, 2019
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 either of these customers would significantly, negatively impact our sales and earnings. Sales to these two customers represented 14% and 13% of consolidated sales for the three months ended March 30, 2019. Sales to these customers were in the Aerospace and Test Systems segments. Accounts receivable from these customers at March 30, 2019 was approximately $43.4 million. Sales to these two customers represented 16% and 20% of consolidated sales for the three months ended March 31, 2018.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 30, 2019
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 that infringes upon a German patent held by Lufthansa. Lufthansa sought an order requiring AES to stop selling and marketing the allegedly infringing power supply system, a recall of allegedly infringing products sold to commercial customers in Germany since November 26, 2003, and compensation for damages related to direct sales of the allegedly infringing power supply system in Germany (referred to as “direct sales”). The claim does not specify an estimate of damages and a related damages claim is being pursued by Lufthansa in separate court proceedings in an action filed in July 2017, as further discussed below. In February 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 that 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 required AES to provide certain financial information regarding direct sales of the infringing product in Germany to enable Lufthansa to make an estimate of requested damages. The Company appealed to the Higher Regional Court of Karlsruhe. On November 15, 2016, the Court issued its ruling and upheld the lower court’s decision. The Company submitted a petition to grant AES leave for appeal to the German Federal Supreme Court. On April 18, 2018, the German Federal Supreme Court granted Astronics’ petition in part, namely with respect to the part concerning the amount of damages. On January 8, 2019, Federal Supreme Court held the hearing on the appeal. By judgment of March 26, 2019 the Federal Supreme Court dismissed AES's appeal. With this decision, the above-mentioned proceedings are complete. In July 2017, Lufthansa filed an action in the Regional State Court of Mannheim for payment of damages caused by the alleged patent infringement of AES, related to direct sales of the allegedly infringing product in Germany (associated with the original December 2010 action discussed above). In this action, which was served on AES on April 11, 2018, Lufthansa claims payment of approximately $6.2 million plus interest. According to AES's assessment, this claim is significantly higher than justified. We estimate AES’s potential exposure to be approximately $1 million to $3 million, and recorded a reserve in 2018 of $1 million associated with this matter. An oral hearing has been scheduled for September 13, 2019. A first instance decision is in this matter is expected in late 2019 or early 2020. On December 29, 2017, Lufthansa filed another infringement action against AES in the Regional State Court of Mannheim claiming that sales by AES to its international customers have infringed Lufthansa's patent if AES's customers later shipped the products to Germany (referred to as "indirect sales"). This action, therefore, addresses sales other than those covered by the action filed on December 29, 2010, discussed above. In this action, served on April 11, 2018, Lufthansa seeks an injunction, an order obliging AES to provide information and accounting and a finding that AES owes damages for the attacked indirect sales. AES will vigorously defend against the action. No amount of claimed damages has been specified by Lufthansa and such amount is not quantifiable at this time. An oral hearing in this matter has been scheduled for September 13, 2019. A first instance decision is in this matter is expected in late 2019 or early 2020. 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 March 30, 2019. In December 2017, Lufthansa filed patent infringement cases in the United Kingdom and in France against AES. The Lufthansa patent expired in May 2018. In those cases, Lufthansa accuses AES of having manufactured, used, sold and offered for sale a power supply system, and offered and supplied parts for a power supply system, that infringed upon a Lufthansa patent in those respective countries. As loss exposure is neither probable nor estimable at this time, the Company has not recorded any liability with respect to these matters as of March 30, 2019. On November 26, 2014, Lufthansa filed a complaint in the United States District for the Western District of Washington. Lufthansa’s complaint in that action alleges that AES manufactures, uses, sells and offers for sale a power supply system that 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 filed a motion for summary judgment on the grounds that the Court’s ruling that the patent is indefinite renders the patent invalid and unenforceable. On July 20, 2016, the U.S. District Court granted the motion for summary judgment and issued an order dismissing all claims against AES with prejudice. Lufthansa appealed the District Court's decision to the United States Court of Appeals for the Federal Circuit. On October 19, 2017, the Federal Circuit affirmed the district court’s decision, holding that the sole independent claim of the patent is indefinite, rending all claims on the patent indefinite. Lufthansa did not file a petition for en banc rehearing or petition the U.S. Supreme Court for a writ of certiorari. Therefore, there is no longer a risk of exposure from that lawsuit.

Segment Information

Segment Information	3 Months Ended
	Mar. 30, 2019
Segment Reporting [Abstract]
Segment Information	Segment Information Below are the sales and operating profit by segment for the three months ended March 30, 2019 and March 31, 2018 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 (In thousands) March 30, 2019 March 31, 2018 Sales Aerospace $ 188,501 $ 164,600 Test Systems 19,724 14,459 Less Intersegment Sales (51) — Total Test Systems Sales 19,673 14,459 Total Consolidated Sales $ 208,174 $ 179,059 Operating Profit and Margins Aerospace $ 25,768 $ 13,115 13.7 % 8.0 % Test Systems 2,185 (1,929) 11.1 % (13.3) % Total Operating Profit 27,953 11,186 13.4 % 6.2 % Additions/Deductions from Operating Profit Gain on Sale of Business 80,133 — Interest Expense, Net of Interest Income 1,804 2,331 Corporate Expenses and Other 5,287 4,929 Income Before Income Taxes $ 100,995 $ 3,926 Total Assets: (In thousands) March 30, 2019 December 31, 2018 Aerospace $ 674,247 $ 647,870 Test Systems 73,519 97,056 Corporate 32,755 29,714 Total Assets $ 780,521 $ 774,640

Fair Value

Fair Value	3 Months Ended
	Mar. 30, 2019
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. There were no financial assets or liabilities carried at fair value measured on a recurring basis at December 31, 2018 or March 30, 2019. 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 March 30, 2019, the Company concluded that no indicators of impairment relating to intangible assets or goodwill existed and an interim test was not performed.

Divestiture Activities

Divestiture Activities	3 Months Ended
	Mar. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Divestiture Activities	Divestiture ActivitiesAs of December 31, 2018, the Company’s Board of Directors approved a plan to sell the semiconductor test business within the Test Systems segment. Accordingly, the assets and liabilities associated with these operations had been classified as held for sale in the consolidated Balance Sheet at December 31, 2018. The carrying value of the disposal group was lower than its fair value, less costs to sell, and accordingly, no impairment loss was required at December 31, 2018. The following is a summary of the assets and liabilities held for sale as of December 31, 2018: (In thousands) December 31, 2018 Assets Held for Sale Inventories $ 14,385 Prepaid Expenses and Other Current Assets 87 Net Property, Plant and Equipment 3,521 Other Assets 714 Intangible Assets, Net of Accumulated Amortization 651 Total Assets Held for Sale $ 19,358 Liabilities Held for Sale Deferred Income Taxes $ 906 On February 13, 2019, the Company completed the divestiture. The total proceeds of the divestiture amounted to $103.8 million. The Company recorded a pre-tax gain on the sale of $80.1 million in the first quarter of 2019. The income tax expense relating to the gain is expected to be $21.3 million. The transaction also included two elements of contingent earnouts. The “First Earnout” is calculated based on a multiple of all future sales of existing and certain future derivative products to existing and future customers in each annual period from 2019 through 2022. The First Earnout may not exceed $35.0 million in total. The “Second Earnout” is calculated based on a multiple of future sales related to an existing product and program with an existing customer exceeding an annual threshold for each annual period from 2019 through 2022. The Second Earnout is not capped. For the Second Earnout, if the applicable sales in an annual period do not exceed the annual threshold, no amounts will be paid relative to such annual period; the sales in such annual period do not carry over to the next annual period. Due to the degree of uncertainty associated with estimating the future sales levels of the divested business and its underlying programs, and the lack of reliable predictive market information, the Company will recognize such earnout proceeds, if received, as additional gain on sale when such proceeds are realized or realizable.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsDuring the second quarter of 2019, the Company initiated restructuring activities at certain of its locations. Associated severance charges of $0.2 million and $2.0 million will be recorded in the quarter ended June 29, 2019 in Aerospace and Test Systems segments, respectively.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 30, 2019
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 2018 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 12, 2018.
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 March 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. The balance sheet at December 31, 2018 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 (“GAAP”) for complete financial statements.
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 ExpensesCost 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.
Selling, General and Administrative Expenses	Selling, general and administrative expenses include costs primarily related to our sales and marketing departments and administrative departments.
Foreign Currency Translation	Foreign Currency Translation The aggregate transaction gain or loss included in operations was insignificant for the three months ended March 30, 2019 and March 31, 2018.
Newly Adopted and Recent Accounting Pronouncements	Newly Adopted and Recent Accounting Pronouncements During the first quarter of 2018, the Company early-adopted ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income , which allows for a reclassification from accumulated other comprehensive income (loss) to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company applied the guidance as of the beginning of the period of adoption and reclassified approximately $1.4 million from accumulated other comprehensive loss to retained earnings due to the change in federal corporate tax rate. In February 2016, the FASB issued ASU No. 2016-02, Leases . ASU 2016-02 required entities to adopt the new standard using a modified retrospective method and initially apply the related guidance at the beginning of the earliest period presented in the financial statements. During July 2018, the FASB issued ASU 2018-11, which allows for an additional and optional transition method under which an entity would record a cumulative-effect adjustment at the beginning of the period of adoption (“cumulative-effect method”). We have adopted this guidance as of January 1, 2019 using the cumulative-effect method. The standard requires lessees to recognize a lease liability and a right-of-use (“ROU”) asset on the balance sheet for operating leases. Accounting for finance leases is substantially unchanged. Prior year financial statements were not recast under the new method. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carryforward our historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. The implementation of this standard did not have a material effect on our financial statements. As of January 1, 2019, ROU assets of approximately $18.4 million and lease liabilities of approximately $18.5 million were recognized on our balance sheet for our leased office and manufacturing facilities and equipment leases. There was a reclassification to ROU assets of approximately $3.5 million from net property plant and equipment for assets under existing finance leases at the transition date. The standards did not impact the Company's consolidated statements of operations or retained earnings. Refer to Note 9 for additional information. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . This standard requires that an entity measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses. In November 2018, the FASB issued ASU 2018-19 which clarifies the guidance in ASU 2016-13. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. We are currently evaluating the impact of this ASU. In August 2018, the FASB issued ASU 2018-13, Changes to the Disclosure Requirements for Fair Value Measurement . The new standard removes the disclosure requirements for the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted. We do not expect this ASU to have a significant impact on our consolidated financial statements, as it only includes changes to disclosure requirements. In August 2018, the FASB issued ASU 2018-14, Changes to the Disclosure Requirements for Defined Benefit Plans. The new standard includes updates to the disclosure requirements for defined benefit plans including several additions, deletions and modifications to the disclosure requirements. The provisions of this ASU are effective for years beginning after December 15, 2020, with early adoption permitted. We are currently evaluating the impact of this ASU.
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.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 30, 2019
Revenue from Contract with Customer [Abstract]
Summary of Contract Assets and Liabilities	The following table presents the beginning and ending balances of contract assets and contract liabilities during the three months ended March 30, 2019: (In thousands) Contract Assets Contract Liabilities Beginning Balance, January 1, 2019 $ 33,030 $ 27,347 Ending Balance, March 30, 2019 $ 38,680 $ 31,329
Disaggregation of Revenue	The following table presents our revenue disaggregated by Market Segments as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Aerospace Segment Commercial Transport $ 141,778 $ 133,050 Military 20,953 14,015 Business Jet 19,837 10,664 Other 5,933 6,871 Aerospace Total 188,501 164,600 Test Systems Segment Semiconductor 3,354 7,060 Aerospace & Defense 16,319 7,399 Test Systems Total 19,673 14,459 Total $ 208,174 $ 179,059 The following table presents our revenue disaggregated by Product Lines as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Aerospace Segment Electrical Power & Motion $ 92,537 $ 72,678 Lighting & Safety 48,605 41,642 Avionics 33,861 33,023 Systems Certification 1,618 4,783 Structures 5,947 5,603 Other 5,933 6,871 Aerospace Total 188,501 164,600 Test Systems 19,673 14,459 Total $ 208,174 $ 179,059

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 30, 2019
Inventory Disclosure [Abstract]
Summary of Inventories	Inventories are as follows: ( In thousands ) March 30, 2019 December 31, 2018 Finished Goods $ 32,322 $ 33,100 Work in Progress 26,783 27,409 Raw Material 79,985 78,176 $ 139,090 $ 138,685

Property, Plant and Equipment_2

Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 30, 2019
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, Plant and Equipment are as follows: (In thousands) March 30, 2019 December 31, 2018 Land $ 11,172 $ 11,191 Buildings and Improvements 75,710 83,812 Machinery and Equipment 107,101 106,327 Construction in Progress 8,563 6,404 202,546 207,734 Less Accumulated Depreciation 85,239 86,872 $ 117,307 $ 120,862

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Acquired Intangible Assets	The following table summarizes acquired intangible assets as follows: March 30, 2019 December 31, 2018 (In thousands) Weighted Average Life Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Patents 11 years $ 2,146 $ 1,738 $ 2,146 $ 1,716 Non-compete Agreement 4 years 10,900 5,429 10,900 4,680 Trade Names 10 years 11,438 5,449 11,454 5,182 Completed and Unpatented Technology 10 years 36,378 15,897 36,406 14,964 Customer Relationships 15 years 136,845 40,061 136,894 37,875 Total Intangible Assets 13 years $ 197,707 $ 68,574 $ 197,800 $ 64,417
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) March 30, 2019 March 31, 2018 Amortization Expense $ 4,224 $ 6,001
Summary of Amortization Expense for Intangible Assets for Each of Next Five Years	Amortization expense for acquired intangible assets expected for 2019 and for each of the next five years is summarized as follows: (In thousands) 2019 $ 16,616 2020 15,903 2021 13,993 2022 13,569 2023 12,402 2024 10,931

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 30, 2019
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 March 30, 2019: (In thousands) December 31, 2018 Foreign Currency Translation March 30, 2019 Aerospace $ 124,952 $ (98) $ 124,854 Test Systems — — — $ 124,952 $ (98) $ 124,854

Product Warranties (Tables)

Product Warranties (Tables)	3 Months Ended
	Mar. 30, 2019
Product Warranties Disclosures [Abstract]
Summary of Activity in Warranty Accrual	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) March 30, 2019 March 31, 2018 Balance at Beginning of Period $ 5,027 $ 5,136 Warranties Divested in Sale of Business (123) — Warranties Issued 529 567 Warranties Settled (588) (640) Reassessed Warranty Exposure (16) 52 Balance at End of Period $ 4,829 $ 5,115

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 30, 2019
Leases [Abstract]
Summary of Lease Costs and Cash Paid	The following is a summary of the Company's total lease costs: Three months ended (In thousands) March 30, 2019 Finance Lease Cost: Amortization of Right-of-use Assets $ 255 Interest on Lease Liabilities 86 Total Finance Lease Cost 341 Operating Lease Cost 1,205 Variable Lease Cost 370 Short-term Lease Cost (excluding month-to-month) 47 Less Sublease and Rental Income (212) Total Operating Lease Cost $ 1,410 Total Net Lease Cost $ 1,751 The following is a summary of cash paid for amounts included in the measurement of lease liabilities: Three months ended (In thousands) March 30, 2019 Operating Cash Flows Used for Finance Leases $ 341 Operating Cash Flows Used for Operating Leases $ 1,005 Financing Cash Flows Used for Finance Leases $ 395
Summary of Maturity of Lease Liabilities, Operating Leases	The following is a summary of the Company's maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2019 $ 3,467 $ 1,563 2020 3,951 2,128 2021 3,632 2,180 2022 3,233 743 2023 2,618 — Thereafter 10,037 — Total Lease Payments $ 26,938 $ 6,614 Less: Interest 3,822 532 Total Lease Liability $ 23,116 $ 6,082
Summary of Maturity of Lease Liabilities, Financing Leases	The following is a summary of the Company's maturity of lease liabilities: (In thousands) Operating Leases Financing Leases 2019 $ 3,467 $ 1,563 2020 3,951 2,128 2021 3,632 2,180 2022 3,233 743 2023 2,618 — Thereafter 10,037 — Total Lease Payments $ 26,938 $ 6,614 Less: Interest 3,822 532 Total Lease Liability $ 23,116 $ 6,082

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 30, 2019
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) March 30, 2019 March 31, 2018 Weighted Average Shares - Basic 32,619 32,282 Net Effect of Dilutive Stock Options 595 732 Weighted Average Shares - Diluted 33,214 33,014

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 30, 2019
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss are as follows: (In thousands) March 30, 2019 December 31, 2018 Foreign Currency Translation Adjustments $ (7,426) $ (7,156) Retirement Liability Adjustment – Before Tax (7,628) (7,814) Tax Benefit of Retirement Liability Adjustment 1,605 1,641 Retirement Liability Adjustment – After Tax (6,023) (6,173) Accumulated Other Comprehensive Loss $ (13,449) $ (13,329)
Components of Other Comprehensive Income	The components of other comprehensive (loss) income are as follows: Three Months Ended (In thousands) March 30, 2019 March 31, 2018 Foreign Currency Translation Adjustments $ (270) $ 233 Retirement Liability Adjustments: Reclassifications to General and Administrative Expense: Amortization of Prior Service Cost 101 101 Amortization of Net Actuarial Losses 85 172 Tax Benefit (36) (58) Retirement Liability Adjustment 150 215 Other Comprehensive (Loss) Income $ (120) $ 448

Supplemental Retirement Plan _2

Supplemental Retirement Plan and Related Post Retirement Benefits (Tables)	3 Months Ended
	Mar. 30, 2019
Retirement Benefits [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) March 30, 2019 March 31, 2018 Service Cost $ 45 $ 50 Interest Cost 229 225 Amortization of Prior Service Cost 97 97 Amortization of Net Actuarial Losses 75 157 Net Periodic Cost $ 446 $ 529 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) March 30, 2019 March 31, 2018 Service Cost $ 3 $ 4 Interest Cost 12 11 Amortization of Prior Service Cost 4 4 Amortization of Net Actuarial Losses 10 15 Net Periodic Cost $ 29 $ 34

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 30, 2019
Segment Reporting [Abstract]
Summary of Segment Reporting Information	Below are the sales and operating profit by segment for the three months ended March 30, 2019 and March 31, 2018 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 (In thousands) March 30, 2019 March 31, 2018 Sales Aerospace $ 188,501 $ 164,600 Test Systems 19,724 14,459 Less Intersegment Sales (51) — Total Test Systems Sales 19,673 14,459 Total Consolidated Sales $ 208,174 $ 179,059 Operating Profit and Margins Aerospace $ 25,768 $ 13,115 13.7 % 8.0 % Test Systems 2,185 (1,929) 11.1 % (13.3) % Total Operating Profit 27,953 11,186 13.4 % 6.2 % Additions/Deductions from Operating Profit Gain on Sale of Business 80,133 — Interest Expense, Net of Interest Income 1,804 2,331 Corporate Expenses and Other 5,287 4,929 Income Before Income Taxes $ 100,995 $ 3,926 Total Assets: (In thousands) March 30, 2019 December 31, 2018 Aerospace $ 674,247 $ 647,870 Test Systems 73,519 97,056 Corporate 32,755 29,714 Total Assets $ 780,521 $ 774,640

Divestiture Activities (Tables)

Divestiture Activities (Tables)	3 Months Ended
	Mar. 30, 2019
Discontinued Operations and Disposal Groups [Abstract]
Summary of assets and liabilities held for sale	The following is a summary of the assets and liabilities held for sale as of December 31, 2018: (In thousands) December 31, 2018 Assets Held for Sale Inventories $ 14,385 Prepaid Expenses and Other Current Assets 87 Net Property, Plant and Equipment 3,521 Other Assets 714 Intangible Assets, Net of Accumulated Amortization 651 Total Assets Held for Sale $ 19,358 Liabilities Held for Sale Deferred Income Taxes $ 906

Basis of Presentation (Details)

Basis of Presentation (Details) $ in Thousands	Feb. 13, 2019USD ($)	Oct. 12, 2018	Mar. 30, 2019USD ($)	Mar. 31, 2018USD ($)	Jan. 01, 2019USD ($)	Dec. 31, 2018USD ($)
Business Acquisition [Line Items]
Research and development, design and related engineering			$ 26,700	$ 28,900
Adoption of ASU 2018-02				$ 1,400
Right-of-use assets			22,900
Lease liability			23,116
Property, plant and equipment, net			(117,307)			$ (120,862)
Accounting Standards Update 2016-02
Business Acquisition [Line Items]
Right-of-use assets					$ 18,400
Lease liability					18,500
Accounting Standards Update 2016-02 | Reclassification
Business Acquisition [Line Items]
Property, plant and equipment, net					$ 3,500
Convertible Class B Stock
Business Acquisition [Line Items]
Stock split ratio, common stock		0.15
Divestiture by Sale | Test Systems Segment
Business Acquisition [Line Items]
Total cash proceeds of divesture	$ 103,800
Gain on sale, net of tax			80,100
Income taxes from divesture			$ 21,300

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Jan. 01, 2019
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Contract Liabilities	$ 31,329		$ 27,347
Revenue recognized included in contract liability balance	$ 8,200	$ 3,200
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-09-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Period of recognition	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 335,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 400,200

Revenue - Cumulative Effect of

Revenue - Cumulative Effect of Changes (Details) $ in Thousands	Jan. 01, 2018USD ($)
Accounting Standards Update 2014-09 | RETAINED EARNINGS
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Transition adjustment	$ 3,268

Revenue - Summary of Contract A

Revenue - Summary of Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Jan. 01, 2019
Revenue from Contract with Customer [Abstract]
Contract Assets	$ 38,680	$ 33,030
Contract Liabilities	$ 31,329	$ 27,347

Revenue - Revenue Disaggregated

Revenue - Revenue Disaggregated by Market (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Sales	$ 208,174	$ 179,059
Commercial Transport
Disaggregation of Revenue [Line Items]
Sales	141,778	133,050
Military
Disaggregation of Revenue [Line Items]
Sales	20,953	14,015
Business Jet
Disaggregation of Revenue [Line Items]
Sales	19,837	10,664
Other
Disaggregation of Revenue [Line Items]
Sales	5,933	6,871
Aerospace Segment
Disaggregation of Revenue [Line Items]
Sales	188,501	164,600
Semiconductor
Disaggregation of Revenue [Line Items]
Sales	3,354	7,060
Aerospace & Defense
Disaggregation of Revenue [Line Items]
Sales	16,319	7,399
Test Systems Segment
Disaggregation of Revenue [Line Items]
Sales	$ 19,673	$ 14,459

Revenue - Disaggregated by Prod

Revenue - Disaggregated by Product Lines (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Sales	$ 208,174	$ 179,059
Aerospace Segment
Disaggregation of Revenue [Line Items]
Sales	188,501	164,600
Test Systems Segment
Disaggregation of Revenue [Line Items]
Sales	19,673	14,459
Electrical Power & Motion
Disaggregation of Revenue [Line Items]
Sales	92,537	72,678
Lighting & Safety
Disaggregation of Revenue [Line Items]
Sales	48,605	41,642
Avionics
Disaggregation of Revenue [Line Items]
Sales	33,861	33,023
Systems Certification
Disaggregation of Revenue [Line Items]
Sales	1,618	4,783
Structures
Disaggregation of Revenue [Line Items]
Sales	5,947	5,603
Other
Disaggregation of Revenue [Line Items]
Sales	$ 5,933	$ 6,871

Inventories - Summary of Invent

Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Inventory Disclosure [Abstract]
Finished Goods	$ 32,322	$ 33,100
Work in Progress	26,783	27,409
Raw Material	79,985	78,176
Inventory, net	$ 139,090	$ 138,685

Property, Plant and Equipment -

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment
Property, plant and equipment, gross	$ 202,546	$ 207,734
Less Accumulated Depreciation	85,239	86,872
Property, plant and equipment, net	117,307	120,862
Land
Property, Plant and Equipment
Property, plant and equipment, gross	11,172	11,191
Buildings and Improvements
Property, Plant and Equipment
Property, plant and equipment, gross	75,710	83,812
Machinery and Equipment
Property, Plant and Equipment
Property, plant and equipment, gross	107,101	106,327
Construction in Progress
Property, Plant and Equipment
Property, plant and equipment, gross	$ 8,563	$ 6,404

Intangible Assets - Summary of

Intangible Assets - Summary of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets
WeightedAverage Life	13 years
Gross Carrying Amount	$ 197,707	$ 197,800
Accumulated Amortization	$ 68,574	64,417
Patents
Finite-Lived Intangible Assets
WeightedAverage Life	11 years
Gross Carrying Amount	$ 2,146	2,146
Accumulated Amortization	$ 1,738	1,716
Non-compete Agreement
Finite-Lived Intangible Assets
WeightedAverage Life	4 years
Gross Carrying Amount	$ 10,900	10,900
Accumulated Amortization	$ 5,429	4,680
Trade Names
Finite-Lived Intangible Assets
WeightedAverage Life	10 years
Gross Carrying Amount	$ 11,438	11,454
Accumulated Amortization	$ 5,449	5,182
Completed and Unpatented Technology
Finite-Lived Intangible Assets
WeightedAverage Life	10 years
Gross Carrying Amount	$ 36,378	36,406
Accumulated Amortization	$ 15,897	14,964
Customer Relationships
Finite-Lived Intangible Assets
WeightedAverage Life	15 years
Gross Carrying Amount	$ 136,845	136,894
Accumulated Amortization	$ 40,061	$ 37,875

Intangible Assets - Summary o_2

Intangible Assets - Summary of Amortization Expense for Acquired Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization Expense	$ 4,224	$ 6,001

Intangible Assets - Summary o_3

Intangible Assets - Summary of Future Amortization Expense for Intangible Assets (Details) $ in Thousands	Mar. 30, 2019USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2019	$ 16,616
2020	15,903
2021	13,993
2022	13,569
2023	12,402
2024	$ 10,931

Goodwill - Summary of Changes i

Goodwill - Summary of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 124,952
Foreign Currency Translation	(98)
Balance at end of period	124,854
Operating Segments | Aerospace Segment
Goodwill [Roll Forward]
Balance at beginning of period	124,952
Foreign Currency Translation	(98)
Balance at end of period	124,854
Operating Segments | Test Systems Segment
Goodwill [Roll Forward]
Balance at beginning of period	0
Foreign Currency Translation	0
Balance at end of period	$ 0

Long-Term Debt and Notes Paya_2

Long-Term Debt and Notes Payable - Narrative (Details)	3 Months Ended
	Mar. 30, 2019USD ($)fiscal_quarter
Amended and Restated Credit Agreement
Debt Instrument
Ratio of funded debt to Adjusted EBITDA	3.75
Duration of permitted leverage ratio following acquisition, number of fiscal quarters | fiscal_quarter	4
Amended and Restated Credit Agreement | Maximum
Debt Instrument
Ratio of funded debt to Adjusted EBITDA	4.50
Line of Credit | Fourth Amended And Restated Credit Agreement | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 350,000,000
Line of credit facility increase amount	$ 150,000,000
Line of Credit | Fourth Amended And Restated Credit Agreement | Revolving Credit Facility | Minimum
Debt Instrument
Basis points for commitment fee	0.10%
Line of Credit | Fourth Amended And Restated Credit Agreement | Revolving Credit Facility | Maximum
Debt Instrument
Basis points for commitment fee	0.20%
Line of Credit | Fourth Amended And Restated Credit Agreement | Revolving Credit Facility | LIBOR | Minimum
Debt Instrument
Basis points for variable interest rate	1.00%
Line of Credit | Fourth Amended And Restated Credit Agreement | Revolving Credit Facility | LIBOR | Maximum
Debt Instrument
Basis points for variable interest rate	1.50%
Line of Credit | Fifth Amended and Restated Credit Agreement | Revolving Credit Facility
Debt Instrument
Maximum borrowing capacity	$ 500,000,000
Line of credit facility increase amount	150,000,000
Credit facility outstanding	115,000,000
Revolving line of credit	383,900,000
Line of Credit | Fifth Amended and Restated Credit Agreement | Letter of Credit
Debt Instrument
Credit facility allocated (up to)	20,000,000
Outstanding letters of credit	$ 1,100,000

Product Warranties - Summary of

Product Warranties - Summary of Activity in Warranty Accrual (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at Beginning of Period	$ 5,027	$ 5,136
Warranties Divested in Sale of Business	(123)	0
Warranties Issued	529	567
Warranties Settled	(588)	(640)
Reassessed Warranty Exposure	(16)	52
Balance at End of Period	$ 4,829	$ 5,115
Minimum
Product Liability Contingency [Line Items]
Product warranty period	12 months
Maximum
Product Liability Contingency [Line Items]
Product warranty period	60 months

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019USD ($)
Leases [Abstract]
Weighted-average incremental borrowing rate (as a percentage)	3.70%
Right-of-use assets	$ 22,900
Lease liability	23,116
Increase in operating lease liability	5,500
Financing lease, right-of-use asset	3,200
Financing lease, liability	$ 6,082
Operating leases, weighted-average remaining term	8 years
Financing leases, weighted-average remaining term	3 years

Leases - Summary of Lease Cost

Leases - Summary of Lease Cost and Cash Paid (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019USD ($)
Leases [Abstract]
Amortization of Right-of-use Assets	$ 255
Interest on Lease Liabilities	86
Total Finance Lease Cost	341
Operating Lease Cost	1,205
Variable Lease Cost	370
Short-term Lease Cost (excluding month-to-month)	47
Less Sublease and Rental Income	(212)
Total Operating Lease Cost	1,410
Total Net Lease Cost	1,751
Operating Cash Flows Used for Finance Leases	341
Operating Cash Flows Used for Operating Leases	1,005
Financing Cash Flows Used for Finance Leases	$ 395

Leases - Summary of Maturity of

Leases - Summary of Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 30, 2019USD ($)
Operating Leases
2019	$ 3,467
2020	3,951
2021	3,632
2022	3,233
2023	2,618
Thereafter	10,037
Total Lease Payments	26,938
Less: Interest	3,822
Lease liability	23,116
Financing Leases
2019	1,563
2020	2,128
2021	2,180
2022	743
2023	0
Thereafter	0
Total Lease Payments	6,614
Less: Interest	532
Financing lease, liability	$ 6,082

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Effective tax rate	22.60%	16.10%

Earnings Per Share - Earnings P

Earnings Per Share - Earnings Per Share Computations (Details) shares in Thousands	Oct. 12, 2018	Mar. 30, 2019shares	Mar. 31, 2018shares
Class of Stock [Line Items]
Weighted Average Shares - Basic (in shares)		32,619	32,282
Net Effect of Dilutive Stock Options (in shares)		595	732
Weighted Average Shares - Diluted (in shares)		33,214	33,014
Out-of-the-money stock options		154
Convertible Class B Stock
Class of Stock [Line Items]
Stock split ratio, common stock	0.15

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) - USD ($)	Feb. 24, 2016	Mar. 30, 2019	Mar. 31, 2018
Stockholders Equity
Authorized repurchase of common stock, amount	$ 50,000,000
TREASURY STOCK
Stockholders Equity
Purchase (in shares)	1,675,000	0	0
Treasury stock repurchased (in shares)		0

Shareholders' Equity - Componen

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	$ 466,003	$ 386,625	$ 338,028
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	(7,426)	(7,156)
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Retirement Liability Adjustment – Before Tax	(7,628)	(7,814)
Tax Benefit of Retirement Liability Adjustment	1,605	1,641
Total Shareholders’ Equity	(6,023)	(6,173)
ACCUMULATED OTHER COMPREHENSIVE LOSS
Accumulated Other Comprehensive Income (Loss) [Line Items]
Total Shareholders’ Equity	$ (13,449)	$ (13,329)	$ (14,277)	$ (13,352)

Shareholders' Equity - Compon_2

Shareholders' Equity - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income	$ (120)	$ 448
Total Other Comprehensive (Loss) Income	(120)	448
Foreign Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income	(270)	233
Total Other Comprehensive (Loss) Income	(270)	233
Amortization of Prior Service Cost
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification to General and Administrative Expense	101	101
Amortization of Net Actuarial Losses
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification to General and Administrative Expense	85	172
Retirement Liability Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income	150	215
Tax Benefit	(36)	(58)
Total Other Comprehensive (Loss) Income	$ 150	$ 215

Supplemental Retirement Plan _3

Supplemental Retirement Plan and Related Post Retirement Benefits - Summary of the Components of Net Periodic Cost (Details) $ in Thousands	3 Months Ended
	Mar. 30, 2019USD ($)retirement_plan	Mar. 31, 2018USD ($)
Retirement Benefits [Abstract]
Number of non-qualified supplemental retirement defined benefit plans | retirement_plan	2
SERP
Defined Benefit Plan Disclosure
Service Cost	$ 45	$ 50
Interest Cost	229	225
Amortization of Prior Service Cost	97	97
Amortization of Net Actuarial Losses	75	157
Net Periodic Cost	446	529
SERP | SERP Medical
Defined Benefit Plan Disclosure
Service Cost	3	4
Interest Cost	12	11
Amortization of Prior Service Cost	4	4
Amortization of Net Actuarial Losses	10	15
Net Periodic Cost	$ 29	$ 34

Sales to Major Customers (Detai

Sales to Major Customers (Details) $ in Millions	3 Months Ended
	Mar. 30, 2019USD ($)customer	Mar. 31, 2018customer
Segment Reporting, Asset Reconciling Item
Number of major customers | customer	2	2
Sales Revenue, Net | Customer Concentration Risk | Major Customer One
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue	14.00%	16.00%
Sales Revenue, Net | Customer Concentration Risk | Major Customer Two
Segment Reporting, Asset Reconciling Item
Percent of consolidated revenue	13.00%	20.00%
Sales Revenue, Net | Customer Concentration Risk | Two Major Customers
Segment Reporting, Asset Reconciling Item
Accounts receivable from major customers | $	$ 43.4

Legal Proceedings Legal Proceed

Legal Proceedings Legal Proceedings (Details) - Germany - Lufthansa Technik AG - Patent Infringement - AES $ in Millions	3 Months Ended
	Mar. 30, 2019USD ($)
Loss Contingencies [Line Items]
Damages sought	$ 6.2
Recorded reserve	1
Minimum
Loss Contingencies [Line Items]
Estimate of the value of the dispute	1
Maximum
Loss Contingencies [Line Items]
Estimate of the value of the dispute	$ 3

Segment Information - Summary o

Segment Information - Summary of Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 30, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information
Sales	$ 208,174	$ 179,059
Operating Profit and Margins
Total Operating Profit	22,881	6,632
Additions/Deductions from Operating Profit
Gain on Sale of Business	80,133	0
Interest Expense, Net of Interest Income	1,804	2,331
Income Before Income Taxes	100,995	3,926
Total Assets	780,521		$ 774,640
Aerospace Segment
Segment Reporting Information
Sales	188,501	164,600
Test Systems Segment
Segment Reporting Information
Sales	19,673	14,459
Operating Segments
Operating Profit and Margins
Total Operating Profit	$ 27,953	$ 11,186
Operating margins, percentage	13.40%	6.20%
Operating Segments | Aerospace Segment
Segment Reporting Information
Sales	$ 188,501	$ 164,600
Operating Profit and Margins
Total Operating Profit	$ 25,768	$ 13,115
Operating margins, percentage	13.70%	8.00%
Additions/Deductions from Operating Profit
Total Assets	$ 674,247		647,870
Operating Segments | Test Systems Segment
Segment Reporting Information
Sales	19,724	$ 14,459
Operating Profit and Margins
Total Operating Profit	$ 2,185	$ (1,929)
Operating margins, percentage	11.10%	(13.30%)
Additions/Deductions from Operating Profit
Total Assets	$ 73,519		97,056
Less Intersegment Sales
Segment Reporting Information
Sales	(51)	$ 0
Corporate Expenses and Other
Additions/Deductions from Operating Profit
Corporate Expenses and Other	5,287	$ 4,929
Total Assets	$ 32,755		$ 29,714

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Details) - Recurring Basis - USD ($)	Mar. 30, 2019	Dec. 31, 2018	Sep. 29, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Financial assets carried at fair value	$ 0	$ 0		$ 0
Financial liabilities carried at fair value	$ 0	$ 0	$ 0	$ 0

Divestiture Activities - Summar

Divestiture Activities - Summary of Assets and Liabilities Held for Sale (Details) - USD ($) $ in Thousands	Mar. 30, 2019	Dec. 31, 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets Held for Sale	$ 0	$ 19,358
Held for Sale | Test Systems Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Inventories		14,385
Prepaid Expenses and Other Current Assets		87
Net Property, Plant and Equipment		3,521
Other Assets		714
Intangible Assets, Net of Accumulated Amortization		651
Assets Held for Sale		19,358
Deferred Income Taxes		$ 906

Divestiture Activities - Narrat

Divestiture Activities - Narrative (Details) - USD ($)	Feb. 13, 2019	Mar. 30, 2019	Dec. 31, 2018
Held for Sale | First Earnout
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum total earnout proceeds		$ 35,000,000
Held for Sale | Second Earnout
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Maximum total earnout proceeds		0
Held for Sale | Test Systems Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Impairment loss			$ 0
Divestiture by Sale | Test Systems Segment
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total cash proceeds of divesture	$ 103,800,000
Gain on sale, net of tax		80,100,000
Income taxes from divesture		$ 21,300,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event - Forecast $ in Millions	3 Months Ended
	Jun. 29, 2019USD ($)
Aerospace Segment
Subsequent Event [Line Items]
Severance costs	$ 0.2
Test Systems Segment
Subsequent Event [Line Items]
Severance costs	$ 2