0000054381-21-000056 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Oct. 01, 2021	Oct. 29, 2021
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Oct. 01, 2021
Document Transition Report	false
Entity File Number	001-35419
Entity Registrant Name	KAMAN CORPORATION
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0613548
Entity Address, Address Line One	1332 Blue Hills Avenue,
Entity Address, City or Town	Bloomfield,
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06002
City Area Code	(860)
Local Phone Number	243-7100
Title of 12(b) Security	Common Stock ($1 par value)
Trading Symbol	KAMN
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,850,233
Entity Central Index Key	0000054381
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 121,458	$ 104,377
Restricted Cash, Current	0	25,121
Accounts receivable, net	80,849	153,806
Contract assets	128,824	108,645
Contract costs, current portion	1,533	3,511
Inventories	195,700	185,072
Income tax refunds receivable	2,123	5,269
Other current assets	14,488	12,173
Total current assets	544,975	597,974
Property, plant and equipment, net of accumulated depreciation of $246,431 and $228,984, respectively	199,955	210,852
Operating Lease, Right-of-Use Asset	11,091	12,880
Goodwill	242,366	247,244
Other intangible assets, net	141,055	150,198
Deferred income taxes	34,061	39,809
Contract costs, noncurrent portion	10,389	8,311
Other assets	37,808	39,125
Total assets	1,221,700	1,306,393
Current liabilities:
Accounts payable – trade	38,738	60,200
Accrued salaries and wages	40,639	70,552
Contract liabilities, current portion	10,719	39,073
Operating Lease, Liability, Current	4,215	4,305
Income taxes payable	1,228	19
Disposal Group, Including Discontinued Operation, Liabilities, Current	0	18,086
Other current liabilities	42,291	36,177
Total current liabilities	137,830	228,412
Long-term debt, excluding current portion, net of debt issuance costs	188,407	185,401
Deferred income taxes	7,180	7,381
Underfunded pension	37,326	69,610
Contract liabilities, noncurrent portion	15,426	11,019
Operating Lease, Liability, Noncurrent	7,556	9,325
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	0	1,171
Other Liabilities, Noncurrent	41,226	47,636
Commitments and contingencies (Note 14)
Shareholders' equity:
Preferred stock, $1 par value, 200,000 shares authorized; none outstanding	0	0
Common stock, $1 par value, 50,000,000 shares authorized; voting; 30,414,184 and 30,278,668 shares issued, respectively	30,414	30,279
Additional paid-in capital	246,516	238,829
Retained earnings	746,300	728,764
Accumulated other comprehensive income (loss)	(115,322)	(130,821)
Less 2,569,169 and 2,555,785 shares of common stock, respectively, held in treasury, at cost	(121,159)	(120,613)
Total shareholders’ equity	786,749	746,438
Total liabilities and shareholders’ equity	$ 1,221,700	$ 1,306,393

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Income Statement [Abstract]
Net sales	$ 179,836	$ 213,959	$ 533,846	$ 599,171
Cost of sales	116,771	147,084	355,930	407,926
Gross profit	63,065	66,875	177,916	191,245
Selling, general and administrative expenses	39,335	36,764	116,182	128,488
Goodwill, Impairment Loss	0	50,307	0	50,307
Research and Development Expense	2,540	3,634	10,004	11,336
Amortization of Intangible Assets	2,624	4,826	7,898	11,269
Costs of Transaction Services Agreement	24	3,019	1,728	11,532
Cost of Acquired Retention Plans	0	5,703	0	17,110
Restructuring and severance costs	2,611	1,541	5,479	7,820
Gain (Loss) on Disposition of Business	0	0	234	(493)
Net (gain) loss on sale of assets	(31)	8	(16)	(5)
Operating income (loss)	15,962	(38,927)	36,407	(46,119)
Interest expense, net	3,646	5,327	12,232	14,382
Non-service pension and post retirement benefit income	(6,612)	(4,063)	(19,832)	(12,188)
Income from Transaction Services Agreement	(14)	(1,829)	(931)	(7,853)
Other (income) expense, net	(172)	(534)	275	(424)
Earnings (loss) from continuing operations before income taxes	19,114	(37,828)	44,663	(40,036)
Income tax expense (benefit)	4,447	679	10,156	(1,022)
Earnings from continuing operations	14,667	(38,507)	34,507	(39,014)
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax	0	0	0	0
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	0	0	692
Earnings from discontinued operations, net of tax	0	0	0	692
Net earnings (loss)	$ 14,667	$ (38,507)	$ 34,507	$ (38,322)
Earnings per share:
Basic earnings per share from continuing operations	$ 0.53	$ (1.39)	$ 1.24	$ (1.41)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.00	0.00	0.00	0.03
Basic earnings per share (in usd per share)	0.53	(1.39)	1.24	(1.38)
Diluted earnings per share from continuing operations	0.53	(1.39)	1.24	(1.41)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.00	0.00	0.00	0.03
Diluted earnings per share (in usd per share)	$ 0.53	$ (1.39)	$ 1.24	$ (1.38)
Average shares outstanding:
Basic (in shares)	27,882	27,687	27,855	27,718
Diluted (in shares)	27,888	27,687	27,889	27,718

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 14,667	$ (38,507)	$ 34,507	$ (38,322)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments and other	(4,342)	9,130	12,890	6,599
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $257 and $330 and $773 and $990, respectively	868	1,107	2,609	3,321
Other comprehensive (loss) income	(3,474)	10,237	15,499	9,920
Comprehensive income (loss)	$ 11,193	$ (28,270)	$ 50,006	$ (28,402)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22595-107794

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669625-108580

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 28
-URI http://asc.fasb.org/extlink&oid=121586364&loc=d3e3602-108585

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22583-107794

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121326447&loc=SL5780133-109256

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

+ Details

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Oct. 01, 2021	Oct. 01, 2021	Oct. 02, 2020	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Net earnings (loss)	$ 14,667	$ 34,507	$ (38,322)
Earnings from discontinued operations, net of tax	0	0	692
Earnings from continuing operations	14,667	34,507	(39,014)
Adjustments to reconcile net earnings from continuing operations to net cash provided by (used in) operating activities of continuing operations:
Depreciation and amortization		27,474	32,204
Amortization of debt issuance costs		1,406	1,325
Accretion of convertible notes discount		2,191	2,132
Provision for doubtful accounts		373	570
Goodwill, Impairment Loss	0	0	50,307
Gain (Loss) on Disposition of Business	0	234	(493)
Net (gain) loss on sale of assets	(31)	(16)	(5)
Net loss on derivative instruments		815	144
Stock compensation expense	1,459	5,684	4,254
Deferred income taxes		4,822	6,590
Changes in assets and liabilities, excluding effects of acquisitions/divestitures:
Accounts receivable		71,434	(19,556)
Increase (Decrease) in Contract with Customer, Asset		(19,940)	(5,085)
Contract costs		(99)	(48)
Inventories		(12,435)	(18,273)
Income tax refunds receivable		3,145	(4,431)
Operating Right-of-Use Assets		1,739	427
Other assets		1,042	526
Accounts payable - trade		(21,829)	(18,258)
Contract liabilities		(24,036)	(26,165)
Operating Lease Liabilities		(1,810)	(498)
Payments for Retention Plans		(25,108)	0
Other current liabilities		(2,698)	5,997
Income taxes payable		1,173	(3,464)
Pension liabilities		(29,256)	(18,662)
Increase (Decrease) in Other Noncurrent Liabilities		(4,689)	(2,903)
Net cash provided by operating activities		14,123	(52,379)
Cash flows from investing activities:
Proceeds from Divestiture of Businesses		0	5,223
Payments for (Proceeds from) Businesses and Interest in Affiliates		(3,428)
Proceeds from Sales of Business, Affiliate and Productive Assets			493
Expenditures for property, plant & equipment		(11,364)	(14,232)
Payments to Acquire Businesses, Net of Cash Acquired		0	(304,661)
Other, net		(502)	(2,097)
Net cash used in investing activities		(15,294)	(315,274)
Cash flows from financing activities:
Net borrowings under revolving credit agreements		0	101,100
Purchase of treasury shares	(69)	(459)	(14,205)
Dividends paid		(16,672)	(16,675)
Other, net		4,086	2,843
Net cash provided by (used in) financing activities		(13,045)	73,063
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect		(14,216)	(294,590)
Effect of exchange rate changes on cash and cash equivalents		(415)	458
Cash and cash equivalents at beginning of period					$ 471,540
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	121,458	121,458		$ 136,089
Cash and cash equivalents and restricted cash at end of period	$ 121,458	$ 121,458	$ 177,408	$ 104,377

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 246,431	$ 228,984
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, par value (in usd per share)	$ 1	$ 1
Preferred stock, shares authorized (in shares)	200,000	200,000
Preferred Stock, Shares Outstanding	0	0
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	50,000,000	50,000,000
Common stock, shares issued (in shares)	30,414,184	30,278,668
Common stock held in treasury, at cost (in shares)	2,569,169	2,555,785
Disposal Group, Including Discontinued Operation, Liabilities, Current	$ 0	$ 18,086
Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent	$ 0	$ 1,171

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Statement of Comprehensive Income [Abstract]
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax	$ 257	$ 330	$ 773	$ 990
Net earnings (loss)	14,667	(38,507)	34,507	(38,322)
Foreign currency translation adjustments and other	(4,342)	9,130	12,890	6,599
Change in pension and post-retirement benefit plan liabilities, net of tax expense of $257 and $330 and $773 and $990, respectively	868	1,107	2,609	3,321
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(3,474)	10,237	15,499	9,920
Comprehensive income (loss)	$ 11,193	$ (28,270)	$ 50,006	$ (28,402)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Basis of Presentation	9 Months Ended
Basis of Presentation	Oct. 01, 2021
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION During the third quarter of 2019, Kaman Corporation ("the Company") completed the sale of its Distribution business for total cash consideration of approximately $700.0 million, excluding certain working capital adjustments which were finalized in the first quarter of 2020 and transaction costs. The finalization of the gain on the sale of the Distribution business was recorded to gain on disposal of discontinued operations, net of tax on the Company's Condensed Consolidated Statements of Operations in the nine-month fiscal period ended October 2, 2020. See Note 3, Disposals, to the Condensed Consolidated Financial Statements for further information. During the fourth quarter of 2020, the Company committed to a plan and received approval from its Board of Directors to sell its United Kingdom ("UK") Composites division. As a result of the approved plan, the UK Composites division met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements - Discontinued Operations, ("ASC 205-20") for held for sale. At December 31, 2020, the assets of the UK Composites business were considered impaired as the estimated fair value of the disposal group was lower than the estimated carrying value of the UK Composites business. As a result, the assets of the UK Composites business were written off and the remaining loss related to the anticipated sale of the disposal group was accrued for in liabilities held for sale, current portion on the Company's Consolidated Balance Sheet. The related liabilities of the UK division to be sold were reclassified to liabilities held for sale, respectively, as of December 31, 2020 on the Company's Consolidated Balance Sheet. On February 2, 2021, the Company sold its UK Composites business. See Note 3, Discontinued Operations and Liabilities Held for Sale, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K") for additional information. In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented, but do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2020 Form 10-K. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The third quarters for 2021 and 2020 ended on October 1, 2021, and October 2, 2020, respectively.

Recent Accounting Standards Recent Accounting Standards (Notes)	9 Months Ended
	Oct. 01, 2021
Recent Accounting Standards [Abstract]
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS Recent Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes". The objective of the standard is to simplify the accounting for income taxes by removing certain exceptions and to improve consistent application of Topic 740 by clarifying and amending existing guidance. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the standard was permitted, including adoption in any interim period for which financial statements have not yet been issued. If early adopted in an interim period, the adjustments should be reflected as of the beginning of the annual period that includes that interim period. All amendments under the standard must be adopted in the same period. In 2021, the Company adopted ASU 2019-12 using the modified retrospective basis which resulted in a cumulative effect reduction to retained earnings of $0.3 million. Recent Accounting Standards Yet to be Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". The amendments in this standard update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements; however, the impact will be dependent on future business combinations. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) Recent Accounting Standards Yet to be Adopted - continued In May 2021, the FASB issued ASU 2021-04, "Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force)". The objective of this standard update is to clarify and reduce diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as either an adjustment to equity and, if so, the related earnings per share ("EPS") effects, if any, or as an expense and, if so, the manner and pattern of recognition. The standard update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity". The objective of this standard update is to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The update removes certain separation models between a debt component and equity or derivative component for certain convertible instruments, adds new disclosure requirements for convertible instruments to improve the decision usefulness and relevance of the information being provided to users of financial statements, clarifies the guidance for determining whether a contract qualifies for a scope exception from derivative accounting, and amends EPS guidance to improve consistency. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption of the standard is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. An entity should adopt the guidance as of the beginning of its annual fiscal year and can do so using a modified retrospective method or fully retrospective method of transition. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected for a topic or industry subtopic, the amendments in this standard update must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments for eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period. If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020 and March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship. The Company is currently in the process of moving its LIBOR benchmark to other non-USD benchmark rates. The impact of the adoption of this standard update is dependent on the Company's contracts modifications as a result of reference rate reform; however, the Company does not expect the adoption of the amendments associated with hedging relationships to have a material impact on the Company's consolidated financial statements. Subsequent to the issuance of ASU 2020-04, the FASB issued the following update: ASU 2021-01, "Reference Rate Reform (Topic 848) - Scope". The amendments in this update affect the guidance within ASU 2020-04 and are being assessed with ASU 2020-04.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (g)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI http://asc.fasb.org/topic&trid=2122394

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=112272810&loc=SL108384541-122693

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (i)(2)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (g)(1)
-URI http://asc.fasb.org/extlink&oid=121322162&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (j)
-URI http://asc.fasb.org/extlink&oid=113356391&loc=SL49131195-203048

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI http://asc.fasb.org/extlink&oid=112272810&loc=d3e31137-122693

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI http://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI http://asc.fasb.org/extlink&oid=121370832&loc=SL117420844-207641

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI http://asc.fasb.org/extlink&oid=121646688&loc=SL121648383-210437

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22499-107794

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)

+ Details

Disposals

9 Months Ended

Oct. 01, 2021

Discontinued Operations [Abstract]

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

. DISPOSALS

UK Composites Business

In the fourth quarter of 2020, the Company received approval from its Board of Directors to sell its UK Composites division. The Company sold its UK Composites division in a transaction that closed on February 2, 2021. The sale of the UK Composites business did not meet the criteria set forth in ASC 205-20 for discontinued operations as it did not reflect a significant shift in the Company's strategy. As a result of the approved plan, the UK Composites division met the criteria set forth in ASC 205-20 for held for sale presentation at December 31, 2020. At December 31, 2020, the assets of the UK Composites business were considered impaired as the estimated fair value of the disposal group was lower than the estimated carrying value of the UK Composites business. As such, the assets of the UK Composites business were written off and the related liabilities of the UK division to be sold were reclassified to liabilities held for sale, as of December 31, 2020 on the Company's Consolidated Balance Sheets.

The following table provides information on the loss recorded on the sale of the UK Composites business. These amounts reflect the balance sheet of the UK Composites business as of February 2, 2021.


In thousands
Proceeds received from the sale of the UK Composites business	$	3,600

Assets, including cash on hand	23,460
Liabilities	6,618
Net book value of business	16,842

UK cumulative foreign currency translation adjustment balance	22,835

Transaction costs	442

Loss on the sale of the UK Composites business	$	36,519

Of this amount, a loss of $36.3 million was recorded in the year ended December 31, 2020 and a loss of $0.2 million was recorded in the nine-month fiscal period ended October 1, 2021.

Cash and cash equivalents and restricted cash at the beginning of the period on the Company's Condensed Consolidated Statement of Cash Flows for the nine-month fiscal period ended October 1, 2021 includes $6.6 million of cash that was included in the UK Composites business disposal group. Given the assets of the disposal group were recognized net of the impairment recorded in the year ended December 31, 2020, such amounts were not reflected on the Company's Condensed Consolidated Balance Sheet at December 31, 2020.

Distribution Business

On August 26, 2019, the Company completed the sale of its Distribution business for total cash consideration of approximately $700.0 million, excluding certain working capital adjustments which were finalized in the first quarter of 2020. The sale of the Distribution business was a result of the Company's shift in strategy to be a highly focused, technologically differentiated aerospace and engineered products company. As a result of the sale, the Distribution business met the criteria set forth in ASC 205-20 for discontinued operations.

3. DISPOSALS (CONTINUED)

Distribution Business - continued

Upon closing, the Company entered into a transition services agreement ("TSA") with the buyer, pursuant to which the Company agreed to support the information technology ("IT"), human resources and benefits, tax and treasury functions of the Distribution business for six to twelve months. The buyer exercised the option to extend the support period for up to a maximum of an additional year for certain IT services. The buyer had the right to terminate individual services at any point over the renewal term and began to terminate certain services in 2020. During the third quarter of 2021, the TSA expired and all services were completed as of the end of the period. The Company is currently negotiating a release agreement related to certain IT services, which may result in a cash outflow that is not material. Since the sale of the Distribution business, costs associated with the TSA were $18.9 million through October 1, 2021. Costs associated with the TSA in the three-month fiscal period ended October 1, 2021 were not material. The Company incurred $1.7 million in costs associated with the TSA in the nine-month fiscal period ended October 1, 2021. In addition, the Company incurred $3.0 million and $11.5 million in costs associated with the TSA in the three-month and nine-month fiscal periods ended October 2, 2020, respectively. These amounts were included in costs from transition services agreement on the Company's Condensed Consolidated Statements of Operations. Since the sale of the Distribution business, the Company earned $13.0 million in income associated with the TSA through October 1, 2021. Income earned associated with the TSA in the three-month fiscal period ended October 1, 2021 was not material. The Company earned $0.9 million in income associated with the TSA in the nine-month fiscal period ended October 1, 2021. In addition, the Company earned $1.8 million and $7.9 million in income associated with the TSA in the three-month and nine-month fiscal periods ended October 2, 2020, respectively. These amounts were included in income from transition services on the Company's Condensed Consolidated Statements of Operations.

Since the sale of the Distribution business, cash outflows from the Company to its former Distribution business totaled $8.1 million through October 1, 2021, which primarily related to Distribution employee and employee-related costs incurred prior to the sale. There were no cash flows from the Company to its former Distribution business in the nine-month fiscal period ended October 1, 2021. Cash outflows from the Company to its former Distribution business after the sale totaled $0.3 million for the nine-month fiscal period ended October 2, 2020. Since the sale of the Distribution business, cash inflows from the Company's former Distribution business to the Company totaled $18.7 million through October 1, 2021, which primarily related to cash received for services performed under the TSA and the $5.2 million working capital adjustment settled in the first quarter of 2020. Cash inflows from the Company's former Distribution business received in the nine-month fiscal periods ended October 1, 2021 and October 2, 2020 totaled $1.8 million and $12.5 million, respectively.

In the nine-month fiscal period ended October 2, 2020, the Company recorded a pretax gain on disposal of discontinued operations as a result of the final settlement of the working capital adjustment, partially offset by transaction costs. The pretax gain of $0.9 million was subject to income tax expense of $0.2 million, resulting in a gain on disposal of discontinued operations, net of tax of $0.7 million in the nine-month fiscal period ended October 2, 2020, which was included in the Company's Condensed Consolidated Statement of Operations. As the gain on the sale of the Distribution business was finalized in 2020, no activity aside from the TSA activity and cash flows discussed above impacted the Company's Condensed Consolidated Financial Statements in the three-month and nine-month fiscal periods ended October 1, 2021.

Business Combinations	9 Months Ended
Business Combinations	Oct. 01, 2021
Acquisitions [Abstract]
Business Combination Disclosure	4. BUSINESS COMBINATIONS On January 3, 2020, the Company acquired all of the equity interests of Bal Seal Engineering ("Bal Seal"), of Foothill Ranch, California, at a purchase price of $317.5 million. Bal Seal is a leader in the design, development and manufacturing of highly engineered products, including precision springs, seals and contacts. With this acquisition, the Company has significantly expanded its portfolio of engineered products and offerings while creating new opportunities to reach customers in medical technology, aerospace and defense, and industrial end markets. Upon closing, the Company funded $24.7 million associated with employee retention plans at Bal Seal. This amount and related interest was included in restricted cash on the Company's Consolidated Balance Sheets as of December 31, 2020. Eligible participants received an allocation of the escrow balance one year following the acquisition date, which was reflected in the Company's cash flows from operating activities for the nine-month fiscal period ended October 1, 2021.

Revenue (Notes)

9 Months Ended

Oct. 01, 2021

Revenue [Abstract]

Revenue from Contract with Customer [Text Block]

5. REVENUE

Disaggregation of Revenue

The following table disaggregates total revenue by major product sales by end market.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Defense	$	43,017	$	46,324	$	126,408	$	137,281
Safe and Arm Devices	49,393		81,252		148,985		196,238
Commercial, Business & General Aviation	44,746		52,894		133,834		164,006
Medical	21,996		17,506		65,441		53,245
Industrial & Other	20,684		15,983		59,178		48,401
Total revenue	$	179,836	$	213,959	$	533,846	$	599,171

COVID-19

The impact of the novel coronavirus (“COVID-19”) and the precautionary measures instituted by governments and businesses to mitigate the spread, including limiting non-essential travel, have contributed to a general slowdown in the global economy. The Company has implemented strategies to limit the risk to its operations with a continued focus on the health of its employees and the satisfaction of its customers’ requirements. Despite all of these efforts to mitigate the risks associated with COVID-19, the effects of the pandemic have adversely impacted our commercial end markets, more specifically Commercial, Business and General Aviation customers. The Company saw recoveries in the medical and industrial end markets through the first nine months of 2021 and management expects improved performance through the remainder of 2021. As of the date of this filing, the Company's defense and safe and arm device end markets have not been impacted by COVID-19. The extent and duration of time to which COVID-19 may adversely impact the Company depends on future developments, which are highly uncertain and unpredictable at this time.

The following table disaggregates total revenue by product types.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Original Equipment Manufacturer	56	%	49	%	58	%	55	%
Aftermarket	17	%	13	%	14	%	12	%
Safe and Arm Devices	27	%	38	%	28	%	33	%
Total revenue	100	%	100	%	100	%	100	%

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over time versus the amount of revenue recognized for performance obligations satisfied at a point in time.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Over time	41	%	25	%	37	%	31	%
Point-in-time	59	%	75	%	63	%	69	%
Total revenue	100	%	100	%	100	%	100	%

5. REVENUE (CONTINUED)

Disaggregation of Revenue - continued

For contracts in which revenue is recognized over time, the Company performs detailed quarterly reviews of the progress and execution of its performance obligations under these contracts. As part of this process, management reviews information including, but not limited to, any outstanding key contract matters, progress towards completion and the related program schedule, identified risks and opportunities and the related changes in estimates of revenues and costs. The risks and opportunities include management's judgment about the ability and cost to achieve the schedule (e.g., the number and type of milestone events), technical requirements (e.g., a newly-developed product versus a mature product) and other contract requirements. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by subcontractors, the availability and timing of funding from customers and overhead cost rates, among other variables. Based upon these reviews, the Company will record the effects of adjustments in profit estimates each period. If at any time management determines that in the case of a particular contract total costs will exceed total contract revenue, a provision for the entire anticipated contract loss is recorded at that time.

Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Net change in revenue due to change in profit estimates	$	(937)	$	(2,798)	$	(1,518)	$	(5,338)

The net reduction in revenue in the three-month fiscal period ended October 1, 2021 was primarily related to cost growth on certain missile fuzing contracts, partially offset by favorable cost performance on certain structures programs. The net reduction in revenue in the nine-month fiscal period ended October 1, 2021 was primarily related to cost growth on certain structures programs and missile fuzing contracts, partially offset by favorable cost performance on the joint programmable fuze ("JPF") contract with the U.S. Government ("USG"). The net reductions in revenue in the three-month and nine-month fiscal periods ended October 2, 2020 were primarily related to cost growth on certain structures programs and legacy fuzing contracts, partially offset by favorable cost performance on the JPF contract with the USG.

Unfulfilled Performance Obligations

Unfulfilled performance obligations ("backlog") represents the transaction price of firm orders for which work has not been performed and excludes unexercised contract options and potential orders under ordering-type contracts. Backlog at October 1, 2021 and December 31, 2020, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:


	October 1, 2021(1)		December 31, 2020
In thousands
Backlog	$	545,281	$	631,236

(1) The Company expects to recognize revenue on approximately 65% of backlog as of October 1, 2021 over the next twelve months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Restructuring Costs	9 Months Ended
Restructuring Costs	Oct. 01, 2021
Restructuring Costs [Abstract]
Restructuring Costs	AND SEVERANCE COSTS General & Administrative Expense Reduction Initiative The Company continues to evaluate its cost structure with the objective of a lean organizational structure that provides a scalable infrastructure which facilitates future growth opportunities. In the three-month and nine-month fiscal periods ended October 1, 2021, the Company incurred $0.4 million and $3.3 million, respectively, in severance costs associated with these cost reduction efforts, which were included in restructuring and severance costs on the Company's Condensed Consolidated Statements of Operations. 6. RESTRUCTURING AND SEVERANCE COSTS (CONTINUED) General & Administrative Expense Reduction Initiative - continued Following the sale of the Company's former Distribution business, the Company announced it would undertake a comprehensive review of its general and administrative functions in order to improve operational efficiency and to align the Company's costs with its revenues. The objective of the initiative was to ensure that the Company has a lean organizational structure that provides a scalable infrastructure that facilitates future growth opportunities. The Company identified information technology functions to be outsourced, workforce reductions and other reductions in certain general and administrative expenses which were completed in 2020 to support the cost savings initiative discussed above. In accordance with ASC 712-10, Compensation - Nonretirement Postemployment Benefits, the Company recorded $0.7 million and $3.8 million in severance costs associated with these workforce reductions in the three-month and nine-month fiscal periods ended October 2, 2020, respectively, which were included in restructuring and severance costs on the Company's Condensed Consolidated Statements of Operations. Workforce Reductions in Response to COVID-19 During the first nine months of 2020, the Company implemented workforce reductions and elected to eliminate certain open positions as a response to the unprecedented hardships brought on by COVID-19. For the three-month and nine-month fiscal periods ended October 2, 2020, the Company recorded severance costs of $0.5 million and $3.2 million, respectively, related to workforce reductions, which were included in restructuring costs on the Company's Condensed Consolidated Statement of Operations. Other Matters In both the three-month and nine-month fiscal periods ended October 1, 2021, the Company incurred $2.2 million in costs associated with the separation of executive officers, which were included in restructuring and severance costs on the Company's Condensed Consolidated Statements of Operations. In addition, the Company incurred $0.5 million in severance costs as it integrated the acquisition of Bal Seal in the nine-month fiscal period ended October 2, 2020.

Accounts Receivable, Net

9 Months Ended

Oct. 01, 2021

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:


	October 1, 2021		December 31, 2020
In thousands
Trade receivables	$	24,516	$	19,945
U.S. Government contracts:
Billed	12,539		18,854
Cost and accrued profit - not billed	1,554		1,080
Commercial and other government contracts
Billed	39,730		111,794
Cost and accrued profit - not billed	4,141		4,141
Less allowance for doubtful accounts	(1,631)		(2,008)
Accounts receivable, net	$	80,849	$	153,806

The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information, to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provide evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accounts for risk of loss.

7. ACCOUNTS RECEIVABLE, NET (CONTINUED)

The following table summarizes the activity in the allowance for doubtful accounts in the nine-month fiscal period ended October 1, 2021:


In thousands
Balance at December 31, 2020	$	(2,008)
Provision	(373)
Amounts written off	433
Recoveries	314
Changes in foreign currency exchange rates	3
Balance at October 1, 2021	$	(1,631)

COVID-19

The Company anticipates that the disruptions and delays resulting from the spread of COVID-19 and the measures instituted by the governments and businesses to mitigate its spread could impact the Company's liquidity in the next twelve months. The Company continues to closely monitor the collectability of its receivables from commercial aerospace customers as it recognizes there may be delays in payments due to the impacts of COVID-19 on its customers. As of the date of this filing, the Company does not believe there has been any material impact on the collectability of these receivables.

Accounts receivable, net includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	900	$	900

Contract Assets, Contract Costs and Contract Liabilities

9 Months Ended

Oct. 01, 2021

Revenue from Contract with Customer [Abstract]

Contract Assets, Contract Costs and Contract Liabilities

Activity related to contract assets, contract costs and contract liabilities was as follows:


	October 1, 2021		December 31, 2020		$ Change		% Change
In thousands
Contract assets	$	128,824	$	108,645	$	20,179	18.6	%

Contract costs, current portion	$	1,533	$	3,511	$	(1,978)	(56.3)	%
Contract costs, noncurrent portion	$	10,389	$	8,311	$	2,078	25.0	%

Contract liabilities, current portion	$	10,719	$	39,073	$	(28,354)	(72.6)	%
Contract liabilities, noncurrent portion	$	15,426	$	11,019	$	4,407	40.0	%

Contract Assets

The increase in contract assets was primarily due to the recognition of revenue related to the satisfaction or partial satisfaction of performance obligations during the nine-month fiscal period ended October 1, 2021. This increase was primarily related to work performed and not yet billed on certain structures programs, the JPF program and the KAflex® program, partially offset by amounts billed on certain structures programs. There were no significant impairment losses related to the Company's contract assets during the three-month and nine-month fiscal periods ended October 1, 2021 and October 2, 2020.

8. CONTRACT ASSETS, CONTRACT COSTS AND CONTRACT LIABILITIES (CONTINUED)

Contract Assets - continued

Contract assets includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts were as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	2,023	$	3,178

Contract Costs

At October 1, 2021, costs to fulfill a contract and costs to obtain a contract were $11.4 million and $0.5 million, respectively. At December 31, 2020, costs to fulfill a contract and costs to obtain a contract were $9.3 million and $2.5 million, respectively. These amounts are included in contract costs, current portion and contract costs, noncurrent portion on the Company's Condensed Consolidated Balance Sheets at October 1, 2021 and December 31, 2020.

The decrease in contract costs, current portion was primarily attributable to the amortization of contract costs, partially offset by the reclassification of a portion of costs to fulfill certain structures programs from contract costs, noncurrent portion. For the three-month and nine-month fiscal periods ended October 1, 2021, amortization of contract costs was $1.7 million and $6.9 million, respectively. For the three-month and nine-month fiscal periods ended October 2, 2020, amortization of contract costs was $4.9 million and $9.5 million, respectively.

The increase in contract costs, noncurrent portion was primarily attributable to the addition of costs to fulfill the Titan UAV aerial system program, offset by the reclassification of certain structures programs to contract costs, current portion.

Contract Liabilities

The decrease in contract liabilities, current portion was primarily due to revenue recognized on a JPF direct commercial sales ("DCS") contract, the Titan UAV aerial system program and the SH-2G program for New Zealand, partially offset by advances received for the Titan UAV aerial system program and the SH-2G program for New Zealand. Revenue recognized related to contract liabilities, current portion was $18.3 million and $38.8 million in the three-month and nine-month fiscal periods ended October 1, 2021, respectively. Revenue recognized related to contract liabilities, current portion was $21.5 million and $50.2 million in the three-month and nine-month fiscal periods ended October 2, 2020, respectively.

The increase in contract liabilities, noncurrent portion was due to advances received for a JPF DCS contract. For the three-month and nine-month fiscal periods ended October 1, 2021 and October 2, 2020, the Company did not recognize revenue against contract liabilities, noncurrent portion.

Fair Value Measurements

9 Months Ended

Oct. 01, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date.

The Company uses a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

•Level 1 — Quoted prices in active markets for identical assets or liabilities.

•Level 2 — Observable inputs other than quoted prices included in Level 1, such as quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data.

•Level 3 — Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets or liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

9. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value:


	October 1, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
In thousands
Debt (1)	$	191,110	$	204,031	$	188,919	$	230,093

(1) These amounts are classified within Level 2.

The above fair values were computed based on quoted market prices and discounted future cash flows (observable inputs), as applicable. Differences from carrying values are attributable to interest rate changes subsequent to when the transactions occurred.

The fair values of cash and cash equivalents, accounts receivable, net and accounts payable - trade approximate their carrying amounts due to the short-term maturities of these instruments. The Company's cash and cash equivalents at October 1, 2021 and December 31, 2020 included $65.5 million and $51.5 million of Level 1 money market funds, respectively.

Recurring Fair Value Measurements

The Company holds derivative instruments for foreign exchange contracts that are measured at fair value using observable market inputs such as forward rates and its counterparties’ credit risks. Based on these inputs, the derivative instruments are classified within Level 2 of the valuation hierarchy. At October 1, 2021 and December 31, 2020, the derivative instruments were included in other current assets and other current liabilities on the Company's Condensed Consolidated Balance Sheets. Based on the Company's continued ability to trade and enter into forward contracts and interest rate swaps, the Company considers the markets for its fair value instruments to be active.

The Company evaluated the credit risk associated with the counterparties to these derivative instruments and determined that as of October 1, 2021, such credit risks had not had an adverse impact on the fair value of these instruments.

Nonrecurring Fair Value Measurements

During the third quarter of 2020, the Company incurred a $50.3 million goodwill impairment charge for its Aerosystems reporting unit. Refer to Note 12, Goodwill and Other Intangible Assets, Net, in the Company's 2020 Form 10-K for further information regarding the calculation of fair value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivative Financial Instruments	9 Months Ended
Derivative Financial Instruments	Oct. 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks relating to its ongoing business operations, including market risks relating to fluctuations in foreign currency exchange rates and interest rates. Derivative financial instruments are recognized on the Condensed Consolidated Balance Sheets as either assets or liabilities and are measured at fair value. Changes in the fair values of derivatives are recorded each period in earnings or accumulated other comprehensive income, depending on whether a derivative is effective as part of a hedged transaction. Gains and losses on derivative instruments reported in accumulated other comprehensive income (loss) are subsequently included in earnings in the periods in which earnings are affected by the hedged item. The Company does not use derivative instruments for speculative purposes. Forward Exchange Contracts The Company holds forward exchange contracts designed to hedge forecasted transactions denominated in foreign currencies and to minimize the impact of foreign currency fluctuations on the Company’s earnings and cash flows. Some of these contracts are designated as cash flow hedges. The Company will include in earnings amounts currently included in accumulated other comprehensive income (loss) upon recognition of cost of sales related to the underlying transaction. These contracts were not material to the Company's Condensed Consolidated Balance Sheets as of October 1, 2021 and December 31, 2020. The activity related to these contracts was not material to the Company's Condensed Consolidated Financial Statements for the three-month and nine-month fiscal periods ended October 1, 2021 and October 2, 2020.

Inventories

9 Months Ended

Oct. 01, 2021

Inventory Disclosure [Abstract]

Inventories

INVENTORIES

Inventories consisted of the following:


	October 1, 2021		December 31, 2020
In thousands
Raw materials	$	19,341	$	19,502
Contracts and other work in process (including certain general stock materials)	142,657		129,241
Finished goods	33,702		36,329
Inventories	$	195,700	$	185,072

Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts were as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	467	$	500

At October 1, 2021 and December 31, 2020, $71.0 million and $60.4 million, respectively, of K-MAX® inventory was included in contracts and other work in process inventory and finished goods on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $25.8 million of the K-MAX® inventory will be sold after October 1, 2022, based upon the anticipation of additional aircraft manufacturing and the requirements to support the fleet for the foreseeable future.

At October 1, 2021 and December 31, 2020, $5.8 million and $6.3 million, respectively, of SH-2G(I) inventory was included in contracts and other work in process inventory on the Company's Condensed Consolidated Balance Sheets. Management believes that approximately $4.4 million of the SH-2G(I) inventory will be sold after October 1, 2022. This balance represents spares requirements and inventory to be used on SH-2G programs.

Goodwill and Other Intangible Assets, Net

9 Months Ended

Oct. 01, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

Goodwill and Other Intangible Assets, Net

GOODWILL AND OTHER INTANGIBLE ASSETS, NET

Goodwill

The following table sets forth the change in the carrying amount of goodwill for continuing operations:


In thousands
Gross balance at December 31, 2020	$	313,803
Accumulated impairment	(66,559)
Net balance at December 31, 2020	247,244
Additions	—
Impairments	—
Foreign currency translation	(4,878)
Ending balance at October 1, 2021	$	242,366

In accordance with ASC 350 - Intangibles - Goodwill and Other, the Company is required to evaluate goodwill for possible impairment testing if an event occurs or circumstances change that indicate that the fair value of the reporting entity may be below its carrying amount. In 2020, the spread of COVID-19 and the precautionary measures instituted by governments and businesses to mitigate the risk of its spread contributed to the general slowdown in the global economy and significant volatility in financial markets, which resulted in a significant decrease in the Company's stock price and market capitalization.

12. GOODWILL AND OTHER INTANGIBLE ASSETS, NET (CONTINUED)

During the third quarter of 2020, management identified a triggering event for possible goodwill impairment in its Aerosystems reporting unit. The evaluation resulted in a $50.3 million goodwill impairment charge for the Aerosystems reporting unit, which represented the entire goodwill balance for the reporting unit. This impairment charge was included in goodwill impairment on the Company's Condensed Statement of Operations in both the three-month and nine-month fiscal periods ended October 2, 2020. See Note 12, Goodwill and Other Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for further information on the evaluation. No such impairment charges were incurred in the three-month and nine-month fiscal periods ended October 1, 2021.

Other Intangibles

Other intangible assets consisted of:


		At October 1,				At December 31,
		2021				2020
	Amortization Period	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
In thousands
Customer lists / relationships	6-38 years	$	127,636	$	(33,896)	$	128,882	$	(30,094)
Developed technologies	7-20 years	45,331		(12,620)		45,798		(9,665)
Trademarks / trade names	15-40 years	17,077		(2,537)		17,353		(2,149)
Non-compete agreements and other	1-15 years	4,658		(4,646)		5,290		(5,276)
Patents	17 years	523		(471)		523		(464)
Total		$	195,225	$	(54,170)	$	197,846	$	(47,648)

Pension Plans

9 Months Ended

Oct. 01, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Compensation and Employee Benefit Plans

PENSION PLANS

Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") were as follows:


	For the Three Months Ended
	Qualified Pension Plan				SERP
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Service cost	$	325	$	1,309	$	—	$	—
Interest cost on projected benefit obligation	3,541		5,255		16		41
Expected return on plan assets	(11,294)		(10,796)		—		—
Amortization of net loss	1,111		1,201		14		236
Net pension (income) cost	$	(6,317)	$	(3,031)	$	30	$	277


	For the Nine Months Ended
	Qualified Pension Plan				SERP
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Service cost	$	976	$	3,927	$	—	$	—
Interest cost on projected benefit obligation	10,624		15,765		45		124
Expected return on plan assets	(33,883)		(32,388)		—		—
Amortization of net loss	3,333		3,603		49		708
Net pension (income) cost	$	(18,950)	$	(9,093)	$	94	$	832

13. PENSION PLANS (CONTINUED)

The Company contributed $10.0 million to the qualified pension plan and $0.4 million to the SERP through the end of the third quarter of 2021. No further contributions are expected to be made to the qualified pension plan during 2021. The Company plans to contribute an additional $2.3 million to the SERP in 2021. For the 2020 plan year, the Company contributed $10.0 million to the qualified pension plan and $0.5 million to the SERP.

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Oct. 01, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Pension Freeze Effective December 31, 2015, the Company's qualified pension plan was frozen with respect to future benefit accruals. Under USG Cost Accounting Standard (“CAS”) 413, the Company must determine the USG’s share of any pension curtailment adjustment calculated in accordance with CAS. Such adjustments can result in an amount due to the USG for pension plans that are in a surplus position or an amount due to the contractor for plans that are in a deficit position. During the fourth quarter of 2016, the Company accrued a $0.3 million liability representing its estimate of the amount due to the USG based on the Company's pension curtailment adjustment calculation, which was submitted to the USG for review in December 2016. The Company maintained its accrual at $0.3 million as of October 1, 2021. There can be no assurance that the ultimate resolution of this matter will not have a material adverse effect on the Company's results of operations, financial position and cash flows. New Hartford Property In connection with the sale of the Company’s Music segment in 2007, the Company assumed responsibility for meeting certain requirements of the Connecticut Transfer Act (the “Transfer Act”) that applied to the transfer of the New Hartford, Connecticut, facility leased by that segment for guitar manufacturing purposes (“Ovation”). Under the Transfer Act, those responsibilities essentially consist of assessing the site's environmental conditions and remediating environmental impairments, if any, caused by Ovation's operations prior to the sale. The site is a multi-tenant industrial park, in which Ovation and other unrelated entities lease space. The environmental assessment process, which began in 2008, has been completed and site remediation is in process. The Company's estimate of its portion of the cost to assess the environmental conditions and remediate this site is $2.3 million, all of which has been accrued. The remediation has been nearly completed and the Company continues to monitor the results of the remediation. The total amount paid to date in connection with these environmental remediation activities is $1.7 million. At October 1, 2021, the Company had $0.6 million accrued for these environmental remediation activities. A portion ($0.1 million) of the accrual related to this property is included in other current liabilities and the balance is included in other long-term liabilities. The remaining balance of the accrual reflects the total anticipated cost of completing these environmental remediation activities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. Bloomfield Property In connection with the Company’s 2008 purchase of the portion of the Bloomfield campus that Kaman Aerospace Corporation had leased from NAVAIR, the Company assumed responsibility for environmental remediation at the facility as may be required under the Transfer Act and is currently remediating the property under the guidance of the Connecticut Department of Environmental Protection. The assumed environmental liability of $10.3 million was determined by taking the undiscounted estimated remediation liability of $20.8 million and discounting it at a rate of 8%. This remediation process will take many years to complete. The total amount paid to date in connection with these environmental remediation activities is $14.6 million. At October 1, 2021, the Company had $2.5 million accrued for these environmental remediation activities. A portion ($0.2 million) of the accrual related to this property is included in other current liabilities, and the balance is included in other long-term liabilities. Although it is reasonably possible that additional costs will be paid in connection with the resolution of this matter, the Company is unable to estimate the amount of such additional costs, if any, at this time. 14. COMMITMENTS AND CONTINGENCIES (CONTINUED) Offset Agreement During January 2018, the Company entered into an offset agreement as a condition to obtaining orders from a foreign customer for the Company's JPF product. This agreement is designed to return economic value to the foreign country by requiring the Company to engage in activities supporting local defense or commercial industries, promoting a balance of trade, developing in-country technology capabilities or addressing other local development priorities. The offset agreement may be satisfied through activities that do not require a direct cash payment, including transferring technology, providing manufacturing, training and other consulting support to in-country projects and the purchase by third parties of supplies from in-country vendors. This agreement may also be satisfied through the Company's use of cash for activities, such as subcontracting with local partners, purchasing supplies from in-country vendors, providing financial support for in-country projects and making investments in local ventures. At October 1, 2021, the offset agreement had an outstanding notional value of approximately $194.0 million, which is equal to sixty percent of the contract value of $324.0 million as defined by the agreement between the customer and the Company. The amount ultimately applied against the offset agreement is based on negotiations with the customer and may require cash outlays that represent only a fraction of the notional value in the offset agreement. The Company continues to work with the customer to further define the requirements to satisfy the offset agreement. The satisfaction of the offset requirements will be determined by the customer and is expected to occur over a seven-year period. Deliveries under the contract are expected to be completed prior to satisfaction of the offset requirements. In the event the offset requirements of the contract are not met, the Company could be liable for potential penalties up to $16.5 million payable to the customer. Failure to satisfy the offset requirement could also negatively impact the Company's ability to attract future orders from this customer. The Company began recognizing revenue associated with this contract in the third quarter of 2019 and has considered the potential penalties of $16.5 million as a reduction to the transaction price in its determination of the value of the performance obligations within this contract. At October 1, 2021, $15.4 million in contract liabilities associated with the potential penalties of the offset requirements were included on the Company's Condensed Consolidated Balance Sheets. At the point the Company has an approved plan to satisfy the offset requirements, the Company will update the estimate of the contract transaction price, including any potential penalties or contract costs associated with the plan to fulfill the offset requirements. Guarantee During 2020, the Company and the USG entered into a Guaranty Agreement, pursuant to which the Company agreed to guarantee the full, complete and satisfactory performance of its subsidiary, Kaman Precision Products, Inc. ("KPPI") under all current and future contracts with the USG. As of the date of this filing, the only contract in place between KPPI and the USG relates to the production and sale of the JPF. KPPI is currently fulfilling the requirements of Option 15 and has been awarded Option 16. The guarantee was provided in lieu of a periodic financial capability review by the Financial Capacity Team ("FCT") of the Defense Contract Management Agency ("DCMA"). The Company is unable to estimate the maximum potential amount of future payments under the guarantee as it is dependent on costs incurred by the USG in the event of default. Although the Company believes the risk of default is low given the maturity and operational performance of the JPF program, there can be no assurance that the guarantee will not have a material adverse effect on the Company's results of operations, financial position and cash flows.

Computation of Earnings Per Share

9 Months Ended

Oct. 01, 2021

Earnings Per Share Reconciliation [Abstract]

Computation of Earnings Per Share

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each period. The computation of diluted earnings per share reflects the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan, shares issuable on redemption of its convertible notes and shares issuable upon redemption of outstanding warrants.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands, except per share amounts
Earnings (loss) from continuing operations	$	14,667	$	(38,507)	$	34,507	$	(39,014)
Total earnings from discontinued operations	—		—		—		692
Net earnings (loss)	$	14,667	$	(38,507)	$	34,507	$	(38,322)

Basic:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Basic earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Diluted:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718
Weighted average shares issuable on exercise of dilutive stock options	6		—		34		—
Total	27,888		27,687		27,889		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Diluted earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Equity awards

For the three-month and nine-month fiscal periods ended October 1, 2021, respectively, 650,554 and 524,617 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods. For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, 610,253 and 608,804 shares issuable under equity awards granted to employees were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the periods.

All outstanding stock awards were excluded in the computation of diluted earnings per share in the three-month and nine-month fiscal periods ended October 2, 2020 because their effect was antidilutive due to the loss from continuing operations. For the three-month and nine-month fiscal periods ended October 2, 2020, respectively, an additional 15,574 and 34,288 shares issuable under equity awards, which would have been dilutive if exercised based on the average market price being higher than the exercise price, were excluded from the computation of diluted earnings per share as their effect was antidilutive due to the loss from continuing operations.

15. COMPUTATION OF EARNINGS PER SHARE (CONTINUED)

2024 Convertible Notes

For the three-month and nine-month fiscal periods ended October 1, 2021 and October 2, 2020, shares issuable under the Convertible Notes due 2024 were excluded from the diluted earnings per share calculation because the conversion price was more than the average market price of the Company's stock during the periods.

Share-based Arrangements

9 Months Ended

Oct. 01, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Payment Arrangement

16. SHARE-BASED ARRANGEMENTS

The Company accounts for stock options, restricted stock awards ("RSAs"), restricted stock units and performance stock units ("PSUs") as equity awards and measures the cost of all share-based payments, including stock options, at fair value on the grant date and recognizes this cost in the statement of operations. The Company also has an employee stock purchase plan which is accounted for as a liability award.

In 2021, the Company modified its long-term incentive program to increase the emphasis on equity. Beginning in the first quarter of 2021, the long-term incentive awards granted to the Company's Named Executive Officers ("NEOs") will consist of a combination of service-based RSAs and PSUs which are intended to be settled in shares, as opposed to cash-based awards that had been utilized in the past. These awards are expected to increase the alignment of interests between the Company's NEOs and shareholders and help build stock ownership for new executives, supporting both executive retention and the Company's long-term financial performance. RSAs will vest over a three-year period on each of the first three anniversaries of the date of grant. The number of PSUs that will vest will be determined based on total shareholder return ("TSR") and return on total invested capital ("ROIC") over a three-year performance period, each of which will remain equally weighted in determining payouts. The achievement level for both factors may range from zero to 200%.

Compensation expense for stock options, RSAs, restricted stock units and PSUs is recognized on a straight-line basis over the vesting period of the awards. Throughout the course of the vesting period, the Company monitors the achievement level for the ROIC metric of the PSUs compared to the ROIC target and adjusts the number of shares expected to be earned, and the related compensation expense recorded thereafter, to reflect the most probable outcome. Share-based compensation expense recorded for the three-month and nine-month fiscal periods ended October 1, 2021 was $1.5 million and $5.7 million, respectively. Of these amounts, $0.1 million and $0.3 million was recorded to restructuring and severance costs, respectively, and the remaining amounts were recorded to selling, general and administrative expenses on the Company's Condensed Consolidated Statements of Operations. Share-based compensation expense recorded for the three-month and nine-month fiscal periods ended October 2, 2020 was $0.7 million and $4.3 million, respectively. Of these amounts, $0.4 million was recorded to restructuring and severance costs in both the three-month and nine-month fiscal periods ended October 2, 2020 and the remaining amounts were recorded to selling, general and administrative expenses on the Company's Condensed Consolidated Statements of Operations.

Stock option activity was as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Options	Weighted - average exercise price		Options	Weighted - average exercise price
Options outstanding at beginning of period	760,936	$	55.15	772,625	$	54.87
Granted	—	$	—	4,990	$	55.85
Exercised	—	$	—	(14,899)	$	39.79
Forfeited or expired	(9,610)	$	63.43	(11,390)	$	63.59
Options outstanding at October 1, 2021	751,326	$	55.05	751,326	$	55.05

16. SHARE-BASED ARRANGEMENTS (CONTINUED)

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value:


	For the Nine Months Ended
	October 1, 2021		October 2, 2020
Expected option term (years)	4.9		4.9
Expected volatility	35.7	%	20.2	%
Risk-free interest rate	0.5	%	1.4	%
Expected dividend yield	1.6	%	1.3	%
Per share fair value of options granted	$14.89		$10.74

Restricted stock award and restricted stock unit activity were as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Restricted Stock	Weighted- average grant date fair value		Restricted Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	143,704	$	53.77	109,514	$	53.66
Granted	—	$	—	83,656	$	55.20
Vested	(3,373)	$	55.85	(50,612)	$	55.81
Forfeited or expired	(210)	$	57.33	(2,437)	$	58.21
Restricted Stock outstanding at October 1, 2021	140,121	$	53.72	140,121	$	53.72

Performance stock unit activity was as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Performance Stock	Weighted- average grant date fair value		Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	80,500	$	70.17	—	$	—
Granted(1)	—	$	—	82,460	$	70.17
Vested	—	$	—	—	$	—
Forfeited or expired	—	$	—	(1,960)	$	70.16
Performance Stock outstanding at October 1, 2021	80,500	$	70.17	80,500	$	70.17

(1) The PSUs granted in the first quarter of 2021 assumed a 100% achievement level.

The fair value of the PSUs based on TSR was estimated on the date of grant using a Monte-Carlo simulation model. The following table indicates the weighted-average assumptions used in estimating fair value:


	For the Nine Months Ended
	October 1, 2021
Expected term (years)	2.9
Expected volatility	41.3		%
Risk-free interest rate	0.2		%
Expected dividend yield	1.4		%
Per share fair value of performance stock granted	$	84.49

Shareholders' Equity and Accumulated Other Comprehensive Income

9 Months Ended

Oct. 01, 2021

Stockholders' Equity Note [Abstract]

Shareholders' Equity and Accumulated Other Comprehensive Income

SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME

Changes in shareholders’ equity for the three-month and nine-month fiscal periods ended October 1, 2021, and October 2, 2020, were as follows:


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Beginning balance	$	779,212	$	803,396	$	746,438	$	823,202
Comprehensive income (loss)	11,193		(28,270)		50,006		(28,402)
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.60 and $0.60, respectively)	(5,569)		(5,540)		(16,696)		(16,622)
Employee stock plans and related tax benefit	523		465		2,051		2,451
Purchase of treasury shares	(69)		(37)		(459)		(14,205)
Share-based compensation expense	1,459		664		5,684		4,254
Impact of change in tax accounting standard	—		—		(275)		—
Ending balance	$	786,749	$	770,678	$	786,749	$	770,678

The components of accumulated other comprehensive income (loss) are shown below:


	For the Three Months Ended
	October 1, 2021		October 2, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	16,515	$	(18,882)
Net loss on foreign currency translation	(4,342)		9,130
Other comprehensive income (loss), net of tax	(4,342)		9,130
Ending balance	$	12,173	$	(9,752)

Pension and other post-retirement benefits(1):
Beginning balance	$	(128,363)	$	(132,328)
Amortization of net loss, net of tax expense of $257 and $330, respectively	868		1,107
Other comprehensive income, net of tax	868		1,107
Ending balance	$	(127,495)	$	(131,221)

Total accumulated other comprehensive loss	$	(115,322)	$	(140,973)

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)

17. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)


	For the Nine Months Ended
	October 1, 2021		October 2, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	(717)	$	(16,351)
Net loss on foreign currency translation	(9,945)		6,599
Reclassification to net income(1)	22,835		—
Other comprehensive income (loss), net of tax	12,890		6,599
Ending balance	$	12,173	$	(9,752)

Pension and other post-retirement benefits(2):
Beginning balance	$	(130,104)	$	(134,542)
Amortization of net loss, net of tax expense of $773 and $990, respectively	2,609		3,321
Other comprehensive income, net of tax	2,609		3,321
Ending balance	$	(127,495)	$	(131,221)

Total accumulated other comprehensive loss	$	(115,322)	$	(140,973)

(1) The foreign currency translation reclassified to net income relates to the sale of the Company's UK Composites business. This balance was included in the loss accrual recorded in impairment on assets held for sale on the Company's Consolidated Statement of Operations in the year ended December 31, 2020 (see Note 3, Disposals, for additional information).

(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)

Income Taxes

9 Months Ended

Oct. 01, 2021

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Effective Income Tax Rate from continuing operations	23.3	%	(1.8)	%	22.7	%	2.6	%

The effective income tax rate represents the combined federal, state and foreign tax effects attributable to pretax earnings from continuing operations for the period. The comparison of the effective tax rate from continuing operations for the three-month and nine-month fiscal periods ended October 1, 2021 to the corresponding rates in the prior year was impacted by the pretax income in the current period versus pretax loss in the prior period. Due to the prior period pretax loss, the relatively low rate represents a tax expense and was primarily caused by the requirement to treat the tax impact from the goodwill impairment as a discrete item in the prior period. Additionally, the effective tax rate in the current period was impacted by a discrete charge to record a valuation allowance on deferred tax assets for one of the Company's foreign subsidiaries. This charge was partially offset by incremental research and development credit benefits.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Subsequent Events	9 Months Ended
Subsequent Events	Oct. 01, 2021
Subsequent Events [Abstract]
Subsequent Events	SUBSEQUENT EVENTSThe Company has evaluated subsequent events through the issuance date of these financial statements. No material subsequent events were identified that require disclosure.

Basis of Presentation Basis of Presentation (Policies) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2021	Aug. 26, 2019
Basis of Presentation [Abstract]
Disposal Group, Including Discontinued Operation, Consideration		$ 700.0
Consolidation, Policy [Policy Text Block]	BASIS OF PRESENTATION During the third quarter of 2019, Kaman Corporation ("the Company") completed the sale of its Distribution business for total cash consideration of approximately $700.0 million, excluding certain working capital adjustments which were finalized in the first quarter of 2020 and transaction costs. The finalization of the gain on the sale of the Distribution business was recorded to gain on disposal of discontinued operations, net of tax on the Company's Condensed Consolidated Statements of Operations in the nine-month fiscal period ended October 2, 2020. See Note 3, Disposals, to the Condensed Consolidated Financial Statements for further information. During the fourth quarter of 2020, the Company committed to a plan and received approval from its Board of Directors to sell its United Kingdom ("UK") Composites division. As a result of the approved plan, the UK Composites division met the criteria set forth in Accounting Standards Codification 205-20, Presentation of Financial Statements - Discontinued Operations, ("ASC 205-20") for held for sale. At December 31, 2020, the assets of the UK Composites business were considered impaired as the estimated fair value of the disposal group was lower than the estimated carrying value of the UK Composites business. As a result, the assets of the UK Composites business were written off and the remaining loss related to the anticipated sale of the disposal group was accrued for in liabilities held for sale, current portion on the Company's Consolidated Balance Sheet. The related liabilities of the UK division to be sold were reclassified to liabilities held for sale, respectively, as of December 31, 2020 on the Company's Consolidated Balance Sheet. On February 2, 2021, the Company sold its UK Composites business. See Note 3, Discontinued Operations and Liabilities Held for Sale, in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 ("2020 Form 10-K") for additional information. In the opinion of management, the condensed consolidated financial information reflects all adjustments necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented, but do not include all disclosures required by accounting principles generally accepted in the United States of America ("GAAP"). All such adjustments are of a normal recurring nature, unless otherwise disclosed in this report. Certain amounts in prior year financial statements and notes thereto have been reclassified to conform to current year presentation. The statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s 2020 Form 10-K. The Company has a calendar year-end; however, its first three fiscal quarters follow a 13-week convention, with each quarter ending on a Friday. The third quarters for 2021 and 2020 ended on October 1, 2021, and October 2, 2020, respectively.

Recent Accounting Standards Details (Policies)	9 Months Ended
Recent Accounting Standards Details (Policies)	Oct. 01, 2021
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	RECENT ACCOUNTING STANDARDS Recent Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes". The objective of the standard is to simplify the accounting for income taxes by removing certain exceptions and to improve consistent application of Topic 740 by clarifying and amending existing guidance. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the standard was permitted, including adoption in any interim period for which financial statements have not yet been issued. If early adopted in an interim period, the adjustments should be reflected as of the beginning of the annual period that includes that interim period. All amendments under the standard must be adopted in the same period. In 2021, the Company adopted ASU 2019-12 using the modified retrospective basis which resulted in a cumulative effect reduction to retained earnings of $0.3 million. Recent Accounting Standards Yet to be Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". The amendments in this standard update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements; however, the impact will be dependent on future business combinations. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) Recent Accounting Standards Yet to be Adopted - continued In May 2021, the FASB issued ASU 2021-04, "Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force)". The objective of this standard update is to clarify and reduce diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as either an adjustment to equity and, if so, the related earnings per share ("EPS") effects, if any, or as an expense and, if so, the manner and pattern of recognition. The standard update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity". The objective of this standard update is to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The update removes certain separation models between a debt component and equity or derivative component for certain convertible instruments, adds new disclosure requirements for convertible instruments to improve the decision usefulness and relevance of the information being provided to users of financial statements, clarifies the guidance for determining whether a contract qualifies for a scope exception from derivative accounting, and amends EPS guidance to improve consistency. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption of the standard is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. An entity should adopt the guidance as of the beginning of its annual fiscal year and can do so using a modified retrospective method or fully retrospective method of transition. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected for a topic or industry subtopic, the amendments in this standard update must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments for eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period. If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020 and March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship. The Company is currently in the process of moving its LIBOR benchmark to other non-USD benchmark rates. The impact of the adoption of this standard update is dependent on the Company's contracts modifications as a result of reference rate reform; however, the Company does not expect the adoption of the amendments associated with hedging relationships to have a material impact on the Company's consolidated financial statements. Subsequent to the issuance of ASU 2020-04, the FASB issued the following update: ASU 2021-01, "Reference Rate Reform (Topic 848) - Scope". The amendments in this update affect the guidance within ASU 2020-04 and are being assessed with ASU 2020-04.
Recent Accounting Standards	RECENT ACCOUNTING STANDARDS Recent Accounting Standards Adopted In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes". The objective of the standard is to simplify the accounting for income taxes by removing certain exceptions and to improve consistent application of Topic 740 by clarifying and amending existing guidance. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the standard was permitted, including adoption in any interim period for which financial statements have not yet been issued. If early adopted in an interim period, the adjustments should be reflected as of the beginning of the annual period that includes that interim period. All amendments under the standard must be adopted in the same period. In 2021, the Company adopted ASU 2019-12 using the modified retrospective basis which resulted in a cumulative effect reduction to retained earnings of $0.3 million. Recent Accounting Standards Yet to be Adopted In October 2021, the FASB issued ASU 2021-08, "Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers". The amendments in this standard update address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination and require that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. This standard update is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years and should be applied prospectively to business combinations occurring on or after the effective date of the amendments. Early adoption of the standard is permitted, including adoption in an interim period. The adoption of this standard update is not expected to have a material impact on the Company's consolidated financial statements; however, the impact will be dependent on future business combinations. 2. RECENT ACCOUNTING STANDARDS (CONTINUED) Recent Accounting Standards Yet to be Adopted - continued In May 2021, the FASB issued ASU 2021-04, "Earnings Per Share (Topic 260), Debt - Modifications and Extinguishments (Subtopic 470-50), Compensation - Stock Compensation (Topic 718), and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Issuer's Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force)". The objective of this standard update is to clarify and reduce diversity in an issuer's accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. The guidance clarifies whether an issuer should account for a modification or an exchange of a freestanding equity-classified written call option that remains equity classified after modification or exchange as either an adjustment to equity and, if so, the related earnings per share ("EPS") effects, if any, or as an expense and, if so, the manner and pattern of recognition. The standard update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In August 2020, the FASB issued ASU 2020-06, "Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity". The objective of this standard update is to simplify the accounting for certain financial instruments with characteristics of liabilities and equity. The update removes certain separation models between a debt component and equity or derivative component for certain convertible instruments, adds new disclosure requirements for convertible instruments to improve the decision usefulness and relevance of the information being provided to users of financial statements, clarifies the guidance for determining whether a contract qualifies for a scope exception from derivative accounting, and amends EPS guidance to improve consistency. The standard update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2021. Early adoption of the standard is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. An entity should adopt the guidance as of the beginning of its annual fiscal year and can do so using a modified retrospective method or fully retrospective method of transition. The Company is currently assessing the potential impact this standard update could have on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting". The objective of the standard is to address operational challenges likely to arise in accounting for contract modifications and hedge accounting due to reference rate reform. The amendments in this ASU provide optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The standard update is effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply the amendments for contract modifications by topic or industry subtopic as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020. Once elected for a topic or industry subtopic, the amendments in this standard update must be applied prospectively for all eligible contract modifications for that topic or industry subtopic. An entity may elect to apply the amendments for eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. If an entity elects to apply any of the amendments for an eligible hedging relationship existing as of the beginning of the interim period that includes March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of that interim period. If an entity elects to apply any of the amendments for a new hedging relationship entered into between the beginning of the interim period that includes March 12, 2020 and March 12, 2020, any adjustments as a result of those elections must be reflected as of the beginning of the hedging relationship. The Company is currently in the process of moving its LIBOR benchmark to other non-USD benchmark rates. The impact of the adoption of this standard update is dependent on the Company's contracts modifications as a result of reference rate reform; however, the Company does not expect the adoption of the amendments associated with hedging relationships to have a material impact on the Company's consolidated financial statements. Subsequent to the issuance of ASU 2020-04, the FASB issued the following update: ASU 2021-01, "Reference Rate Reform (Topic 848) - Scope". The amendments in this update affect the guidance within ASU 2020-04 and are being assessed with ASU 2020-04.

- Definition

+ References

+ Details

Disposals (Tables)

9 Months Ended

Oct. 01, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Disposal Groups, Including Discontinued Operations [Table Text Block]


In thousands
Proceeds received from the sale of the UK Composites business	$	3,600

Assets, including cash on hand	23,460
Liabilities	6,618
Net book value of business	16,842

UK cumulative foreign currency translation adjustment balance	22,835

Transaction costs	442

Loss on the sale of the UK Composites business	$	36,519

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI http://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

+ Details

Revenue (Tables)

9 Months Ended

Oct. 01, 2021

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue [Table Text Block]


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Defense	$	43,017	$	46,324	$	126,408	$	137,281
Safe and Arm Devices	49,393		81,252		148,985		196,238
Commercial, Business & General Aviation	44,746		52,894		133,834		164,006
Medical	21,996		17,506		65,441		53,245
Industrial & Other	20,684		15,983		59,178		48,401
Total revenue	$	179,836	$	213,959	$	533,846	$	599,171

COVID-19

The following table disaggregates total revenue by product types.


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Original Equipment Manufacturer	56	%	49	%	58	%	55	%
Aftermarket	17	%	13	%	14	%	12	%
Safe and Arm Devices	27	%	38	%	28	%	33	%
Total revenue	100	%	100	%	100	%	100	%


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Over time	41	%	25	%	37	%	31	%
Point-in-time	59	%	75	%	63	%	69	%
Total revenue	100	%	100	%	100	%	100	%

Schedule of Change in Accounting Estimate [Table Text Block]

Net changes in revenue associated with cost growth on the Company's over time contracts were as follows:


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Net change in revenue due to change in profit estimates	$	(937)	$	(2,798)	$	(1,518)	$	(5,338)

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

Backlog at October 1, 2021 and December 31, 2020, and the portion of backlog the Company expects to recognize revenue on over the next twelve months is as follows:


	October 1, 2021(1)		December 31, 2020
In thousands
Backlog	$	545,281	$	631,236

(1) The Company expects to recognize revenue on approximately 65% of backlog as of October 1, 2021 over the next twelve months.

^[1]

[1]	The Company expects to recognize revenue on approximately 65% of backlog as of October 1, 2021 over the next twelve months.

Accounts Receivable, Net (Tables)

9 Months Ended

Oct. 01, 2021

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following:


	October 1, 2021		December 31, 2020
In thousands
Trade receivables	$	24,516	$	19,945
U.S. Government contracts:
Billed	12,539		18,854
Cost and accrued profit - not billed	1,554		1,080
Commercial and other government contracts
Billed	39,730		111,794
Cost and accrued profit - not billed	4,141		4,141
Less allowance for doubtful accounts	(1,631)		(2,008)
Accounts receivable, net	$	80,849	$	153,806

Financing Receivable, Allowance for Credit Loss [Table Text Block]

The following table summarizes the activity in the allowance for doubtful accounts in the nine-month fiscal period ended October 1, 2021:


In thousands
Balance at December 31, 2020	$	(2,008)
Provision	(373)
Amounts written off	433
Recoveries	314
Changes in foreign currency exchange rates	3
Balance at October 1, 2021	$	(1,631)

Accounts Receivable Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Cost

Accounts receivable, net includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts are as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	900	$	900

Contract Assets, Contract Costs and Contract Liabilities (Tables)

9 Months Ended

Oct. 01, 2021

Revenue from Contract with Customer [Abstract]

Activity related to contract assets, contract costs and contract liabilities was as follows:


	October 1, 2021		December 31, 2020		$ Change		% Change
In thousands
Contract assets	$	128,824	$	108,645	$	20,179	18.6	%

Contract costs, current portion	$	1,533	$	3,511	$	(1,978)	(56.3)	%
Contract costs, noncurrent portion	$	10,389	$	8,311	$	2,078	25.0	%

Contract liabilities, current portion	$	10,719	$	39,073	$	(28,354)	(72.6)	%
Contract liabilities, noncurrent portion	$	15,426	$	11,019	$	4,407	40.0	%

Contract assets includes amounts for matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts were as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	2,023	$	3,178

Fair Value Measurements (Tables)

9 Months Ended

Oct. 01, 2021

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments That Are Not Carried At Fair Value

The following table presents the carrying value and fair value of financial instruments that are not carried at fair value:


	October 1, 2021				December 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
In thousands
Debt (1)	$	191,110	$	204,031	$	188,919	$	230,093

(1) These amounts are classified within Level 2.

Inventories (Tables)

9 Months Ended

Oct. 01, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consisted of the following:


	October 1, 2021		December 31, 2020
In thousands
Raw materials	$	19,341	$	19,502
Contracts and other work in process (including certain general stock materials)	142,657		129,241
Finished goods	33,702		36,329
Inventories	$	195,700	$	185,072

Inventory Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Contract Costs

Inventories include amounts associated with matters such as contract changes, negotiated settlements and claims for unanticipated contract costs. These amounts were as follows:


	October 1, 2021		December 31, 2020
In thousands
Contract changes, negotiated settlements and claims for unanticipated contract costs	$	467	$	500

Goodwill and Other Intangible Assets, Net (Tables)

9 Months Ended

Oct. 01, 2021

Intangible Assets, Net (Including Goodwill) [Abstract]

Schedule of Goodwill

The following table sets forth the change in the carrying amount of goodwill for continuing operations:


In thousands
Gross balance at December 31, 2020	$	313,803
Accumulated impairment	(66,559)
Net balance at December 31, 2020	247,244
Additions	—
Impairments	—
Foreign currency translation	(4,878)
Ending balance at October 1, 2021	$	242,366

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Other intangible assets consisted of:


		At October 1,				At December 31,
		2021				2020
	Amortization Period	Gross Amount		Accumulated Amortization		Gross Amount		Accumulated Amortization
In thousands
Customer lists / relationships	6-38 years	$	127,636	$	(33,896)	$	128,882	$	(30,094)
Developed technologies	7-20 years	45,331		(12,620)		45,798		(9,665)
Trademarks / trade names	15-40 years	17,077		(2,537)		17,353		(2,149)
Non-compete agreements and other	1-15 years	4,658		(4,646)		5,290		(5,276)
Patents	17 years	523		(471)		523		(464)
Total		$	195,225	$	(54,170)	$	197,846	$	(47,648)

Pension Plans (Tables)

9 Months Ended

Oct. 01, 2021

Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]

Schedule of Net Benefit Costs

Components of net pension cost for the Qualified Pension Plan and Supplemental Employees’ Retirement Plan ("SERP") were as follows:


	For the Three Months Ended
	Qualified Pension Plan				SERP
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Service cost	$	325	$	1,309	$	—	$	—
Interest cost on projected benefit obligation	3,541		5,255		16		41
Expected return on plan assets	(11,294)		(10,796)		—		—
Amortization of net loss	1,111		1,201		14		236
Net pension (income) cost	$	(6,317)	$	(3,031)	$	30	$	277


	For the Nine Months Ended
	Qualified Pension Plan				SERP
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Service cost	$	976	$	3,927	$	—	$	—
Interest cost on projected benefit obligation	10,624		15,765		45		124
Expected return on plan assets	(33,883)		(32,388)		—		—
Amortization of net loss	3,333		3,603		49		708
Net pension (income) cost	$	(18,950)	$	(9,093)	$	94	$	832

13. PENSION PLANS (CONTINUED)

Computation of Earnings Per Share (Tables)

9 Months Ended

Oct. 01, 2021

Earnings Per Share Reconciliation [Abstract]

Schedule of Earnings Per Share, Basic and Diluted


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands, except per share amounts
Earnings (loss) from continuing operations	$	14,667	$	(38,507)	$	34,507	$	(39,014)
Total earnings from discontinued operations	—		—		—		692
Net earnings (loss)	$	14,667	$	(38,507)	$	34,507	$	(38,322)

Basic:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Basic earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Diluted:
Weighted average number of shares outstanding	27,882		27,687		27,855		27,718
Weighted average shares issuable on exercise of dilutive stock options	6		—		34		—
Total	27,888		27,687		27,889		27,718

Earnings (loss) per share from continuing operations	$	0.53	$	(1.39)	$	1.24	$	(1.41)
Earnings per share from discontinued operations	0.00		0.00		0.00		0.03
Diluted earnings per share	$	0.53	$	(1.39)	$	1.24	$	(1.38)

Share-based Arrangements (Tables)

9 Months Ended

Oct. 01, 2021

Share-based Payment Arrangement, Noncash Expense [Abstract]

Stock Option Activity

Stock option activity was as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Options	Weighted - average exercise price		Options	Weighted - average exercise price
Options outstanding at beginning of period	760,936	$	55.15	772,625	$	54.87
Granted	—	$	—	4,990	$	55.85
Exercised	—	$	—	(14,899)	$	39.79
Forfeited or expired	(9,610)	$	63.43	(11,390)	$	63.59
Options outstanding at October 1, 2021	751,326	$	55.05	751,326	$	55.05

Fair Value Assumptions


	For the Nine Months Ended
	October 1, 2021		October 2, 2020
Expected option term (years)	4.9		4.9
Expected volatility	35.7	%	20.2	%
Risk-free interest rate	0.5	%	1.4	%
Expected dividend yield	1.6	%	1.3	%
Per share fair value of options granted	$14.89		$10.74

Restricted Stock Award and Restricted Stock Unit Activity

Restricted stock award and restricted stock unit activity were as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Restricted Stock	Weighted- average grant date fair value		Restricted Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	143,704	$	53.77	109,514	$	53.66
Granted	—	$	—	83,656	$	55.20
Vested	(3,373)	$	55.85	(50,612)	$	55.81
Forfeited or expired	(210)	$	57.33	(2,437)	$	58.21
Restricted Stock outstanding at October 1, 2021	140,121	$	53.72	140,121	$	53.72

Share-based Payment Arrangement, Performance Shares, Activity

Performance stock unit activity was as follows:


	For the Three Months Ended			For the Nine Months Ended
	October 1, 2021			October 1, 2021
	Performance Stock	Weighted- average grant date fair value		Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	80,500	$	70.17	—	$	—
Granted(1)	—	$	—	82,460	$	70.17
Vested	—	$	—	—	$	—
Forfeited or expired	—	$	—	(1,960)	$	70.16
Performance Stock outstanding at October 1, 2021	80,500	$	70.17	80,500	$	70.17

(1) The PSUs granted in the first quarter of 2021 assumed a 100% achievement level.

Schedule of Share-based Payment Awards, Performance Shares, Valuation Assumptions

The following table indicates the weighted-average assumptions used in estimating fair value:


	For the Nine Months Ended
	October 1, 2021
Expected term (years)	2.9
Expected volatility	41.3		%
Risk-free interest rate	0.2		%
Expected dividend yield	1.4		%
Per share fair value of performance stock granted	$	84.49

Shareholders' Equity and Accumulated Other Comprehensive Income (Tables)

9 Months Ended

Oct. 01, 2021

Stockholders' Equity Note [Abstract]

Schedule of Stockholders Equity

Changes in shareholders’ equity for the three-month and nine-month fiscal periods ended October 1, 2021, and October 2, 2020, were as follows:


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020
In thousands
Beginning balance	$	779,212	$	803,396	$	746,438	$	823,202
Comprehensive income (loss)	11,193		(28,270)		50,006		(28,402)
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.60 and $0.60, respectively)	(5,569)		(5,540)		(16,696)		(16,622)
Employee stock plans and related tax benefit	523		465		2,051		2,451
Purchase of treasury shares	(69)		(37)		(459)		(14,205)
Share-based compensation expense	1,459		664		5,684		4,254
Impact of change in tax accounting standard	—		—		(275)		—
Ending balance	$	786,749	$	770,678	$	786,749	$	770,678

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) are shown below:


	For the Three Months Ended
	October 1, 2021		October 2, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	16,515	$	(18,882)
Net loss on foreign currency translation	(4,342)		9,130
Other comprehensive income (loss), net of tax	(4,342)		9,130
Ending balance	$	12,173	$	(9,752)

Pension and other post-retirement benefits(1):
Beginning balance	$	(128,363)	$	(132,328)
Amortization of net loss, net of tax expense of $257 and $330, respectively	868		1,107
Other comprehensive income, net of tax	868		1,107
Ending balance	$	(127,495)	$	(131,221)

Total accumulated other comprehensive loss	$	(115,322)	$	(140,973)

(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)

17. SHAREHOLDERS' EQUITY AND ACCUMULATED OTHER COMPREHENSIVE INCOME (CONTINUED)


	For the Nine Months Ended
	October 1, 2021		October 2, 2020
In thousands
Foreign currency translation and other:
Beginning balance	$	(717)	$	(16,351)
Net loss on foreign currency translation	(9,945)		6,599
Reclassification to net income(1)	22,835		—
Other comprehensive income (loss), net of tax	12,890		6,599
Ending balance	$	12,173	$	(9,752)

Pension and other post-retirement benefits(2):
Beginning balance	$	(130,104)	$	(134,542)
Amortization of net loss, net of tax expense of $773 and $990, respectively	2,609		3,321
Other comprehensive income, net of tax	2,609		3,321
Ending balance	$	(127,495)	$	(131,221)

Total accumulated other comprehensive loss	$	(115,322)	$	(140,973)

(2) These accumulated other comprehensive income components are included in the computation of net periodic pension cost.

(See Note 13, Pension Plans for additional information.)

Income Taxes (Tables)

9 Months Ended

Oct. 01, 2021

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rates


	For the Three Months Ended				For the Nine Months Ended
	October 1, 2021		October 2, 2020		October 1, 2021		October 2, 2020

Effective Income Tax Rate from continuing operations	23.3	%	(1.8)	%	22.7	%	2.6	%

Basis of Presentation Basis of Presentation (Details) $ in Millions	Aug. 26, 2019 USD ($)
Basis of Presentation [Abstract]
Disposal Group, Including Discontinued Operation, Consideration	$ 700.0

Recent Accounting Standards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Accounting Policies [Abstract]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	$ 0	$ 0	$ (275)	$ 0

Disposals (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended	21 Months Ended	25 Months Ended
Disposals (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020	Dec. 31, 2020	Oct. 01, 2021	Oct. 01, 2021	Feb. 02, 2021	Aug. 26, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Consideration									$ 700,000
Costs of Transaction Services Agreement	$ 24	$ 3,019	$ 1,728	$ 11,532			$ 18,900
Income from Transaction Services Agreement	(14)	(1,829)	(931)	(7,853)			(13,000)
Proceeds from Divestiture of Businesses			0	5,223
Assets	1,221,700		1,221,700		$ 1,306,393	$ 1,221,700	1,221,700
Discontinued Operation, Income (Loss) from Discontinued Operation During Phase-out Period, Net of Tax	0	0	0	0
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax				900
Discontinued Operation, Tax Effect of Gain (Loss) from Disposal of Discontinued Operation				200
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	0	0	0	692
Earnings from discontinued operations, net of tax	0	0	0	692
Gain (Loss) on Disposition of Business	$ 0	$ 0	234	(493)
UK Composites
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from Divestiture of Businesses			3,600
Assets								$ 23,460
Liabilities								6,618
Net Assets								16,842
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax								$ 22,835
Legal Fees			442
Gain (Loss) on Disposition of Business			200		36,300	$ 36,519
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents					$ 6,600
Cash Outflows [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Amount of Continuing Cash Flows after Disposal			0	300			8,100
Cash Inflows [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued Operation, Amount of Continuing Cash Flows after Disposal			$ 1,800	$ 12,500			$ 18,700

Business Combinations (Details) $ in Millions	Jan. 03, 2020 USD ($)
Bal Seal [Member]
Acquired Indefinite-lived Intangible Assets [Line Items]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net	$ 317.5

Business Combinations Retention Plans (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020	Jan. 03, 2020
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Restricted Cash, Current	$ 0	$ 25,121
Bal Seal [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]
Restricted Cash, Current			$ 24,700

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Revenue (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 179,836	$ 213,959	$ 533,846	$ 599,171
Revenue, Net, Percentage	100.00%	100.00%	100.00%	100.00%
Transferred over Time [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net, Percentage	41.00%	25.00%	37.00%	31.00%
Transferred at Point in Time [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net, Percentage	59.00%	75.00%	63.00%	69.00%
Military and Defense, other than fuzes [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 43,017	$ 46,324	$ 126,408	$ 137,281
Missile and Bomb Fuzes [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 49,393	$ 81,252	$ 148,985	$ 196,238
Revenue, Net, Percentage	27.00%	38.00%	28.00%	33.00%
Commercial Aerospace [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 44,746	$ 52,894	$ 133,834	$ 164,006
Medical [Member]
Disaggregation of Revenue [Line Items]
Net sales	21,996	17,506	65,441	53,245
Other [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 20,684	$ 15,983	$ 59,178	$ 48,401
Original Equipment Manufacturer [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net, Percentage	56.00%	49.00%	58.00%	55.00%
Aftermarket [Member]
Disaggregation of Revenue [Line Items]
Revenue, Net, Percentage	17.00%	13.00%	14.00%	12.00%

Revenue Changes in Revenue due to Estimates in Over Time Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Change in Accounting Estimate [Line Items]
Net sales	$ 179,836	$ 213,959	$ 533,846	$ 599,171
Performance obligations satisfied in previous periods [Member]
Change in Accounting Estimate [Line Items]
Reductions in Revenues	$ (937)	$ (2,798)	$ (1,518)	$ (5,338)

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Revenue Unfulfilled Performance Obligations (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Unfulfilled Performance Obligations [Abstract]
Revenue, Remaining Performance Obligation, Amount	$ 545,281	$ 631,236
Revenue, Remaining Performance Obligation, Percentage	65.00%

Restructuring Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restructuring Costs (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring and severance costs	$ 2,611	$ 1,541	$ 5,479	$ 7,820
Executive Officer
Restructuring Cost and Reserve [Line Items]
Severance costs	2,200		2,200
Bal Seal [Member]
Restructuring Cost and Reserve [Line Items]
Severance costs				500
G&A Reduction Effort [Member]
Restructuring Cost and Reserve [Line Items]
Severance costs	$ 400	700	$ 3,300	3,800
COVID-19 [Member]
Restructuring Cost and Reserve [Line Items]
Severance costs		$ 500		$ 3,200

Accounts Receivable, Net - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable [Line Items]
Less allowance for doubtful accounts	$ (1,631)	$ (2,008)
Accounts receivable, net	80,849	153,806
Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	24,516	19,945
U.S. Government contracts \| Billed \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	12,539	18,854
U.S. Government contracts \| Not billed \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	1,554	1,080
Commercial and other government contracts \| Billed \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	39,730	111,794
Commercial and other government contracts \| Not billed \| Accounts Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 4,141	$ 4,141

Accounts Receivable, Net Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2021	Dec. 31, 2020
Allowance for Doubtful Accounts [Abstract]
Less allowance for doubtful accounts	$ (1,631)	$ (2,008)
Provision for Other Credit Losses	(373)
Accounts Receivable, Allowance for Credit Loss, Writeoff	433
Accounts Receivable, Allowance for Credit Loss, Recovery	314
Financing Receivable, Allowance for Credit Loss, Foreign Currency Translation	$ 3

Accounts Receivable, Net - Accounts Receivable due to contract changes, negotiated settlements and claims for unanticipated cost (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Contract changes, negotiated settlements and claims for unanticipated contract costs	$ 900	$ 900

Contract Assets, Contract Costs and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Contract assets	$ 128,824		$ 128,824		$ 108,645
Contract assets, change			$ 20,179
Contract assets, change (as percent)			18.60%
Contract costs, current portion	1,533		$ 1,533		3,511
Capitalized costs, current portion, change			$ (1,978)
Capitalized costs, current portion, change (as percent)			(56.30%)
Contract costs, noncurrent portion	10,389		$ 10,389		8,311
Capitalized costs, noncurrent portion, change			$ 2,078
Capitalized costs, noncurrent portion, change (as percent)			25.00%
Contract liabilities, current portion	10,719		$ 10,719		39,073
Contract liabilities, current portion, change			$ (28,354)
Contract liabilities, current portion, change (as percent)			(72.60%)
Contract liabilities, noncurrent portion	15,426		$ 15,426		11,019
Contract liabilities, noncurrent portion, change			$ 4,407
Contract liabilities, noncurrent portion, change (as percent)			40.00%
Capitalized contract cost, amortization	1,700	$ 4,900	$ 6,900	$ 9,500
Revenue recognized related to contract liabilities	18,300	$ 21,500	38,800	$ 50,200
Contract changes, negotiated settlements and claims for unanticipated contract costs
Disaggregation of Revenue [Line Items]
Contract assets	2,023		2,023		3,178
Costs to Fulfill [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net	11,400		11,400		9,300
Costs to Obtain [Member]
Disaggregation of Revenue [Line Items]
Capitalized Contract Cost, Net	$ 500		$ 500		$ 2,500

Fair Value Measurements - Fair Value of Financial Instruments not carried at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Money Market Funds, at Carrying Value	$ 65,500		$ 65,500		$ 51,500
Goodwill, Impairment Loss	0	$ 50,307	0	$ 50,307
Level 2 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	191,110		191,110		188,919
Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 204,031		$ 204,031		$ 230,093

Inventories - Schedule of Inventory (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 19,341	$ 19,502
Contracts and other work in process (including certain general stock materials)	142,657	129,241
Finished goods	33,702	36,329
Inventories	$ 195,700	$ 185,072

Inventories - Inventory Due to Contract Changes, Negotiated Settlements and Claims for Unanticipated Contract Costs (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Contract changes, negotiated settlements and claims for unanticipated contract costs	$ 467	$ 500

Inventories - Other Inventory Information (Details) - USD ($) $ in Thousands	Oct. 01, 2021	Dec. 31, 2020
Schedule of Inventory [Line Items]
Inventories	$ 195,700	$ 185,072
K-MAX®
Schedule of Inventory [Line Items]
Inventory, gross	71,000	60,400
Inventory noncurrent	25,800
SH 2GA Super Seasprite Program
Schedule of Inventory [Line Items]
Inventory, gross	5,800	$ 6,300
Inventory noncurrent	$ 4,400

Goodwill and Other Intangible Assets, Net - Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020	Dec. 31, 2020
Goodwill [Roll Forward]
Gross balance at beginning of period					$ 313,803
Accumulated impairment					(66,559)
Net balance at beginning of period			$ 247,244
Additions			0
Impairments	$ 0	$ (50,307)	0	$ (50,307)
Foreign currency translation			(4,878)
Net balance at end of period	$ 242,366		$ 242,366		$ 247,244

Goodwill and Other Intangible Assets, Net - Other Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Oct. 01, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Amount	$ 195,225	$ 197,846
Accumulated Amortization	(54,170)	(47,648)
Customer lists / relationships
Finite-Lived Intangible Assets [Line Items]
Gross Amount	127,636	128,882
Accumulated Amortization	(33,896)	(30,094)
Developed technologies
Finite-Lived Intangible Assets [Line Items]
Gross Amount	45,331	45,798
Accumulated Amortization	(12,620)	(9,665)
Trademarks / trade names
Finite-Lived Intangible Assets [Line Items]
Gross Amount	17,077	17,353
Accumulated Amortization	(2,537)	(2,149)
Non-compete agreements and other
Finite-Lived Intangible Assets [Line Items]
Gross Amount	4,658	5,290
Accumulated Amortization	$ (4,646)	(5,276)
Patents
Finite-Lived Intangible Assets [Line Items]
Amortization Period	17 years
Gross Amount	$ 523	523
Accumulated Amortization	$ (471)	$ (464)
Minimum \| Customer lists / relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	6 years
Minimum \| Developed technologies
Finite-Lived Intangible Assets [Line Items]
Amortization Period	7 years
Minimum \| Trademarks / trade names
Finite-Lived Intangible Assets [Line Items]
Amortization Period	15 years
Minimum \| Non-compete agreements and other
Finite-Lived Intangible Assets [Line Items]
Amortization Period	1 year
Maximum \| Customer lists / relationships
Finite-Lived Intangible Assets [Line Items]
Amortization Period	38 years
Maximum \| Developed technologies
Finite-Lived Intangible Assets [Line Items]
Amortization Period	20 years
Maximum \| Trademarks / trade names
Finite-Lived Intangible Assets [Line Items]
Amortization Period	40 years
Maximum \| Non-compete agreements and other
Finite-Lived Intangible Assets [Line Items]
Amortization Period	15 years

Pension Plans - Pension plan net periodic benefit costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Qualified Pension Plan
Defined Benefit Plan Disclosure
Service cost	$ 325	$ 1,309	$ 976	$ 3,927
Interest cost on projected benefit obligation	3,541	5,255	10,624	15,765
Expected return on plan assets	(11,294)	(10,796)	(33,883)	(32,388)
Amortization of net loss	1,111	1,201	3,333	3,603
Net pension (income) cost	(6,317)	(3,031)	(18,950)	(9,093)
SERP
Defined Benefit Plan Disclosure
Service cost	0	0	0	0
Interest cost on projected benefit obligation	16	41	45	124
Expected return on plan assets	0	0	0	0
Amortization of net loss	14	236	49	708
Net pension (income) cost	$ 30	$ 277	$ 94	$ 832

Pension Plans - Contributions (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020
Qualified Pension Plan
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	$ 10.0	$ 10.0
Expected future contributions	0.0
SERP
Defined Benefit Plans and Other Postretirement Benefit Plans
Contributions paid-to-date	0.4	$ 0.5
Expected future contributions	$ 2.3

Commitments and Contingencies (Details) - USD ($) $ in Millions	9 Months Ended
	Oct. 01, 2021	Jan. 15, 2018
Offset Agreement
Loss Contingencies [Line Items]
Notional amount	$ 194.0
Notional Value of Contract, Percent		60.00%
Contractual Obligation		$ 324.0
Estimate of possible loss	16.5
Contract with Customer, Liability	15.4
New Hartford
Loss Contingencies [Line Items]
Estimate of environmental remediation cost	2.3
Payments for environmental remediation	1.7
New Hartford \| Other accruals and payables
Loss Contingencies [Line Items]
Estimate of environmental remediation cost	0.1
New Hartford \| Accruals and payables and other long-term liabilties
Loss Contingencies [Line Items]
Estimate of environmental remediation cost	0.6
Bloomfield
Loss Contingencies [Line Items]
Estimate of environmental remediation cost	2.5
Payments for environmental remediation	14.6
Environmental liability	10.3
Estimated remediation liability	$ 20.8
Discount rate (as a percent)	8.00%
Bloomfield \| Other accruals and payables
Loss Contingencies [Line Items]
Estimate of environmental remediation cost	$ 0.2
Pension Costs
Loss Contingencies [Line Items]
Accrual for claims	$ 0.3

Computation of Earnings Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Earnings Per Share Reconciliation [Abstract]
Earnings from continuing operations	$ 14,667	$ (38,507)	$ 34,507	$ (39,014)
Earnings from discontinued operations, net of tax	0	0	0	692
Net earnings (loss)	$ 14,667	$ (38,507)	$ 34,507	$ (38,322)
Basic:
Weighted average number of shares outstanding (in shares)	27,882	27,687	27,855	27,718
Basic earnings per share from continuing operations	$ 0.53	$ (1.39)	$ 1.24	$ (1.41)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0.00	0.00	0.00	0.03
Basic earnings per share (in usd per share)	$ 0.53	$ (1.39)	$ 1.24	$ (1.38)
Diluted:
Weighted average shares issuable on exercise of dilutive stock options (in shares)	6	0	34	0
Diluted (in shares)	27,888	27,687	27,889	27,718
Diluted earnings per share from continuing operations	$ 0.53	$ (1.39)	$ 1.24	$ (1.41)
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0.00	0.00	0.00	0.03
Diluted earnings per share (in usd per share)	$ 0.53	$ (1.39)	$ 1.24	$ (1.38)

Computation of Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Incremental Common Shares Attributable to Dilutive Effect of Conversion of Debt Securities		15,574		34,288
Stock Compensation Plan
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from EPS	650,554	610,253	524,617	608,804

Share-based Arrangements - Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 1,459	$ 664	$ 5,684	$ 4,254
Selling, General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense		$ 700		4,300
Employee Severance
Share-based Compensation Arrangement by Share-based Payment Award
Stock compensation expense	$ 100		$ 300	$ 400

Share-based Arrangements - Stock Options Activity (Details) - Stock Options - $ / shares	3 Months Ended	9 Months Ended
	Oct. 01, 2021	Oct. 01, 2021	Oct. 02, 2020	Jul. 02, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of the period (in shares)	760,936	772,625
Granted (in shares)	0	4,990
Exercised (in shares)	0	(14,899)
Forfeited or expired (in shares)	(9,610)	(11,390)
Outstanding at end of period (in shares)	751,326	751,326
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Options outstanding at beginning of period, Weighted-average exercise price (in usd per share)	$ 55.05	$ 55.05		$ 55.15	$ 54.87
Granted, Weighted-average exercise price (in usd per share)	0	55.85
Exercised, Weighted-average exercise price (in usd per share)	0	39.79
Forfeited or expired, Weighted average exercise price (in usd per share)	63.43	63.59
Options outstanding end of period, Weighted-average exercise price (in usd per share)	$ 55.05	$ 55.05		$ 55.15	$ 54.87
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Expected option term		4 years 10 months 24 days	4 years 10 months 24 days
Expected volatility		35.70%	20.20%
Risk-free interest rate		0.50%	1.40%
Expected dividend yield		1.60%	1.30%
Per share fair value of options granted (in usd per share)		$ 14.89	$ 10.74

Share-based Arrangements - Restricted Stock Activity (Details) - Restricted Stock Awards - $ / shares	3 Months Ended	9 Months Ended
	Oct. 01, 2021	Oct. 01, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted Stock outstanding at beginning of the period (in shares)	143,704	109,514
Granted (in shares)	0	83,656
Vested (in shares)	(3,373)	(50,612)
Forfeited or expired (in shares)	(210)	(2,437)
Restricted Stock outstanding at end of period (in shares)	140,121	140,121
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Restricted Stock outstanding at beginning of period, Weighted-average grant date fair value (usd per share)	$ 53.77	$ 53.66
Granted, Weighted Average Grant Date Fair Value (usd per share)	0	55.20
Vested, Weighted Average Grant Date Fair Value (usd per share)	55.85	55.81
Forfeited or expired, Weighted Average Grant Date Fair Value (usd per share)	57.33	58.21
Restricted Stock outstanding at end of period Weighted-average grant date fair value (usd per share)	$ 53.72	$ 53.72

Share-based Arrangements Performance Shares (Details) - $ / shares	3 Months Ended	9 Months Ended
	Oct. 01, 2021	Oct. 01, 2021	Oct. 02, 2020	Jul. 02, 2021	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		100.00%
Minimum
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		0.00%
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		0.00%
Maximum
Share-based Payment Arrangement [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		200.00%
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		200.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Expected option term		4 years 10 months 24 days	4 years 10 months 24 days
Expected volatility		35.70%	20.20%
Risk-free interest rate		0.50%	1.40%
Expected dividend yield		1.60%	1.30%
Per share fair value of options granted (in usd per share)		$ 14.89	$ 10.74
Restricted Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	140,121	140,121		143,704	109,514
Granted (in shares)	0	83,656
Vested (in shares)	(3,373)	(50,612)
Forfeited or expired (in shares)	(210)	(2,437)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 53.72	$ 53.72		$ 53.77	$ 53.66
Granted, Weighted Average Grant Date Fair Value (usd per share)	0	55.20
Vested, Weighted Average Grant Date Fair Value (usd per share)	55.85	55.81
Forfeited or expired, Weighted Average Grant Date Fair Value (usd per share)	$ 57.33	$ 58.21
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	80,500	80,500		80,500	0
Granted (in shares)	0	82,460
Vested (in shares)	0	0
Forfeited or expired (in shares)	0	(1,960)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 70.17	$ 70.17		$ 70.17	$ 0
Granted, Weighted Average Grant Date Fair Value (usd per share)	0	70.17
Vested, Weighted Average Grant Date Fair Value (usd per share)	0	0
Forfeited or expired, Weighted Average Grant Date Fair Value (usd per share)	$ 0	$ 70.16
Expected option term		2 years 10 months 24 days
Expected volatility		41.30%
Risk-free interest rate		0.20%
Expected dividend yield		1.40%
Per share fair value of options granted (in usd per share)		$ 84.49

Shareholders' Equity and Accumulated Other Comprehensive Income - Changes in Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Schedule of Capitalization, Equity [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.20	$ 0.20	$ 0.60	$ 0.60
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 779,212	$ 803,396	$ 746,438	$ 823,202
Comprehensive income (loss)	11,193	(28,270)	50,006	(28,402)
Dividends declared (per share of common stock, $0.20 and $0.20 and $0.60 and $0.60, respectively)	(5,569)	(5,540)	(16,696)	(16,622)
Employee stock plans and related tax benefit	523	465	2,051	2,451
Purchase of treasury shares	(69)	(37)	(459)	(14,205)
Share-based compensation expense	1,459	664	5,684	4,254
New Accounting Pronouncements or Change in Accounting Principle [Line Items]	0	0	(275)	0
Ending balance	$ 786,749	$ 770,678	$ 786,749	$ 770,678

Shareholders' Equity and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax			$ 22,835,000	$ 0
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 779,212,000	$ 803,396,000	746,438,000	823,202,000
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax	(4,342,000)	9,130,000	(9,945,000)	6,599,000
Other comprehensive (loss) income	(3,474,000)	10,237,000	15,499,000	9,920,000
Ending balance	786,749,000	770,678,000	786,749,000	770,678,000
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, Tax	$ 257,000	$ 330,000	$ 773,000	$ 990,000
Common Stock, Dividends, Per Share, Declared	$ 0.20	$ 0.20	$ 0.60	$ 0.60
Total accumulated other comprehensive loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Ending balance	$ (115,322,000)	$ (140,973,000)	$ (115,322,000)	$ (140,973,000)
Foreign currency translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	16,515,000	(18,882,000)	(717,000)	(16,351,000)
Other comprehensive (loss) income	(4,342,000)	9,130,000	12,890,000	6,599,000
Ending balance	12,173,000	(9,752,000)	12,173,000	(9,752,000)
Pension and other post-retirement benefits
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent	868,000	1,107,000	2,609,000	3,321,000
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(128,363,000)	(132,328,000)	(130,104,000)	(134,542,000)
Other comprehensive (loss) income	868,000	1,107,000	2,609,000	3,321,000
Ending balance	$ (127,495,000)	$ (131,221,000)	$ (127,495,000)	$ (131,221,000)

Income Taxes - Effective Income Tax Rate (Details)	3 Months Ended		9 Months Ended
Income Taxes - Effective Income Tax Rate (Details)	Oct. 01, 2021	Oct. 02, 2020	Oct. 01, 2021	Oct. 02, 2020
Income Tax Disclosure [Abstract]
Effective Income Tax Rate from continuing operations	23.30%	(1.80%)	22.70%	2.60%