FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 52
Table of Contents
Contract Assets and Liabilities
Unbilled receivables (contract assets) primarily represent revenues recognized for performance obligations that have
been satisfied but for which amounts have not been billed. These are included as Receivables on the Consolidated
Balance Sheets. Contract advances (contract liabilities) relate to payments received from customers in advance of the
satisfaction of performance obligations for a contract. We do not consider contract advances to be significant financing
components as the intent of these payments in advance are for reasons other than providing a significant financing
benefit and are customary in our industry.
Total contract assets and contract liabilities are as follows:
October 2,
2021
$
546,764
263,686
$
283,078
Unbilled receivables
Contract advances
Net contract assets
October 3,
2020
$
493,734
203,338
$
290,396
The increase in contract assets reflects the net impact of additional unbilled revenues recorded in excess of revenue
recognized during the period. The increase in contract liabilities reflects the net impact of additional deferred revenues
recorded in excess of revenue recognized during the period. As of October 2, 2021, we recognized $162,344 of
revenue that was included in the contract liability balance at the beginning of the period.
Remaining Performance Obligations
As of October 2, 2021, the aggregate amount of the transaction price allocated to the performance obligations that are
unsatisfied (or partially unsatisfied) was $4,800,000. We expect to recognize approximately 44% of that amount as
sales over the next twelve months and the balance thereafter.
Disaggregation of Revenue
See Note 21, Segments, for disclosures related to disaggregation of revenue.
Note 3 - Acquisitions and Divestitures
Acquisitions
On December 18, 2020, we acquired Genesys Aerosystems Group, Inc. ("Genesys"), headquartered in Mineral Wells,
Texas for a purchase price of $77,600, net of acquired cash. Genesys designs and manufactures a full suite of
electronic flight instrument systems and autopilot solutions. This operation is included in our Aircraft Controls segment.
On November 28, 2019, we acquired GAT Gesellschaft für Antriebstechnik mbH and GAT Inc. ("GAT"), headquartered
in Geisenheim, Germany for a purchase price of $54,265, net of acquired cash. GAT designs and manufactures highend fluid rotating unions and slip rings. This operation is included in our Industrial Systems segment.
Divestitures
In the fourth quarter of 2021, we sold a non-core business of our Industrial Systems segment for $11,285 in net
consideration and recorded a loss in other income of $1,536.
On June 29, 2021, we announced that we entered into a definitive agreement to sell the assets of our Navigation Aids
("Navaids") business to Thales. Navaids is engaged in the business of designing, developing, manufacturing and
marketing ground and ship-based radio frequency navigation beacons and related antennas for military and civilian
applications. The business is based in Salt Lake City, Utah and is included in our Aircraft Controls segment. The
transaction is subject to regulatory review and customary closing conditions.
In the first quarter of 2021, we sold a non-core business in our Aircraft Controls segment for $2,081 in net
consideration and recorded a loss in other income of $683.
In the first quarter of 2020, we sold a non-core business of our Industrial Systems segment for $1,775 in net
consideration and recorded a gain in other income of $169.
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