0001628280-20-014987 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 26, 2020	Oct. 20, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 26, 2020
Document Transition Report	false
Entity File Number	001-08174
Entity Registrant Name	DUCOMMUN INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-0693330
Entity Address, Address Line One	200 Sandpointe Avenue, Suite 700
Entity Address, City or Town	Santa Ana
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92707-5759
City Area Code	657
Local Phone Number	335-3665
Title of 12(b) Security	Common Stock, $.01 par value per share
Trading Symbol	DCO
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,714,590
Entity Central Index Key	0000030305
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Current Assets
Cash and cash equivalents	$ 74,555	$ 39,584
Accounts receivable, net (allowance for credit losses of $1,423 and $1,321 at September 26, 2020 and December 31, 2019, respectively	62,805	67,133
Contract assets	140,717	106,670
Inventories	127,038	112,482
Production cost of contracts	7,552	9,402
Other current assets	12,438	5,497
Total Current Assets	425,105	340,768
Property and equipment, net of accumulated depreciation of $169,292 and $162,920 at September 26, 2020 and December 31, 2019, respectively	107,003	115,216
Operating Lease Right-of-Use Assets	17,098	19,105
Goodwill	170,830	170,917
Intangibles, Net	128,019	138,362
Deferred Income Taxes	58	55
Other Assets	5,248	6,006
Total Assets	853,361	790,429
Current Liabilities
Accounts payable	65,692	82,597
Contract liabilities	26,833	14,517
Accrued and other liabilities	35,276	37,620
Operating lease liabilities	3,106	2,956
Current portion of long-term debt	7,000	7,000
Total Current Liabilities	137,907	144,690
Long-Term Debt, Less Current Portion	340,324	300,887
Non-Current Operating Lease Liabilities	15,346	17,565
Deferred Income Taxes	18,405	16,766
Other Long-Term Liabilities	21,944	17,721
Total Liabilities	533,926	497,629
Commitments and Contingencies (Notes 8, 10)
Shareholders’ Equity
Common stock - $0.01 par value; 35,000,000 shares authorized; 11,714,590 and 11,572,668 shares issued and outstanding at September 26, 2020 and December 31, 2019, respectively	117	116
Additional paid-in capital	94,783	88,399
Retained earnings	232,074	212,553
Accumulated other comprehensive loss	(7,539)	(8,268)
Total Shareholders’ Equity	319,435	292,800
Total Liabilities and Shareholders’ Equity	$ 853,361	$ 790,429

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 1,423	$ 1,321
Property and equipment, accumulated depreciation	$ 169,292	$ 162,920
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	35,000,000	35,000,000
Common stock, shares issued (in shares)	11,714,590	11,572,668
Common Stock, shares outstanding (in shares)	11,714,590	11,572,668

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Income Statement [Abstract]
Net Revenues	$ 150,371	$ 181,101	$ 471,155	$ 534,162
Cost of Sales	116,906	142,774	368,218	422,076
Gross Profit	33,465	38,327	102,937	112,086
Selling, General and Administrative Expenses	22,093	23,724	67,253	71,031
Restructuring Charges	1,107	0	1,768	0
Operating Income	10,265	14,603	33,916	41,055
Interest Expense	(3,101)	(4,363)	(11,068)	(13,140)
Other Income	99	0	99	0
Income Before Taxes	7,263	10,240	22,947	27,915
Income Tax Expense	762	1,937	3,426	4,325
Net Income	$ 6,501	$ 8,303	$ 19,521	$ 23,590
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 0.56	$ 0.72	$ 1.67	$ 2.05
Diluted earnings per share (in dollars per share)	$ 0.54	$ 0.70	$ 1.64	$ 2.00
Weighted-Average Number of Common Shares Outstanding
Basic (in shares)	11,703	11,551	11,660	11,501
Diluted (in shares)	11,959	11,794	11,886	11,784

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 6,501	$ 8,303	$ 19,521	$ 23,590
Other Comprehensive Income, Net of Tax:
Amortization of actuarial loss and prior service costs, net of tax of $59 and $51 for the three months ended September 26, 2020 and September 28, 2019, respectively, and $177 and $154 for the nine months ended September 26, 2020 and September 28, 2019, respectively	189	170	567	510
Change in unrealized gains and losses on cash flow hedges, net of tax of zero and $29 for the three months ended September 26, 2020 and September 28, 2019, respectively, and $57 and $2 for the nine months ended September 26, 2020 and September 28, 2019, respectively	0	91	162	0
Other Comprehensive Income, Net of Tax	189	261	729	510
Comprehensive Income	$ 6,690	$ 8,564	$ 20,250	$ 24,100

- Definition

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

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+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Statement of Comprehensive Income [Abstract]
Amortization of actuarial losses and prior service costs, tax benefits	$ 59	$ 51	$ 177	$ 154
Change in unrealized gains and losses on cash flow hedges, tax benefit	$ 0	$ 29	$ 57	$ 2

Condensed Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands	Total	Common Stock Including Additional Paid in Capital	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss
Beginning Balance at Dec. 31, 2018		$ 83,826	$ 180,356	$ (264)	$ (7,357)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee Stock Purchase Plan		1,118
Stock Options Exercised		1,409
Stock Awards Vested		(2)
Stock Repurchased Related to the Exercise of Stock Options and Stock Awards Vested		(4,729)
Stock-Based Compensation		5,322
Net Income	$ 23,590
Other Comprehensive Income, Net of Tax	510				510
Ending Balance at Sep. 28, 2019	283,779	86,944	203,682		(6,847)
Beginning Balance at Jun. 29, 2019		83,959	195,379		(7,108)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee Stock Purchase Plan		1,118
Stock Options Exercised		570
Stock Awards Vested		(1)
Stock Repurchased Related to the Exercise of Stock Options and Stock Awards Vested		(753)
Stock-Based Compensation		2,051
Net Income	8,303
Other Comprehensive Income, Net of Tax	261				261
Ending Balance at Sep. 28, 2019	283,779	86,944	203,682		(6,847)
Beginning Balance at Dec. 31, 2019	292,800	88,515	212,553		(8,268)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee Stock Purchase Plan		2,197
Stock Options Exercised		349
Stock Awards Vested		(1)
Stock Repurchased Related to the Exercise of Stock Options and Stock Awards Vested		(2,765)
Stock-Based Compensation		6,605
Net Income	19,521
Other Comprehensive Income, Net of Tax	729				729
Ending Balance at Sep. 26, 2020	319,435	94,900	232,074		(7,539)
Beginning Balance at Jun. 27, 2020		91,762	225,573		(7,728)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Employee Stock Purchase Plan		1,085
Stock Options Exercised		79
Stock Repurchased Related to the Exercise of Stock Options and Stock Awards Vested		(102)
Stock-Based Compensation		2,076
Net Income	6,501
Other Comprehensive Income, Net of Tax	189				189
Ending Balance at Sep. 26, 2020	$ 319,435	$ 94,900	$ 232,074		$ (7,539)

- Definition

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

+ References

+ Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Cash Flows from Operating Activities
Net Income	$ 19,521	$ 23,590
Net Cash Provided by Operating Activities:
Depreciation and amortization	21,741	20,751
Non-cash operating lease cost	2,325	1,972
Stock-based compensation expense	6,605	5,322
Deferred income taxes	1,715	113
Provision for (recovery of) credit losses	102	(239)
Insurance recoveries related to loss on operating assets	2,220	0
Other	579	152
Changes in Assets and Liabilities:
Accounts receivable	4,226	(8,944)
Contract assets	(34,047)	(15,810)
Inventories	(17,991)	(8,723)
Production cost of contracts	(658)	(1,537)
Other assets	133	525
Accounts payable	(16,584)	8,806
Contract liabilities	12,316	(5,295)
Operating lease liabilities	(2,188)	(2,026)
Accrued and other liabilities	1,506	1,412
Net Cash Provided by Operating Activities	1,521	20,069
Cash Flows from Investing Activities
Purchases of property and equipment	(8,235)	(14,698)
Insurance recoveries related to property and equipment	2,780	0
Post closing cash received from the acquisition of Nobles Worldwide, Inc., net	190	0
Net Cash Used in Investing Activities	(5,265)	(14,698)
Cash Flows from Financing Activities
Borrowings from senior secured revolving credit facility	65,900	163,500
Repayments of senior secured revolving credit facility	(15,900)	(163,500)
Repayments of term loans	(10,862)	(6,570)
Repayments of other debt	(203)	(118)
Net cash paid upon issuance of common stock under stock plans	(220)	(2,204)
Net Cash Provided by (Used in) Financing Activities	38,715	(8,892)
Net Increase (Decrease) in Cash and Cash Equivalents	34,971	(3,521)
Cash and Cash Equivalents at Beginning of Period	39,584	10,263
Cash and Cash Equivalents at End of Period	$ 74,555	$ 6,742

Summary of Significant Accounting Policies

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Description of Business

We are a leading global provider of engineering and manufacturing services for high-performance products and high-cost-of failure applications used primarily in the aerospace and defense (“A&D”), industrial, medical and other industries (collectively, “Industrial”). Our operations are organized into two primary businesses: the Electronic Systems segment (“Electronic Systems”) and the Structural Systems segment (“Structural Systems”), each of which is a reportable operating segment. Electronic Systems designs, engineers and manufactures high-reliability electronic and electromechanical products used in worldwide technology-driven markets including A&D and Industrial end-use markets. Electronic Systems’ product offerings primarily range from prototype development to complex assemblies. Structural Systems designs, engineers and manufactures large, complex contoured aerostructure components and assemblies and supplies composite and metal bonded structures and assemblies. Structural Systems’ products are primarily used on commercial aircraft, military fixed-wing aircraft, and military and commercial rotary-wing aircraft. All reportable operating segments follow the same accounting principles.

Basis of Presentation

The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”).

Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2019. The financial information included in this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019.

In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income and cash flows in accordance with GAAP for the periods covered by this Quarterly Report on Form 10-Q. The results of operations for the three and nine months ended September 26, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020.

Our fiscal quarters typically end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter.

Certain reclassifications have been made to prior period amounts to conform to the current year’s presentation.

Use of Estimates

Certain amounts and disclosures included in the unaudited condensed consolidated financial statements require management to make estimates and judgments that affect the amounts of assets, liabilities (including forward loss reserves), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Supplemental Cash Flow Information


	(In thousands)
	Nine Months Ended
	September 26, 2020		September 28, 2019
Interest paid	$	8,825	$	11,597
Taxes paid	$	2,559	$	4,610
Non-cash activities:
Purchases of property and equipment not paid	$	1,059	$	1,054

Earnings Per Share

Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus any potentially dilutive shares that could be issued if exercised or converted into common stock in each period.

The net income and weighted-average common shares outstanding used to compute earnings per share were as follows:


	(In thousands, except per share data)				(In thousands, except per share data)
	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net income	$	6,501	$	8,303	$	19,521	$	23,590
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,703		11,551		11,660		11,501
Dilutive potential common shares	256		243		226		283
Diluted weighted-average common shares outstanding	11,959		11,794		11,886		11,784
Earnings per share
Basic	$	0.56	$	0.72	$	1.67	$	2.05
Diluted	$	0.54	$	0.70	$	1.64	$	2.00

Potentially dilutive stock awards to purchase common stock, as shown below, were excluded from the computation of diluted earnings per share because their inclusion would have been anti-dilutive. However, these awards may be potentially dilutive common shares in the future.

(In thousands)

Three Months Ended

Nine Months Ended

September 26,
2020

September 28,
2019

September 26,
2020

September 28,
2019

Stock options and stock units

341

206

340

100

Fair Value

Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs.

We have money market funds and they are included as cash and cash equivalents. We also had interest rate cap hedge agreements for which the fair value of the interest rate cap hedge agreements was determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement, however, those agreements expired during our second quarter of 2020.

There were no transfers between Level 1, Level 2, or Level 3 financial instruments in the three months ended September 26, 2020.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1. See Fair Value above.

Derivative Instruments

We recognize derivative instruments on our condensed consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a derivative instrument that will not be accounted for using hedge accounting methods. As of September 26, 2020, we had no derivative instruments as all of our derivative instruments that were designated as cash flow hedges matured during our second quarter of 2020.

We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedge. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. For the three and nine months ended September 26, 2020, the impact of cash flow hedges in the respective periods were insignificant and all of our cash flow hedges matured during our second quarter of 2020.

When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. In all situations in which we discontinue hedge accounting and the derivative instrument remains outstanding, we will carry the derivative instrument at its fair value on our condensed consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.

Inventories

Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.

Restructuring Charges

In May 2020, management approved and commenced a restructuring plan in the Structural Systems segment mainly to reduce headcount in response to the impact from the COVID-19 pandemic on the commercial aerospace demand outlook. We recorded an aggregate total of $1.1 million and $1.8 million for severance and benefit costs which were charged to restructuring charges during the three and nine months ended September 26, 2020, respectively.

Provision for Estimated Losses on Contracts

We record provisions for the total anticipated losses on contracts, considering total estimated costs to complete the contract compared to total anticipated revenues, in the period in which such losses are identified. The provisions for estimated losses on contracts require us to make certain estimates and assumptions, including those with respect to the future revenue under a contract and the future cost to complete the contract. Our estimate of the future cost to complete a contract may include assumptions as to changes in manufacturing efficiency, operating and material costs, and our ability to resolve claims and assertions with our customers. If any of these or other assumptions and estimates do not materialize in the future, we may be required to adjust the provisions for estimated losses on contracts. The provision for estimated losses on contracts is included as part of contract liabilities on the condensed consolidated balance sheets.

Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.

Revenue Recognition

Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause.

We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when or as the corresponding performance obligation is satisfied.

Each distinct promise to transfer products is considered an identified performance obligation for which revenue is recognized upon transfer of control of the products to our customer. The majority of our contracts have a single performance obligation as the promise to transfer the individual good is not separately identifiable from other promises in the contract and is, therefore, not distinct. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied.

Orders for our products generally correspond to the production schedules of our customers and are supported with purchase orders with firm fixed price and firm delivery dates. Our customers have continuous control of the work-in-process and finished goods throughout the manufacturing process, as products are built to customer specifications with no alternative use, and there is an enforceable right to payment for work performed to date. As a result, we recognize revenue over time based on the extent of progress towards satisfaction of the performance obligation. The majority of our contracts are production-type contracts for which we have significant historical manufacturing experience. From time to time, we may enter into development type contracts which require more judgment to determine our total estimated costs at completion, including estimates of materials and labor costs to complete the contract. Revenue recognized is based on the cost-to-cost method as it best depicts the transfer of control to our customer which takes place as we incur costs. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion. Revenues are recorded proportionally as costs are incurred.

We also have some contracts where we recognize revenue at a point in time upon transfer of control of the products to the customer. Point in time recognition was determined as the customer does not simultaneously receive or consume the benefits provided by our performance and the asset being manufactured has alternative uses to us.

Our manufacturing costs include materials, labor, and overhead. A component of materials costs is production cost of contracts. Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts.

As a significant change in estimated costs at completion could affect the estimated gross profit recorded for our contracts, we review and update our estimated costs at completion on a regular basis. We recognize adjustments in estimated gross profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on gross profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. Net cumulative catch up adjustments on gross profit recorded were not material for both the three and nine months ended September 26, 2020 and September 28, 2019.

Contract Assets and Contract Liabilities

Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer, a contract liability is created for the advance or progress payment.

Contract assets consist of our right to payment for work performed but not yet billed. Contract assets are transferred to accounts receivable when we bill our customers. We bill our customers when we ship the products and meet the shipping terms within the revenue contract. Contract liabilities consist of advance or progress payments received from our customers prior to the time transfer of control occurs plus the estimated losses on contracts.

Contract assets and contract liabilities from revenue contracts with customers are as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Contract assets	$	140,717	$	106,670
Contract liabilities	$	26,833	$	14,517

Remaining performance obligations are defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of September 26, 2020 totaled $746.1 million. We anticipate recognizing an estimated 70% of our remaining performance obligations as revenue during the next 12 months with the remaining performance obligations being recognized in the remainder of 2021 and beyond.

Revenue by Category

In addition to the revenue categories disclosed above, the following table reflects our revenue disaggregated by major end-use market:


	(In thousands)				(In thousands)
	Three Months Ended				Nine Months Ended
	September 26 2020		September 28, 2019		September 26 2020		September 28, 2019
Consolidated Ducommun
Military and space	$	113,859	$	80,487	$	307,479	$	231,635
Commercial aerospace	26,020		88,922		130,948		269,080
Industrial	10,492		11,692		32,728		33,447
Total	$	150,371	$	181,101	$	471,155	$	534,162

Electronic Systems
Military and space	$	82,175	$	59,081	$	223,692	$	176,813
Commercial aerospace	10,803		19,815		37,120		53,785
Industrial	10,492		11,692		32,728		33,447
Total	$	103,470	$	90,588	$	293,540	$	264,045

Structural Systems
Military and space	$	31,684	$	21,406	$	83,787	$	54,822
Commercial aerospace	15,217		69,107		93,828		215,295
Total	$	46,901	$	90,513	$	177,615	$	270,117

Recent Accounting Pronouncements

New Accounting Guidance Adopted in 2020

In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which provides clarity to, or addresses various specific issues, including modifications of debt instruments. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

In February 2020, the FASB issued ASU 2020-02, “Financial Statements - Credit losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Relating to Accounting Standards Update No. 2016-02, Leases (Topic 842)” (“ASU 2020-02”), which provides guidance on the measurement and requirements related to credit losses. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Statements” (“ASU 2019-04”), which clarify, correct, and improve various aspects of the guidance in ASU 2016-01, ASU 2016-13, and ASU 2017-12. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which addresses various lessor implementation issues and clarifies that lessees and lessors are exempt from certain interim disclosure requirements associated with the adoption of ASC 842. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which should improve the effectiveness of fair value measurement disclosures by removing certain requirements, modifying certain requirements, and adding certain new requirements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. Early adoption was permitted. The adoption

of this standard did not have a material impact on our condensed consolidated financial statements.

In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements.

Recently Issued Accounting Standards

In August 2020, the FASB issued ASU 2020-06, “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” (“ASU 2020-06”), which simplifies reporting or provides clarification on various topics, including clarification that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. The new guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2022. Early adoption is permitted. We are evaluating the impact of this standard.

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” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We are evaluating the impact of this standard.

In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.

In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.

Business Combinations

9 Months Ended

Sep. 26, 2020

Business Combinations [Abstract]

Business Combinations

In October 2019, we acquired 100.0% of the outstanding equity interests of Nobles Parent Inc., the parent company of Nobles Worldwide, Inc. (“Nobles”), a privately-held global leader in the design and manufacturing of high performance ammunition handling systems for a wide range of military platforms including fixed-wing aircraft, rotary-wing aircraft, ground vehicles, and shipboard systems. Nobles is located in St. Croix Falls, Wisconsin. The acquisition of Nobles advances our strategy to diversify and offer more customized, value-driven engineered products with aftermarket opportunities.

The original purchase price for Nobles was $77.0 million, net of cash acquired, all payable in cash. We paid a gross total aggregate of $77.3 million in cash upon the closing of the transaction. Subsequent to the closing of the transaction, during the three months ended March 28, 2020, we received $0.2 million back from the seller which lowered the purchase price to $76.8 million, net of cash acquired. We allocated the final gross purchase price of $77.1 million to the assets acquired and liabilities assumed at estimated fair values. The excess of the purchase price over the aggregate fair values of the net assets was recorded as goodwill.

The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):


	Estimated Fair Value
Cash	$	658
Accounts receivable	1,880
Inventories	2,866
Other current assets	288
Property and equipment	2,319
Intangible assets	37,200
Goodwill	34,850
Other non-current assets	675
Total assets acquired	80,736
Current liabilities	(2,187)
Net non-current deferred tax liability	(759)
Other non-current liabilities	(675)
Total liabilities assumed	(3,621)
Total purchase price allocation	$	77,115


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	15-16	$	34,200
Trade names and trademarks	15	3,000
		$	37,200

The intangible assets acquired of $37.2 million were determined based on the estimated fair values using valuation techniques consistent with the income approach to measure fair value. The useful lives were estimated based on the underlying agreements or the future economic benefit expected to be received from the assets. The fair values of the identifiable intangible assets were estimated using several valuation methodologies, which represented Level 3 fair value measurements. The value for customer relationships was estimated based on a multi-period excess earnings approach, while the value for trade names and trademarks was assessed using the relief from royalty methodology.

The goodwill of $34.9 million arising from the acquisition is attributable to the benefits we expect to derive from expected synergies from the transaction, including complementary products that will enhance our overall product portfolio, opportunities within new markets, and an acquired assembled workforce. All the goodwill was assigned to the Structural Systems segment. The Nobles acquisition, for tax purposes, is also deemed a stock acquisition and thus, the goodwill recognized is not deductible for income tax purposes except for $6.7 million of pre-acquisition goodwill that is tax deductible.

Acquisition related transaction costs were not included as components of consideration transferred but have been expensed as incurred. Total acquisition-related transaction costs incurred by us were $0.8 million during 2019 and charged to selling, general and administrative expenses.

Nobles’ results of operations have been included in our condensed consolidated statements of income since the date of acquisition as part of the Structural Systems segment. Pro forma results of operations of the Nobles acquisition have not been presented as the effect of the Nobles acquisition was not material to our financial results.

Inventories

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Inventories

Inventories consisted of the following:


	(In thousands)
	September 26, 2020		December 31, 2019
Raw materials and supplies	$	106,782	$	98,151
Work in process	14,889		10,887
Finished goods	5,367		3,444


Total	$	127,038	$	112,482

Goodwill

9 Months Ended

Sep. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

We perform our annual goodwill impairment test as of the first day of the fourth quarter. If certain factors occur, including significant under performance of our business relative to expected operating results, significant adverse economic and industry trends, significant decline in our market capitalization for an extended period of time relative to net book value, a decision to divest individual businesses within a reporting unit, or a decision to group individual businesses differently, we may perform an impairment test prior to the fourth quarter.

Our business has been negatively impacted during the nine months ended September 26, 2020 as a result of the COVID-19 pandemic. Therefore, we assessed our goodwill for potential impairment indicators. The most recent Step 1 goodwill impairment test for our Electronic Systems reporting unit was the annual goodwill impairment test as of the first day of the fourth quarter of 2019 where the fair value of our Electronic Systems reporting unit exceeded its carrying value by 44%. The most recent Step 1 goodwill impairment test for our Structural Systems reporting unit was April 2019, where the fair value of our Structural Systems reporting unit exceeded its carrying value by 85%. For our annual goodwill impairment test of our Structural Systems reporting unit as of the first day of the fourth quarter of 2019, we used a qualitative assessment and determined it was not more likely than not that the fair value of a reporting unit was less than its carrying amount. During the first quarter of 2020, we performed qualitative assessments of our reporting units including consideration of 1) margin of passing most recent annual goodwill impairment test or Step 1 analysis, 2) earnings before interest, taxes, depreciation, and amortization, 3) long-term growth rate, 4) analyzing material adverse factors/changes between valuation dates, 5) general macroeconomic factors, and 6) industry and market conditions. We determined for the first quarter of 2020 it was not more likely than not that the fair value of the reporting units were less than their carrying amounts and thus, goodwill was not deemed impaired. For the third quarter of 2020, no material adverse factors/changes have occurred since the first quarter of 2020 that would require us to perform another qualitative assessment. As such, for the third quarter of 2020, it was also not more likely than not that the fair value of the reporting units were less than their carrying amounts and thus, the respective goodwill amounts were not deemed impaired.

We acquired Nobles in October 2019 and recorded goodwill of $34.9 million in our Structural Systems segment. See Note 2.

The carrying amounts of our goodwill were as follows:



	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,482	$	252,639
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2019	117,435		53,482		170,917
Purchase price allocation refinements	—		(87)		(87)
Balance at September 26, 2020	$	117,435	$	53,395	$	170,830

Accrued and Other Liabilities

9 Months Ended

Sep. 26, 2020

Payables and Accruals [Abstract]

Accrued and Other Liabilities

The components of accrued and other liabilities were as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Accrued compensation	$	27,698	$	31,342
Accrued income tax and sales tax	239		163



Other	7,339		6,115
Total	$	35,276	$	37,620

Long-Term Debt

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Long-Term Debt

Long-term debt and the current period interest rates were as follows:


	(In thousands)
	September 26, 2020			December 31, 2019
Term loans	$	299,138		$	310,000
Revolving credit facility	50,000			—



Total debt	349,138			310,000
Less current portion	7,000			7,000
Total long-term debt, less current portion	342,138			303,000
Less debt issuance costs - term loans	1,814			2,113
Total long-term debt, net of debt issuance costs - term loans	$	340,324		$	300,887
Debt issuance costs - revolving credit facility (1)	$	1,610		$	1,894
Weighted-average interest rate	3.72		%	6.87		%

(1) Included as part of other assets.

On December 20, 2019, we completed the refinancing of a portion of our existing debt by entering into a new revolving credit facility (“New Revolving Credit Facility”) to replace the existing revolving credit facility that was entered into in November 2018 (“2018 Revolving Credit Facility”) and entering into a new term loan (“New Term Loan”). The New Revolving Credit Facility is a $100.0 million senior secured revolving credit facility that matures on December 20, 2024 replacing the $100.0 million 2018 Revolving Credit Facility that would have matured on November 21, 2023. The New Term Loan is a $140.0 million senior secured term loan that matures on December 20, 2024. We also have an existing $240.0 million senior secured term loan that was entered into in November 2018 that matures on November 21, 2025 (“2018 Term Loan”). The original amounts available under the New Revolving Credit Facility, New Term Loan, and 2018 Term Loan (collectively, the “Credit Facilities”) in aggregate, totaled $480.0 million.

The New Term Loan bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as the London Interbank Offered Rate [“LIBOR”] plus an applicable margin ranging from 1.50% to 2.50% per year) or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. In addition, the New Term Loan requires installment payments of 1.25% of the original outstanding principal balance of the New Term Loan amount on a quarterly basis, on the last day of each calendar quarter. For the three and nine months ended September 26, 2020, we made the required quarterly payments totaling $1.8 million and $3.5 million, respectively.

The New Revolving Credit Facility bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as LIBOR) plus an applicable margin ranging from 1.50% to 2.50% per year or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 0.50% to 1.50% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly. The undrawn portion of the commitment of the New Revolving Credit Facility is subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio.

The 2018 Term Loan bears interest, at our option, at a rate equal to either (i) the Eurodollar Rate (defined as LIBOR plus an applicable margin ranging from 3.75% to 4.00% per year) or (ii) the Base Rate (defined as the highest of [a] Federal Funds Rate plus 0.50%, [b] Bank of America’s prime rate, and [c] the Eurodollar Rate plus 1.00%) plus an applicable margin ranging from 3.75% to 4.00% per year, in each case based upon the consolidated total net adjusted leverage ratio, typically payable quarterly.

In addition, the 2018 Term Loan requires installment payments of 0.25% of the outstanding principal balance of the 2018 Term Loan amount on a quarterly basis.

Further, under the Credit Facilities, if we meet the annual excess cash flow threshold, we will be required to make excess flow payments. The annual mandatory excess cash flow payments will be based on (i) 50% of the excess cash flow amount if the adjusted leverage ratio is greater than 3.25 to 1.0, (ii) 25% of the excess cash flow amount if the adjusted leverage ratio is less than or equal to 3.25 to 1.0 but greater than 2.50 to 1.0, and (iii) zero percent of the excess cash flow amount if the adjusted leverage ratio is less than or equal to 2.50 to 1.0. During our first quarter of 2020, we made the required 2019 annual excess cash flow payment of $7.4 million. As of September 26, 2020, we were in compliance with all covenants required under the Credit Facilities.

During the three and nine months ended September 26, 2020, as a result of drawing down $50.0 million on the New Revolving Credit Facility during our first quarter of 2020 to hold as cash, we made no net aggregate voluntary prepayments.

In conjunction with entering into the New Revolving Credit Facility and the New Term Loan, we drew down the entire $140.0 million on the New Term Loan and used those proceeds to pay off and close the 2018 Revolving Credit Facility of $58.5 million, pay down a portion of the 2018 Term Loan of $56.0 million, pay the accrued interest associated with the amounts being paid down on the 2018 Revolving Credit Facility and 2018 Term Loan, pay the fees related to this transaction, and the remainder will be used for general corporate expenses. The New Revolving Credit Facility does not require any principal installment payments, however, the undrawn portion is subject to a commitment fee ranging from 0.175% to 0.275%, based upon the consolidated total net adjusted leverage ratio. The New Term Loan requires installment payments of 1.25% of the initial principal balance outstanding on a quarterly basis. The $56.0 million pay down paid all the required quarterly principal installment payments on the 2018 Term Loan until it matures.

The New Term Loan and 2018 Term Loan were considered a modification of debt and thus, no gain or loss was recorded. Instead, the new fees paid to the lenders of $0.6 million were capitalized and are being amortized over the life of the New Term Loan. The remaining debt issuance costs related to the 2018 Term Loan of $1.5 million will continue to be amortized over its remaining life.

The New Revolving Credit Facility that replaced the 2018 Revolving Credit Facility was considered an extinguishment of debt except for the portion related to the creditors that were part of both the New Revolving Credit Facility and the 2018 Revolving Credit Facility and in which case, it was considered a modification of debt. As a result, we expensed the portion of the unamortized debt issuance costs related to the 2018 Revolving Credit Facility that was considered an extinguishment of debt of $0.5 million. In addition, the new fees paid to the lenders of $0.5 million as part of the New Revolving Credit Facility were capitalized and are being amortized over its remaining life. Further, the remaining debt issuance costs related to the 2018 Revolving Credit Facility of $1.1 million will also be amortized over its remaining life.

In October 2019, we acquired 100.0% of the outstanding equity interests of Nobles for an original purchase price of $77.0 million, net of cash acquired, all payable in cash. Upon the closing of the transaction, we paid a gross total aggregate of $77.3 million in cash by drawing down on the 2018 Revolving Credit Facility. See Note 2.

As of September 26, 2020, we had $49.8 million of unused borrowing capacity under the New Revolving Credit Facility, after deducting $0.2 million for standby letters of credit.

The Credit Facilities were entered into by us (“Parent Company”) and guaranteed by all of our domestic subsidiaries, other than two subsidiaries that were considered minor (“Subsidiary Guarantors”). The Subsidiary Guarantors jointly and severally guarantee the Credit Facilities. The Parent Company has no independent assets or operations and therefore, no consolidating financial information for the Parent Company and its subsidiaries are presented.

In October 2015, we entered into interest rate cap hedges designated as cash flow hedges with a portion of these interest rate cap hedges maturing on a quarterly basis, with a final quarterly maturity date in June 2020, and in aggregate, totaling $135.0 million of our debt. We paid a total of $1.0 million in connection with entering into the interest rate cap hedges. The interest rate cap hedges matured during our second quarter of 2020 and as such, all remaining amounts related to the interest rate cap hedges were fully amortized and unrealized gains and losses recorded in accumulated other comprehensive income were also realized at that time.

Employee Benefit Plans

9 Months Ended

Sep. 26, 2020

Retirement Benefits [Abstract]

Employee Benefit Plans

The components of net periodic pension expense were as follows:


	(In thousands)				(In thousands)
	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Service cost	$	155	$	126	$	466	$	377
Interest cost	302		347		907		1,041
Expected return on plan assets	(440)		(411)		(1,321)		(1,233)
Amortization of actuarial losses	248		221		744		664
Net periodic pension cost	$	265	$	283	$	796	$	849

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for the three and nine months ended September 26, 2020 were as follows:


	(In thousands)
	Three Months Ended		Nine Months Ended
	September 26, 2020		September 26, 2020
Amortization of actuarial losses - total before tax (1)	$	248	$	744
Tax benefit	(59)		(177)
Net of tax	$	189	$	567

(1)The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section 55
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=118257860&loc=d3e4179-114921

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 715
-SubTopic 20
-Section S99
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=21916913&loc=d3e273930-122802

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Indemnifications	9 Months Ended
Indemnifications	Sep. 26, 2020
Disclosure of Guarantees and Indemnifications [Abstract]
Indemnifications	Indemnifications We have made guarantees and indemnities under which we may be required to make payments to a guaranteed or indemnified party, in relation to certain transactions, including revenue transactions in the ordinary course of business. In connection with certain facility leases, we have indemnified our lessors for certain claims arising from our use of the facility under our lease. We indemnify our directors and officers to the maximum extent permitted under the laws of the State of Delaware. However, we have a directors and officers insurance policy that may reduce our exposure in certain circumstances and may enable us to recover a portion of future amounts that may be payable, if any. The duration of the guarantees and indemnities vary and, in many cases, are subject to statutes of limitations. The majority of guarantees and indemnities do not provide any limitations of the maximum potential future payments we could be obligated to make. Historically, payments related to these guarantees and indemnities have been immaterial. We estimate the amount of our indemnification obligations as insignificant based on this history and our insurance coverage and therefore, have not recorded any liability for these guarantees and indemnities on the accompanying condensed consolidated balance sheets. Further, when considered with our insurance coverage, although recorded through different captions on our condensed consolidated balance sheets, the potential impact is further mitigated.

Income Taxes	9 Months Ended
Income Taxes	Sep. 26, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe provision for income taxes is determined using an estimated annual effective tax rate, which is generally less than the U.S. federal statutory rate, primarily due to research and development (“R&D”) tax credits. Our effective tax rate may be subject to fluctuations during the year as new information is obtained, which may affect the assumptions used to estimate the annual effective tax rate, including factors such as expected utilization of R&D tax credits, valuation allowances against deferred tax assets, the recognition or derecognition of tax benefits related to uncertain tax positions, and changes in or the interpretation of tax laws in jurisdictions where we conduct business. Also, excess tax benefits and tax detriments related to our equity compensation recognized in the income statement could result in fluctuations in our effective tax rate period-over-period depending on the volatility of our stock price and how many units vest and options exercised in the period. We recognize deferred tax assets and liabilities, using enacted tax rates, for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities along with net operating loss and tax credit carryovers. We record a valuation allowance against our deferred tax assets to reduce the net carrying value to an amount that we believe is more likely than not to be realized. When we establish or reduce our valuation allowances against our deferred tax assets, the provision for income taxes will increase or decrease, respectively, in the period when that determination is made. We recorded income tax expense of $0.8 million for the three months ended September 26, 2020 compared to $1.9 million for the three months ended September 28, 2019. The decrease in income tax expense for the third quarter of 2020 compared to the third quarter of 2019 was primarily due to lower pre-tax income for the third quarter of 2020 compared to the third quarter of 2019 and higher discrete tax benefits recognized in the third quarter of 2020 mainly related to the U.S. Federal research and development tax credit. We recorded income tax expense of $3.4 million for the nine months ended September 26, 2020 compared to $4.3 million for the nine months ended September 28, 2019. The decrease in income tax expense for the first nine months of 2020 compared to the first nine months of 2019 was primarily due to lower pre-tax income for the first nine months ended of 2020 compared to the first nine months ended of 2019 and higher discrete tax benefits recognized in the third quarter of 2020. The higher discrete tax benefits recognized were mainly related to the U.S. Federal research and development tax credit, partially offset by lower discrete tax benefits related to net windfalls from stock-based compensation. On March 27, 2020, the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that provides tax relief to individuals and businesses affected by the coronavirus pandemic. We considered the provisions of the CARES Act and determined they do not have a material impact to our income taxes. Our total amount of unrecognized tax benefits was $5.9 million and $5.7 million as of September 26, 2020 and December 31, 2019, respectively. If recognized, $4.3 million would affect the effective tax rate. As a result of the statute of limitations set to expire in the fourth quarter of 2020, we expect decreases to our unrecognized tax benefits of approximately $2.0 million in the next twelve months.

- 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

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 26, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Structural Systems has been directed by California environmental agencies to investigate and take corrective action for groundwater contamination at its facilities located in El Mirage and Monrovia, California. Based on currently available information, we have established an accrual for its estimated liability for such investigation and corrective action of $1.5 million at both September 26, 2020 and December 31, 2019, which is reflected in other long-term liabilities on our condensed consolidated balance sheets. Structural Systems also faces liability as a potentially responsible party for hazardous waste disposed at landfills located in Casmalia and West Covina, California. Structural Systems and other companies and government entities have entered into consent decrees with respect to these landfills with the United States Environmental Protection Agency and/or California environmental agencies under which certain investigation, remediation and maintenance activities are being performed. Based on currently available information, we preliminarily estimate that the range of its future liabilities in connection with the landfill located in West Covina, California is between $0.4 million and $3.1 million. We have established an accrual for its estimated liability in connection with the West Covina landfill of $0.4 million at September 26, 2020, which is reflected in other long-term liabilities on our condensed consolidated balance sheet. Our ultimate liability in connection with these matters will depend upon a number of factors, including changes in existing laws and regulations, the design and cost of construction, operation and maintenance activities, and the allocation of liability among potentially responsible parties. On June 29, 2020, a fire severely damaged our performance center in Guaymas, Mexico, which is part of our Structural Systems segment. There were no injuries, however, property and equipment, inventories, and tooling in this leased facility were damaged. Our Guaymas performance center is comprised of two buildings with an aggregate total of 62,000 square feet. The loss of production from the Guaymas performance center is being absorbed by our other existing performance centers. A neighboring, non-related manufacturing facility, also suffered fire damage during the same time as the fire that severely damaged our Guaymas performance center. The cause of the fire is still undetermined and as such, there is no amount of loss that is probable and reasonably estimable at this time. Our insurance covers damage to the facility, equipment, unfinished inventory, and other assets at replacement cost, finished goods inventory at selling price, as well as business interruption, third party property damage, and recovery related expenses caused by the fire, less our per claim deductible. The anticipated insurance recoveries related to losses and incremental costs incurred are recognized when receipt is probable. The anticipated insurance recoveries in excess of net book value of the damaged operating assets and business interruption will not be recorded until all contingencies related to our claim have been resolved. During the three months ended September 26, 2020, $0.8 million of revenue and $0.5 million of related cost of sales were reversed for revenue previously recognized using the over time method as the revenue recognition process for these items were deemed to be interrupted as a result of these inventory items being damaged. Also during the three months ended September 26, 2020, we wrote off property and equipment and tooling with an aggregate total net book value of $6.8 million and inventory on hand of $3.4 million that were damaged by the fire. The related anticipated insurance recoveries were also presented within the same financial statement line item in the condensed consolidated statements of income resulting in no net impact, with the anticipated insurance recoveries receivable included as part of other current assets on the condensed consolidated balance sheets. As of September 26, 2020, $5.0 million of general insurance recoveries have been received to date. The timing of and the remaining amounts of insurance recoveries, including for business interruption, are not known at this time. In the normal course of business, Ducommun and its subsidiaries are defendants in certain other litigation, claims and inquiries, including matters relating to environmental laws. In addition, Ducommun makes various commitments and incurs contingent liabilities in the ordinary course of business. While it is not feasible to predict the outcome of these matters, Ducommun does not presently expect that any sum it may be required to pay in connection with these matters would have a material adverse effect on its condensed consolidated financial position, results of operations or cash flows.

Business Segment Information

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Business Segment Information

We supply products and services primarily to the aerospace and defense industries. Our subsidiaries are organized into two strategic businesses, Electronic Systems and Structural Systems, each of which is a reportable operating segment.

Financial information by reportable operating segment was as follows:


	(In thousands) Three Months Ended				(In thousands) Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net Revenues
Electronic Systems	$	103,470	$	90,588	$	293,540	$	264,045
Structural Systems	46,901		90,513		177,615		270,117
Total Net Revenues	$	150,371	$	181,101	$	471,155	$	534,162
Segment Operating Income
Electronic Systems	$	14,867	$	9,657	$	40,427	$	28,750
Structural Systems	1,769		12,877		13,373		35,199
	16,636		22,534		53,800		63,949
Corporate General and Administrative Expenses (1)	(6,371)		(7,931)		(19,884)		(22,894)
Operating Income	$	10,265	$	14,603	$	33,916	$	41,055
Depreciation and Amortization Expenses
Electronic Systems	$	3,492	$	3,569	$	10,591	$	10,602
Structural Systems	3,528		3,350		10,956		9,750
Corporate Administration	58		73		194		399
Total Depreciation and Amortization Expenses	$	7,078	$	6,992	$	21,741	$	20,751
Capital Expenditures
Electronic Systems	$	586	$	1,768	$	3,518	$	4,820
Structural Systems	1,796		2,747		4,400		10,108
Corporate Administration	—		—		—		—
Total Capital Expenditures	$	2,382	$	4,515	$	7,918	$	14,928

(1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.

Segment assets include assets directly identifiable to or allocated to each segment. Our segment assets are as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Total Assets
Electronic Systems	$	441,151	$	411,981
Structural Systems	322,111		328,718
Corporate Administration (1)	90,099		49,730
Total Assets	$	853,361	$	790,429
Goodwill and Intangibles
Electronic Systems	$	203,399	$	210,453
Structural Systems	95,450		98,826
Total Goodwill and Intangibles	$	298,849	$	309,279

(1)Includes assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 26, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements include the accounts of Ducommun Incorporated and its subsidiaries (“Ducommun,” the “Company,” “we,” “us” or “our”), after eliminating intercompany balances and transactions. The December 31, 2019 condensed consolidated balance sheet data was derived from audited financial statements, but does not contain all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). Our significant accounting policies were described in Part IV, Item 15(a)(1), “Note 1. Summary of Significant Accounting Policies” in our Annual Report on Form 10-K for the year ended December 31, 2019. The financial information included in this Quarterly Report on Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019. In the opinion of management, all adjustments, consisting of recurring accruals, have been made that are necessary to fairly state our condensed consolidated financial position, statements of income, comprehensive income and cash flows in accordance with GAAP for the periods covered by this Quarterly Report on Form 10-Q. The results of operations for the three and nine months ended September 26, 2020 are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. Our fiscal quarters typically end on the Saturday closest to the end of March, June and September for the first three fiscal quarters of each year, and ends on December 31 for our fourth fiscal quarter. As a result of using fiscal quarters for the first three quarters combined with leap years, our first and fourth fiscal quarters can range between 12 1/2 weeks to 13 1/2 weeks while the second and third fiscal quarters remain at a constant 13 weeks per fiscal quarter.
Use of Estimates	Use of EstimatesCertain amounts and disclosures included in the unaudited condensed consolidated financial statements require management to make estimates and judgments that affect the amounts of assets, liabilities (including forward loss reserves), revenues and expenses, and related disclosures of contingent assets and liabilities. These estimates are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
Earnings Per Share	Earnings Per Share Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding in each period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding, plus any potentially dilutive shares that could be issued if exercised or converted into common stock in each period.
Fair Value	Fair Value Assets and liabilities that are measured, recorded or disclosed at fair value on a recurring basis are categorized using the fair value hierarchy. The fair value hierarchy has three levels based on the reliability of the inputs used to determine the fair value. Level 1, the highest level, refers to the values determined based on quoted prices in active markets for identical assets. Level 2 refers to fair values estimated using significant observable inputs. Level 3, the lowest level, includes fair values estimated using significant unobservable inputs. We have money market funds and they are included as cash and cash equivalents. We also had interest rate cap hedge agreements for which the fair value of the interest rate cap hedge agreements was determined using pricing models that use observable market inputs as of the balance sheet date, a Level 2 measurement, however, those agreements expired during our second quarter of 2020.
Cash and Cash Equivalents	Cash and Cash EquivalentsCash equivalents consist of highly liquid instruments purchased with original maturities of three months or less. These assets are valued at cost, which approximates fair value, which we classify as Level 1.
Derivatives Instruments	Derivative Instruments We recognize derivative instruments on our condensed consolidated balance sheets at their fair value. On the date that we enter into a derivative contract, we designate the derivative instrument as a fair value hedge, a cash flow hedge, a hedge of a net investment in a foreign operation, or a derivative instrument that will not be accounted for using hedge accounting methods. As of September 26, 2020, we had no derivative instruments as all of our derivative instruments that were designated as cash flow hedges matured during our second quarter of 2020. We record changes in the fair value of a derivative instrument that is highly effective and that is designated and qualifies as a cash flow hedge in other comprehensive income (loss), net of tax until our earnings are affected by the variability of cash flows of the underlying hedge. We report changes in the fair values of derivative instruments that are not designated or do not qualify for hedge accounting in current period earnings. We classify cash flows from derivative instruments in the condensed consolidated statements of cash flows in the same category as the item being hedged or on a basis consistent with the nature of the instrument. For the three and nine months ended September 26, 2020, the impact of cash flow hedges in the respective periods were insignificant and all of our cash flow hedges matured during our second quarter of 2020. When we determine that a derivative instrument is not highly effective as a hedge, we discontinue hedge accounting prospectively. In all situations in which we discontinue hedge accounting and the derivative instrument remains outstanding, we will carry the derivative instrument at its fair value on our condensed consolidated balance sheets and recognize subsequent changes in its fair value in our current period earnings.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value with cost being determined using a moving average cost basis for raw materials and actual cost for work-in-process and finished goods. The majority of our inventory is charged to cost of sales as raw materials are placed into production and the related revenue is recognized. Inventoried costs include raw materials, outside processing, direct labor and allocated overhead, adjusted for any abnormal amounts of idle facility expense, freight, handling costs, and wasted materials (spoilage) incurred. We assess the inventory carrying value and reduce it, if necessary, to its net realizable value based on customer orders on hand, and internal demand forecasts using management’s best estimates given information currently available. The majority of our revenues are recognized over time, however, for revenue contracts where revenue is recognized using the point in time method, inventory is not reduced until it is shipped or transfer of control to the customer has occurred. Our ending inventory consists of raw materials, work-in-process, and finished goods.
Provision for Estimated Losses on Contracts	Provision for Estimated Losses on Contracts We record provisions for the total anticipated losses on contracts, considering total estimated costs to complete the contract compared to total anticipated revenues, in the period in which such losses are identified. The provisions for estimated losses on contracts require us to make certain estimates and assumptions, including those with respect to the future revenue under a contract and the future cost to complete the contract. Our estimate of the future cost to complete a contract may include assumptions as to changes in manufacturing efficiency, operating and material costs, and our ability to resolve claims and assertions with our customers. If any of these or other assumptions and estimates do not materialize in the future, we may be required to adjust the provisions for estimated losses on contracts. The provision for estimated losses on contracts is included as part of contract liabilities on the condensed consolidated balance sheets.
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss Accumulated other comprehensive loss, as reflected on the condensed consolidated balance sheets under the equity section, was comprised of cumulative pension and retirement liability adjustments, net of tax, and change in net unrealized gains and losses on cash flow hedges, net of tax.
Revenue Recognition	Revenue Recognition Our customers typically engage us to manufacture products based on designs and specifications provided by the end-use customer. This requires the building of tooling and manufacturing first article inspection products (prototypes) before volume manufacturing. Contracts with our customers generally include a termination for convenience clause. We have a significant number of contracts that are started and completed within the same year, as well as contracts derived from long-term agreements and programs that can span several years. We recognize revenue when control of the promised goods is transferred to our customers, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those goods. We apply a five-step approach in determining the amount and timing of revenue to be recognized: (1) identifying the contract with a customer; (2) identifying the performance obligations in the contract; (3) determining the transaction price; (4) allocating the transaction price to the performance obligations in the contract; and (5) recognizing revenue when or as the corresponding performance obligation is satisfied. Each distinct promise to transfer products is considered an identified performance obligation for which revenue is recognized upon transfer of control of the products to our customer. The majority of our contracts have a single performance obligation as the promise to transfer the individual good is not separately identifiable from other promises in the contract and is, therefore, not distinct. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Orders for our products generally correspond to the production schedules of our customers and are supported with purchase orders with firm fixed price and firm delivery dates. Our customers have continuous control of the work-in-process and finished goods throughout the manufacturing process, as products are built to customer specifications with no alternative use, and there is an enforceable right to payment for work performed to date. As a result, we recognize revenue over time based on the extent of progress towards satisfaction of the performance obligation. The majority of our contracts are production-type contracts for which we have significant historical manufacturing experience. From time to time, we may enter into development type contracts which require more judgment to determine our total estimated costs at completion, including estimates of materials and labor costs to complete the contract. Revenue recognized is based on the cost-to-cost method as it best depicts the transfer of control to our customer which takes place as we incur costs. Under the cost-to-cost measure of progress, the extent of progress toward completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion. Revenues are recorded proportionally as costs are incurred. We also have some contracts where we recognize revenue at a point in time upon transfer of control of the products to the customer. Point in time recognition was determined as the customer does not simultaneously receive or consume the benefits provided by our performance and the asset being manufactured has alternative uses to us. Our manufacturing costs include materials, labor, and overhead. A component of materials costs is production cost of contracts. Production cost of contracts includes non-recurring production costs, such as design and engineering costs, and tooling and other special-purpose machinery necessary to build parts as specified in a contract. Production costs of contracts are recorded to cost of sales using the over time revenue recognition model. We review the value of the production cost of contracts on a quarterly basis to ensure when added to the estimated cost to complete, the value is not greater than the estimated realizable value of the related contracts. As a significant change in estimated costs at completion could affect the estimated gross profit recorded for our contracts, we review and update our estimated costs at completion on a regular basis. We recognize adjustments in estimated gross profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on gross profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, we recognize the total loss in the period it is identified. The impact of adjustments in contract estimates on our operating earnings can be reflected in either operating costs and expenses or revenue. Net cumulative catch up adjustments on gross profit recorded were not material for both the three and nine months ended September 26, 2020 and September 28, 2019. Contract Assets and Contract Liabilities Payments under long-term contracts may be received before or after revenue is recognized. When revenue is recognized before we bill our customer, a contract asset is created for the work performed but not yet billed. Similarly, when we receive payment before we ship our products to our customer, a contract liability is created for the advance or progress payment. Contract assets consist of our right to payment for work performed but not yet billed. Contract assets are transferred to accounts receivable when we bill our customers. We bill our customers when we ship the products and meet the shipping terms within the revenue contract. Contract liabilities consist of advance or progress payments received from our customers prior to the time transfer of control occurs plus the estimated losses on contracts. Remaining performance obligations are defined as customer placed purchase orders (“POs”) with firm fixed price and firm delivery dates. Our remaining performance obligations as of September 26, 2020 totaled $746.1 million. We anticipate recognizing an estimated 70% of our remaining performance obligations as revenue during the next 12 months with the remaining performance obligations being recognized in the remainder of 2021 and beyond.
Recent Accounting Pronouncements and Recently Issued Accounting Standards	Recent Accounting Pronouncements New Accounting Guidance Adopted in 2020 In March 2020, the FASB issued ASU 2020-03, “Codification Improvements to Financial Instruments” (“ASU 2020-03”), which provides clarity to, or addresses various specific issues, including modifications of debt instruments. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In February 2020, the FASB issued ASU 2020-02, “Financial Statements - Credit losses (Topic 326) and Leases (Topic 842) - Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 119 and Update to SEC Section on Effective Date Relating to Accounting Standards Update No. 2016-02, Leases (Topic 842)” (“ASU 2020-02”), which provides guidance on the measurement and requirements related to credit losses. The new guidance was effective upon issuance of this final accounting standards update. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Statements” (“ASU 2019-04”), which clarify, correct, and improve various aspects of the guidance in ASU 2016-01, ASU 2016-13, and ASU 2017-12. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In March 2019, the FASB issued ASU 2019-01, “Leases (Topic 842): Codification Improvements” (“ASU 2019-01”), which addresses various lessor implementation issues and clarifies that lessees and lessors are exempt from certain interim disclosure requirements associated with the adoption of ASC 842. The new guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”), which should improve the effectiveness of fair value measurement disclosures by removing certain requirements, modifying certain requirements, and adding certain new requirements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. Early adoption was permitted. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”), which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. ASU 2016-13 requires enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information about the amounts recorded in the financial statements. The new guidance was effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, which was our interim period beginning January 1, 2020. The adoption of this standard did not have a material impact on our condensed consolidated financial statements. Recently Issued Accounting Standards In August 2020, the FASB issued ASU 2020-06, “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” (“ASU 2020-06”), which simplifies reporting or provides clarification on various topics, including clarification that an entity should use the weighted-average share count from each quarter when calculating the year-to-date weighted-average share count. The new guidance is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2022. Early adoption is permitted. We are evaluating the impact of this standard. 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” (“ASU 2020-04”), which provides optional guidance for a limited time for contracts that reference London Interbank Offered Rate (“LIBOR”), to ease the potential burden in accounting for, or recognizing the effects, of reference rate reform on financial reporting as a result of the cessation of LIBOR. The new guidance is effective at any time after March 12, 2020 but no later than December 31, 2022. We are evaluating the impact of this standard. In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” (“ASU 2019-12”), which removes certain exceptions and provides guidance on various areas of tax accounting. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard. In August 2018, the FASB issued ASU 2018-14, “Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans” (“ASU 2018-14”), which will remove disclosures that no longer are considered cost-beneficial, clarify the specific requirements of disclosures, and add disclosure requirements identified as relevant. The new guidance is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, which will be our interim period beginning January 1, 2021. Early adoption is permitted. We are evaluating the impact of this standard.

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 26, 2020

Accounting Policies [Abstract]

Schedule of Supplemental Cash Flow Information

Supplemental Cash Flow Information


	(In thousands)
	Nine Months Ended
	September 26, 2020		September 28, 2019
Interest paid	$	8,825	$	11,597
Taxes paid	$	2,559	$	4,610
Non-cash activities:
Purchases of property and equipment not paid	$	1,059	$	1,054

Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share

The net income and weighted-average common shares outstanding used to compute earnings per share were as follows:


	(In thousands, except per share data)				(In thousands, except per share data)
	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net income	$	6,501	$	8,303	$	19,521	$	23,590
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding	11,703		11,551		11,660		11,501
Dilutive potential common shares	256		243		226		283
Diluted weighted-average common shares outstanding	11,959		11,794		11,886		11,784
Earnings per share
Basic	$	0.56	$	0.72	$	1.67	$	2.05
Diluted	$	0.54	$	0.70	$	1.64	$	2.00

Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings

(In thousands)

Three Months Ended

Nine Months Ended

September 26,
2020

September 28,
2019

September 26,
2020

September 28,
2019

Stock options and stock units

341

206

340

100

Contract with Customer, Asset and Liability

Contract assets and contract liabilities from revenue contracts with customers are as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Contract assets	$	140,717	$	106,670
Contract liabilities	$	26,833	$	14,517

Disaggregation of Revenue

In addition to the revenue categories disclosed above, the following table reflects our revenue disaggregated by major end-use market:


	(In thousands)				(In thousands)
	Three Months Ended				Nine Months Ended
	September 26 2020		September 28, 2019		September 26 2020		September 28, 2019
Consolidated Ducommun
Military and space	$	113,859	$	80,487	$	307,479	$	231,635
Commercial aerospace	26,020		88,922		130,948		269,080
Industrial	10,492		11,692		32,728		33,447
Total	$	150,371	$	181,101	$	471,155	$	534,162

Electronic Systems
Military and space	$	82,175	$	59,081	$	223,692	$	176,813
Commercial aerospace	10,803		19,815		37,120		53,785
Industrial	10,492		11,692		32,728		33,447
Total	$	103,470	$	90,588	$	293,540	$	264,045

Structural Systems
Military and space	$	31,684	$	21,406	$	83,787	$	54,822
Commercial aerospace	15,217		69,107		93,828		215,295
Total	$	46,901	$	90,513	$	177,615	$	270,117

Business Combinations (Tables)

9 Months Ended

Sep. 26, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the final estimated fair value of the assets acquired and liabilities assumed at the date of acquisition (in thousands):


	Estimated Fair Value
Cash	$	658
Accounts receivable	1,880
Inventories	2,866
Other current assets	288
Property and equipment	2,319
Intangible assets	37,200
Goodwill	34,850
Other non-current assets	675
Total assets acquired	80,736
Current liabilities	(2,187)
Net non-current deferred tax liability	(759)
Other non-current liabilities	(675)
Total liabilities assumed	(3,621)
Total purchase price allocation	$	77,115

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination


	Useful Life (In years)	Estimated Fair Value (In thousands)
Intangible assets:
Customer relationships	15-16	$	34,200
Trade names and trademarks	15	3,000
		$	37,200

Inventories (Tables)

9 Months Ended

Sep. 26, 2020

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories consisted of the following:


	(In thousands)
	September 26, 2020		December 31, 2019
Raw materials and supplies	$	106,782	$	98,151
Work in process	14,889		10,887
Finished goods	5,367		3,444


Total	$	127,038	$	112,482

Goodwill (Tables)

9 Months Ended

Sep. 26, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

The carrying amounts of our goodwill were as follows:



	Electronic Systems		Structural Systems		Consolidated Ducommun
Gross goodwill	$	199,157	$	53,482	$	252,639
Accumulated goodwill impairment	(81,722)		—		(81,722)
Balance at December 31, 2019	117,435		53,482		170,917
Purchase price allocation refinements	—		(87)		(87)
Balance at September 26, 2020	$	117,435	$	53,395	$	170,830

Accrued and Other Liabilities (Tables)

9 Months Ended

Sep. 26, 2020

Payables and Accruals [Abstract]

Summary of Accrued Liabilities

The components of accrued and other liabilities were as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Accrued compensation	$	27,698	$	31,342
Accrued income tax and sales tax	239		163



Other	7,339		6,115
Total	$	35,276	$	37,620

Long-Term Debt (Tables)

9 Months Ended

Sep. 26, 2020

Debt Disclosure [Abstract]

Long Term Debt Summary

Long-term debt and the current period interest rates were as follows:


	(In thousands)
	September 26, 2020			December 31, 2019
Term loans	$	299,138		$	310,000
Revolving credit facility	50,000			—



Total debt	349,138			310,000
Less current portion	7,000			7,000
Total long-term debt, less current portion	342,138			303,000
Less debt issuance costs - term loans	1,814			2,113
Total long-term debt, net of debt issuance costs - term loans	$	340,324		$	300,887
Debt issuance costs - revolving credit facility (1)	$	1,610		$	1,894
Weighted-average interest rate	3.72		%	6.87		%

(1) Included as part of other assets.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Employee Benefit Plans (Tables)

9 Months Ended

Sep. 26, 2020

Retirement Benefits [Abstract]

Components of Net Periodic Pension Cost

The components of net periodic pension expense were as follows:


	(In thousands)				(In thousands)
	Three Months Ended				Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Service cost	$	155	$	126	$	466	$	377
Interest cost	302		347		907		1,041
Expected return on plan assets	(440)		(411)		(1,321)		(1,233)
Amortization of actuarial losses	248		221		744		664
Net periodic pension cost	$	265	$	283	$	796	$	849

Reclassification out of Accumulated Other Comprehensive Income

The components of the reclassifications of net actuarial losses from accumulated other comprehensive loss to net income for the three and nine months ended September 26, 2020 were as follows:


	(In thousands)
	Three Months Ended		Nine Months Ended
	September 26, 2020		September 26, 2020
Amortization of actuarial losses - total before tax (1)	$	248	$	744
Tax benefit	(59)		(177)
Net of tax	$	189	$	567

(1)The amortization expense is included in the computation of periodic pension cost and is a decrease to net income upon reclassification from accumulated other comprehensive loss.

Business Segment Information (Tables)

9 Months Ended

Sep. 26, 2020

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Financial information by reportable operating segment was as follows:


	(In thousands) Three Months Ended				(In thousands) Nine Months Ended
	September 26, 2020		September 28, 2019		September 26, 2020		September 28, 2019
Net Revenues
Electronic Systems	$	103,470	$	90,588	$	293,540	$	264,045
Structural Systems	46,901		90,513		177,615		270,117
Total Net Revenues	$	150,371	$	181,101	$	471,155	$	534,162
Segment Operating Income
Electronic Systems	$	14,867	$	9,657	$	40,427	$	28,750
Structural Systems	1,769		12,877		13,373		35,199
	16,636		22,534		53,800		63,949
Corporate General and Administrative Expenses (1)	(6,371)		(7,931)		(19,884)		(22,894)
Operating Income	$	10,265	$	14,603	$	33,916	$	41,055
Depreciation and Amortization Expenses
Electronic Systems	$	3,492	$	3,569	$	10,591	$	10,602
Structural Systems	3,528		3,350		10,956		9,750
Corporate Administration	58		73		194		399
Total Depreciation and Amortization Expenses	$	7,078	$	6,992	$	21,741	$	20,751
Capital Expenditures
Electronic Systems	$	586	$	1,768	$	3,518	$	4,820
Structural Systems	1,796		2,747		4,400		10,108
Corporate Administration	—		—		—		—
Total Capital Expenditures	$	2,382	$	4,515	$	7,918	$	14,928

(1)Includes costs not allocated to either the Electronic Systems or Structural Systems operating segments.

Segment Assets

Our segment assets are as follows:


	(In thousands)
	September 26, 2020		December 31, 2019
Total Assets
Electronic Systems	$	441,151	$	411,981
Structural Systems	322,111		328,718
Corporate Administration (1)	90,099		49,730
Total Assets	$	853,361	$	790,429
Goodwill and Intangibles
Electronic Systems	$	203,399	$	210,453
Structural Systems	95,450		98,826
Total Goodwill and Intangibles	$	298,849	$	309,279

(1)Includes assets not specifically identified to or allocated to either the Electronic Systems or Structural Systems operating segments, including cash and cash equivalents.

Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 26, 2020 USD ($) Segment
Accounting Policies [Abstract]
Number of reportable segments \| Segment	2
Remaining performance obligation \| $	$ 746.1
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-09-27
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	70.00%
Remaining performance obligation, period	12 months

Summary of Significant Accounting Policies - Supplemental Cash Flow Items (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019
Supplemental Disclosures of Cash Flow Information
Interest paid	$ 8,825	$ 11,597
Taxes paid	2,559	4,610
Non-cash activities:
Purchases of property and equipment not paid	$ 1,059	$ 1,054

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Used to Compute Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Accounting Policies [Abstract]
Net income	$ 6,501	$ 8,303	$ 19,521	$ 23,590
Weighted-average number of common shares outstanding
Basic weighted-average common shares outstanding (in shares)	11,703	11,551	11,660	11,501
Dilutive potential common shares (in shares)	256	243	226	283
Diluted weighted-average common shares outstanding (in shares)	11,959	11,794	11,886	11,784
Earnings per share
Basic (in dollars per share)	$ 0.56	$ 0.72	$ 1.67	$ 2.05
Diluted (in dollars per share)	$ 0.54	$ 0.70	$ 1.64	$ 2.00

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

- Definition

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

+ References

+ Details

Summary of Significant Accounting Policies - Weighted Average Number of Shares Outstanding Excluded from Computation of Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Stock options and stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive stock options and stock units to purchase common stock (in shares)	341	206	340	100

Summary of Significant Accounting Policies - Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Accounting Policies [Abstract]
Restructuring charges	$ 1,107	$ 0	$ 1,768	$ 0

Summary of Significant Accounting Policies - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Contract assets	$ 140,717	$ 106,670
Contract liabilities	$ 26,833	$ 14,517

Summary of Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Disaggregation of Revenue [Line Items]
Revenue	$ 150,371	$ 181,101	$ 471,155	$ 534,162
Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	103,470	90,588	293,540	264,045
Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	46,901	90,513	177,615	270,117
Military and space
Disaggregation of Revenue [Line Items]
Revenue	113,859	80,487	307,479	231,635
Military and space \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	82,175	59,081	223,692	176,813
Military and space \| Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	31,684	21,406	83,787	54,822
Commercial aerospace
Disaggregation of Revenue [Line Items]
Revenue	26,020	88,922	130,948	269,080
Commercial aerospace \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	10,803	19,815	37,120	53,785
Commercial aerospace \| Structural Systems
Disaggregation of Revenue [Line Items]
Revenue	15,217	69,107	93,828	215,295
Industrial
Disaggregation of Revenue [Line Items]
Revenue	10,492	11,692	32,728	33,447
Industrial \| Electronic Systems
Disaggregation of Revenue [Line Items]
Revenue	$ 10,492	$ 11,692	$ 32,728	$ 33,447

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Business Combinations - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 08, 2019	Jun. 27, 2020	Mar. 28, 2020	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2019
Business Acquisition [Line Items]
Proceeds from previous acquisition				$ 190	$ 0
Goodwill				170,830		$ 170,917
Nobles Worldwide, Inc.
Business Acquisition [Line Items]
Percentage of outstanding common stock acquired	100.00%
Purchase price of acquisition	$ 77,000	$ 76,800
Payments to acquire business	77,300
Proceeds from previous acquisition			$ 200
Purchase price allocation, fair value	77,115
Intangible assets	37,200
Goodwill	$ 34,850
Goodwill, expected tax deductible amount				$ 6,700
Acquisition related costs						$ 800

Business Combinations - Fair Value of Assets and Liabilities Acquired (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019	Oct. 08, 2019
Business Acquisition [Line Items]
Goodwill	$ 170,830	$ 170,917
Nobles Worldwide, Inc.
Business Acquisition [Line Items]
Cash			$ 658
Accounts receivable			1,880
Inventories			2,866
Other current assets			288
Property and equipment			2,319
Intangible assets			37,200
Goodwill			34,850
Other assets			675
Total assets acquired			80,736
Current liabilities			(2,187)
Net non-current deferred tax liability			(759)
Other non-current liabilities			(675)
Total liabilities assumed			(3,621)
Total purchase price allocation			$ 77,115

Business Combinations - Estimated Fair Value of Intangible Assets Acquired (Details) - Nobles Worldwide, Inc. $ in Thousands	Oct. 08, 2019 USD ($)
Business Acquisition [Line Items]
Intangible assets	$ 37,200
Customer relationships
Business Acquisition [Line Items]
Intangible assets	$ 34,200
Trade names and trademarks
Business Acquisition [Line Items]
Useful life (in years)	15 years
Intangible assets	$ 3,000
Minimum \| Customer relationships
Business Acquisition [Line Items]
Useful life (in years)	15 years
Maximum \| Customer relationships
Business Acquisition [Line Items]
Useful life (in years)	16 years

Inventories (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Raw materials and supplies	$ 106,782	$ 98,151
Work in process	14,889	10,887
Finished goods	5,367	3,444
Total	$ 127,038	$ 112,482

Goodwill - Narrative (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019	Oct. 08, 2019
Goodwill [Line Items]
Goodwill	$ 170,830	$ 170,917
Nobles Worldwide, Inc.
Goodwill [Line Items]
Goodwill			$ 34,850
Electronic Systems
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	44.00%
Goodwill	$ 117,435	117,435
Structural Systems
Goodwill [Line Items]
Percentage of fair value in excess of carrying amount	85.00%
Goodwill	$ 53,395	$ 53,482
Structural Systems \| Nobles Worldwide, Inc.
Goodwill [Line Items]
Goodwill			$ 34,900

Goodwill - (Details) - USD ($) $ in Thousands	9 Months Ended
Goodwill - (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Goodwill [Line Items]
Gross goodwill		$ 252,639
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Balance at December 31, 2019	$ 170,917
Purchase price allocation refinements	(87)
Balance at September 26, 2020	170,830
Electronic Systems
Goodwill [Line Items]
Gross goodwill		199,157
Accumulated goodwill impairment		(81,722)
Goodwill [Roll Forward]
Balance at December 31, 2019	117,435
Purchase price allocation refinements	0
Balance at September 26, 2020	117,435
Structural Systems
Goodwill [Line Items]
Gross goodwill		53,482
Accumulated goodwill impairment		$ 0
Goodwill [Roll Forward]
Balance at December 31, 2019	53,482
Purchase price allocation refinements	(87)
Balance at September 26, 2020	$ 53,395

Accrued and Other Liabilities (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued compensation	$ 27,698	$ 31,342
Accrued income tax and sales tax	239	163
Other	7,339	6,115
Total	$ 35,276	$ 37,620

Long-Term Debt - Summary (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Long-term debt	$ 349,138	$ 310,000
Current portion of long-term debt	7,000	7,000
Total long-term debt, less current portion	342,138	303,000
Less debt issuance costs - term loans	1,814	2,113
Total long-term debt, net of debt issuance costs - term loans	$ 340,324	$ 300,887
Weighted-average interest rate (percent)	3.72%	6.87%
Term loans
Debt Instrument [Line Items]
Long-term debt	$ 299,138	$ 310,000
Revolving credit facility
Debt Instrument [Line Items]
Long-term debt	50,000	0
Less debt issuance costs - term loans	$ 1,610	$ 1,894

Long-Term Debt - Narrative (Details)				1 Months Ended		3 Months Ended			9 Months Ended
Long-Term Debt - Narrative (Details)	Dec. 20, 2019 USD ($)	Oct. 08, 2019 USD ($)	Nov. 21, 2018 USD ($)	Nov. 30, 2018 USD ($)	Oct. 31, 2015 USD ($)	Sep. 26, 2020 USD ($)	Jun. 27, 2020 USD ($)	Mar. 28, 2020 USD ($)	Sep. 26, 2020 USD ($) subsidiary	Sep. 28, 2019 USD ($)
Debt Instrument [Line Items]
Repayments of secured debt									$ 10,862,000	$ 6,570,000
Interest Rate Cap
Debt Instrument [Line Items]
Interest rate hedge					$ 135,000,000.0
Payments made for interest rate hedge					$ 1,000,000.0
Credit Facilities
Debt Instrument [Line Items]
Debt amount	$ 480,000,000.0
New Credit Facilities
Debt Instrument [Line Items]
Number of subsidiaries that are not guarantors on debt \| subsidiary									2
Nobles Worldwide, Inc.
Debt Instrument [Line Items]
Percentage of outstanding common stock acquired		100.00%
Purchase price of acquisition		$ 77,000,000.0					$ 76,800,000
Payments to acquire business		$ 77,300,000
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000.0
Proceeds from lines of credit						$ 50,000,000.0			$ 50,000,000.0
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Minimum
Debt Instrument [Line Items]
Commitment fee	0.175%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Maximum
Debt Instrument [Line Items]
Commitment fee	0.275%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate	2.50%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate	1.00%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Revolving Credit Facility \| New Revolving Credit Facility Due December 20, 2024 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Revolving Credit Facility \| 2018 Revolving Credit Facility Maturing November 21, 2023
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 100,000,000.0
Percentage of excess cash flow payment when leverage ratio is greater than 3.25			50.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 3.25 but greater than 2.50			25.00%
Percentage of excess cash flow payment when leverage ratio is less than or equal to 2.50			0.00%
Repayments of lines of credit	$ 58,500,000
Fees paid to lenders to be capitalized				$ 500,000
Amortization of debt issuance costs				$ 500,000
Debt issuance costs, line of credit arrangements						1,100,000			1,100,000
Revolving Credit Facility \| 2018 Term Loan
Debt Instrument [Line Items]
Fees paid to lenders to be capitalized						1,500,000			1,500,000
Revolving Credit Facility \| New Credit Facilities
Debt Instrument [Line Items]
Remaining borrowing capacity						49,800,000			49,800,000
Outstanding standby letters of credit						200,000			200,000
Secured Debt \| New Term Loan Maturing December 20, 2024
Debt Instrument [Line Items]
Debt amount	$ 140,000,000.0
Prepayment amount of principal outstanding	1.25%
Periodic payment						1,800,000			3,500,000
Proceeds from lines of credit	$ 140,000,000.0
Fees paid to lenders to be capitalized						$ 600,000			$ 600,000
Secured Debt \| New Term Loan Maturing December 20, 2024 \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Secured Debt \| New Term Loan Maturing December 20, 2024 \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate	2.50%
Secured Debt \| New Term Loan Maturing December 20, 2024 \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Secured Debt \| New Term Loan Maturing December 20, 2024 \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate	1.00%
Secured Debt \| New Term Loan Maturing December 20, 2024 \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate	0.50%
Secured Debt \| New Term Loan Maturing December 20, 2024 \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate	1.50%
Secured Debt \| 2018 Term Loan
Debt Instrument [Line Items]
Debt amount			$ 240,000,000.0
Prepayment amount of principal outstanding			0.25%
Repayments of debt	$ 56,000,000.0
Secured Debt \| 2018 Term Loan \| LIBOR \| Minimum
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| LIBOR \| Maximum
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| 2018 Term Loan \| Federal Funds Rate
Debt Instrument [Line Items]
Spread on variable rate			0.50%
Secured Debt \| 2018 Term Loan \| Eurodollar Rate
Debt Instrument [Line Items]
Spread on base rate			1.00%
Secured Debt \| 2018 Term Loan \| Base Rate \| Minimum
Debt Instrument [Line Items]
Spread on variable rate			3.75%
Secured Debt \| 2018 Term Loan \| Base Rate \| Maximum
Debt Instrument [Line Items]
Spread on variable rate			4.00%
Secured Debt \| Credit Facilities
Debt Instrument [Line Items]
Repayments of secured debt								$ 7,400,000

Employee Benefit Plans - Components of Net Periodic Pension Cost for Defined Benefit Pension Plan and Retirement Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Retirement Benefits [Abstract]
Service cost	$ 155	$ 126	$ 466	$ 377
Interest cost	302	347	907	1,041
Expected return on plan assets	(440)	(411)	(1,321)	(1,233)
Amortization of actuarial losses	248	221	744	664
Net periodic pension cost	$ 265	$ 283	$ 796	$ 849

Employee Benefit Plans - Reclassifications from Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 26, 2020	Sep. 26, 2020
Retirement Benefits [Abstract]
Amortization of actuarial loss - total before tax	$ 248	$ 744
Tax benefit	(59)	(177)
Net of tax	$ 189	$ 567

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 762	$ 1,937	$ 3,426	$ 4,325
Unrecognized tax benefits	5,900		5,900		$ 5,700
Expected change in unrecognized tax benefits	4,300		4,300
Decrease in unrecognized tax benefits in next twelve months	$ 2,000		$ 2,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies (Details) ft² in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Sep. 26, 2020 USD ($)	Sep. 28, 2019 USD ($)	Jun. 29, 2020 ft² building	Dec. 31, 2019 USD ($)
Loss Contingencies [Line Items]
Net Revenues	$ 150,371	$ 181,101	$ 471,155	$ 534,162
Cost of Sales	116,906	142,774	368,218	422,076
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire
Loss Contingencies [Line Items]
Number of buildings \| building					2
Real estate property (in sqft) \| ft²					62
Loss contingency, receivable, proceeds			5,000
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Property, Plant and Equipment
Loss Contingencies [Line Items]
Carrying value of impaired assets	6,800		6,800
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Inventories
Loss Contingencies [Line Items]
Carrying value of impaired assets	3,400		3,400
Facility Fire In Guaymas, Mexico \| Damage from Facility Fire \| Revision of Prior Period, Reclassification, Adjustment
Loss Contingencies [Line Items]
Net Revenues	800
Cost of Sales	500
Structural Systems
Loss Contingencies [Line Items]
Net Revenues	46,901	$ 90,513	177,615	$ 270,117
Structural Systems \| El Mirage and Monrovia, California
Loss Contingencies [Line Items]
Reserve for estimated liability	1,500		1,500			$ 1,500
Structural Systems \| West Covina, California
Loss Contingencies [Line Items]
Reserve for estimated liability	400		400
Structural Systems \| West Covina, California \| Minimum
Loss Contingencies [Line Items]
Possible loss	400		400
Structural Systems \| West Covina, California \| Maximum
Loss Contingencies [Line Items]
Possible loss	$ 3,100		$ 3,100

Business Segment Information - Additional Information (Details)	9 Months Ended
	Sep. 26, 2020 Segment
Segment Reporting [Abstract]
Number of reportable segments	2

Business Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 26, 2020	Sep. 28, 2019	Sep. 26, 2020	Sep. 28, 2019
Segment Reporting Information [Line Items]
Revenue	$ 150,371	$ 181,101	$ 471,155	$ 534,162
Operating Income	10,265	14,603	33,916	41,055
Depreciation and Amortization Expenses	7,078	6,992	21,741	20,751
Capital Expenditures	2,382	4,515	7,918	14,928
Electronic Systems
Segment Reporting Information [Line Items]
Revenue	103,470	90,588	293,540	264,045
Structural Systems
Segment Reporting Information [Line Items]
Revenue	46,901	90,513	177,615	270,117
Operating Segments
Segment Reporting Information [Line Items]
Operating Income	16,636	22,534	53,800	63,949
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Operating Income	14,867	9,657	40,427	28,750
Depreciation and Amortization Expenses	3,492	3,569	10,591	10,602
Capital Expenditures	586	1,768	3,518	4,820
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Operating Income	1,769	12,877	13,373	35,199
Depreciation and Amortization Expenses	3,528	3,350	10,956	9,750
Capital Expenditures	1,796	2,747	4,400	10,108
Segment Reconciling Items
Segment Reporting Information [Line Items]
Corporate General and Administrative Expenses	(6,371)	(7,931)	(19,884)	(22,894)
Corporate Administration
Segment Reporting Information [Line Items]
Depreciation and Amortization Expenses	58	73	194	399
Capital Expenditures	$ 0	$ 0	$ 0	$ 0

Business Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Sep. 26, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total Assets	$ 853,361	$ 790,429
Total Goodwill and Intangibles	298,849	309,279
Operating Segments \| Electronic Systems
Segment Reporting Information [Line Items]
Total Assets	441,151	411,981
Total Goodwill and Intangibles	203,399	210,453
Operating Segments \| Structural Systems
Segment Reporting Information [Line Items]
Total Assets	322,111	328,718
Total Goodwill and Intangibles	95,450	98,826
Corporate Administration
Segment Reporting Information [Line Items]
Total Assets	$ 90,099	$ 49,730

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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- Definition

Indicates amendment to accounting standards.

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