CURTISS WRIGHT CORP, 10-Q filed on 5/4/2023
Quarterly Report
v3.23.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2023
Apr. 30, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2023  
Document Transition Report false  
Entity File Number 1-134  
Entity Registrant Name CURTISS-WRIGHT CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-0612970  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 869-4600  
Title of 12(b) Security Common Stock  
Trading Symbol CW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Company false  
Entity common stock shares outstanding   38,342,932
Entity Shell Company false  
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Net Sales    
Net sales $ 630,860 $ 559,461
Cost of sales    
Cost of sales 409,452 358,059
Gross profit 221,408 201,402
Research and development expenses 22,024 20,549
Selling expenses 32,425 28,092
General and administrative expenses 88,344 87,600
Loss on divestiture 0 4,651
Operating income 78,615 60,510
Interest expense (12,944) (9,530)
Other income, net 7,767 2,997
Earnings before income taxes 73,438 53,977
Provision for income taxes (16,592) (13,292)
Net earnings $ 56,846 $ 40,685
Net earnings per share:    
Basic earnings per share (usd per share) $ 1.48 $ 1.06
Diluted earnings per share (usd per share) 1.48 1.05
Dividends per share $ 0.19 $ 0.18
Weighted-average shares outstanding:    
Basic (shares) 38,303 38,456
Diluted (shares) 38,516 38,668
Product    
Net Sales    
Net sales $ 524,881 $ 453,421
Cost of sales    
Cost of sales 343,757 294,527
Service    
Net Sales    
Net sales 105,979 106,040
Cost of sales    
Cost of sales $ 65,695 $ 63,532
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Net earnings $ 56,846 $ 40,685
Other comprehensive income    
Foreign currency translation, net of tax [1] 14,666 (6,825)
Pension and postretirement adjustments, net of tax [2] (192) 5,766
Other comprehensive income (loss), net of tax 14,474 (1,059)
Comprehensive income $ 71,320 $ 39,626
[1] The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2023 was $2.4 million. The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 was immaterial.
[2] The tax benefit included in pension and postretirement adjustments for the three months ended March 31, 2023 was immaterial. The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 was $1.4 million.
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Comprehensive Income [Abstract]    
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent [1] $ 2.4  
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [2]   $ 1.4
[1] The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2023 was $2.4 million. The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 was immaterial.
[2] The tax benefit included in pension and postretirement adjustments for the three months ended March 31, 2023 was immaterial. The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 was $1.4 million.
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 130,659 $ 256,974
Receivables, net 720,248 724,603
Inventories, net 527,937 483,113
Other current assets 67,415 52,623
Total current assets 1,446,259 1,517,313
Property, plant, and equipment, net 340,313 342,708
Goodwill 1,549,148 1,544,635
Other intangible assets, net 605,217 620,897
Operating Lease, Right-of-Use Asset 145,017 153,855
Prepaid pension asset 227,547 222,627
Other assets 48,624 47,567
Total assets 4,362,125 4,449,602
Current liabilities:    
Current portion of long-term debt and short-term debt 0 202,500
Accounts payable 207,573 266,525
Accrued expenses 153,678 177,536
Deferred revenue 234,487 242,483
Other current liabilities 76,452 82,395
Total current liabilities 672,190 971,439
Long-term debt 1,229,619 1,051,900
Deferred tax liabilities, net 122,607 123,001
Accrued pension and other postretirement benefit costs 58,062 58,348
Long-term operating lease liability 124,025 132,275
Long-term portion of environmental reserves 13,171 12,547
Other liabilities 88,292 107,973
Total liabilities 2,307,966 2,457,483
Stockholders' Equity    
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 49,187,378 shares issued as of March 31, 2023 and December 31, 2022; outstanding shares were 38,364,387 as of March 31, 2023 and 38,259,722 as of December 31, 2022 49,187 49,187
Additional paid in capital 126,909 134,553
Retained earnings 3,223,944 3,174,396
Accumulated other comprehensive loss (244,442) (258,916)
Common treasury stock, at cost (10,822,991 shares as of March 31, 2023 and 10,927,656 shares as of December 31, 2022) (1,101,439) (1,107,101)
Total stockholders' equity 2,054,159 1,992,119
Total liabilities and stockholders' equity $ 4,362,125 $ 4,449,602
v3.23.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 49,187,378 49,187,378
Common Stock, Shares, Outstanding (in shares) 38,364,387 38,259,722
Treasury Stock, Common, Shares (in shares) 10,822,991 10,927,656
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net earnings $ 56,846 $ 40,685
Adjustments to reconcile net earnings to net cash used for operating activities:    
Depreciation and amortization 28,927 27,363
Loss on divestiture 0 4,651
(Gain) loss on sale/disposal of long-lived assets 93 (3,070)
Deferred income taxes (2,619) 803
Share-based compensation 5,179 3,809
Change in operating assets and liabilities, net of businesses acquired:    
Receivables, net 6,153 (13,414)
Inventories, net (42,773) (38,149)
Progress payments (163) (395)
Accounts payable and accrued expenses (85,442) (72,565)
Deferred revenue (8,252) (35,154)
Pension and postretirement liabilities, net (4,946) (6,034)
Other current and long-term assets and liabilities (44,602) (32,845)
Net cash used for operating activities (91,599) (124,315)
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 224 5,567
Additions to property, plant, and equipment (10,661) (10,896)
Payments for (Proceeds from) Previous Acquisition 0 5,062
Net cash used for investing activities (10,437) (10,391)
Cash flows from financing activities:    
Borrowings under revolving credit facility 465,025 241,198
Repayments of Lines of Credit (286,825) (121,198)
Repayments of Senior Debt (202,500) 0
Repurchases of common stock (12,386) (18,857)
Proceeds from share-based compensation 5,225 5,284
Other (268) (248)
Net cash provided by (used for) financing activities (31,729) 106,179
Effect of exchange-rate changes on cash 7,450 (5,795)
Net decrease in cash and cash equivalents (126,315) (34,322)
Cash and cash equivalents at beginning of period 256,974 171,004
Cash and cash equivalents at end of period $ 130,659 $ 136,682
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Loss Member
Treasury Stock
Beginning Balance at Dec. 31, 2021   $ 49,187 $ 127,104 $ 2,908,827 $ (190,465) $ (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 40,685     40,685    
Other Comprehensive Income (Loss), Net of Tax (1,059)       (1,059)  
Dividends paid/declared       (6,932)    
Restricted stock     (8,523)     8,523
Employee Stock Purchase Plan     814     4,470
Share-based compensation     3,714     95
Repurchases of common stock [1]           (18,857)
Other     (506)     506
Ending Balance at Mar. 31, 2022   49,187 122,603 2,942,580 (191,524) (1,073,426)
Beginning Balance at Dec. 31, 2021   49,187 127,104 2,908,827 (190,465) (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax (68,451)          
Ending Balance at Dec. 31, 2022 1,992,119 49,187 134,553 3,174,396 (258,916) (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 56,846     56,846    
Other Comprehensive Income (Loss), Net of Tax 14,474       14,474  
Dividends paid/declared       (7,298)    
Restricted stock     (13,805)     13,805
Employee Stock Purchase Plan     1,483     3,742
Share-based compensation     4,939     240
Repurchases of common stock [1]           (12,386)
Other     (261)     261
Ending Balance at Mar. 31, 2023 $ 2,054,159 $ 49,187 $ 126,909 $ 3,223,944 $ (244,442) $ (1,101,439)
[1] For both the three months ended March 31, 2023 and 2022, the Corporation repurchased approximately 0.1 million shares of its common stock.
v3.23.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]    
Treasury Stock, Shares, Acquired [1] 0.1 0.1
[1] For both the three months ended March 31, 2023 and 2022, the Corporation repurchased approximately 0.1 million shares of its common stock.
v3.23.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three months ended March 31, 2023 and 2022, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2022 Annual Report on Form 10-K filed with the SEC. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.23.1
REVENUE
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available.

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
20232022
Over-time49 %53 %
Point-in-time51 %47 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.7 billion as of March 31, 2023, of which the Corporation expects to recognize approximately 90% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months Ended
March 31,
(In thousands)20232022
Aerospace & Defense
Aerospace Defense$99,879 $98,004 
Ground Defense66,256 39,108 
Naval Defense171,956 162,967 
Commercial Aerospace70,490 60,892 
Total Aerospace & Defense customers$408,581 $360,971 
Commercial
Power & Process$120,339 $104,788 
General Industrial101,940 93,702 
Total Commercial customers$222,279 $198,490 
Total$630,860 $559,461 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three months ended March 31, 2023 and 2022 included in contract liabilities at the beginning of the respective years was approximately $89 million and $79 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.23.1
ASSETS HELD FOR SALE
 3 Months Ended
Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE ASSETS HELD FOR SALEIn January 2022, the Corporation completed the sale of its industrial valve business in Germany for gross cash proceeds of $3 million. The Corporation recorded a loss of $5 million upon sale closing during the first quarter of 2022.
v3.23.1
RECEIVABLES
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)March 31, 2023December 31, 2022
Billed receivables:
Trade and other receivables$397,301 $412,682 
Unbilled receivables:
Recoverable costs and estimated earnings not billed328,199 316,682 
Less: Progress payments applied
(28)(67)
Net unbilled receivables328,171 316,615 
Less: Allowance for doubtful accounts
(5,224)(4,694)
Receivables, net$720,248 $724,603 
v3.23.1
INVENTORIES
 3 Months Ended
Mar. 31, 2023
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:
(In thousands)March 31, 2023December 31, 2022
Raw materials$259,191 $242,116 
Work-in-process93,948 76,328 
Finished goods134,348 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
43,433 39,685 
Inventories, net of reserves530,920 486,219 
Less:  Progress payments applied(2,983)(3,106)
Inventories, net$527,937 $483,113 

(1) As of March 31, 2023, this caption includes capitalized development costs of $16.3 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2023, capitalized development costs of $10.6 million are not currently supported by existing firm orders.
v3.23.1
GOODWILL
 3 Months Ended
Mar. 31, 2023
Goodwill [Abstract]  
GOODWILL GOODWILL
The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment1,473 2,224 816 4,513 
March 31, 2023$323,023 $705,010 $521,115 $1,549,148 
v3.23.1
OTHER INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
 
The following tables present the cumulative composition of the Corporation’s intangible assets:
March 31, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$306,710 $(181,330)$125,380 $306,160 $(176,675)$129,485 
Customer related intangibles668,233 (308,903)359,330 666,638 (298,160)368,478 
Programs (1)
144,000 (36,000)108,000 144,000 (34,200)109,800 
Other intangible assets53,982 (41,475)12,507 53,879 (40,745)13,134 
Total$1,172,925 $(567,708)$605,217 $1,170,677 $(549,780)$620,897 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

Total intangible amortization expense for the three months ended March 31, 2023 was $16 million, as compared to $14 million in the comparable prior year period.  The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2023$65 
2024$57 
2025$54 
2026$53 
2027$50 
v3.23.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Forward Foreign Exchange and Currency Option Contracts

The Corporation has foreign currency exposure, primarily against the British Pound, Euro, and Canadian dollar. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments.
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Effects on Condensed Consolidated Balance Sheets

As of March 31, 2023 and December 31, 2022, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings

Undesignated hedges

The losses and gains and on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The gain for the three months ended March 31, 2023 was $4 million. The loss for the three months ended March 31, 2022 was immaterial.

Debt
The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2023.  Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument.  The fair values described below may not be indicative of net realizable value or reflective of future fair values.  Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

March 31, 2023December 31, 2022
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$178,200 $178,200 $— $— 
3.70% Senior notes due 2023
— — 202,500 202,082 
3.85% Senior notes due 2025
90,000 88,331 90,000 87,298 
4.24% Senior notes due 2026
200,000 195,529 200,000 191,760 
4.05% Senior notes due 2028
67,500 64,926 67,500 63,300 
4.11% Senior notes due 2028
90,000 86,338 90,000 83,955 
3.10% Senior notes due 2030
150,000 131,958 150,000 127,429 
3.20% Senior notes due 2032
150,000 128,166 150,000 123,656 
4.49% Senior notes due 2032
200,000 189,022 200,000 183,007 
4.64% Senior notes due 2034
100,000 93,730 100,000 90,341 
Total debt1,225,700 1,156,200 1,250,000 1,152,828 
Debt issuance costs, net(1,705)(1,705)(1,631)(1,631)
Unamortized interest rate swap proceeds5,624 5,624 6,031 6,031 
Total debt, net$1,229,619 $1,160,119 1,254,400 1,157,228 
v3.23.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 3 Months Ended
Mar. 31, 2023
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2022 Annual Report on Form 10-K filed with the SEC.

The components of net periodic pension cost/(benefit) were as follows:
Three Months Ended
March 31,
(In thousands)20232022
Service cost$4,127 $6,063 
Interest cost8,790 5,288 
Expected return on plan assets(15,820)(13,857)
Amortization of prior service cost(33)(86)
Amortization of unrecognized actuarial loss77 4,006 
Cost of settlements— 1,842 
Net periodic pension cost/(benefit)$(2,859)$3,256 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the three months ended March 31, 2023, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2023.

During the three months ended March 31, 2022, the Company recognized a settlement charge related to the retirement of a former executive. The settlement charge represents an event that is accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans.
Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three months ended March 31, 2023 and 2022, the expense relating to the plan was $6.1 million and $5.7 million, respectively.
v3.23.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares.  A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months Ended
March 31,
(In thousands)20232022
Basic weighted-average shares outstanding38,303 38,456 
Dilutive effect of deferred stock compensation213 212 
Diluted weighted-average shares outstanding38,516 38,668 

For the three months ended March 31, 2023 and 2022, approximately 24,000 and 26,000 shares, respectively, issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.
v3.23.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months Ended
March 31,
(In thousands)20232022
Net sales
Aerospace & Industrial$203,586 $191,850 
Defense Electronics163,070 143,938 
Naval & Power266,814 225,315 
Less: Intersegment revenues(2,610)(1,642)
Total consolidated$630,860 $559,461 
Operating income (expense)
Aerospace & Industrial$26,545 $24,853 
Defense Electronics23,368 23,290 
Naval & Power37,937 27,288 
Corporate and other (1)
(9,235)(14,921)
Total consolidated$78,615 $60,510 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months Ended
March 31,
(In thousands)20232022
Total operating income$78,615 $60,510 
Interest expense12,944 9,530 
Other income, net7,767 2,997 
Earnings before income taxes$73,438 $53,977 

(In thousands)March 31, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,041,860 $1,041,562 
Defense Electronics1,545,190 1,546,331 
Naval & Power1,498,003 1,488,867 
Corporate and Other277,072 372,842 
Total consolidated$4,362,125 $4,449,602 
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive loss (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
14,666 (223)14,443 
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 31 31 
Net current period other comprehensive income (loss)14,666 (192)14,474 
March 31, 2023$(146,141)$(98,301)$(244,442)

(1) All amounts are after tax.

Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$33 Other income, net
Amortization of actuarial losses(77)Other income, net
(44)Earnings before income taxes
13 Provision for income taxes
Total reclassifications$(31)Net earnings
v3.23.1
CONTINGENCIES AND COMMITMENTS
 3 Months Ended
Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
From time to time, the Corporation is involved in legal proceedings that are incidental to the operation of its business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its condensed consolidated financial condition, results of operations, and cash flows.

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate.  The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability.

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of March 31, 2023 and December 31, 2022, there were $19 million and $17 million of stand-by letters of credit outstanding, respectively. As of March 31, 2023 and December 31, 2022, there were $14 million and $3 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $35 million surety bond.

AP1000 Program

In February 2022, the Corporation and Westinghouse Electric Company (WEC) executed a settlement agreement to resolve all open claims and counterclaims under the AP1000 U.S. and China contracts. Under the terms of the settlement agreement, the Corporation paid WEC $15 million in the first quarter of 2022 and a final amount of $10 million in the first quarter of 2023 in exchange for the Corporation’s full release from all open claims under such contracts, whether known or unknown, as well as negotiating and executing a right of first refusal for all future AP1000 projects.
v3.23.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three months ended March 31, 2023 and 2022, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2022 Annual Report on Form 10-K filed with the SEC. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.23.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2023 and 2022:
Three Months Ended
March 31,
20232022
Over-time49 %53 %
Point-in-time51 %47 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months Ended
March 31,
(In thousands)20232022
Aerospace & Defense
Aerospace Defense$99,879 $98,004 
Ground Defense66,256 39,108 
Naval Defense171,956 162,967 
Commercial Aerospace70,490 60,892 
Total Aerospace & Defense customers$408,581 $360,971 
Commercial
Power & Process$120,339 $104,788 
General Industrial101,940 93,702 
Total Commercial customers$222,279 $198,490 
Total$630,860 $559,461 
v3.23.1
RECEIVABLES (Table)
 3 Months Ended
Mar. 31, 2023
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)March 31, 2023December 31, 2022
Billed receivables:
Trade and other receivables$397,301 $412,682 
Unbilled receivables:
Recoverable costs and estimated earnings not billed328,199 316,682 
Less: Progress payments applied
(28)(67)
Net unbilled receivables328,171 316,615 
Less: Allowance for doubtful accounts
(5,224)(4,694)
Receivables, net$720,248 $724,603 
v3.23.1
INVENTORIES (Table)
 3 Months Ended
Mar. 31, 2023
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:
(In thousands)March 31, 2023December 31, 2022
Raw materials$259,191 $242,116 
Work-in-process93,948 76,328 
Finished goods134,348 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
43,433 39,685 
Inventories, net of reserves530,920 486,219 
Less:  Progress payments applied(2,983)(3,106)
Inventories, net$527,937 $483,113 

(1) As of March 31, 2023, this caption includes capitalized development costs of $16.3 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2023, capitalized development costs of $10.6 million are not currently supported by existing firm orders.
v3.23.1
GOODWILL (Table)
 3 Months Ended
Mar. 31, 2023
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 2023 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment1,473 2,224 816 4,513 
March 31, 2023$323,023 $705,010 $521,115 $1,549,148 
v3.23.1
OTHER INTANGIBLE ASSETS, NET (Table)
 3 Months Ended
Mar. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class The following tables present the cumulative composition of the Corporation’s intangible assets:
March 31, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$306,710 $(181,330)$125,380 $306,160 $(176,675)$129,485 
Customer related intangibles668,233 (308,903)359,330 666,638 (298,160)368,478 
Programs (1)
144,000 (36,000)108,000 144,000 (34,200)109,800 
Other intangible assets53,982 (41,475)12,507 53,879 (40,745)13,134 
Total$1,172,925 $(567,708)$605,217 $1,170,677 $(549,780)$620,897 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2023$65 
2024$57 
2025$54 
2026$53 
2027$50 
v3.23.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 3 Months Ended
Mar. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
March 31, 2023December 31, 2022
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$178,200 $178,200 $— $— 
3.70% Senior notes due 2023
— — 202,500 202,082 
3.85% Senior notes due 2025
90,000 88,331 90,000 87,298 
4.24% Senior notes due 2026
200,000 195,529 200,000 191,760 
4.05% Senior notes due 2028
67,500 64,926 67,500 63,300 
4.11% Senior notes due 2028
90,000 86,338 90,000 83,955 
3.10% Senior notes due 2030
150,000 131,958 150,000 127,429 
3.20% Senior notes due 2032
150,000 128,166 150,000 123,656 
4.49% Senior notes due 2032
200,000 189,022 200,000 183,007 
4.64% Senior notes due 2034
100,000 93,730 100,000 90,341 
Total debt1,225,700 1,156,200 1,250,000 1,152,828 
Debt issuance costs, net(1,705)(1,705)(1,631)(1,631)
Unamortized interest rate swap proceeds5,624 5,624 6,031 6,031 
Total debt, net$1,229,619 $1,160,119 1,254,400 1,157,228 
v3.23.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 3 Months Ended
Mar. 31, 2023
Retirement Benefits, Description [Abstract]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost/(benefit) were as follows:
Three Months Ended
March 31,
(In thousands)20232022
Service cost$4,127 $6,063 
Interest cost8,790 5,288 
Expected return on plan assets(15,820)(13,857)
Amortization of prior service cost(33)(86)
Amortization of unrecognized actuarial loss77 4,006 
Cost of settlements— 1,842 
Net periodic pension cost/(benefit)$(2,859)$3,256 
v3.23.1
EARNINGS PER SHARE (Table)
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: 
Three Months Ended
March 31,
(In thousands)20232022
Basic weighted-average shares outstanding38,303 38,456 
Dilutive effect of deferred stock compensation213 212 
Diluted weighted-average shares outstanding38,516 38,668 
v3.23.1
SEGMENT INFORMATION (Table)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months Ended
March 31,
(In thousands)20232022
Net sales
Aerospace & Industrial$203,586 $191,850 
Defense Electronics163,070 143,938 
Naval & Power266,814 225,315 
Less: Intersegment revenues(2,610)(1,642)
Total consolidated$630,860 $559,461 
Operating income (expense)
Aerospace & Industrial$26,545 $24,853 
Defense Electronics23,368 23,290 
Naval & Power37,937 27,288 
Corporate and other (1)
(9,235)(14,921)
Total consolidated$78,615 $60,510 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months Ended
March 31,
(In thousands)20232022
Total operating income$78,615 $60,510 
Interest expense12,944 9,530 
Other income, net7,767 2,997 
Earnings before income taxes$73,438 $53,977 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)March 31, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,041,860 $1,041,562 
Defense Electronics1,545,190 1,546,331 
Naval & Power1,498,003 1,488,867 
Corporate and Other277,072 372,842 
Total consolidated$4,362,125 $4,449,602 
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive loss (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
14,666 (223)14,443 
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 31 31 
Net current period other comprehensive income (loss)14,666 (192)14,474 
March 31, 2023$(146,141)$(98,301)$(244,442)

(1) All amounts are after tax.
Reclassification out of Accumulated Other Comprehensive Income
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$33 Other income, net
Amortization of actuarial losses(77)Other income, net
(44)Earnings before income taxes
13 Provision for income taxes
Total reclassifications$(31)Net earnings
v3.23.1
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Net sales $ 630,860 $ 559,461
Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 408,581 360,971
Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 222,279 198,490
Aerospace Defense [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 99,879 98,004
Ground Defense [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 66,256 39,108
Naval Defense [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 171,956 162,967
Commercial Aerospace [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 70,490 60,892
Power &Process [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 120,339 104,788
General Industrial [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales $ 101,940 $ 93,702
Transferred over Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 49.00% 53.00%
Transferred at Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 51.00% 47.00%
v3.23.1
REVENUE ADDITIONAL DETAILS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]    
Revenue, Remaining Performance Obligation, Amount $ 2,700.0  
Revenue, Remaining Performance Obligation, Percentage 90.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months  
Contract with Customer, Liability, Revenue Recognized $ 89.0 $ 79.0
v3.23.1
ASSETS HELD FOR SALE (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]    
Proceeds from Divestiture of Businesses $ 3  
Impairment loss   $ 5
v3.23.1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Billed receivables:    
Trade and other receivables $ 397,301 $ 412,682
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 328,199 316,682
Contract Receivable, Progress Payment Offset (28) (67)
Net unbilled receivables 328,171 316,615
Less: Allowance for doubtful accounts (5,224) (4,694)
Receivables, net $ 720,248 $ 724,603
v3.23.1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 259,191 $ 242,116
Inventory, Work in Process, Net of Reserves 93,948 76,328
Inventory, Finished Goods, Net of Reserves 134,348 128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves 43,433 39,685
Inventories, Net of Reserves 530,920 486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (2,983) (3,106)
Inventories, net $ 527,937 $ 483,113
v3.23.1
INVENTORIES (Narrative) (Detail)
$ in Millions
Mar. 31, 2023
USD ($)
Inventory, Net [Abstract]  
Other inventory, capitalized costs $ 16.3
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 10.6
v3.23.1
GOODWILL (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]  
December 31, 2022 $ 1,544,635
Foreign currency translation adjustment 4,513
March 31, 2023 1,549,148
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2022 321,550
Foreign currency translation adjustment 1,473
March 31, 2023 323,023
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2022 702,786
Foreign currency translation adjustment 2,224
March 31, 2023 705,010
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2022 520,299
Foreign currency translation adjustment 816
March 31, 2023 $ 521,115
v3.23.1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,172,925 $ 1,170,677
Accumulated Amortization (567,708) (549,780)
Net 605,217 620,897
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 306,710 306,160
Accumulated Amortization (181,330) (176,675)
Net 125,380 129,485
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 668,233 666,638
Accumulated Amortization (308,903) (298,160)
Net 359,330 368,478
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (36,000) (34,200)
Net 108,000 109,800
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 53,982 53,879
Accumulated Amortization (41,475) (40,745)
Net $ 12,507 $ 13,134
v3.23.1
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 16.0 $ 14.0
Future amortization expense in remainder of fiscal year 65.0  
Future amortization expense in year one 57.0  
Future amortization expense in year two 54.0  
Future amortization expense in year three 53.0  
Future amortization expense in year four $ 50.0  
v3.23.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Mar. 31, 2023
Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,229,619 $ 1,254,400
Estimated Fair Value 1,160,119 1,157,228
Long-term Debt, Gross 1,225,700 1,250,000
Debt Issuance Costs, Net (1,705) (1,631)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 5,624 6,031
Revolving Credit Facility    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 178,200 0
Estimated Fair Value 178,200 0
3.70% Senior notes due 2023 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 0 202,500
Estimated Fair Value $ 0 202,082
Debt Instrument, Interest Rate, Stated Percentage 3.70%  
3.85% Senior notes due 2025 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 88,331 87,298
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 195,529 191,760
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 64,926 63,300
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 86,338 83,955
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 131,958 127,429
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 128,166 123,656
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
4.49% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 189,022 183,007
Debt Instrument, Interest Rate, Stated Percentage 4.49%  
4.64% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 100,000 100,000
Estimated Fair Value $ 93,730 90,341
Debt Instrument, Interest Rate, Stated Percentage 4.64%  
Long-term Debt, gross [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 1,156,200 $ 1,152,828
v3.23.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 4,127 $ 6,063
Interest cost 8,790 5,288
Expected return on plan assets (15,820) (13,857)
Amortization of prior service cost (33) (86)
Amortization of unrecognized actuarial loss 77 4,006
Gain (Loss) Due to Settlement 0 (1,842)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ (2,859) $ 3,256
v3.23.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Defined Contribution Plan Disclosure [Line Items]    
Defined Contribution Plan, Employer Contribution, Percentage, Maximum 7.00%  
Defined Contribution Plan, Cost $ 6.1 $ 5.7
v3.23.1
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share Reconciliation [Abstract]    
Basic weighted-average shares outstanding (shares) 38,303 38,456
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 213 212
Diluted weighted-average shares outstanding (shares) 38,516 38,668
v3.23.1
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 24,000 26,000
v3.23.1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]      
Net sales $ 630,860 $ 559,461  
Operating income (expense) 78,615 60,510  
Identifiable assets 4,362,125   $ 4,449,602
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Net sales (2,610) (1,642)  
Operating Segments | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Net sales 203,586 191,850  
Operating income (expense) 26,545 24,853  
Identifiable assets 1,041,860   1,041,562
Operating Segments | Defense Electronics      
Segment Reporting Information [Line Items]      
Net sales 163,070 143,938  
Operating income (expense) 23,368 23,290  
Identifiable assets 1,545,190   1,546,331
Operating Segments | Naval & Power      
Segment Reporting Information [Line Items]      
Net sales 266,814 225,315  
Operating income (expense) 37,937 27,288  
Identifiable assets 1,498,003   1,488,867
Operating Segments | Corporate and Other      
Segment Reporting Information [Line Items]      
Operating income (expense) (9,235) $ (14,921)  
Identifiable assets $ 277,072   $ 372,842
v3.23.1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting [Abstract]    
Total operating income $ 78,615 $ 60,510
Interest expense (12,944) (9,530)
Other income, net 7,767 2,997
Earnings before income taxes $ 73,438 $ 53,977
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ (258,916) $ (190,465) $ (190,465)
Other comprehensive income (loss) before reclassifications 14,443   (84,688)
Amounts reclassified from accumulated other comprehensive loss 31   16,237
Other comprehensive income (loss), net of tax 14,474 (1,059) (68,451)
Ending balance (244,442)   (258,916)
Foreign Currency Translation Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (160,807) (99,566) (99,566)
Other comprehensive income (loss) before reclassifications 14,666   (61,241)
Amounts reclassified from accumulated other comprehensive loss 0   0
Other comprehensive income (loss), net of tax 14,666   (61,241)
Ending balance (146,141)   (160,807)
Total Pension and Postretirment Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (98,109) $ (90,899) (90,899)
Other comprehensive income (loss) before reclassifications (223)   (23,447)
Amounts reclassified from accumulated other comprehensive loss 31   16,237
Other comprehensive income (loss), net of tax (192)   (7,210)
Ending balance $ (98,301)   $ (98,109)
v3.23.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Earnings before income taxes $ 73,438 $ 53,977
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amortization of prior service costs 33  
Amortization of actuarial losses (77)  
Earnings before income taxes (44)  
Provision for income taxes 13  
Net earnings $ (31)  
v3.23.1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
AP1000      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party $ 10.0 $ 15.0  
Standby Letters Of Credit      
Loss Contingencies [Line Items]      
Letters of credit, outstanding 19.0   $ 17.0
FinancialStandbyLetterOfCreditMember      
Loss Contingencies [Line Items]      
Letters of credit, outstanding 14.0   $ 3.0
Surety Bond      
Loss Contingencies [Line Items]      
Surety bond outstanding $ 35.0