CURTISS WRIGHT CORP, 10-K filed on 2/22/2023
Annual Report
v3.22.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Jan. 31, 2023
Jun. 30, 2022
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2022    
Current Fiscal Year End Date --12-31    
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 Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 4,500
Entity Common Stock, Shares Outstanding   38,274,724  
Documents Incorporated by Reference Portions of the Proxy Statement of the Registrant with respect to the 2023 Annual Meeting of Stockholders to be held on May 4, 2023 are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0000026324    
Document Fiscal Year Focus 2022    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.22.4
Audit Information
 12 Months Ended
Dec. 31, 2022
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Morristown, New Jersey
v3.22.4
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Net Sales      
Net Sales $ 2,557,025 $ 2,505,931 $ 2,391,336
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,602,416 1,572,575 1,550,109
Gross profit 954,609 933,356 841,227
Research and development expenses 80,836 88,489 74,816
Selling expenses 121,586 116,956 109,537
General and administrative expenses 324,093 326,140 303,288
Loss on Disposition of Business 4,651 0 0
Impairment of assets held for sale 0 19,088 33,043
Restructuring expenses 0 0 31,695
Operating income 423,443 382,683 288,848
Interest expense 46,980 40,240 35,545
Other income, net 12,732 12,067 9,748
Earnings before income taxes 389,195 354,510 263,051
Provision for income taxes (94,847) (87,351) (61,659)
Net earnings $ 294,348 $ 267,159 $ 201,392
Basic earnings per share      
Basic earnings per share $ 7.67 $ 6.61 $ 4.83
Diluted earnings per share      
Diluted earnings per share 7.62 6.58 4.80
Dividends per share $ 0.75 $ 0.71 $ 0.68
Weighted average shares outstanding:      
Basic 38,386 40,417 41,738
Diluted 38,649 40,602 41,999
Product [Member]      
Net Sales      
Net Sales $ 2,135,882 $ 2,109,617 $ 2,041,086
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,348,569 1,330,191 1,319,562
Service [Member]      
Net Sales      
Net Sales 421,143 396,314 350,250
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold $ 253,847 $ 242,384 $ 230,547
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Net earnings $ 294,348 $ 267,159 $ 201,392
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]      
Foreign currency translation, net of tax [1] (61,241) (10,829) 41,282
Pension and postretirement adjustments, net of tax [2] (7,210) 131,220 (26,864)
Other Comprehensive Income (Loss), Net of Tax (68,451) 120,391 14,418
Comprehensive Income $ 225,897 $ 387,550 $ 215,810
[1] The tax benefit (expense) included in other comprehensive income for foreign currency translation adjustments for 2022, 2021, and 2020 was immaterial.
[2] The tax benefit (expense) included in other comprehensive income for pension and postretirement adjustments for 2022, 2021, and 2020 was $3.1 million, ($42.3) million, and $8.3 million, respectively.
v3.22.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ 3.1 $ (42.3) $ 8.3
v3.22.4
CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 256,974 $ 171,004
Receivables, net 724,603 647,148
Inventories, net 483,113 411,567
Assets held for sale 0 10,988
Other current assets 52,623 67,101
Total current assets 1,517,313 1,307,808
Property, plant, and equipment, net 342,708 360,031
Goodwill 1,544,635 1,463,026
Other intangible assets, net 620,897 538,077
Operating lease right-of-use assets, net 153,855 143,613
Pension asset 222,627 256,422
Other assets 47,567 34,568
Total assets 4,449,602 4,103,545
Current liabilities:    
Current portion of long-term debt and short-term debt 202,500 0
Accounts payable 266,525 211,640
Accrued expenses 177,536 147,701
Deferred revenue 242,483 260,157
Disposal Group, Including Discontinued Operation, Liabilities, Current 0 12,655
Other current liabilities 82,395 102,714
Total current liabilities 971,439 734,867
Long-Term Debt, Excluding Current Maturities 1,051,900 1,050,610
Deferred tax liabilities, net 123,001 147,349
Accrued pension and other postretirement benefit costs 58,348 91,329
Operating lease, Long-term operating lease liability 132,275 127,152
Long-term portion of environmental reserves 12,547 13,656
Other liabilities 107,973 112,092
Total liabilities 2,457,483 2,277,055
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of December 31, 2022 and December 31, 2021; 49,187,378 shares issued as of December 31, 2022 and December 31, 2021; outstanding shares were 38,259,722 as of December 31, 2022 and 38,469,778 as of December 31, 2021 49,187 49,187
Additional paid in capital 134,553 127,104
Retained earnings 3,174,396 2,908,827
Accumulated other comprehensive loss (258,916) (190,465)
Common treasury stock, at cost (10,927,656 shares as of December 31, 2022 and 10,717,600 shares as of December 31, 2021) (1,107,101) (1,068,163)
Total stockholders' equity 1,992,119 1,826,490
Total liabilities and stockholders' equity $ 4,449,602 $ 4,103,545
v3.22.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common Stock Par Value $ 1 $ 1
CommonStockSharesIssued 49,187,378 49,187,378
CommonStockSharesOutstanding 38,259,722 38,469,778
Common stock authorized 100,000,000 100,000,000
TreasuryStockShares 10,927,656 10,717,600
v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net earnings $ 294,348 $ 267,159 $ 201,392
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 112,027 114,384 115,903
Loss on Disposition of Business 4,651 0 0
Impairment of assets held for sale 0 19,088 33,043
(Gain) on sale/disposal of long-lived assets (4,671) (568) 0
Deferred income taxes (23,635) (10,200) (7,048)
Share-based compensation 15,384 13,450 14,437
Foreign Currency Transaction Gain (Loss), before Tax 0 0 9,351
Restructuring Costs, Noncash 0 0 15,628
Change in operating assets and liabilities, net of businesses acquired and divested:      
Accounts receivable, net (74,798) (59,372) 71,147
Inventories, net (60,620) 15,321 15,535
Progress Payments (3,099) (3,672) (7,689)
Accounts payable and accrued expenses 42,493 17,713 (55,513)
Deferred revenue (17,646) 9,584 (33,179)
Income taxes 55,847 (12,988) 15,171
Net pension and postretirement liabilities (15,049) (1,236) (153,375)
Other current and long-term assets and liabilities (30,456) 19,005 26,377
Net cash provided by operating activities 294,776 387,668 261,180
Cash flows from investing activities:      
Proceeds from sales and disposals of long-lived assets 9,841 4,045 2,930
Payments to Acquire Investments (10,000) 0 0
Additions to property, plant, and equipment (38,217) (41,108) (47,499)
Payments to Acquire Businesses, Net of Cash Acquired (282,429) 0 (487,944)
Payments for Previous Acquisition (5,062) (5,340) 0
Payments for (Proceeds from) Other Investing Activities 0 0 17
Net cash used for investing activities (325,867) (42,403) (532,530)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 1,697,647 455,950 570,675
Payment of revolving credit facilities (1,791,547) (362,050) (570,675)
Borrowings of debt 300,000 0 300,000
Principal payments on debt 0 (100,000) 0
Repurchases of company stock (56,870) (343,129) (200,018)
Proceeds from share-based compensation plans 9,997 9,705 11,148
Dividends paid (28,779) (28,660) (28,175)
Other (1,020) (945) (874)
Net cash provided by (used for) financing activities 129,428 (369,129) 82,081
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations (12,367) (3,380) (3,516)
Net increase (decrease) in cash and cash equivalents 85,970 (27,244) (192,785)
Cash and cash equivalents at beginning of period 171,004 198,248 391,033
Cash and cash equivalents at end of period $ 256,974 $ 171,004 $ 198,248
v3.22.4
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Income Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2019   $ 49,187 $ 116,070 $ 2,497,111 $ (325,274) $ (562,722)
Net earnings $ 201,392     201,392    
Other Comprehensive Income (Loss), Net of Tax 14,418       14,418  
Dividends paid       (28,175)    
Restricted Stock     (4,115)     4,115
Stock options exercised, net     (3,286)     14,434
Share-based compensation     14,383     54
Repurchase of common stock           (200,018)
Other     (517) 0   517
Ending Balance at Dec. 31, 2020   49,187 122,535 2,670,328 (310,856) (743,620)
Net earnings 267,159     267,159    
Other Comprehensive Income (Loss), Net of Tax 120,391       120,391  
Dividends paid       (28,660)    
Restricted Stock     (9,007)     9,007
Stock options exercised, net     877     8,828
Share-based compensation     13,296     154
Repurchase of common stock           (343,129)
Other     (597)     597
Ending Balance at Dec. 31, 2021 1,826,490 49,187 127,104 2,908,827 (190,465) (1,068,163)
Net earnings 294,348          
Other Comprehensive Income (Loss), Net of Tax (68,451)       (68,451)  
Dividends paid       (28,779)    
Restricted Stock     (8,523)     8,523
Stock Issued During Period, Value, Employee Stock Purchase Plan     1,273     8,724
Share-based compensation     15,205     179
Repurchase of common stock           (56,870)
Other     (506)     506
Ending Balance at Dec. 31, 2022 $ 1,992,119 $ 49,187 $ 134,553 $ 3,174,396 $ (258,916) $ (1,107,101)
v3.22.4
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]      
Treasury Stock, Shares, Acquired 0.4 2.7 2.0
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

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 markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

Principles of Consolidation

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

Use of Estimates

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management 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. The most significant of these estimates includes the estimate of costs to complete on certain contracts using the over-time revenue recognition accounting method, cash flow estimates used for testing the recoverability of assets, 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. Actual results may differ from these estimates.

Cash and Cash Equivalents

Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less.

Inventory

Inventories are stated at lower of cost or net realizable value. Production costs are comprised of direct material and labor and applicable manufacturing overhead.

Progress Payments

Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers obtain control of promised goods or services to the extent that progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables as presented in Note 5 to the Consolidated Financial Statements. In the event that progress payments received exceed revenue recognized to date on a specific contract, a contract liability has been established with such amount reported in the "Deferred revenue" line within the Consolidated Balance Sheet.

The Corporation also receives progress payments on development contracts related to certain aerospace and defense programs. Progress payments received on partially funded development contracts have been reported as a reduction of inventories, as presented in Note 6 to the Consolidated Financial Statements.

Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period that they are incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets.

Average useful lives for property, plant, and equipment are as follows:
Buildings and improvements
5 to 40 years
Machinery, equipment, and other
3 to 15 years
See Note 7 to the Consolidated Financial Statements for further information on property, plant, and equipment.

Intangible Assets

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 9 to the Consolidated Financial Statements for further information on other intangible assets.

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2022, 2021, and 2020.

Goodwill

Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed annually in the fourth quarter of each year. See Note 8 to the Consolidated Financial Statements for further information on goodwill.

Fair Value of Financial Instruments

Accounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 11 and 14 to the Consolidated Financial Statements for further information on the Corporation's financial instruments.

Research and Development

The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred.

Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs.

Accounting for Share-Based Payments

The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments.

Compensation expense for performance shares and time-based restricted stock is recognized over the requisite service period for the entire award based on the grant date fair value.

Income Taxes
The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of interest expense and general and administrative expenses, respectively. See Note 13 to the Consolidated Financial Statements for further information.

Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. (Gains) and losses from foreign currency transactions are included in general and administrative expenses in the Consolidated Statement of Earnings, which amounted to ($2.6) million, $1.8 million, and $3.9 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency 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. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. The Corporation does not use derivative financial instruments for trading or speculative purposes.

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. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
v3.22.4
REVENUE
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
2. REVENUE

The Corporation accounts for revenues in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue is recognized when control of a promised good and/or service is transferred to a customer at a transaction price 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. In certain instances, the transaction price may include estimated amounts of variable consideration including but not limited to incentives, awards, price escalations, liquidated damages, and penalties, only to the extent that it is probable that a significant reversal of cumulative revenue recognized to date around such variable consideration will not occur. The Corporation estimates variable consideration to be included in the transaction price using either the expected value method or most likely amount method, contingent upon the facts and circumstances of the specific arrangement. Variable consideration associated with the Corporation’s respective arrangements is not typically constrained.

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. Changes in total estimated costs are recognized using the cumulative catch-up method of accounting which recognizes the cumulative effect of the changes on current and prior periods in the current period. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation's consolidated financial position, results or operations, or cash flows. There were no significant changes in estimated contract costs during 2022, 2021, or 2020. 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 years ended December 31, 2022, 2021, and 2020:
Year Ended
December 31,
202220212020
Over-time51 %50 %52 %
Point-in-time49 %50 %48 %

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 $2.6 billion as of December 31, 2022, of which the Corporation expects to recognize approximately 89% 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 Type
Year Ended December 31,
(In thousands)202220212020
Aerospace & Defense
Aerospace Defense$479,743 $452,661 $463,690 
Ground Defense219,739 220,290 107,448 
Naval Defense694,015 710,688 692,152 
Commercial Aerospace276,519 267,722 325,518 
Total Aerospace & Defense Customers$1,670,016 $1,651,361 $1,588,808 
Commercial
Power & Process$472,300 $473,489 $474,842 
General Industrial414,709 381,081 327,686 
Total Commercial Customers$887,009 $854,570 $802,528 
Total$2,557,025 $2,505,931 $2,391,336 
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 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. Revenues recognized for the years ended December 31, 2022, 2021, and 2020 included in the contract liabilities balance at the beginning of the respective years were approximately $219 million, $210 million, and $224 million, respectively. Changes in contract assets and contract liabilities as of December 31, 2022 were not materially impacted by any other factors. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet.
v3.22.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
ACQUISITIONS
3. ACQUISITIONS

The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets. The Corporation has completed numerous acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements. This goodwill arises because the purchase prices for these businesses reflect the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition. Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. Only items identified as of the acquisition date are considered for subsequent adjustment. The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

For the year ended December 31, 2022, the Corporation acquired two businesses for an aggregate purchase price of $282 million, net of cash acquired. The Corporation's current period acquisitions contributed $45 million of total net sales and $1 million of net losses for the year ended December 31, 2022 which are included in the Consolidated Statement of Earnings. Also, the Corporation paid $5 million during the year ended December 31, 2022 for the final portion of the purchase price on the acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back as security for potential indemnification claims against the seller in accordance with the terms of the Purchase Agreement.


For the year ended December 31, 2021, the Corporation did not complete any acquisitions. However, the Corporation paid $5 million during the year ended December 31, 2021 in regard to prior period acquisitions, which included a working capital adjustment on the acquisition of Pacific Star Communications, Inc. (PacStar), as well as a portion of the purchase price on the Dyna-Flo acquisition.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated:
(In thousands)2022
Accounts receivable$10,567 
Inventory24,088 
Property, plant, and equipment4,190 
Intangible assets147,074 
Operating lease right-of-use assets, net5,103 
Other current and non-current assets2,078 
Current and non-current liabilities(17,264)
Net tangible and intangible assets175,836 
Goodwill106,593 
Total Purchase price$282,429 
Goodwill deductible for tax purposes$106,593 

2022 Acquisitions

Keronite Group Limited ("Keronite")

On November 15, 2022, the Corporation completed the acquisition of Keronite for $34 million. The Purchase Agreement contains representations and warranties customary for a transaction of this type. The acquired business is a provider of Plasma Electrolytic Oxidation surface treatment applications and will operate within the Aerospace & Industrial segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

Safran Aerosystems Arresting Company ("arresting systems acquisition")

On June 30, 2022, the Corporation completed its arresting systems acquisition for $249 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type. The acquired business is a designer and manufacturer of mission-critical, fixed-wing aircraft emergency arresting system, and operates within the Naval & Power segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.
v3.22.4
ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE
4. ASSETS HELD FOR SALE

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which met the criteria to be classified as held for sale at that time. Accordingly, the assets and liabilities of the business were presented as held for sale in the Corporation's Consolidated Balance Sheet, which resulted in impairment losses of $19 million and $33 million for the years ended December 31, 2021 and 2020, respectively.

In January 2022, the Corporation completed the sale of its industrial valve business in Germany, which was presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2021, for gross cash proceeds of $3 million. The Corporation recorded a loss of $5 million upon sale closing during the first quarter of 2022.
v3.22.4
RECEIVABLES
 12 Months Ended
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
RECEIVABLES
5. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of billed receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances is immaterial.
The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 54% and 55% of total net sales in 2022 and 2021, respectively. Total receivables due from government sources (primarily the U.S Government) were $474.5 million and $401.0 million as of December 31, 2022 and 2021, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $280.6 million and $253.5 million as of December 31, 2022 and 2021, respectively.
The composition of receivables as of December 31 is as follows:
(In thousands)20222021
Billed receivables:
Trade and other receivables$412,682 $362,007 
Unbilled receivables:
Recoverable costs and estimated earnings not billed316,682 291,758 
Less: Progress payments applied(67)(1,297)
Net unbilled receivables316,615 290,461 
Less: Allowance for doubtful accounts(4,694)(5,320)
Receivables, net$724,603 $647,148 
v3.22.4
INVENTORIES
 12 Months Ended
Dec. 31, 2022
Inventory, Net [Abstract]  
INVENTORIES
6. 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. The caption "Inventoried costs related to U.S. Government and other long-term contracts" 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 as of December 31 is as follows:
(In thousands)20222021
Raw materials$242,116 $191,066 
Work-in-process76,328 78,221 
Finished goods128,090 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
39,685 48,619 
Inventories, net of reserves486,219 416,850 
Less: Progress payments applied(3,106)(5,283)
Inventories, net$483,113 $411,567 
(1) As of December 31, 2022, this caption also includes capitalized development costs of $16.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2022, capitalized development costs of $11.0 million are not currently supported by existing firm orders.
v3.22.4
PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
7. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20222021
Land$16,880 $17,615 
Buildings and improvements252,713 239,217 
Machinery, equipment, and other866,761 885,970 
Property, plant, and equipment, at cost1,136,354 1,142,802 
Less: Accumulated depreciation(793,646)(782,771)
Property, plant, and equipment, net$342,708 $360,031 
Depreciation expense for the years ended December 31, 2022, 2021, and 2020 was $51 million, $55 million, and $55 million, respectively.
v3.22.4
GOODWILL
 12 Months Ended
Dec. 31, 2022
Goodwill [Abstract]  
GOODWILL
8. GOODWILL
The changes in the carrying amount of goodwill for 2022 and 2021 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 12,943 — 12,943 
Foreign currency translation adjustment(774)(2,844)(1,436)(5,054)
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions12,445 — 94,148 106,593 
Adjustments— 967 — 967 
Foreign currency translation adjustment(7,042)(12,195)(6,714)(25,951)
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 

(1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.

The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis, including input from third party appraisals, when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.

The Corporation completed its annual goodwill impairment testing as of October 31, 2022, 2021, and 2020 and concluded that there was no impairment of goodwill.
v3.22.4
OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET
9. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2022 and December 31, 2021, respectively.
20222021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology
$306,160 $(176,675)$129,485 $274,615 $(164,077)$110,538 
Customer-related intangibles
666,638 (298,160)368,478 568,720 (270,816)297,904 
Programs (1)
144,000 (34,200)109,800 144,000 (27,000)117,000 
Other intangible assets
53,879 (40,745)13,134 49,559 (36,924)12,635 
Total$1,170,677 $(549,780)$620,897 $1,036,894 $(498,817)$538,077 
(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.
During the year ended December 31, 2022, the Corporation acquired intangible assets of $147 million as a result of the Corporation's Keronite and arresting systems acquisitions, which included Customer-related intangibles of $106 million, Technology of $36 million, and Other intangible assets of $5 million. The weighted average amortization periods for these aforementioned intangible assets are 16.1 years, 14.9 years, and 10.0 years, respectively. During the year ended December 31, 2021, the Corporation did not acquire any intangible assets. However, as a result of finalizing the purchase price allocation related to the Corporation's acquisition of PacStar, approximately $12 million of intangible assets were reclassified to goodwill during 2021.
Amortization expense for the years ended December 31, 2022, 2021, and 2020 was $61 million, $60 million, and $61 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2023$65 
2024$56 
2025$54 
2026$53 
2027$50 
v3.22.4
LEASES
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Leases, Operating
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $42 million, $42 million, and $41 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Operating lease cost $42,125 $41,663 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 390 431 
Total finance lease cost$1,427 $1,468 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Cash used for operating activities:
Operating cash flows used for operating leases$(34,186)$(33,352)
Operating cash flows used for finance leases(390)(431)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$17,740 $9,040 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20222021
Operating Leases
Operating lease right-of-use assets, net$153,855 $143,613 
Other current liabilities$29,910 $25,389 
Long-term operating lease liability132,275 127,152 
Total operating lease liabilities$162,185 $152,541 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(8,645)(7,608)
Property, plant, and equipment, net$6,916 $7,953 
Other current liabilities$1,098 $1,019 
Other liabilities7,924 9,022 
Total finance lease liabilities$9,022 $10,041 
Weighted average remaining lease term
Operating leases7.5 years8.3 years
Finance leases6.7 years7.7 years
Weighted average discount rate
Operating leases3.80 %3.51 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2022
(In thousands)Operating LeasesFinance Leases
2023$35,688 $1,445 
202432,830 1,481 
202525,728 1,518 
202621,025 1,556 
202715,787 1,595 
Thereafter57,854 2,743 
Total lease payments188,912 10,338 
Less: imputed interest(26,727)(1,316)
Total$162,185 $9,022 
Leases, Finance
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $42 million, $42 million, and $41 million for the years ended December 31, 2022, 2021, and 2020, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Operating lease cost $42,125 $41,663 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 390 431 
Total finance lease cost$1,427 $1,468 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Cash used for operating activities:
Operating cash flows used for operating leases$(34,186)$(33,352)
Operating cash flows used for finance leases(390)(431)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$17,740 $9,040 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20222021
Operating Leases
Operating lease right-of-use assets, net$153,855 $143,613 
Other current liabilities$29,910 $25,389 
Long-term operating lease liability132,275 127,152 
Total operating lease liabilities$162,185 $152,541 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(8,645)(7,608)
Property, plant, and equipment, net$6,916 $7,953 
Other current liabilities$1,098 $1,019 
Other liabilities7,924 9,022 
Total finance lease liabilities$9,022 $10,041 
Weighted average remaining lease term
Operating leases7.5 years8.3 years
Finance leases6.7 years7.7 years
Weighted average discount rate
Operating leases3.80 %3.51 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2022
(In thousands)Operating LeasesFinance Leases
2023$35,688 $1,445 
202432,830 1,481 
202525,728 1,518 
202621,025 1,556 
202715,787 1,595 
Thereafter57,854 2,743 
Total lease payments188,912 10,338 
Less: imputed interest(26,727)(1,316)
Total$162,185 $9,022 
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2022
Fair Value Of Financial Instruments [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
11. FAIR VALUE OF FINANCIAL INSTRUMENTS
Forward Foreign Exchange and Currency Option Contracts
The Corporation has foreign currency exposure, primarily in the United Kingdom, Canada, and Europe. 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 Consolidated Balance Sheets.
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. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The Corporation’s foreign exchange contracts and interest rate swaps are considered Level 2 instruments which are based on market based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves.
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
Effects on Consolidated Balance Sheet
As of December 31, 2022 and December 31, 2021, the fair values of the asset and liability derivative instruments were immaterial.
Effects on Consolidated Statement of Earnings
Undesignated hedges
The location and amount of losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)202220212020
Forward exchange contracts:
General and administrative expenses$8,378 $1,499 $2,312 
Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2022. The fair values of our debt instruments are characterized as Level 2 measurements which are based on market-based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2022, net of debt issuance costs, totaled $1,151 million compared to a carrying value, net of debt issuance costs, of $1,248 million. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2021, net of debt issuance costs, totaled $1,003 million compared to a carrying value, net of debt issuance costs, of $949 million.

The fair values described above 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.
v3.22.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2022
Accrued Liabilities, Current [Abstract]  
Accrued Expenses And Other Current Liabilities
12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:
(In thousands)20222021
Accrued compensation$87,835 $99,835 
Accrued interest16,412 13,092 
Accrued commissions6,807 5,533 
Accrued insurance6,418 6,202 
Income taxes payable38,187 3,235 
Other21,877 19,804 
Total accrued expenses$177,536 $147,701 
Other current liabilities consist of the following as of December 31:
(In thousands)20222021
Short-term operating lease liabilities$29,910 $25,389 
Warranty reserves18,147 15,268 
WEC legal reserve10,000 15,000 
Pension and other postretirement liabilities5,013 8,054 
Other19,325 39,003 
Total other current liabilities$82,395 $102,714 
v3.22.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
INCOME TAXES
13. INCOME TAXES
2017 Tax Cuts and Jobs Act

In conjunction with the enactment of the 2017 Tax Cuts and Jobs Act (the Tax Act), the Corporation recorded provisional income tax expense of $18.2 million for the year ended December 31, 2017 related to the one-time transition tax on certain foreign earnings. The finalized transition tax of $23.6 million was to be paid over 8 years pursuant to the Tax Act. The transition tax liability, which is expected to be paid in 2024 and 2025, was $7.4 million as of December 31, 2022 and December 31, 2021, respectively.

As of December 31, 2022, the Corporation reassessed its assertion around whether foreign undistributed earnings should continue to no longer be considered permanently reinvested. Consistent with the prior year findings, the Corporation continues to not record a liability for withholding taxes of a foreign subsidiary, which resulted in the reversal in 2021 of $2.8 million of tax liabilities previously recorded. The Corporation maintains its previous assertion for all other foreign subsidiaries, and has recorded a liability for withholding taxes that would arise upon distribution of the Corporation’s foreign undistributed earnings.

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany. As a result, the tax consequences from those temporary differences resulting from the held for sale designation were no longer considered to be permanently reinvested. However, the Corporation did not record any provision, as it expected under tax law to recover the outside basis difference in a tax-free manner as occurred upon sale of the business in the first quarter of 2022. The global intangible low-taxed income (GILTI)-related impact associated with the sale is immaterial.

Except as noted above, the Corporation remains permanently reinvested to the extent of any outside basis differences in its foreign subsidiaries in excess of the amount of undistributed earnings as it is not practicable to determine the provision impact, if any, due to the complexities associated with this calculation.
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202220212020
Domestic$239,356 $271,694 $212,613 
Foreign(1)
149,839 82,816 50,438 
$389,195 $354,510 $263,051 
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million and $33 million in 2021 and 2020, respectively.
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202220212020
Current:
Federal$65,047 $57,910 $36,793 
State12,717 15,477 11,882 
Foreign34,520 22,034 21,841 
Total current112,284 95,421 70,516 
Deferred:
Federal(11,413)(7,167)1,043 
State(4,442)(477)(527)
Foreign(1,582)(426)(9,373)
Total deferred(17,437)(8,070)(8,857)
Provision for income taxes$94,847 $87,351 $61,659 
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202220212020
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit1.7 3.6 3.7 
Foreign earnings(1)
0.7 0.2 (0.9)
Foreign loss on sale0.2 — — 
Foreign asset impairment (held for sale)— 1.6 1.2 
Valuation allowance for foreign assets held for sale— 0.2 1.3 
R&D tax credits(1.1)(1.3)(0.9)
Foreign-derived intangible income(1.2)(1.4)(2.8)
All other, net3.1 0.7 0.8 
Effective tax rate24.4 %24.6 %23.4 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20222021
Deferred tax assets:
Operating lease liabilities$34,977 $32,868 
Capitalized R&D expenses 23,785 — 
Inventories, net21,992 17,237 
Net operating loss9,096 5,384 
Environmental reserves8,677 9,262 
Incentive compensation8,531 6,936 
Legal reserves2,864 6,991 
Other40,965 32,665 
Total deferred tax assets150,887 111,343 
Deferred tax liabilities:
Goodwill amortization103,174 98,947 
Operating lease right-of-use assets, net32,651 30,911 
Other intangible amortization59,966 59,056 
Depreciation15,433 13,694 
Withholding taxes13,200 12,776 
Pension and other postretirement assets29,053 29,385 
Other7,256 7,149 
Total deferred tax liabilities260,733 251,918 
Valuation allowance5,664 2,625 
Net deferred tax liabilities$115,510 $143,200 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20222021
Net noncurrent deferred tax assets$7,491 $4,149 
Net noncurrent deferred tax liabilities123,001 147,349 
Net deferred tax liabilities$115,510 $143,200 
The Corporation has income tax net operating loss carryforwards related to international operations of $21.0 million, of which $19.3 million have an indefinite life and $1.7 million which expire through 2026. The Corporation has federal and state income tax net loss carryforwards of $55.6 million, all of which are net operating losses that expire through 2041. The Corporation has recorded a deferred tax asset of $9.1 million, reflecting the benefit of the loss carryforwards related to international and domestic operations.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of December 31, 2022 the Corporation increased its valuation allowance by $2.9 million to $5.7 million, in order to measure only the portion of deferred tax assets that more likely than not will be realized. As of December 31, 2022, $3.4 million of the total valuation allowance relates to foreign tax credits arising from branch operations that the Corporation believes it will be unable to utilize. The Corporation recorded a tax provision of $2.7 million in the current year and $0.7 million in prior year related to the valuation allowance on branch foreign tax credits. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
As of December 31, 2021, the Corporation recorded a deferred tax asset of $4.4 million on net operating losses of $14.7 million related to the held for sale industrial valve business in Germany. This resulted in a full valuation allowance against the deferred tax asset, as it is more likely than not that the losses will be forfeited as a result of the divestiture. Upon the closure of the sale of the industrial valve business in the first quarter of 2022, the Corporation removed both the deferred tax asset and associated valuation allowance, with no resulting tax impact.
Income tax payments, net of refunds, of $61.1 million, $107.1 million, and $54.0 million were made in 2022, 2021, and 2020, respectively.
The Corporation has recorded a liability in Other liabilities for interest of $3.9 million and penalties of $2.6 million as of December 31, 2022.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202220212020
Balance as of January 1,$17,018 $15,585 $12,676 
Additions for tax positions of prior periods3,004 2,877 1,497 
Reductions for tax positions of prior periods(1,732)(1,861)(615)
Additions for tax positions related to the current year1,068 655 2,041 
Settlements(1,987)(238)(14)
Balance as of December 31,$17,371 $17,018 $15,585 
In many cases, the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2022:
United States (Federal)2017-present
United States (Various states)2011-present
United Kingdom2021-present
Canada2019-present
The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in total unrecognized tax benefits as of December 31, 2022, 2021, and 2020 is $15.1 million, $14.1 million, and $13.0 million, respectively, which if recognized, would favorably impact the effective income tax rate.
v3.22.4
DEBT
 12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
DEBT
14. DEBT
Debt consists of the following as of December 31:
(In thousands)2022202220212021
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$— $— $93,900 $93,900 
3.70% Senior notes due 2023
202,500 202,082 202,500 208,086 
3.85% Senior notes due 2025
90,000 87,298 90,000 95,246 
4.24% Senior notes due 2026
200,000 191,760 200,000 218,421 
4.05% Senior notes due 2028
67,500 63,300 67,500 73,783 
4.11% Senior notes due 2028
90,000 83,955 90,000 98,854 
3.10% Senior notes due 2030
150,000 127,429 150,000 154,832 
3.20% Senior notes due 2032
150,000 123,656 150,000 154,875 
4.49% Senior notes due 2032
200,000 183,007 — — 
4.64% Senior notes due 2034
100,000 90,341 — — 
Total debt1,250,000 1,152,828 1,043,900 1,097,997 
Debt issuance costs, net(1,631)(1,631)(949)(949)
Unamortized interest rate swap proceeds (1)
6,031 6,031 7,659 7,659 
Total debt, net1,254,400 1,157,228 1,050,610 1,104,707 
Less: current portion of long-term debt202,500 202,082 — — 
Total long-term debt$1,051,900 $955,146 $1,050,610 $1,104,707 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.

The weighted-average interest rate of the Corporation's Revolving Credit Agreement in 2022 and 2021 was 2.9% and 1.0%, respectively.
The Corporation's total debt outstanding had a weighted-average interest rate of 3.4% in both 2022 and 2021, respectively.

Aggregate maturities of debt are as follows:
(In thousands)
2023$202,500 
2024— 
202590,000 
2026200,000 
2027— 
Thereafter757,500 
Total$1,250,000 
Interest payments of $42 million, $40 million, and $31 million were made in 2022, 2021, and 2020, respectively.
Revolving Credit Agreement
In May 2022, the Corporation terminated its existing credit agreement, which was set to expire in October 2023, and entered into a new credit agreement (“Credit Agreement”) with a syndicate of financial institutions. The Credit Agreement, which is set to expire in May 2027, increases the size of the Corporation’s revolving credit facility to $750 million, and expands the accordion feature to $250 million. The Corporation plans to use the Credit Agreement for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives. As of December 31, 2022, the Corporation had $17 million in letters of credit supported by the Credit Agreement and no outstanding borrowings under the Credit Agreement. The unused credit available under the Credit Agreement as of December 31, 2022 was $733 million, which the Corporation had the ability to borrow in full without violating its debt to capitalization covenant.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60% (65% for four consecutive quarters following an acquisition greater than $100 million). The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement accrue interest based on (i) the Secured Overnight Financing Rate (SOFR) or (ii) a base rate of the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Daily Term SOFR Rate. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On October 27, 2022, the Corporation issued $300 million of Senior Notes (the "2022 Notes"), consisting of $200 million of 4.49% notes that mature on October 27, 2032 and $100 million of 4.64% notes that mature on October 27, 2034. The 2022 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2022 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2022 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2022 Notes. Under the terms of the Note Purchase Agreements, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio not to be less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2022 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On August 13, 2020, the Corporation issued $300 million of Senior Notes (the “2020 Notes”), consisting of $150 million of 3.10% Senior Notes that mature on August 13, 2030 and $150 million of 3.20% Senior Notes that mature on August 13, 2032. The 2020 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2020 Notes, subject to a make-whole payment in
accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2020 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2020 Notes. Under the terms of the Note Purchase Agreements, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio not to be less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2020 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”). The 2013 Notes consisted of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. On October 15, 2018, the Corporation made a discretionary $50 million prepayment on the $500 million 2013 Notes. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes. Under the terms of the Note Purchase Agreement, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that matured on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2011 Notes. Under the terms of the Note Purchase Agreement, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2011 Notes also contain a cross default provision with our other senior indebtedness.

As of December 31, 2022, the Corporation had the ability to borrow additional debt of $1.7 billion without violating our debt to capitalization covenant.
v3.22.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
15. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2022, 2021 and 2020, there were no anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.
Earnings per share calculations for the years ended December 31, 2022, 2021, and 2020, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2022
Basic earnings per share $294,348 38,386 $7.67 
Dilutive effect of deferred stock compensation263 
Diluted earnings per share$294,348 38,649 $7.62 
2021
Basic earnings per share$267,159 40,417 $6.61 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$267,159 40,602 $6.58 
2020
Basic earnings per share$201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
v3.22.4
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
SHARE-BASED COMPENSATION PLANS 16. SHARE-BASED COMPENSATION PLANS
In May 2014, the Corporation adopted the Curtiss-Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning in May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan are 2,400,000 less one share of common stock for every one share of common stock granted under any prior plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any prior plan that terminate without issuance of shares shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock units (RSU), other stock-based awards, performance share units (PSU), or cash-based performance units (PU).

During 2022, the Corporation granted share-based awards in the form of RSUs and PSUs. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) to most active employees. Certain awards provide for accelerated vesting if there is a change in control.

The compensation cost for employee and non-employee director share-based compensation programs during 2022, 2021, and 2020 is as follows:
(In thousands)202220212020
Employee Stock Purchase Plan$1,764 $1,710 $1,625 
Performance Share Units5,069 4,850 4,909 
Restricted Share Units6,725 5,661 6,978 
Other share-based payments1,826 1,229 925 
Total share-based compensation expense before income taxes$15,384 $13,450 $14,437 

Other share-based grants include service-based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as general and administrative expense in the Consolidated Statement of Earnings. No share-based compensation costs were capitalized during 2022, 2021, or 2020.

The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202220212020
Cash received from share-based awards$9,997 $9,705 $11,148 
Stock Options

As of December 31, 2022 and 2021, the Corporation did not have any stock options outstanding. The total intrinsic value of stock options exercised during 2020 was $5.2 million.

Performance Share Units

The Corporation has granted performance share units to certain employees, whose three year cliff vesting is contingent upon the Corporation's total shareholder return over the three-year term beginning at the start of the fiscal year following the date of grant. Performance is measured by determining the percentile rank of the total shareholder return of the Corporation's common stock in relation to the total shareholder return of a self-constructed peer group (for awards granted in 2022) or compared to the S&P Midcap 400 Index (for awards granted in 2020 through 2021). The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period.

Restricted Share Units

Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units are service-based and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically three years. The non-vested restricted units are subject to forfeiture if employment is terminated other than due to death, disability, or retirement.

A summary of the Corporation’s 2022 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2021113 $128.05 223 $106.34 
Granted22 218.58 49 149.73 
Vested(29)138.85 (55)114.31 
Forfeited(1)136.77 (5)115.68 
Nonvested as of December 31, 2022105 $143.69 212 $114.15 
Expected to vest as of December 31, 2022105 $143.69 212 $114.15 

Nonvested PSUs had an intrinsic value of $17.6 million and unrecognized compensation costs of $5.2 million as of December 31, 2022. Nonvested RSUs had an intrinsic value of $35.4 million and unrecognized compensation costs of $10.5 million as of December 31, 2022. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over 1.7 years and 2.2 years, respectively.

Employee Stock Purchase Plan

The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
v3.22.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2022
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
17. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains nine separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and six separate foreign pension plans. The domestic plans include a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, France, Canada, and Switzerland, and two in Mexico.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a final average pay benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees is based on a career average pay benefit and covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment. In addition to the sunset provision, cash balance benefit accruals for non-union participants ceased as of January 1, 2014. Non-union employees who were not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components. Subsequent to the original amendment, the Corporation successfully negotiated the sunset provision into the bargaining agreements for all represented employees that received benefits through this plan.
As of December 31, 2022, and 2021, the Corporation had a noncurrent pension asset of $209.9 million and $233.8 million, respectively. The change in balance was primarily due to a lower return on plan assets during 2022.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $40.4 million and $69.1 million as of December 31, 2022 and 2021, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $3.2 million in 2023.
Other Post-Employment Benefits (OPEB) Plan
The Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.
The Corporation also provides retiree health and life insurance benefits for substantially all Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRAs) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing RRAs to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability as of December 31, 2022 and 2021 of $20.0 million and $25.2 million, respectively. The Corporation expects to contribute $1.7 million to the plan during 2023. Activity associated with the postretirement benefit liability for the years ended December 31, 2022 and 2021 was immaterial.
Foreign Plans
As of December 31, 2022 and 2021, the total projected benefit obligation related to all foreign plans was $69.6 million and $107.2 million, respectively. As of December 31, 2022 the Corporation had a net pension asset of $9.8 million. As of December 31, 2021, the Corporation had a net pension asset of $12.9 million. The Corporation's contributions to the foreign plans are expected to be $2.0 million in 2023.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs consisted of the following:
Pension Benefits
(In thousands)202220212020
Service cost$23,217 $26,735 $26,013 
Interest cost20,923 17,419 23,847 
Expected return on plan assets(54,855)(60,286)(67,217)
Amortization of prior service cost(318)(251)(269)
Recognized net actuarial loss17,198 28,905 23,062 
Cost of settlements/curtailments4,499 3,310 2,395 
Special termination benefits— 52 — 
Net periodic benefit cost$10,664 $15,884 $7,831 
The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2022 and 2021, the Company recognized settlement charges related to the retirement of former executives. In 2020, settlement charges were incurred in Mexico and Switzerland. In addition, a curtailment was recognized in Mexico in 2020 as a result of the Corporation's restructuring initiatives.
The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2022 measurement date.
Pension Benefits
(In thousands)20222021
Change in benefit obligation:
Beginning of year$979,070 $1,044,035 
Service cost23,217 26,735 
Interest cost20,923 17,419 
Plan participants’ contributions1,229 1,304 
Actuarial (gain) loss(201,592)(37,825)
Benefits paid(75,770)(68,965)
Actual expenses(1,681)(1,491)
Acquisitions496 — 
Divestitures(4,341)— 
Amendments— (477)
Special termination benefits— 52 
Currency translation adjustments(8,117)(1,717)
End of year$733,434 $979,070 
Change in plan assets:
Beginning of year$1,156,616 $1,050,509 
Actual return on plan assets(182,519)163,881 
Employer contribution24,865 12,766 
Plan participants’ contributions1,229 1,304 
Benefits paid(75,770)(68,965)
Actual expenses(1,681)(1,491)
Currency translation adjustments(10,038)(1,388)
End of year$912,702 $1,156,616 
Funded status$179,268 $177,546 
Pension Benefits
(In thousands)20222021
Amounts recognized on the balance sheet
Noncurrent assets$222,627 $256,422 
Current liabilities(3,272)(6,257)
Noncurrent liabilities(1)
(40,087)(72,619)
Total$179,268 $177,546 
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$133,813 $120,676 
Prior service cost(239)(544)
Total$133,574 $120,132 
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$64,669 $101,667 
Accumulated benefit obligation61,368 95,755 
Fair value of plan assets21,311 22,792 
(1) As of December 31, 2021, this caption includes accrued pension and other postretirement benefit costs of $4.4 million, reflected in the "Liabilities held for sale" caption within the Consolidated Balance Sheet.
Plan Assumptions
Pension Benefits
20222021
Weighted-average assumptions in determination of benefit obligation:
Discount rate4.95 %2.72 %
Rate of compensation increase3.34 %3.40 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate2.72 %2.36 %
Expected return on plan assets5.47 %6.18 %
Rate of compensation increase3.40 %3.41 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
The Corporation applies the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plan is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plan, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.

The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. In the first quarter of 2022, the Corporation implemented an asset de-risking strategy in recognition of the strong funded status of the plan and a desire to reduce volatility as the plan approaches the cessation of accruals in 2028. As a part of its strategy shift, the Corporation transitioned to an Outsourced Chief Investment Officer (“OCIO”) model that introduces asset allocation constraints that increase the fixed income allocation over time and with changes in the funded status. Accordingly, our established target allocations for each of the following asset classes: domestic equity securities, international equity securities, and debt securities have changed. Below are
the Corporation’s actual and current target allocations for the CW Pension Plan, representing 91% of consolidated assets:
As of December 31,TargetExpected
20222021ExposureRange
Asset class
Domestic equities33%56%32%
27%-37%
International equities11%15%13%
9%-17%
Total equity44%71%45%
35%-55%
Fixed income56%29%55%
45%-65%
As of December 31, 2022 and 2021, cash funds in the CW Pension Plan represented approximately 4% and 3% of portfolio assets, respectively.
Foreign plan assets represent 9% of consolidated plan assets, with most of the assets supporting the U.K. plan. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 6% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2022.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$36,788 $3,632 $33,156 $— 
Equity securities- Mutual funds (1)
771,655 655,995 115,660 — 
Bond funds (2)
343,630 229,973 113,657 — 
Other (3)
4,543 — — 4,543 
December 31, 2021$1,156,616 $889,600 $262,473 $4,543 
Cash and cash equivalents$33,272 $730 $32,542 $— 
Equity securities - Mutual funds (1)
388,343 370,028 18,315 — 
Bond funds (2)
481,169 373,963 107,206 — 
Other (3)
9,918 4,167 — 5,751 
December 31, 2022$912,702 $748,888 $158,063 $5,751 

(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international mutual funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and balanced funds associated with the U.K. and Canadian based pension plans.

(2)This category consists of This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.

(3)This category consists of a domestic real estate fund and real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
Activity associated with Level 3 assets held during the years ended December 31, 2022 and 2021 was immaterial.
Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans
2023$49,927 
202452,943 
202554,251 
202656,270 
202755,995 
2028 — 2032281,544 
Defined Contribution Retirement Plans
The Corporation offers all of its full-time domestic employees the opportunity to participate in a defined contribution plan. Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. 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 year ended December 31, 2022, the expense relating to the plan was $20.9 million, consisting of $11.0 million in matching contributions to the plan in 2022, and $9.9 million in non-elective contributions, primarily paid in January 2023. Cumulative contributions of approximately $107 million are expected to be made from 2023 through 2027.
v3.22.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION

The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, as described below in further detail.

The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, and surface technology services such as shot peening, laser peening and engineered coatings.

The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

The Naval & Power reportable segment is comprised of businesses that provide products to the naval defense market and to a lesser extent the power & process markets. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products.

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.
Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202220212020
Net sales
Aerospace & Industrial$838,885 $789,054 $807,144 
Defense Electronics693,709 727,828 610,413 
Naval & Power1,030,918 995,509 977,109 
Less: Intersegment Revenues(6,487)(6,460)(3,330)
Total Consolidated$2,557,025 $2,505,931 $2,391,336 
(In thousands)202220212020
Operating income (expense)
Aerospace & Industrial$136,996 $121,817 $99,714 
Defense Electronics154,568 159,089 118,748 
Naval & Power177,582 141,660 108,151 
Corporate and Eliminations (1)
(45,703)(39,883)(37,765)
Total Consolidated$423,443 $382,683 $288,848 
Depreciation and amortization expense
Aerospace & Industrial$34,336 $36,999 $37,690 
Defense Electronics35,120 38,136 36,188 
Naval & Power39,712 35,937 37,894 
Corporate2,859 3,312 4,131 
Total Consolidated$112,027 $114,384 $115,903 
Segment assets
Aerospace & Industrial$1,041,562 $991,508 $1,019,203 
Defense Electronics1,546,331 1,536,369 1,542,686 
Naval & Power1,488,867 1,270,099 1,256,416 
Corporate372,842 294,581 175,445 
Assets held for sale— 10,988 27,584 
Total Consolidated$4,449,602 $4,103,545 $4,021,334 
Capital expenditures
Aerospace & Industrial$18,554 $16,799 $20,025 
Defense Electronics3,504 3,922 3,317 
Naval & Power13,652 18,106 21,283 
Corporate2,507 2,281 2,874 
Total Consolidated$38,217 $41,108 $47,499 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Reconciliations
Year Ended December 31,
(In thousands)202220212020
Earnings before taxes:
Total reportable segment operating income$469,146 $422,566 $326,613 
Corporate and Eliminations(45,703)(39,883)(37,765)
Interest expense46,980 40,240 35,545 
Other income, net12,732 12,067 9,748 
Total consolidated earnings before tax$389,195 $354,510 $263,051 
As of December 31,
(In thousands)202220212020
Assets:
Total assets for reportable segments$4,076,760 $3,797,976 $3,818,305 
Assets held for sale— 10,988 27,584 
Non-segment cash122,198 7,537 49,157 
Other assets250,644 287,044 126,288 
Total consolidated assets$4,449,602 $4,103,545 $4,021,334 
Geographic Information
Year Ended December 31,
(In thousands)202220212020
Revenues
United States of America$1,879,001 $1,856,997 $1,758,424 
United Kingdom102,965 93,154 90,628 
Other foreign countries575,059 555,780 542,284 
Consolidated total$2,557,025 $2,505,931 $2,391,336 
As of December 31,
(In thousands)202220212020
Long-Lived Assets - Property, plant, and equipment, net
United States of America$254,317 $261,658 $271,299 
United Kingdom27,049 31,594 34,221 
Other foreign countries61,342 66,779 72,680 
Consolidated total$342,708 $360,031 $378,200 
v3.22.4
CONTINGENCIES AND COMMITMENTS
 12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS
19. CONTINGENCIES AND COMMITMENTS

From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our 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 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 and the relatively non-friable condition of asbestos in its products make it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. The Corporation is party to a number of other legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position.

Letters of Credit and Other 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 December 31, 2022 and 2021, there were $17 million and $21 million of stand-by letters of credit outstanding, respectively, and $3 million and $5 million of bank guarantees outstanding, respectively.

The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. For two of the three licenses, the Corporation has recorded an asset retirement obligation of approximately $8 million. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. 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

EMD is the reactor coolant pump (RCP) supplier for the Westinghouse Electric Company (WEC) AP1000 nuclear power plants in China and the United States. The terms of the AP1000 U.S. and China contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. While the Corporation did not meet certain contractual delivery dates under its AP1000 U.S. and China contracts, there are significant counterclaims and uncertainties as to which parties are responsible for the delay.

In February 2022, the Corporation and 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 March 2022 and is required to pay WEC a final amount of $10 million in the first quarter of 2023 in exchange for the Corporation’s full release from all open claims under such contracts, whether known or unknown. Under the settlement, the parties also negotiated and executed a right of first refusal for all future AP1000 projects. As of December 31, 2021, the Corporation was adequately accrued regarding this matter.
v3.22.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
 12 Months Ended
Dec. 31, 2022
Comprehensive Income [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS 20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss) (10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive loss before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive loss(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20222021
Defined benefit pension and postretirement plans
Amortization of prior service costs$345 $555 Other income, net
Recognized net actuarial losses(17,198)(28,905)Other income, net
Settlements(4,499)(3,310)Other income, net
(21,352)(31,660)Earnings before income taxes
5,115 7,651 Provision for income taxes
Total reclassifications$(16,237)$(24,009)Net earnings
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2022, 2021, and 2020
(In thousands)
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2022
Tax valuation allowance2,625 3,920 1 
(1)
882 5,664 
Total$2,625 $3,920 $1 $882 $5,664 
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 

(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held for sale.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
ConsolidationPolicy
Principles of Consolidation

The consolidated financial statements include the accounts of the Corporation and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated.
UseOfEstimates
Use of Estimates

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management 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. The most significant of these estimates includes the estimate of costs to complete on certain contracts using the over-time revenue recognition accounting method, cash flow estimates used for testing the recoverability of assets, 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. Actual results may differ from these estimates.
CashAndCashEquivalentsPolicyTextBlock
Cash and Cash Equivalents

Cash equivalents consist of money market funds and commercial paper that are readily convertible into cash, all with original maturity dates of three months or less.
InventoryPolicyTextBlock
Inventory

Inventories are stated at lower of cost or net realizable value. Production costs are comprised of direct material and labor and applicable manufacturing overhead.
Progress Payments [Policy Text Block]
Progress Payments

Certain long-term contracts provide for interim billings as costs are incurred on the respective contracts. Pursuant to contract provisions, agencies of the U.S. Government and other customers obtain control of promised goods or services to the extent that progress payments are received. Accordingly, these receipts have been reported as a reduction of unbilled receivables as presented in Note 5 to the Consolidated Financial Statements. In the event that progress payments received exceed revenue recognized to date on a specific contract, a contract liability has been established with such amount reported in the "Deferred revenue" line within the Consolidated Balance Sheet.
The Corporation also receives progress payments on development contracts related to certain aerospace and defense programs. Progress payments received on partially funded development contracts have been reported as a reduction of inventories, as presented in Note 6 to the Consolidated Financial Statements.
PropertyPlantAndEquipmentPolicyTextBlock
Property, Plant, and Equipment

Property, plant, and equipment are carried at cost less accumulated depreciation. Major renewals and betterments are capitalized, while maintenance and repairs that do not improve or extend the life of the asset are expensed in the period that they are incurred. Depreciation is computed using the straight-line method over the estimated useful lives of the respective assets.

Average useful lives for property, plant, and equipment are as follows:
Buildings and improvements
5 to 40 years
Machinery, equipment, and other
3 to 15 years
GoodwillAndIntangibleAssetsIntangibleAssetsPolicy
Intangible Assets

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 9 to the Consolidated Financial Statements for further information on other intangible assets.
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock Impairment of Long-Lived AssetsThe Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2022, 2021, and 2020.
Goodwill and Intangible Assets, Goodwill
Goodwill

Goodwill results from business acquisitions. The Corporation accounts for business acquisitions by allocating the purchase price to the tangible and intangible assets acquired and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts allocated is recorded as goodwill. The recoverability of goodwill is subject to an annual impairment test or whenever an event occurs or circumstances change that would more likely than not result in an impairment. The impairment test is based on the estimated fair value of the underlying businesses. The Corporation’s goodwill impairment test is performed annually in the fourth quarter of each year. See Note 8 to the Consolidated Financial Statements for further information on goodwill.
FairValueOfFinancialInstrumentsPolicy Fair Value of Financial InstrumentsAccounting guidance requires certain disclosures regarding the fair value of financial instruments. Due to the short maturities of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses, the net book value of these financial instruments is deemed to approximate fair value. See Notes 11 and 14 to the Consolidated Financial Statements for further information on the Corporation's financial instruments.
ResearchAndDevelopmentExpensePolicy
Research and Development

The Corporation funds research and development programs for commercial products and independent research and development and bid and proposal work related to government contracts. Development costs include engineering for new customer requirements. Corporation-sponsored research and development costs are expensed as incurred.

Research and development costs associated with customer-sponsored programs are capitalized to inventory and are recorded in cost of sales when products are delivered or services performed. Funds received under shared development contracts are a reduction of the total development expenditures under the shared contract and are shown net as research and development costs.
ShareBasedCompensationOptionAndIncentivePlansPolicy
Accounting for Share-Based Payments

The Corporation follows the fair value based method of accounting for share-based employee compensation, which requires the Corporation to expense all share-based employee compensation. Share-based employee compensation is a non-cash expense since the Corporation settles these obligations by issuing the shares of Curtiss-Wright Corporation instead of settling such obligations with cash payments.

Compensation expense for performance shares and time-based restricted stock is recognized over the requisite service period for the entire award based on the grant date fair value.
IncomeTaxPolicyTextBlock Income Taxes
The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

The Corporation records amounts related to uncertain income tax positions by 1) prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements and 2) the measurement of the income tax benefits recognized from such positions. The Corporation’s accounting policy is to classify uncertain income tax positions that are not expected to be resolved in one year as a non-current income tax liability and to classify interest and penalties as a component of interest expense and general and administrative expenses, respectively. See Note 13 to the Consolidated Financial Statements for further information.
ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock
Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. (Gains) and losses from foreign currency transactions are included in general and administrative expenses in the Consolidated Statement of Earnings, which amounted to ($2.6) million, $1.8 million, and $3.9 million for the years ended December 31, 2022, 2021, and 2020, respectively.
DerivativesPolicyTextBlock
Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency 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. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. The Corporation does not use derivative financial instruments for trading or speculative purposes.

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. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
v3.22.4
REVENUE (Table)
 12 Months Ended
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2022, 2021, and 2020:
Year Ended
December 31,
202220212020
Over-time51 %50 %52 %
Point-in-time49 %50 %48 %
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 Type
Year Ended December 31,
(In thousands)202220212020
Aerospace & Defense
Aerospace Defense$479,743 $452,661 $463,690 
Ground Defense219,739 220,290 107,448 
Naval Defense694,015 710,688 692,152 
Commercial Aerospace276,519 267,722 325,518 
Total Aerospace & Defense Customers$1,670,016 $1,651,361 $1,588,808 
Commercial
Power & Process$472,300 $473,489 $474,842 
General Industrial414,709 381,081 327,686 
Total Commercial Customers$887,009 $854,570 $802,528 
Total$2,557,025 $2,505,931 $2,391,336 
v3.22.4
ACQUISITIONS (Table)
 12 Months Ended
Dec. 31, 2022
Business Combinations [Abstract]  
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated:
(In thousands)2022
Accounts receivable$10,567 
Inventory24,088 
Property, plant, and equipment4,190 
Intangible assets147,074 
Operating lease right-of-use assets, net5,103 
Other current and non-current assets2,078 
Current and non-current liabilities(17,264)
Net tangible and intangible assets175,836 
Goodwill106,593 
Total Purchase price$282,429 
Goodwill deductible for tax purposes$106,593 
v3.22.4
RECEIVABLES (Table)
 12 Months Ended
Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block] The composition of receivables as of December 31 is as follows:
(In thousands)20222021
Billed receivables:
Trade and other receivables$412,682 $362,007 
Unbilled receivables:
Recoverable costs and estimated earnings not billed316,682 291,758 
Less: Progress payments applied(67)(1,297)
Net unbilled receivables316,615 290,461 
Less: Allowance for doubtful accounts(4,694)(5,320)
Receivables, net$724,603 $647,148 
v3.22.4
INVENTORIES (Table)
 12 Months Ended
Dec. 31, 2022
Inventory, Net [Abstract]  
Schedule Of Inventory [Text Block]
The composition of inventories as of December 31 is as follows:
(In thousands)20222021
Raw materials$242,116 $191,066 
Work-in-process76,328 78,221 
Finished goods128,090 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
39,685 48,619 
Inventories, net of reserves486,219 416,850 
Less: Progress payments applied(3,106)(5,283)
Inventories, net$483,113 $411,567 
(1) As of December 31, 2022, this caption also includes capitalized development costs of $16.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2022, capitalized development costs of $11.0 million are not currently supported by existing firm orders.
v3.22.4
PROPERTY, PLANT, AND EQUIPMENT (Table)
 12 Months Ended
Dec. 31, 2022
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block] The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20222021
Land$16,880 $17,615 
Buildings and improvements252,713 239,217 
Machinery, equipment, and other866,761 885,970 
Property, plant, and equipment, at cost1,136,354 1,142,802 
Less: Accumulated depreciation(793,646)(782,771)
Property, plant, and equipment, net$342,708 $360,031 
v3.22.4
GOODWILL (Table)
 12 Months Ended
Dec. 31, 2022
Goodwill [Abstract]  
Schedule Of Goodwill [Text Block] The changes in the carrying amount of goodwill for 2022 and 2021 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 12,943 — 12,943 
Foreign currency translation adjustment(774)(2,844)(1,436)(5,054)
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions12,445 — 94,148 106,593 
Adjustments— 967 — 967 
Foreign currency translation adjustment(7,042)(12,195)(6,714)(25,951)
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 

(1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
v3.22.4
OTHER INTANGIBLE ASSETS, NET (Table)
 12 Months Ended
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2022 and December 31, 2021, respectively.
20222021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology
$306,160 $(176,675)$129,485 $274,615 $(164,077)$110,538 
Customer-related intangibles
666,638 (298,160)368,478 568,720 (270,816)297,904 
Programs (1)
144,000 (34,200)109,800 144,000 (27,000)117,000 
Other intangible assets
53,879 (40,745)13,134 49,559 (36,924)12,635 
Total$1,170,677 $(549,780)$620,897 $1,036,894 $(498,817)$538,077 
(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 [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2023$65 
2024$56 
2025$54 
2026$53 
2027$50 
v3.22.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2022
Leases [Abstract]  
Lease, Cost
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Operating lease cost $42,125 $41,663 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 390 431 
Total finance lease cost$1,427 $1,468 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2022December 31, 2021
Cash used for operating activities:
Operating cash flows used for operating leases$(34,186)$(33,352)
Operating cash flows used for finance leases(390)(431)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$17,740 $9,040 
Assets And Liabilities, Lessee Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20222021
Operating Leases
Operating lease right-of-use assets, net$153,855 $143,613 
Other current liabilities$29,910 $25,389 
Long-term operating lease liability132,275 127,152 
Total operating lease liabilities$162,185 $152,541 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(8,645)(7,608)
Property, plant, and equipment, net$6,916 $7,953 
Other current liabilities$1,098 $1,019 
Other liabilities7,924 9,022 
Total finance lease liabilities$9,022 $10,041 
Weighted average remaining lease term
Operating leases7.5 years8.3 years
Finance leases6.7 years7.7 years
Weighted average discount rate
Operating leases3.80 %3.51 %
Finance leases4.05 %4.05 %
Lessee, Operating Lease, Liability, Maturity Maturities of lease liabilities were as follows:
As of December 31, 2022
(In thousands)Operating LeasesFinance Leases
2023$35,688 $1,445 
202432,830 1,481 
202525,728 1,518 
202621,025 1,556 
202715,787 1,595 
Thereafter57,854 2,743 
Total lease payments188,912 10,338 
Less: imputed interest(26,727)(1,316)
Total$162,185 $9,022 
Finance Lease, Liability, Maturity Maturities of lease liabilities were as follows:
As of December 31, 2022
(In thousands)Operating LeasesFinance Leases
2023$35,688 $1,445 
202432,830 1,481 
202525,728 1,518 
202621,025 1,556 
202715,787 1,595 
Thereafter57,854 2,743 
Total lease payments188,912 10,338 
Less: imputed interest(26,727)(1,316)
Total$162,185 $9,022 
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 12 Months Ended
Dec. 31, 2022
Fair Value Of Financial Instruments [Abstract]  
Derivatives Not Designated as Hedging Instruments [Table Text Block] The location and amount of losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)202220212020
Forward exchange contracts:
General and administrative expenses$8,378 $1,499 $2,312 
v3.22.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
 12 Months Ended
Dec. 31, 2022
Accrued Liabilities, Current [Abstract]  
ScheduleOfAccruedLiabilitiesTableTextBlock Accrued expenses consist of the following as of December 31:
(In thousands)20222021
Accrued compensation$87,835 $99,835 
Accrued interest16,412 13,092 
Accrued commissions6,807 5,533 
Accrued insurance6,418 6,202 
Income taxes payable38,187 3,235 
Other21,877 19,804 
Total accrued expenses$177,536 $147,701 
Schedule Of Other Liabilities [Table Text Block] Other current liabilities consist of the following as of December 31:
(In thousands)20222021
Short-term operating lease liabilities$29,910 $25,389 
Warranty reserves18,147 15,268 
WEC legal reserve10,000 15,000 
Pension and other postretirement liabilities5,013 8,054 
Other19,325 39,003 
Total other current liabilities$82,395 $102,714 
v3.22.4
INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202220212020
Domestic$239,356 $271,694 $212,613 
Foreign(1)
149,839 82,816 50,438 
$389,195 $354,510 $263,051 
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million and $33 million in 2021 and 2020, respectively.
Schedule Of Provision For Income Taxes [Table Text Block] The provision for income taxes for the years ended December 31 consists of:
(In thousands)202220212020
Current:
Federal$65,047 $57,910 $36,793 
State12,717 15,477 11,882 
Foreign34,520 22,034 21,841 
Total current112,284 95,421 70,516 
Deferred:
Federal(11,413)(7,167)1,043 
State(4,442)(477)(527)
Foreign(1,582)(426)(9,373)
Total deferred(17,437)(8,070)(8,857)
Provision for income taxes$94,847 $87,351 $61,659 
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202220212020
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit1.7 3.6 3.7 
Foreign earnings(1)
0.7 0.2 (0.9)
Foreign loss on sale0.2 — — 
Foreign asset impairment (held for sale)— 1.6 1.2 
Valuation allowance for foreign assets held for sale— 0.2 1.3 
R&D tax credits(1.1)(1.3)(0.9)
Foreign-derived intangible income(1.2)(1.4)(2.8)
All other, net3.1 0.7 0.8 
Effective tax rate24.4 %24.6 %23.4 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20222021
Deferred tax assets:
Operating lease liabilities$34,977 $32,868 
Capitalized R&D expenses 23,785 — 
Inventories, net21,992 17,237 
Net operating loss9,096 5,384 
Environmental reserves8,677 9,262 
Incentive compensation8,531 6,936 
Legal reserves2,864 6,991 
Other40,965 32,665 
Total deferred tax assets150,887 111,343 
Deferred tax liabilities:
Goodwill amortization103,174 98,947 
Operating lease right-of-use assets, net32,651 30,911 
Other intangible amortization59,966 59,056 
Depreciation15,433 13,694 
Withholding taxes13,200 12,776 
Pension and other postretirement assets29,053 29,385 
Other7,256 7,149 
Total deferred tax liabilities260,733 251,918 
Valuation allowance5,664 2,625 
Net deferred tax liabilities$115,510 $143,200 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20222021
Net noncurrent deferred tax assets$7,491 $4,149 
Net noncurrent deferred tax liabilities123,001 147,349 
Net deferred tax liabilities$115,510 $143,200 
Summary Of Unrecognized Tax Benefits [Table Text Block] A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202220212020
Balance as of January 1,$17,018 $15,585 $12,676 
Additions for tax positions of prior periods3,004 2,877 1,497 
Reductions for tax positions of prior periods(1,732)(1,861)(615)
Additions for tax positions related to the current year1,068 655 2,041 
Settlements(1,987)(238)(14)
Balance as of December 31,$17,371 $17,018 $15,585 
Summary Of Open Tax Years [Table Text Block] The following describes the open tax years, by major tax jurisdiction, as of December 31, 2022:
United States (Federal)2017-present
United States (Various states)2011-present
United Kingdom2021-present
Canada2019-present
v3.22.4
DEBT (Table)
 12 Months Ended
Dec. 31, 2022
Debt Instruments [Abstract]  
Summary of Debt Debt consists of the following as of December 31:
(In thousands)2022202220212021
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$— $— $93,900 $93,900 
3.70% Senior notes due 2023
202,500 202,082 202,500 208,086 
3.85% Senior notes due 2025
90,000 87,298 90,000 95,246 
4.24% Senior notes due 2026
200,000 191,760 200,000 218,421 
4.05% Senior notes due 2028
67,500 63,300 67,500 73,783 
4.11% Senior notes due 2028
90,000 83,955 90,000 98,854 
3.10% Senior notes due 2030
150,000 127,429 150,000 154,832 
3.20% Senior notes due 2032
150,000 123,656 150,000 154,875 
4.49% Senior notes due 2032
200,000 183,007 — — 
4.64% Senior notes due 2034
100,000 90,341 — — 
Total debt1,250,000 1,152,828 1,043,900 1,097,997 
Debt issuance costs, net(1,631)(1,631)(949)(949)
Unamortized interest rate swap proceeds (1)
6,031 6,031 7,659 7,659 
Total debt, net1,254,400 1,157,228 1,050,610 1,104,707 
Less: current portion of long-term debt202,500 202,082 — — 
Total long-term debt$1,051,900 $955,146 $1,050,610 $1,104,707 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.
Aggregate Maturities of Debt Aggregate maturities of debt are as follows:
(In thousands)
2023$202,500 
2024— 
202590,000 
2026200,000 
2027— 
Thereafter757,500 
Total$1,250,000 
v3.22.4
EARNINGS PER SHARE (Table)
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation [Table Text Block] Earnings per share calculations for the years ended December 31, 2022, 2021, and 2020, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2022
Basic earnings per share $294,348 38,386 $7.67 
Dilutive effect of deferred stock compensation263 
Diluted earnings per share$294,348 38,649 $7.62 
2021
Basic earnings per share$267,159 40,417 $6.61 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$267,159 40,602 $6.58 
2020
Basic earnings per share$201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
v3.22.4
SHARE-BASED COMPENSATION PLANS (Table)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] The compensation cost for employee and non-employee director share-based compensation programs during 2022, 2021, and 2020 is as follows:
(In thousands)202220212020
Employee Stock Purchase Plan$1,764 $1,710 $1,625 
Performance Share Units5,069 4,850 4,909 
Restricted Share Units6,725 5,661 6,978 
Other share-based payments1,826 1,229 925 
Total share-based compensation expense before income taxes$15,384 $13,450 $14,437 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202220212020
Cash received from share-based awards$9,997 $9,705 $11,148 
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] A summary of the Corporation’s 2022 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2021113 $128.05 223 $106.34 
Granted22 218.58 49 149.73 
Vested(29)138.85 (55)114.31 
Forfeited(1)136.77 (5)115.68 
Nonvested as of December 31, 2022105 $143.69 212 $114.15 
Expected to vest as of December 31, 2022105 $143.69 212 $114.15 
v3.22.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 12 Months Ended
Dec. 31, 2022
Retirement Benefits, Description [Abstract]  
Schedule of Net Benefit Costs [Table Text Block] The net pension and net postretirement benefit costs consisted of the following:
Pension Benefits
(In thousands)202220212020
Service cost$23,217 $26,735 $26,013 
Interest cost20,923 17,419 23,847 
Expected return on plan assets(54,855)(60,286)(67,217)
Amortization of prior service cost(318)(251)(269)
Recognized net actuarial loss17,198 28,905 23,062 
Cost of settlements/curtailments4,499 3,310 2,395 
Special termination benefits— 52 — 
Net periodic benefit cost$10,664 $15,884 $7,831 
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2022 measurement date.
Pension Benefits
(In thousands)20222021
Change in benefit obligation:
Beginning of year$979,070 $1,044,035 
Service cost23,217 26,735 
Interest cost20,923 17,419 
Plan participants’ contributions1,229 1,304 
Actuarial (gain) loss(201,592)(37,825)
Benefits paid(75,770)(68,965)
Actual expenses(1,681)(1,491)
Acquisitions496 — 
Divestitures(4,341)— 
Amendments— (477)
Special termination benefits— 52 
Currency translation adjustments(8,117)(1,717)
End of year$733,434 $979,070 
Change in plan assets:
Beginning of year$1,156,616 $1,050,509 
Actual return on plan assets(182,519)163,881 
Employer contribution24,865 12,766 
Plan participants’ contributions1,229 1,304 
Benefits paid(75,770)(68,965)
Actual expenses(1,681)(1,491)
Currency translation adjustments(10,038)(1,388)
End of year$912,702 $1,156,616 
Funded status$179,268 $177,546 
Pension Benefits
(In thousands)20222021
Amounts recognized on the balance sheet
Noncurrent assets$222,627 $256,422 
Current liabilities(3,272)(6,257)
Noncurrent liabilities(1)
(40,087)(72,619)
Total$179,268 $177,546 
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$133,813 $120,676 
Prior service cost(239)(544)
Total$133,574 $120,132 
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$64,669 $101,667 
Accumulated benefit obligation61,368 95,755 
Fair value of plan assets21,311 22,792 
(1) As of December 31, 2021, this caption includes accrued pension and other postretirement benefit costs of $4.4 million, reflected in the "Liabilities held for sale" caption within the Consolidated Balance Sheet.
ScheduleOfAssumptionsUsedTableTextBlock Plan Assumptions
Pension Benefits
20222021
Weighted-average assumptions in determination of benefit obligation:
Discount rate4.95 %2.72 %
Rate of compensation increase3.34 %3.40 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate2.72 %2.36 %
Expected return on plan assets5.47 %6.18 %
Rate of compensation increase3.40 %3.41 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
ScheduleOfAllocationOfPlanAssetsTableTextBlock Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 91% of consolidated assets:
As of December 31,TargetExpected
20222021ExposureRange
Asset class
Domestic equities33%56%32%
27%-37%
International equities11%15%13%
9%-17%
Total equity44%71%45%
35%-55%
Fixed income56%29%55%
45%-65%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2022.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$36,788 $3,632 $33,156 $— 
Equity securities- Mutual funds (1)
771,655 655,995 115,660 — 
Bond funds (2)
343,630 229,973 113,657 — 
Other (3)
4,543 — — 4,543 
December 31, 2021$1,156,616 $889,600 $262,473 $4,543 
Cash and cash equivalents$33,272 $730 $32,542 $— 
Equity securities - Mutual funds (1)
388,343 370,028 18,315 — 
Bond funds (2)
481,169 373,963 107,206 — 
Other (3)
9,918 4,167 — 5,751 
December 31, 2022$912,702 $748,888 $158,063 $5,751 

(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international mutual funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and balanced funds associated with the U.K. and Canadian based pension plans.

(2)This category consists of This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.

(3)This category consists of a domestic real estate fund and real estate investment trusts in Switzerland.
ScheduleOfExpectedBenefitPaymentsTableTextBlock The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans
2023$49,927 
202452,943 
202554,251 
202656,270 
202755,995 
2028 — 2032281,544 
v3.22.4
SEGMENT INFORMATION (Table)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block] Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202220212020
Net sales
Aerospace & Industrial$838,885 $789,054 $807,144 
Defense Electronics693,709 727,828 610,413 
Naval & Power1,030,918 995,509 977,109 
Less: Intersegment Revenues(6,487)(6,460)(3,330)
Total Consolidated$2,557,025 $2,505,931 $2,391,336 
Depreciation and amortization expense
Aerospace & Industrial$34,336 $36,999 $37,690 
Defense Electronics35,120 38,136 36,188 
Naval & Power39,712 35,937 37,894 
Corporate2,859 3,312 4,131 
Total Consolidated$112,027 $114,384 $115,903 
Capital expenditures
Aerospace & Industrial$18,554 $16,799 $20,025 
Defense Electronics3,504 3,922 3,317 
Naval & Power13,652 18,106 21,283 
Corporate2,507 2,281 2,874 
Total Consolidated$38,217 $41,108 $47,499 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Year Ended December 31,
(In thousands)202220212020
Earnings before taxes:
Total reportable segment operating income$469,146 $422,566 $326,613 
Corporate and Eliminations(45,703)(39,883)(37,765)
Interest expense46,980 40,240 35,545 
Other income, net12,732 12,067 9,748 
Total consolidated earnings before tax$389,195 $354,510 $263,051 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
(In thousands)202220212020
Operating income (expense)
Aerospace & Industrial$136,996 $121,817 $99,714 
Defense Electronics154,568 159,089 118,748 
Naval & Power177,582 141,660 108,151 
Corporate and Eliminations (1)
(45,703)(39,883)(37,765)
Total Consolidated$423,443 $382,683 $288,848 
Reconciliation Of Assets From Segment To Consolidated [Text Block]
Segment assets
Aerospace & Industrial$1,041,562 $991,508 $1,019,203 
Defense Electronics1,546,331 1,536,369 1,542,686 
Naval & Power1,488,867 1,270,099 1,256,416 
Corporate372,842 294,581 175,445 
Assets held for sale— 10,988 27,584 
Total Consolidated$4,449,602 $4,103,545 $4,021,334 
As of December 31,
(In thousands)202220212020
Assets:
Total assets for reportable segments$4,076,760 $3,797,976 $3,818,305 
Assets held for sale— 10,988 27,584 
Non-segment cash122,198 7,537 49,157 
Other assets250,644 287,044 126,288 
Total consolidated assets$4,449,602 $4,103,545 $4,021,334 
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Year Ended December 31,
(In thousands)202220212020
Revenues
United States of America$1,879,001 $1,856,997 $1,758,424 
United Kingdom102,965 93,154 90,628 
Other foreign countries575,059 555,780 542,284 
Consolidated total$2,557,025 $2,505,931 $2,391,336 
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
As of December 31,
(In thousands)202220212020
Long-Lived Assets - Property, plant, and equipment, net
United States of America$254,317 $261,658 $271,299 
United Kingdom27,049 31,594 34,221 
Other foreign countries61,342 66,779 72,680 
Consolidated total$342,708 $360,031 $378,200 
v3.22.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
 12 Months Ended
Dec. 31, 2022
Comprehensive Income [Abstract]  
Schedule of Comprehensive Income (Loss) [Table Text Block]
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss) (10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive loss before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive loss(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20222021
Defined benefit pension and postretirement plans
Amortization of prior service costs$345 $555 Other income, net
Recognized net actuarial losses(17,198)(28,905)Other income, net
Settlements(4,499)(3,310)Other income, net
(21,352)(31,660)Earnings before income taxes
5,115 7,651 Provision for income taxes
Total reclassifications$(16,237)$(24,009)Net earnings
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
 12 Months Ended
Dec. 31, 2022
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SummaryOfValuationAllowanceTextBlock
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2022
Tax valuation allowance2,625 3,920 1 
(1)
882 5,664 
Total$2,625 $3,920 $1 $882 $5,664 
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 
(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held for sale.
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
 12 Months Ended
Dec. 31, 2022
Building [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Building [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Equipment [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Equipment [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
 12 Months Ended
Dec. 31, 2022
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
v3.22.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Foreign Currency [Abstract]      
Foreign Currency Transaction Gain (Loss), Realized $ 2.6 $ (1.8) $ (3.9)
v3.22.4
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]      
Net Sales $ 2,557,025 $ 2,505,931 $ 2,391,336
Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales 887,009 854,570 802,528
Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 1,670,016 1,651,361 1,588,808
Aerospace Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 479,743 452,661 463,690
Ground Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 219,739 220,290 107,448
Naval Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 694,015 710,688 692,152
Commercial Aerospace [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 276,519 267,722 325,518
Power & Process [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales 472,300 473,489 474,842
General Industrial [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales $ 414,709 $ 381,081 $ 327,686
Transferred over Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 51.00% 50.00% 52.00%
Transferred at Point in Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 49.00% 50.00% 48.00%
v3.22.4
REVENUE ADDTIONAL DETAILS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]      
Revenue, Remaining Performance Obligation, Amount $ 2,600.0    
Revenue, Remaining Performance Obligation, Percentage 89.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months    
Contract with Customer, Liability, Revenue Recognized $ 219.0 $ 210.0 $ 224.0
v3.22.4
ACQUISITIONS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Goodwill $ 1,544,635 $ 1,463,026 $ 1,455,137
Payments to Acquire Businesses, Net of Cash Acquired 282,429 $ 0 $ 487,944
2022 acquisitions      
Business Acquisition [Line Items]      
Accounts receivable 10,567    
Inventory 24,088    
Property, plant, and equipment 4,190    
Intangible Assets 147,074    
Operating lease right of-use assets 5,103    
Other Current and Non-current Assets 2,078    
Current and non-current liabilities (17,264)    
Assets Acquired and Liabilities Assumed, Net 175,836    
Goodwill 106,593    
Payments to Acquire Businesses, Net of Cash Acquired 282,429    
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 106,593    
v3.22.4
ACQUISITIONS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Nov. 15, 2022
Jun. 30, 2022
Dec. 31, 2022
USD ($)
NumberAcquisitions
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Business Acquisition [Line Items]          
Number of Businesses Acquired | NumberAcquisitions     2    
Payments to Acquire Businesses, Net of Cash Acquired     $ 282,429 $ 0 $ 487,944
Revenue of Acquiree since Acquisition Date, Actual     45,000    
Earnings or Loss of Acquiree since Acquisition Date, Actual     (1,000)    
Payments for Previous Acquisition     (5,062) $ (5,340) $ 0
2022 acquisitions          
Business Acquisition [Line Items]          
Payments to Acquire Businesses, Net of Cash Acquired     282,429    
Assets Acquired and Liabilities Assumed, Net     175,836    
Aerospace & Industrial | Keronite Group Limited ("Keronite")          
Business Acquisition [Line Items]          
Effective date of acquisition Nov. 15, 2022        
Assets Acquired and Liabilities Assumed, Net     34,000    
Naval & Power | Safran Aerosystems Arresting Company (SAA)          
Business Acquisition [Line Items]          
Effective date of acquisition   Jun. 30, 2022      
Assets Acquired and Liabilities Assumed, Net     $ 249,000    
v3.22.4
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 12 Months Ended
Jan. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]        
Loss on Sale of Assets and Asset Impairment Charges   $ 5.0 $ 19.0 $ 33.0
Proceeds from divestiture $ 3.0      
v3.22.4
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Contracts Receivable [Abstract]    
Trade and other receivables $ 412,682 $ 362,007
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 316,682 291,758
Less: Progress payments applied (67) (1,297)
Net unbilled receivables 316,615 290,461
Less: Allowance for doubtful accounts (4,694) (5,320)
Receivables, net $ 724,603 $ 647,148
v3.22.4
RECEIVABLES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
ConcentrationRiskLineItems    
Net unbilled receivables $ 316,615 $ 290,461
GovernmentContractsConcentrationRiskMember    
ConcentrationRiskLineItems    
Accounts Receivable, before Allowance for Credit Loss 474,500 401,000
Net unbilled receivables $ 280,600 $ 253,500
GovernmentContractsConcentrationRiskMember | Revenue Benchmark | Concentration Risk Threshold Percentage    
ConcentrationRiskLineItems    
ConcentrationRiskPercentage 54.00% 55.00%
v3.22.4
INVENTORIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Inventory Disclosure [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 242,116 $ 191,066
Inventory, Work in Process, Net of Reserves 76,328 78,221
Inventory, Finished Goods, Net of Reserves 128,090 98,944
Inventory For Long-term Contracts Or Programs, Net Of Reserves 39,685 48,619
Inventories, Net of Reserves 486,219 416,850
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (3,106) (5,283)
Inventories, net $ 483,113 $ 411,567
v3.22.4
INVENTORIES (Narrative) (Detail)
$ in Millions
Dec. 31, 2022
USD ($)
Inventory, Net [Abstract]  
Other Inventory, Capitalized Costs $ 16.8
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 11.0
v3.22.4
PROPERTY, PLANT, AND EQUIPMENT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Line Items]      
land $ 16,880 $ 17,615  
BuildingsAndImprovementsGross 252,713 239,217  
MachineryAndEquipmentGross 866,761 885,970  
Property, Plant and Equipment, Gross, Total 1,136,354 1,142,802  
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (793,646) (782,771)  
Property, plant, and equipment, net $ 342,708 $ 360,031 $ 378,200
v3.22.4
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Property, Plant and Equipment [Abstract]      
Depreciation $ 51.0 $ 55.0 $ 55.0
v3.22.4
GOODWILL (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Goodwill [Line Items]    
Goodwill $ 1,463,026 $ 1,455,137
Acquisitions 106,593  
Adjustments 967 12,943
Foreign Currency Translation Adjustments (25,951) (5,054)
Goodwill 1,544,635 1,463,026
Aerospace & Industrial    
Goodwill [Line Items]    
Goodwill 316,147 316,921
Acquisitions 12,445  
Foreign Currency Translation Adjustments (7,042) (774)
Goodwill 321,550 316,147
Defense Electronics    
Goodwill [Line Items]    
Goodwill 714,014 703,915
Adjustments 967 12,943
Foreign Currency Translation Adjustments (12,195) (2,844)
Goodwill 702,786 714,014
Naval & Power    
Goodwill [Line Items]    
Goodwill 432,865 434,301
Acquisitions 94,148  
Foreign Currency Translation Adjustments (6,714) (1,436)
Goodwill $ 520,299 $ 432,865
v3.22.4
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross $ 1,170,677 $ 1,036,894
Finite Lived Intangible Assets Accumulated Amortization (549,780) (498,817)
Other intangible assets, net 620,897 538,077
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 306,160 274,615
Finite Lived Intangible Assets Accumulated Amortization (176,675) (164,077)
Other intangible assets, net 129,485 110,538
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 666,638 568,720
Finite Lived Intangible Assets Accumulated Amortization (298,160) (270,816)
Other intangible assets, net 368,478 297,904
Contract and Program Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 144,000 144,000
Finite Lived Intangible Assets Accumulated Amortization (34,200) (27,000)
Other intangible assets, net 109,800 117,000
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 53,879 49,559
Finite Lived Intangible Assets Accumulated Amortization (40,745) (36,924)
Other intangible assets, net $ 13,134 $ 12,635
v3.22.4
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]      
Amortization of Intangible Assets $ 61,000 $ 60,000 $ 61,000
Future Amortization Expense Year One 65,000    
Future Amortization Expense Year Two 56,000    
Future Amortization Expense Year Three 54,000    
Future Amortization Expense Year Four 53,000    
Future Amortization Expense Year Five $ 50,000    
v3.22.4
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 147  
Finite-Lived Intangible Assets, Purchase Accounting Adjustments   $ 12
Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 1 year  
Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 20 years  
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 106  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 16 years 1 month 6 days  
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 36  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 14 years 10 months 24 days  
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 5  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 10 years  
v3.22.4
LEASES - Narrative (Details)
Dec. 31, 2022
Minimum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 15 years
v3.22.4
LEASES - Schedule of Lease Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]      
Depreciation of finance leases $ 1,037 $ 1,037  
Interest on lease liabilities 390 431  
Total finance lease cost 1,427 1,468  
Operating lease cost $ 42,125 $ 41,663 $ 41,000
v3.22.4
LEASES - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating cash flows used for operating leases $ (34,186) $ (33,352)
Operating cash flows used for finance leases (390) (431)
Right-of-use assets obtained in exchange for operating lease obligations $ 17,740 $ 9,040
v3.22.4
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]    
Operating lease right-of-use assets, net $ 153,855 $ 143,613
Current operating lease liabilities 29,910 25,389
Operating lease, Long-term operating lease liability 132,275 127,152
Total operating lease liabilities 162,185 152,541
Property, plant, and equipment 15,561 15,561
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation (8,645) (7,608)
Property, plant, and equipment, net 6,916 7,953
Finance lease, Other current liabilities 1,098 1,019
Finance lease, Other liabilities 7,924 9,022
Total finance lease liabilities $ 9,022 $ 10,041
Weighted average remaining lease term, Operating lease 7 years 6 months 8 years 3 months 18 days
Weighted average remaining lease term, Finance leases 6 years 8 months 12 days 7 years 8 months 12 days
Weighted average discount rate, Operating leases 3.80% 3.51%
Weighted average discount rate, Finance leases 4.05% 4.05%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant, and equipment, net Property, plant, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.22.4
LEASES - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Operating Lease [Abstract]    
Year One $ 35,688  
Year Two 32,830  
Year Three 25,728  
Year Four 21,025  
Year Five 15,787  
Thereafter 57,854  
Total operating lease payments 188,912  
Less: imputed interest 26,727  
Total operating lease liabilities 162,185 $ 152,541
Finance Lease [Abstract]    
Year One 1,445  
Year Two 1,481  
Year Three 1,518  
Year Four 1,556  
Year Five 1,595  
Thereafter 2,743  
Total finance lease payments 10,338  
Less: imputed interest 1,316  
Total finance lease liabilities $ 9,022 $ 10,041
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
General and Administrative Expense [Member]      
Derivative Instruments Gain Loss [Line Items]      
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (8,378) $ (1,499) $ (2,312)
v3.22.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Estimated Fair Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,151 $ 1,003
Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,248 $ 949
v3.22.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Accrued Liabilities, Current [Abstract]    
Accrued compensation $ 87,835 $ 99,835
Accrued interest 16,412 13,092
Accrued commissions 6,807 5,533
Accrued insurance 6,418 6,202
Taxes Payable 38,187 3,235
Accrued other liabilities 21,877 19,804
Accrued expenses $ 177,536 $ 147,701
v3.22.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Accrued Liabilities, Current [Abstract]    
Current operating lease liabilities $ 29,910 $ 25,389
Warranty 18,147 15,268
Estimated Litigation Liability 10,000 15,000
Pension and other postretirement liabilities 5,013 8,054
Other sundry liabilities 19,325 39,003
Other current liabilities $ 82,395 $ 102,714
v3.22.4
INCOME TAXES INCOME TAXES (Tax Cuts and Jobs Act) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2017
USD ($)
numberOfTransitionTaxYears
Income Tax Disclosure [Abstract]      
Transition tax on foreign earnings     $ 18.2
Finalized transition tax due to TCJA     $ 23.6
Period of finalized transition tax | numberOfTransitionTaxYears     8
Transition tax liability due to operating loss carryforward $ 7.4 $ 7.4  
Deferred Tax Liabilities, Undistributed Foreign Earnings   $ 2.8  
v3.22.4
INCOME TAXES (Income Before Income Tax) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Domestic $ 239,356 $ 271,694 $ 212,613
Foreign 149,839 82,816 50,438
Earnings before income taxes 389,195 354,510 263,051
Loss on Sale of Assets and Asset Impairment Charges $ 5,000 $ 19,000 $ 33,000
v3.22.4
INCOME TAXES (Provision for Income Taxes) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
Federal $ 65,047 $ 57,910 $ 36,793
State 12,717 15,477 11,882
Foreign 34,520 22,034 21,841
Current Income Tax Expense (Benefit), Total 112,284 95,421 70,516
Federal (11,413) (7,167) 1,043
State (4,442) (477) (527)
Foreign (1,582) (426) (9,373)
Deferred Income Tax Expense (Benefit), Total (17,437) (8,070) (8,857)
Provision for income taxes $ 94,847 $ 87,351 $ 61,659
v3.22.4
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal benefit 1.70% 3.60% 3.70%
Foreign earnings(1) 0.70% 0.20% (0.90%)
Foreign loss on sale 0.20% 0.00% 0.00%
Foreign asset impairment (held for sale) 0.00% 1.60% 1.20%
Valuation allowance for foreign assets held for sale 0.00% 0.20% 1.30%
R&D tax credits (1.10%) (1.30%) (0.90%)
Foreign-derived intangible income (1.20%) (1.40%) (2.80%)
All other, net 3.10% 0.70% 0.80%
Effective tax rate 24.40% 24.60% 23.40%
v3.22.4
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Deferred tax assets:    
Operating lease liabilities $ 34,977 $ 32,868
Capitalized R&D 23,785 0
Inventories, net 21,992 17,237
Net operating loss 9,096 5,384
Environmental reserves 8,677 9,262
Incentive compensation 8,531 6,936
Legal reserves 2,864 6,991
Other 40,965 32,665
Total deferred tax assets 150,887 111,343
Deferred tax liabilities:    
Goodwill 103,174 98,947
Operating lease right-of-use assets, net 32,651 30,911
Intangible Assets 59,966 59,056
Depreciation 15,433 13,694
Withholding Taxes 13,200 12,776
Net pension (liability)/asset 29,053 29,385
Other 7,256 7,149
Total deferred tax liabilities 260,733 251,918
Valuation allowance 5,664 2,625
Deferred Tax Liabilities, Net $ 115,510 $ 143,200
v3.22.4
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Net noncurrent deferred tax assets $ 7,491 $ 4,149
Net noncurrent deferred tax liabilities 123,001 147,349
Deferred Tax Liabilities, Net $ 115,510 $ 143,200
v3.22.4
INCOME TAXES (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits (beginning balance) $ 17,018 $ 15,585 $ 12,676
Additions for tax positions of prior periods 3,004 2,877 1,497
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions (1,732) (1,861) (615)
Additions for tax positions related to the current year 1,068 655 2,041
Settlements (1,987) (238) (14)
Unrecognized tax benefits (ending balance) $ 17,371 $ 17,018 $ 15,585
v3.22.4
INCOME TAXES (Open Tax Years) (Detail)
 12 Months Ended
Dec. 31, 2022
United States (Various states)  
IncomeTaxContingencyLineItems  
Open Tax Year 2011
Internal Revenue Service (IRS) | United States (Federal)  
IncomeTaxContingencyLineItems  
Open Tax Year 2017
United Kingdom | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2021
Canada | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2019
v3.22.4
INCOME TAXES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
OperatingLossCarryforwardsLineItems      
Deferred tax assets, other tax carryforwards $ 9,100    
Valuation allowance increase 2,900    
Valuation allowance 5,664 $ 2,625  
Provision for income taxes (94,847) (87,351) $ (61,659)
Deferred tax asset, operating loss 9,096 5,384  
Income tax payments 61,100 107,100 54,000
Unrecognized tax benefits that would affect the effective income tax rate 15,100 14,100 $ 13,000
Foreign tax credits      
OperatingLossCarryforwardsLineItems      
Valuation allowance 3,400    
Provision for income taxes (2,700) (700)  
Industrial Valve Business      
OperatingLossCarryforwardsLineItems      
Deferred tax asset, operating loss 4,400 $ 3,800  
Operating loss carryforwards 14,700    
Foreign Tax Authority      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards related to international operations 21,000    
Indefinite lived operating loss carryforwards, 19,300    
Operating loss carryforwards subject to expiration $ 1,700    
Operating loss carryforward, expiration date Dec. 31, 2026    
State And Local Jurisdiction [Member]      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards state and local $ 55,600    
Operating loss carryforward, expiration date Dec. 31, 2041    
Other Liabilities [Member]      
OperatingLossCarryforwardsLineItems      
Interest on income taxes accrued $ 3,900    
Income tax penalties accrued $ 2,600    
v3.22.4
DEBT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Oct. 27, 2022
Dec. 31, 2021
Aug. 13, 2020
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Carrying Value              
Debt Instrument [Line Items]              
Less: current portion of long-term debt $ 202,500   $ 0        
Long-Term Debt, Excluding Current Maturities 1,051,900   1,050,610        
Estimated Fair Value              
Debt Instrument [Line Items]              
Less: current portion of long-term debt 202,082   0        
Long-Term Debt, Excluding Current Maturities 955,146   1,104,707        
Long-term Debt 1,254,400   1,050,610        
Long Term Debt Fair Value 1,157,228   1,104,707        
Long-term Debt, Gross 1,250,000   1,043,900        
Debt issuance costs, net (1,631)   (949)        
Unamortized interest rate swap proceeds (1) 6,031   7,659        
Less: current portion of long-term debt 202,500   0        
Long-Term Debt, Excluding Current Maturities 1,051,900   1,050,610        
Revolving credit facility              
Debt Instrument [Line Items]              
Long-term Debt 0   93,900        
Long Term Debt Fair Value 0   93,900        
3.70% Senior notes due 2023 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt 202,500   202,500        
3.70% Senior notes due 2023 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 202,082   208,086        
3.70% Senior notes due 2023              
Debt Instrument [Line Items]              
Stated interest rate 3.70%         3.70%  
3.85% Senior notes due 2025 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 90,000   90,000        
3.85% Senior notes due 2025 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 87,298   95,246        
3.85% Senior notes due 2025              
Debt Instrument [Line Items]              
Stated interest rate 3.85%         3.85%  
4.24% Senior notes due 2026 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 200,000   200,000        
4.24% Senior notes due 2026 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 191,760   218,421        
4.24% Senior notes due 2026              
Debt Instrument [Line Items]              
Stated interest rate 4.24%           4.24%
4.05% Senior notes due 2028 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 67,500   67,500        
4.05% Senior notes due 2028 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 63,300   73,783        
4.05% Senior notes due 2028              
Debt Instrument [Line Items]              
Stated interest rate 4.05%         4.05%  
4.11% Senior notes due 2028 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 90,000   90,000        
4.11% Senior notes due 2028 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 83,955   98,854        
4.11% Senior notes due 2028              
Debt Instrument [Line Items]              
Stated interest rate 4.11%       4.11%    
3.10% Senior Notes due 2030 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 150,000   150,000        
3.10% Senior Notes due 2030 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 127,429   154,832        
3.10% Senior Notes due 2030              
Debt Instrument [Line Items]              
Stated interest rate 3.10%     3.10%      
3.20% Senior Notes due 2032 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 150,000   150,000        
3.20% Senior Notes due 2032 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 123,656   154,875        
3.20% Senior Notes due 2032              
Debt Instrument [Line Items]              
Stated interest rate 3.20%     3.20%      
4.49% Senior Notes due 2032 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 200,000   0        
4.49% Senior Notes due 2032 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 183,007   0        
4.49% Senior Notes due 2032              
Debt Instrument [Line Items]              
Stated interest rate 4.49% 4.49%          
4.64% Senior Notes due 2034 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 100,000   0        
4.64% Senior Notes due 2034 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 90,341   0        
4.64% Senior Notes due 2034              
Debt Instrument [Line Items]              
Stated interest rate 4.64% 4.64%          
Long-term Debt, gross [Member]              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 1,152,828   $ 1,097,997        
v3.22.4
DEBT (Maturity) (Detail)
$ in Thousands
Dec. 31, 2022
USD ($)
Debt Instruments [Abstract]  
Repayments of Principal in Next Twelve Months $ 202,500
Repayments of Principal in Year Two 0
Repayments of Principal in Year Three 90,000
Repayments of Principal in Year Four 200,000
Repayments of Principal in Year Five 0
Repayments of Principal Thereafter 757,500
Total $ 1,250,000
v3.22.4
DEBT (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 15, 2018
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Oct. 27, 2022
May 31, 2022
Aug. 13, 2020
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Debt Instrument [Line Items]                    
Interest payments made   $ 42,000 $ 40,000 $ 31,000            
Long-term Debt   $ 1,254,400 1,050,610              
Interest rate description   Borrowings under the credit agreement accrue interest based on (i) the Secured Overnight Financing Rate (SOFR) or (ii) a base rate of the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Daily Term SOFR Rate. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.                
Debt to capitalization limit   60.00%                
Covenant Ratio, Debt To Capitalization Limit Following Acquisition   65.00%                
Revolving credit facility                    
Debt Instrument [Line Items]                    
Long-term Debt   $ 0 93,900              
3.84% Senior notes due 2021                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 100,000
Date of maturity   Dec. 01, 2021                
Stated interest rate                   3.84%
3.70% Senior notes due 2023                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 225,000  
Date of maturity   Feb. 26, 2023                
Stated interest rate   3.70%             3.70%  
3.85% Senior notes due 2025                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 100,000  
Date of maturity   Feb. 26, 2025                
Stated interest rate   3.85%             3.85%  
4.24% Senior notes due 2026                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 200,000
Date of maturity   Dec. 01, 2026                
Stated interest rate   4.24%               4.24%
4.05% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 75,000  
Date of maturity   Feb. 26, 2028                
Stated interest rate   4.05%             4.05%  
4.11% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Date of issuance   Sep. 26, 2013                
Issued amount of debt               $ 100,000    
Date of maturity   Sep. 26, 2028                
Stated interest rate   4.11%           4.11%    
3.10% Senior Notes due 2030                    
Debt Instrument [Line Items]                    
Issued amount of debt             $ 150,000      
Date of maturity   Aug. 13, 2030                
Stated interest rate   3.10%         3.10%      
3.20% Senior Notes due 2032                    
Debt Instrument [Line Items]                    
Issued amount of debt             $ 150,000      
Date of maturity   Aug. 13, 2032                
Stated interest rate   3.20%         3.20%      
4.49% Senior Notes due 2032                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 200,000          
Date of maturity   Oct. 27, 2032                
Stated interest rate   4.49%     4.49%          
4.64% Senior Notes due 2034                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 100,000          
Date of maturity   Oct. 27, 2034                
Stated interest rate   4.64%     4.64%          
2022 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Oct. 27, 2022                
Issued amount of debt         $ 300,000          
2020 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Aug. 13, 2020                
Issued amount of debt             $ 300,000      
2013 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Feb. 26, 2013                
Issued amount of debt                 $ 500,000  
Repayments of Long-term Debt $ 50,000                  
2011 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Dec. 08, 2011                
Issued amount of debt                   $ 300,000
Revolving credit facility                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Maximum Borrowing Capacity           $ 750,000        
Line Of Credit Facility Additional Borrowing Capacity           $ 250,000        
Standby letters of credit                    
Debt Instrument [Line Items]                    
Letters of credit   $ 17,000 $ 21,000              
Revolving credit facility                    
Debt Instrument [Line Items]                    
Weighted-average interest rate   2.90% 1.00%              
Unused credit available under the credit facility   $ 733,000                
Long-term debt                    
Debt Instrument [Line Items]                    
Weighted-average interest rate   3.40% 3.40%              
Unused credit available under the credit facility   $ 1,700,000                
v3.22.4
EARNINGS PER SHARE (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Earnings Per Share Reconciliation [Abstract]      
Basic 38,386 40,417 41,738
Dilutive effect of stock options and deferred stock compensation 263 185 261
Diluted 38,649 40,602 41,999
Net earnings $ 294,348 $ 267,159 $ 201,392
Diluted earnings per share $ 7.62 $ 6.58 $ 4.80
Basic earnings per share $ 7.67 $ 6.61 $ 4.83
v3.22.4
EARNINGS PER SHARE (AntiDilutive) (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 0 0 0
v3.22.4
SHARE-BASED COMPENSATION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Employee Stock Purchase Plan $ 1,764 $ 1,710 $ 1,625
Performance Share Units 5,069 4,850 4,909
Restricted Share Units 6,725 5,661 6,978
Other share-based payments 1,826 1,229 925
Total share-based compensation expense before income taxes $ 15,384 $ 13,450 $ 14,437
v3.22.4
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Cash received from share-based awards $ 9,997 $ 9,705 $ 11,148
v3.22.4
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 113
Granted (in shares) | shares 22
Vested (in shares) | shares (29)
Forfeited (in shares) | shares (1)
Outstanding (in shares) | shares 105
Expected to vest (in shares) | shares 105
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 128.05
Granted (in dollars per share) | $ / shares 218.58
Vested (in dollars per share) | $ / shares 138.85
Forfeited (in dollars per share) | $ / shares 136.77
Outstanding (in dollars per share) | $ / shares 143.69
Expected to vest (in dollars per share) | $ / shares $ 143.69
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 223
Granted (in shares) | shares 49
Vested (in shares) | shares (55)
Forfeited (in shares) | shares (5)
Outstanding (in shares) | shares 212
Expected to vest (in shares) | shares 212
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 106.34
Granted (in dollars per share) | $ / shares 149.73
Vested (in dollars per share) | $ / shares 114.31
Forfeited (in dollars per share) | $ / shares 115.68
Outstanding (in dollars per share) | $ / shares 114.15
Expected to vest (in dollars per share) | $ / shares $ 114.15
v3.22.4
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2020
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 100,000,000   100,000,000
2014 Omnibus Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 2,400,000    
Non Qualfied Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of stock options exercised   $ 5.2  
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 17.6    
Unrecognized compensation cost $ 5.2    
Unrecognized compensation expense, period of recognition 1 year 8 months 12 days    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 35.4    
Unrecognized compensation cost $ 10.5    
Unrecognized compensation expense, period of recognition 2 years 2 months 12 days    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Purchase price percentage of fair market value 85.00%    
v3.22.4
PENSION AND POSTRETIREMENT BENEFITS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
USD ($)
pension_plan
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 9    
Domestic plans | pension_plan 3    
Foreign plans | pension_plan 6    
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total projected benefit obligation $ 733,434 $ 979,070 $ 1,044,035
Net pension (liability)/asset $ 179,268 $ 177,546  
Expected return on assets assumption 5.47% 6.18%  
Pension Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 9.00%    
Expected return on assets assumption 6.00%    
Pension Plan [Member] | United Kingdom [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Canada [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Switzerland [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | France [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Mexico [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 2    
Pension Plan [Member] | United States [Member] | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 4.00% 3.00%  
Parent Company's Retirement Benefit Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of years of service 1 year    
Vesting period 3 years    
Period after which accruals will cease 15 years    
Parent Company's Retirement Benefit Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions $ 1,700    
Net pension (liability)/asset (20,000) $ (25,200)  
Parent Company's Retirement Benefit Plan [Member] | Pension Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Net pension (liability)/asset 209,900 233,800  
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expense relating to the defined contribution plan 20,900    
Defined Contribution Plan, Employer Discretionary Contribution Amount 11,000    
Defined Contribution Plans, Non-Elective Estimated Future Employer Contributions in Next Fiscal Year 9,900    
Defined Contribution Plans, Estimated Future Employer Contributions Over Next Five Fiscal Years $ 107,000    
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Maximum employer contribution match percentage 7.00%    
Parent Company's Retirement Benefit Plan [Member] | Other Pension Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions $ 3,200    
Net pension (liability)/asset $ (40,400) (69,100)  
EMD [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Percent of employees' gross pay withheld 1.50%    
Foreign Company's Retirement Benefit Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions $ 2,000    
Total projected benefit obligation 69,600 107,200  
Net pension (liability)/asset $ 9,800 $ 12,900  
v3.22.4
PENSION PLANS (Detail) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 23,217 $ 26,735 $ 26,013
Interest cost 20,923 17,419 23,847
Expected return on plan assets (54,855) (60,286) (67,217)
Prior service cost (318) (251) (269)
Defined Benefit Plan, Amortization of Loss (Gain) 17,198 28,905 23,062
Cost of Settlement/Curtailment 4,499 3,310 2,395
Special Termination Benefits   52  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 10,664 $ 15,884 $ 7,831
v3.22.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance $ 979,070 $ 1,044,035  
Service cost 23,217 26,735 $ 26,013
Interest cost 20,923 17,419 23,847
DefinedBenefitPlanContributionsByPlanParticipants 1,229 1,304  
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) 201,592 37,825  
DefinedBenefitPlanBenefitsPaid (75,770) (68,965)  
Defined Benefit Plan, Actual Expense (1,681) (1,491)  
Defined Benefit Plan, Plan Assets, Business Combination 496    
Defined Benefit Plan, Plan Assets, Divestiture (4,341)    
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment   (477)  
Special Termination Benefits   52  
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation (8,117) (1,717)  
Defined Benefit Plan, Benefit Obligation, Ending Balance $ 733,434 $ 979,070 $ 1,044,035
v3.22.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance $ 1,156,616  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 912,702 $ 1,156,616
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Pension asset 222,627 256,422
Pension and other postretirement liabilities (5,013) (8,054)
Accrued pension and other postretirement benefit costs (58,348) (91,329)
Pension Plan [Member]    
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 1,156,616 1,050,509
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) (182,519) 163,881
Contributions made by employer 24,865 12,766
DefinedBenefitPlanContributionsByPlanParticipants 1,229 1,304
DefinedBenefitPlanBenefitsPaid (75,770) (68,965)
Defined Benefit Plan, Plan Assets, Administration Expense (1,681) (1,491)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (10,038) (1,388)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 912,702 1,156,616
DefinedBenefitPlanFundedStatusOfPlan 179,268 177,546
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Pension asset 222,627 256,422
Pension and other postretirement liabilities (3,272) (6,257)
Accrued pension and other postretirement benefit costs (40,087) (72,619)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet 179,268 177,546
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract    
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax 133,813 120,676
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax (239) (544)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax 133,574 120,132
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract    
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation 64,669 101,667
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation 61,368 95,755
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets $ 21,311 22,792
Pension Plan [Member] | Discontinued Operations, Held-for-sale    
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Accrued pension and other postretirement benefit costs   $ (4,400)
v3.22.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Pension Plan [Member]    
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 4.95% 2.72%
Rate Of Compensation Increase 3.34% 3.40%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 2.72% 2.36%
Expected return on assets assumption 5.47% 6.18%
Net Periodic Benefit Cost Rate Of Compensation Increase 3.40% 3.41%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Year That Rate Reaches Ultimate Trend Rate 2032 2032
v3.22.4
PENSION (Asset Class) (Detail)
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]    
Funded percentage 91.00%  
Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 33.00% 56.00%
Target Plan Asset Allocations 32.00%  
International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 11.00% 15.00%
Target Plan Asset Allocations 13.00%  
EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 44.00% 71.00%
Target Plan Asset Allocations 45.00%  
FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 56.00% 29.00%
Target Plan Asset Allocations 55.00%  
Minimum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 27.00%  
Minimum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 9.00%  
Minimum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 35.00%  
Minimum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 45.00%  
Maximum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 37.00%  
Maximum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 17.00%  
Maximum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 55.00%  
Maximum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 65.00%  
v3.22.4
PENSION (Fair Value) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets $ 912,702 $ 1,156,616
Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 33,272 36,788
EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 388,343 771,655
DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 481,169 343,630
Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 9,918 4,543
FairValueInputsLevel1Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 748,888 889,600
FairValueInputsLevel1Member | Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 730 3,632
FairValueInputsLevel1Member | EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 370,028 655,995
FairValueInputsLevel1Member | DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 373,963 229,973
FairValueInputsLevel1Member | Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 4,167  
FairValueInputsLevel2Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 158,063 262,473
FairValueInputsLevel2Member | Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 32,542 33,156
FairValueInputsLevel2Member | EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 18,315 115,660
FairValueInputsLevel2Member | DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 107,206 113,657
FairValueInputsLevel3Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 5,751 4,543
FairValueInputsLevel3Member | Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets $ 5,751 $ 4,543
v3.22.4
PENSION (Future Service) (Detail) - Pension Plan [Member]
$ in Thousands
Dec. 31, 2022
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months $ 49,927
Expected Future Benefit Payment, Year Two 52,943
Expected Future Benefit Payment, Year Three 54,251
Expected Future Benefit Payment, Year Four 56,270
Expected Future Benefit Payment, Year Five 55,995
Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 281,544
v3.22.4
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Net Sales $ 2,557,025 $ 2,505,931 $ 2,391,336
Operating income 423,443 382,683 288,848
Depreciation and amortization 112,027 114,384 115,903
Total assets 4,449,602 4,103,545 4,021,334
PropertyPlantAndEquipmentAdditions 38,217 41,108 47,499
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 469,146 422,566 326,613
Total assets 4,076,760 3,797,976 3,818,305
Operating Segments [Member] | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Total net sales 838,885 789,054 807,144
Operating income 136,996 121,817 99,714
Depreciation and amortization 34,336 36,999 37,690
Total assets 1,041,562 991,508 1,019,203
PropertyPlantAndEquipmentAdditions 18,554 16,799 20,025
Operating Segments [Member] | Defense Electronics      
Segment Reporting Information [Line Items]      
Total net sales 693,709 727,828 610,413
Operating income 154,568 159,089 118,748
Depreciation and amortization 35,120 38,136 36,188
Total assets 1,546,331 1,536,369 1,542,686
PropertyPlantAndEquipmentAdditions 3,504 3,922 3,317
Operating Segments [Member] | Naval & Power      
Segment Reporting Information [Line Items]      
Total net sales 1,030,918 995,509 977,109
Operating income 177,582 141,660 108,151
Depreciation and amortization 39,712 35,937 37,894
Total assets 1,488,867 1,270,099 1,256,416
PropertyPlantAndEquipmentAdditions 13,652 18,106 21,283
Operating Segments [Member] | Corporate And Other [Member]      
Segment Reporting Information [Line Items]      
Operating income (45,703) (39,883) (37,765)
Depreciation and amortization 2,859 3,312 4,131
Total assets 372,842 294,581 175,445
PropertyPlantAndEquipmentAdditions 2,507 2,281 2,874
Operating Segments [Member] | Assets Held For Sale      
Segment Reporting Information [Line Items]      
Total assets 0 10,988 27,584
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Total net sales (6,487) (6,460) (3,330)
Operating income $ (45,703) $ (39,883) $ (37,765)
v3.22.4
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Operating income $ 423,443 $ 382,683 $ 288,848
Interest expense (46,980) (40,240) (35,545)
Other income, net 12,732 12,067 9,748
Earnings before income taxes 389,195 354,510 263,051
Assets      
Total assets 4,449,602 4,103,545 4,021,334
Non Segment Other Assets [Member]      
Assets      
Total assets 250,644 287,044 126,288
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 469,146 422,566 326,613
Assets      
Total assets 4,076,760 3,797,976 3,818,305
Operating Segments [Member] | Assets Held For Sale      
Assets      
Total assets 0 10,988 27,584
Operating Segments [Member] | Corporate And Other [Member]      
Segment Reporting Information [Line Items]      
Operating income (45,703) (39,883) (37,765)
Assets      
Total assets 372,842 294,581 175,445
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating income (45,703) (39,883) (37,765)
Non-Segment      
Assets      
Total assets $ 122,198 $ 7,537 $ 49,157
v3.22.4
SEGMENT INFORMATION (Geographic) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales $ 2,557,025 $ 2,505,931 $ 2,391,336
Property, plant, and equipment, net 342,708 360,031 378,200
United States [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 1,879,001 1,856,997 1,758,424
Property, plant, and equipment, net 254,317 261,658 271,299
United Kingdom [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 102,965 93,154 90,628
Property, plant, and equipment, net 27,049 31,594 34,221
Other Foreign Countries [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 575,059 555,780 542,284
Property, plant, and equipment, net $ 61,342 $ 66,779 $ 72,680
v3.22.4
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Thousands
 1 Months Ended
Mar. 31, 2022
Dec. 31, 2022
Dec. 31, 2021
Loss Contingencies [Line Items]      
Asset Retirement Obligation   $ 8,000  
Surety Bond Outstanding   35,000  
Payments for Legal Settlements $ 15,000    
Loss Contingency, Accrual, Current   10,000  
Standby letters of credit      
Loss Contingencies [Line Items]      
Letters of credit   17,000 $ 21,000
Financial Standby Letter of Credit [Member]      
Loss Contingencies [Line Items]      
Letters of credit   $ 3,000 $ 5,000
v3.22.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (190,465) $ (310,856)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (84,688) 96,382  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 16,237 24,009  
Other Comprehensive Income (Loss), Net of Tax (68,451) 120,391 $ 14,418
Accumulated Other Comprehensive Income (Loss), Net of Tax (258,916) (190,465) (310,856)
Accumulated Translation Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (99,566) (88,737)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (61,241) (10,829)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0  
Other Comprehensive Income (Loss), Net of Tax (61,241) (10,829)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (160,807) (99,566) (88,737)
Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (90,899) (222,119)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (23,447) 107,211  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 16,237 24,009  
Other Comprehensive Income (Loss), Net of Tax (7,210) 131,220  
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (98,109) $ (90,899) $ (222,119)
v3.22.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Provision for income taxes $ (94,847) $ (87,351) $ (61,659)
Net earnings 294,348 267,159 $ 201,392
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 345 555  
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax (17,198) (28,905)  
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Settlements and Curtailments, before Tax (4,499) (3,310)  
Earnings before income taxes (21,352) (31,660)  
Provision for income taxes 5,115 7,651  
Net earnings $ (16,237) $ (24,009)  
v3.22.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance $ 2,625 $ 1,240 $ 3,386
ValuationAllowancesAndReservesChargedToCostAndExpense 3,920 1,864 3,439
ValuationAllowancesAndReservesChargedToOtherAccounts 1 (22) 50
ValuationAllowancesAndReservesDeductions 882 457 5,635
Valuation Allowances and Reserves, Balance, Ending Balance 5,664 2,625 1,240
Net operating loss 9,096 5,384  
Industrial Valve Business      
ValuationAndQualifyingAccountsDisclosureLineItems      
Net operating loss 4,400 3,800  
ValuationAllowanceOfDeferredTaxAssetsMember      
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance 2,625 1,240 3,386
ValuationAllowancesAndReservesChargedToCostAndExpense 3,920 1,864 3,439
ValuationAllowancesAndReservesChargedToOtherAccounts 1 (22) 50
ValuationAllowancesAndReservesDeductions 882 457 5,635
Valuation Allowances and Reserves, Balance, Ending Balance $ 5,664 $ 2,625 $ 1,240