CURTISS WRIGHT CORP, 10-Q filed on 5/5/2022
Quarterly Report
v3.22.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2022
Apr. 30, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2022  
Document Transition Report false  
Entity File Number 1-134  
Entity Registrant Name CURTISS-WRIGHT CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-0612970  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 869-4600  
Title of 12(b) Security Common Stock  
Trading Symbol CW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Company false  
Entity common stock shares outstanding   38,445,431
Entity Shell Company false  
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net Sales    
Net sales $ 559,461 $ 597,059
Cost of sales    
Cost of sales 358,059 387,302
Gross profit 201,402 209,757
Research and development expenses 20,549 21,863
Selling expenses 28,092 29,596
General and administrative expenses 87,600 73,232
Loss on divestiture 4,651 0
Operating income 60,510 85,066
Interest expense (9,530) (9,959)
Other income, net 2,997 4,843
Earnings before income taxes 53,977 79,950
Provision for income taxes (13,292) (20,481)
Net earnings $ 40,685 $ 59,469
Net earnings per share:    
Basic earnings per share (usd per share) $ 1.06 $ 1.45
Diluted earnings per share (usd per share) 1.05 1.45
Dividends per share $ 0.18 $ 0.17
Weighted-average shares outstanding:    
Basic (shares) 38,456 40,933
Diluted (shares) 38,668 41,103
Product    
Net Sales    
Net sales $ 453,421 $ 508,975
Cost of sales    
Cost of sales 294,527 329,454
Service    
Net Sales    
Net sales 106,040 88,084
Cost of sales    
Cost of sales $ 63,532 $ 57,848
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Net earnings $ 40,685 $ 59,469
Other comprehensive income    
Foreign currency translation, net of tax [1] (6,825) (3,960)
Pension and postretirement adjustments, net of tax [2] 5,766 5,600
Other comprehensive income (loss), net of tax (1,059) 1,640
Comprehensive income $ 39,626 $ 61,109
[1] The tax benefit included in foreign currency translation adjustments for the three months ended March 31, 2022 and 2021 was immaterial.
[2] The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 and 2021 was $1.4 million and $1.7 million, respectively.
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Comprehensive Income [Abstract]    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [1] $ 1.4 $ 1.7
[1] The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2022 and 2021 was $1.4 million and $1.7 million, respectively.
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 136,682 $ 171,004
Receivables, net 661,129 647,148
Inventories, net 448,122 411,567
Assets held for sale 0 10,988
Other current assets 63,942 67,101
Total current assets 1,309,875 1,307,808
Property, plant, and equipment, net 355,363 360,031
Goodwill 1,458,899 1,463,026
Other intangible assets, net 523,913 538,077
Operating Lease, Right-of-Use Asset 147,224 143,613
Prepaid pension asset 260,238 256,422
Other assets 33,855 34,568
Total assets 4,089,367 4,103,545
Current liabilities:    
Current portion of long-term debt and short-term debt 202,500 0
Accounts payable 168,772 211,640
Accrued expenses 109,077 144,466
Income taxes payable 1,478 3,235
Deferred revenue 224,679 260,157
Total liabilities held for sale, current 0 12,655
Other current liabilities 93,745 102,714
Total current liabilities 800,251 734,867
Long-term debt 967,744 1,050,610
Deferred tax liabilities, net 150,085 147,349
Accrued pension and other postretirement benefit costs 84,610 91,329
Long-term operating lease liability 128,897 127,152
Long-term portion of environmental reserves 13,924 13,656
Other liabilities 94,436 112,092
Total liabilities 2,239,947 2,277,055
Stockholders' Equity    
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 49,187,378 shares issued as of March 31, 2022 and December 31, 2021; outstanding shares were 38,471,738 as of March 31, 2022 and 38,469,778 as of December 31, 2021 49,187 49,187
Additional paid in capital 122,603 127,104
Retained earnings 2,942,580 2,908,827
Accumulated other comprehensive loss (191,524) (190,465)
Common treasury stock, at cost (10,715,640 shares as of March 31, 2022 and 10,717,600 shares as of December 31, 2021) (1,073,426) (1,068,163)
Total stockholders' equity 1,849,420 1,826,490
Total liabilities and stockholders' equity $ 4,089,367 $ 4,103,545
v3.22.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 49,187,378 49,187,378
Common Stock, Shares, Outstanding 38,471,738 38,469,778
Treasury Stock, Shares 10,715,640 10,717,600
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net earnings $ 40,685 $ 59,469
Adjustments to reconcile net earnings to net cash used for operating activities:    
Depreciation and amortization 27,363 28,595
Loss on divestiture 4,651 0
Gain on sale/disposal of long-lived assets (3,070) (349)
Deferred income taxes 803 3,629
Share-based compensation 3,809 3,327
Change in operating assets and liabilities, net of businesses acquired:    
Receivables, net (13,414) (27,593)
Inventories, net (38,149) (18,059)
Progress payments (395) (1,114)
Accounts payable and accrued expenses (79,492) (71,528)
Deferred revenue (35,154) (14,836)
Income taxes payable 6,927 16,247
Pension and postretirement liabilities, net (6,034) 1,182
Other current and long-term assets and liabilities (32,845) (5,573)
Net cash used for operating activities (124,315) (26,603)
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 5,567 1,022
Additions to property, plant, and equipment (10,896) (8,537)
Additional consideration paid on prior year acquisitions 5,062 5,340
Net cash used for investing activities (10,391) (12,855)
Cash flows from financing activities:    
Borrowings under revolving credit facility 241,198 65,301
Payment of revolving credit facility 121,198 65,301
Repurchases of common stock (18,857) (11,797)
Proceeds from share-based compensation 5,284 4,919
Other (248) (229)
Net cash provided by (used for) financing activities 106,179 (7,107)
Effect of exchange-rate changes on cash (5,795) (4,614)
Net decrease in cash and cash equivalents (34,322) (51,179)
Cash and cash equivalents at beginning of period 171,004 198,248
Cash and cash equivalents at end of period $ 136,682 $ 147,069
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Loss Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2020   $ 49,187 $ 122,535 $ 2,670,328 $ (310,856) $ (743,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 59,469     59,469    
Other Comprehensive Income (Loss), Net of Tax 1,640       1,640  
Dividends paid/declared       (6,968)    
Restricted stock     (6,407)     6,407
Employee Stock Purchase Plan     411     4,508
Share-based compensation     3,230     97
Repurchases of common stock [1]           (11,797)
Other     (597)     597
Ending Balance at Mar. 31, 2021   49,187 119,172 2,722,829 (309,216) (743,808)
Beginning Balance at Dec. 31, 2020   49,187 122,535 2,670,328 (310,856) (743,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 120,391          
Ending Balance at Dec. 31, 2021 1,826,490 49,187 127,104 2,908,827 (190,465) (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 40,685     40,685    
Other Comprehensive Income (Loss), Net of Tax (1,059)       (1,059)  
Dividends paid/declared       (6,932)    
Restricted stock     (8,523)     8,523
Employee Stock Purchase Plan     814     4,470
Share-based compensation     3,714     95
Repurchases of common stock [1]           (18,857)
Other     (506)     506
Ending Balance at Mar. 31, 2022 $ 1,849,420 $ 49,187 $ 122,603 $ 2,942,580 $ (191,524) $ (1,073,426)
[1] For both the three months ended March 31, 2022 and 2021, the Corporation repurchased approximately 0.1 million shares of its common stock.
v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Statement of Stockholders' Equity [Abstract]    
Treasury Stock, Shares, Acquired 0.1 0.1
v3.22.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three months ended March 31, 2022 and 2021, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2021 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.22.1
REVENUE
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

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

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

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31,
20222021
Over-time53 %52 %
Point-in-time47 %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 $2.3 billion as of March 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 TypeThree Months Ended
March 31,
(In thousands)20222021
Aerospace & Defense
Aerospace Defense$98,004 $111,016 
Ground Defense39,108 55,746 
Naval Defense162,967 177,905 
Commercial Aerospace60,892 57,269 
Total Aerospace & Defense customers$360,971 $401,936 
Commercial
Power & Process$104,788 $105,504 
General Industrial93,702 89,619 
Total Commercial customers$198,490 $195,123 
Total$559,461 $597,059 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three months ended March 31, 2022 and 2021 included in contract liabilities at the beginning of the respective years was approximately $79 million and $77 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.22.1
ASSETS HELD FOR SALE
 3 Months Ended
Mar. 31, 2022
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE ASSETS HELD FOR SALEIn January 2022, the Corporation completed the sale of its industrial valve business in Germany, 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.
v3.22.1
RECEIVABLES
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)March 31, 2022December 31, 2021
Billed receivables:
Trade and other receivables$352,905 $362,007 
Unbilled receivables:
Recoverable costs and estimated earnings not billed314,240 291,758 
Less: Progress payments applied
(1,202)(1,297)
Net unbilled receivables313,038 290,461 
Less: Allowance for doubtful accounts
(4,814)(5,320)
Receivables, net$661,129 $647,148 
v3.22.1
INVENTORIES
 3 Months Ended
Mar. 31, 2022
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:
(In thousands)March 31, 2022December 31, 2021
Raw materials$217,900 $191,066 
Work-in-process81,618 78,221 
Finished goods106,167 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
47,387 48,619 
Inventories, net of reserves453,072 416,850 
Less:  Progress payments applied(4,950)(5,283)
Inventories, net$448,122 $411,567 

(1) This caption includes capitalized development costs of $24.9 million as of March 31, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2022, capitalized development costs of $17.1 million are not currently supported by existing firm orders.
v3.22.1
GOODWILL
 3 Months Ended
Mar. 31, 2022
Goodwill [Abstract]  
GOODWILL GOODWILL
The changes in the carrying amount of goodwill for the three months ended March 31, 2022 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Adjustments— (469)— (469)
Foreign currency translation adjustment(1,629)(1,861)(168)(3,658)
March 31, 2022$314,518 $711,684 $432,697 $1,458,899 
v3.22.1
OTHER INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
 
The following tables present the cumulative composition of the Corporation’s intangible assets:
March 31, 2022December 31, 2021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$274,264 $(167,627)$106,637 $274,615 $(164,077)$110,538 
Customer related intangibles568,019 (277,504)290,515 568,720 (270,816)297,904 
Programs (1)
144,000 (28,800)115,200 144,000 (27,000)117,000 
Other intangible assets49,512 (37,951)11,561 49,559 (36,924)12,635 
Total$1,035,795 $(511,882)$523,913 $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. 

Total intangible amortization expense for the three months ended March 31, 2022 was $14 million, as compared to $15 million in the comparable prior year period.  The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2022$55 
2023$52 
2024$48 
2025$45 
2026$44 
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Forward Foreign Exchange and Currency Option Contracts

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

Effects on Condensed Consolidated Balance Sheets

As of March 31, 2022 and December 31, 2021, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings

Undesignated hedges

The (losses) and gains and on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The respective (losses) and gains for the three months ended March 31, 2022 and 2021 were immaterial.

Debt
The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of March 31, 2022.  Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument.  The fair values described below may not be indicative of net realizable value or reflective of future fair values.  Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

March 31, 2022December 31, 2021
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2023$213,900 $213,900 $93,900 $93,900 
3.70% Senior notes due 2023
202,500 204,456 202,500 208,086 
3.85% Senior notes due 2025
90,000 90,363 90,000 95,246 
4.24% Senior notes due 2026
200,000 204,427 200,000 218,421 
4.05% Senior notes due 2028
67,500 68,571 67,500 73,783 
4.11% Senior notes due 2028
90,000 91,645 90,000 98,854 
3.10% Senior notes due 2030
150,000 142,137 150,000 154,832 
3.20% Senior notes due 2032
150,000 141,071 150,000 154,875 
Total debt1,163,900 1,156,570 1,043,900 1,097,997 
Debt issuance costs, net(908)(908)(949)(949)
Unamortized interest rate swap proceeds7,252 7,252 7,659 7,659 
Total debt, net$1,170,244 $1,162,914 1,050,610 1,104,707 
v3.22.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 3 Months Ended
Mar. 31, 2022
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2021 Annual Report on Form 10-K.  

The components of net periodic pension cost were as follows:
Three Months Ended
March 31,
(In thousands)20222021
Service cost$6,063 $6,870 
Interest cost5,288 4,306 
Expected return on plan assets(13,857)(15,180)
Amortization of prior service cost(86)(63)
Amortization of unrecognized actuarial loss4,006 7,143 
Cost of settlements1,842 — 
Net periodic pension cost$3,256 $3,076 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during 2021, and does not expect to do so in 2022. Contributions to the foreign benefit plans are not expected to be material in 2022.

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

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective
contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three months ended March 31, 2022 and 2021, the expense relating to the plan was $5.7 million and $5.3 million, respectively.
v3.22.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares.  A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months Ended
March 31,
(In thousands)20222021
Basic weighted-average shares outstanding38,456 40,933 
Dilutive effect of deferred stock compensation212 170 
Diluted weighted-average shares outstanding38,668 41,103 

For the three months ended March 31, 2022 and 2021, approximately 26,000 and 88,000 shares, respectively, issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.
v3.22.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months Ended
March 31,
(In thousands)20222021
Net sales
Aerospace & Industrial$191,850 $181,138 
Defense Electronics143,938 182,298 
Naval & Power225,315 235,580 
Less: Intersegment revenues(1,642)(1,957)
Total consolidated$559,461 $597,059 
Operating income (expense)
Aerospace & Industrial$24,853 $19,025 
Defense Electronics23,290 36,623 
Naval & Power27,288 38,057 
Corporate and other (1)
(14,921)(8,639)
Total consolidated$60,510 $85,066 

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months Ended
March 31,
(In thousands)20222021
Total operating income$60,510 $85,066 
Interest expense9,530 9,959 
Other income, net2,997 4,843 
Earnings before income taxes$53,977 $79,950 

(In thousands)March 31, 2022December 31, 2021
Identifiable assets
Aerospace & Industrial$1,011,295 $991,508 
Defense Electronics1,518,990 1,536,369 
Naval & Power1,266,159 1,270,099 
Corporate and Other292,923 294,581 
Assets held for sale— 10,988 
Total consolidated$4,089,367 $4,103,545 
v3.22.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive loss (1)
— 24,009 24,009 
Net current period other comprehensive income (loss)(10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(6,825)1,393 (5,432)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 4,373 4,373 
Net current period other comprehensive income (loss)(6,825)5,766 (1,059)
March 31, 2022$(106,391)$(85,133)$(191,524)

(1) All amounts are after tax.

Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$86 Other income, net
Amortization of actuarial losses(4,006)Other income, net
Settlements(1,842)Other income, net
(5,762)Earnings before income taxes
1,389 Provision for income taxes
Total reclassifications$(4,373)Net earnings
v3.22.1
CONTINGENCIES AND COMMITMENTS
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS 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 condensed consolidated financial condition, results of operations, and cash flows.

Legal Proceedings

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

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of March 31, 2022 and December 31, 2021, there were $19.5 million and $21.1 million of stand-by letters of credit outstanding, respectively. As of March 31, 2022 and December 31, 2021, there were $2.7 million and $4.5 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $35.2 million surety bond.

AP1000 Program

In February 2022, the Corporation and Westinghouse Electric Company (WEC) executed a settlement agreement to resolve all open claims and counterclaims under the AP1000 U.S. and China contracts. Under the terms of the settlement agreement, the Corporation paid WEC $15 million in 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, as well as negotiating and executing a right of first refusal for all future AP1000 projects. As of December 31, 2021, the Corporation was adequately accrued regarding this matter.
v3.22.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three months ended March 31, 2022 and 2021, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2021 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.22.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three months ended March 31, 2022 and 2021:
Three Months Ended
March 31,
20222021
Over-time53 %52 %
Point-in-time47 %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 TypeThree Months Ended
March 31,
(In thousands)20222021
Aerospace & Defense
Aerospace Defense$98,004 $111,016 
Ground Defense39,108 55,746 
Naval Defense162,967 177,905 
Commercial Aerospace60,892 57,269 
Total Aerospace & Defense customers$360,971 $401,936 
Commercial
Power & Process$104,788 $105,504 
General Industrial93,702 89,619 
Total Commercial customers$198,490 $195,123 
Total$559,461 $597,059 
v3.22.1
RECEIVABLES (Table)
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)March 31, 2022December 31, 2021
Billed receivables:
Trade and other receivables$352,905 $362,007 
Unbilled receivables:
Recoverable costs and estimated earnings not billed314,240 291,758 
Less: Progress payments applied
(1,202)(1,297)
Net unbilled receivables313,038 290,461 
Less: Allowance for doubtful accounts
(4,814)(5,320)
Receivables, net$661,129 $647,148 
v3.22.1
INVENTORIES (Table)
 3 Months Ended
Mar. 31, 2022
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:
(In thousands)March 31, 2022December 31, 2021
Raw materials$217,900 $191,066 
Work-in-process81,618 78,221 
Finished goods106,167 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
47,387 48,619 
Inventories, net of reserves453,072 416,850 
Less:  Progress payments applied(4,950)(5,283)
Inventories, net$448,122 $411,567 

(1) This caption includes capitalized development costs of $24.9 million as of March 31, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2022, capitalized development costs of $17.1 million are not currently supported by existing firm orders.
v3.22.1
GOODWILL (Table)
 3 Months Ended
Mar. 31, 2022
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 2022 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Adjustments— (469)— (469)
Foreign currency translation adjustment(1,629)(1,861)(168)(3,658)
March 31, 2022$314,518 $711,684 $432,697 $1,458,899 
v3.22.1
OTHER INTANGIBLE ASSETS, NET (Table)
 3 Months Ended
Mar. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class The following tables present the cumulative composition of the Corporation’s intangible assets:
March 31, 2022December 31, 2021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$274,264 $(167,627)$106,637 $274,615 $(164,077)$110,538 
Customer related intangibles568,019 (277,504)290,515 568,720 (270,816)297,904 
Programs (1)
144,000 (28,800)115,200 144,000 (27,000)117,000 
Other intangible assets49,512 (37,951)11,561 49,559 (36,924)12,635 
Total$1,035,795 $(511,882)$523,913 $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 The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2022$55 
2023$52 
2024$48 
2025$45 
2026$44 
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 3 Months Ended
Mar. 31, 2022
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
March 31, 2022December 31, 2021
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2023$213,900 $213,900 $93,900 $93,900 
3.70% Senior notes due 2023
202,500 204,456 202,500 208,086 
3.85% Senior notes due 2025
90,000 90,363 90,000 95,246 
4.24% Senior notes due 2026
200,000 204,427 200,000 218,421 
4.05% Senior notes due 2028
67,500 68,571 67,500 73,783 
4.11% Senior notes due 2028
90,000 91,645 90,000 98,854 
3.10% Senior notes due 2030
150,000 142,137 150,000 154,832 
3.20% Senior notes due 2032
150,000 141,071 150,000 154,875 
Total debt1,163,900 1,156,570 1,043,900 1,097,997 
Debt issuance costs, net(908)(908)(949)(949)
Unamortized interest rate swap proceeds7,252 7,252 7,659 7,659 
Total debt, net$1,170,244 $1,162,914 1,050,610 1,104,707 
v3.22.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 3 Months Ended
Mar. 31, 2022
Retirement Benefits, Description [Abstract]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost were as follows:
Three Months Ended
March 31,
(In thousands)20222021
Service cost$6,063 $6,870 
Interest cost5,288 4,306 
Expected return on plan assets(13,857)(15,180)
Amortization of prior service cost(86)(63)
Amortization of unrecognized actuarial loss4,006 7,143 
Cost of settlements1,842 — 
Net periodic pension cost$3,256 $3,076 
v3.22.1
EARNINGS PER SHARE (Table)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: 
Three Months Ended
March 31,
(In thousands)20222021
Basic weighted-average shares outstanding38,456 40,933 
Dilutive effect of deferred stock compensation212 170 
Diluted weighted-average shares outstanding38,668 41,103 
v3.22.1
SEGMENT INFORMATION (Table)
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months Ended
March 31,
(In thousands)20222021
Net sales
Aerospace & Industrial$191,850 $181,138 
Defense Electronics143,938 182,298 
Naval & Power225,315 235,580 
Less: Intersegment revenues(1,642)(1,957)
Total consolidated$559,461 $597,059 
Operating income (expense)
Aerospace & Industrial$24,853 $19,025 
Defense Electronics23,290 36,623 
Naval & Power27,288 38,057 
Corporate and other (1)
(14,921)(8,639)
Total consolidated$60,510 $85,066 

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months Ended
March 31,
(In thousands)20222021
Total operating income$60,510 $85,066 
Interest expense9,530 9,959 
Other income, net2,997 4,843 
Earnings before income taxes$53,977 $79,950 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)March 31, 2022December 31, 2021
Identifiable assets
Aerospace & Industrial$1,011,295 $991,508 
Defense Electronics1,518,990 1,536,369 
Naval & Power1,266,159 1,270,099 
Corporate and Other292,923 294,581 
Assets held for sale— 10,988 
Total consolidated$4,089,367 $4,103,545 
v3.22.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 3 Months Ended
Mar. 31, 2022
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive loss (1)
— 24,009 24,009 
Net current period other comprehensive income (loss)(10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(6,825)1,393 (5,432)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 4,373 4,373 
Net current period other comprehensive income (loss)(6,825)5,766 (1,059)
March 31, 2022$(106,391)$(85,133)$(191,524)

(1) All amounts are after tax.
Reclassification out of Accumulated Other Comprehensive Income
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$86 Other income, net
Amortization of actuarial losses(4,006)Other income, net
Settlements(1,842)Other income, net
(5,762)Earnings before income taxes
1,389 Provision for income taxes
Total reclassifications$(4,373)Net earnings
v3.22.1
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Net sales $ 559,461 $ 597,059
Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 360,971 401,936
Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 198,490 195,123
Defense Aerospace [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 98,004 111,016
Defense Ground [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 39,108 55,746
Defense Naval [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 162,967 177,905
Commercial Aerospace [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 60,892 57,269
Power &Process [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 104,788 105,504
General Industrial [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales $ 93,702 $ 89,619
Transferred over Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 53.00% 52.00%
Transferred at Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 47.00% 48.00%
v3.22.1
REVENUE ADDITIONAL DETAILS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenue from Contract with Customer [Abstract]    
Revenue, Remaining Performance Obligation, Amount $ 2,300.0  
Revenue, Remaining Performance Obligation, Percentage 89.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months  
Contract with Customer, Liability, Revenue Recognized $ 79.0 $ 77.0
v3.22.1
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended
Jan. 31, 2022
Mar. 31, 2022
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]      
Proceeds from Divestiture of Businesses $ 3,000    
Loss on divestiture   $ 4,651 $ 0
v3.22.1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Billed receivables:    
Trade and other receivables $ 352,905 $ 362,007
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 314,240 291,758
Contract Receivable, Progress Payment Offset (1,202) (1,297)
Net unbilled receivables 313,038 290,461
Less: Allowance for doubtful accounts (4,814) (5,320)
Receivables, net $ 661,129 $ 647,148
v3.22.1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 217,900 $ 191,066
Inventory, Work in Process, Net of Reserves 81,618 78,221
Inventory, Finished Goods, Net of Reserves 106,167 98,944
Inventory For Long-term Contracts Or Programs, Net Of Reserves 47,387 48,619
Inventories, Net of Reserves 453,072 416,850
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (4,950) (5,283)
Inventories, net $ 448,122 $ 411,567
v3.22.1
INVENTORIES (Narrative) (Detail)
$ in Millions
Mar. 31, 2022
USD ($)
Inventory, Net [Abstract]  
Other inventory, capitalized costs $ 24.9
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 17.1
v3.22.1
GOODWILL (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
USD ($)
Goodwill [Roll Forward]  
December 31, 2021 $ 1,463,026
Goodwill, Other Increase (Decrease) (469)
Foreign currency translation adjustment (3,658)
March 31, 2022 1,458,899
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2021 316,147
Foreign currency translation adjustment (1,629)
March 31, 2022 314,518
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2021 714,014
Goodwill, Other Increase (Decrease) (469)
Foreign currency translation adjustment (1,861)
March 31, 2022 711,684
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2021 432,865
Foreign currency translation adjustment (168)
March 31, 2022 $ 432,697
v3.22.1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,035,795 $ 1,036,894
Accumulated Amortization (511,882) (498,817)
Net 523,913 538,077
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 274,264 274,615
Accumulated Amortization (167,627) (164,077)
Net 106,637 110,538
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 568,019 568,720
Accumulated Amortization (277,504) (270,816)
Net 290,515 297,904
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (28,800) (27,000)
Net 115,200 117,000
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 49,512 49,559
Accumulated Amortization (37,951) (36,924)
Net $ 11,561 $ 12,635
v3.22.1
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 14.0 $ 15.0
Future amortization expense in remainder of fiscal year 55.0  
Future amortization expense in year one 52.0  
Future amortization expense in year two 48.0  
Future amortization expense in year three 45.0  
Future amortization expense in year four $ 44.0  
v3.22.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Mar. 31, 2022
Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,170,244 $ 1,050,610
Estimated Fair Value 1,162,914 1,104,707
Long-term Debt, Gross 1,163,900 1,043,900
Debt Issuance Costs, Net (908) (949)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 7,252 7,659
Revolving Credit Facility    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 213,900 93,900
Estimated Fair Value 213,900 93,900
3.70% Senior notes due 2023 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 202,500 202,500
Estimated Fair Value $ 204,456 208,086
Debt Instrument, Interest Rate, Stated Percentage 3.70%  
3.85% Senior notes due 2025 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 90,363 95,246
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 204,427 218,421
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 68,571 73,783
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 91,645 98,854
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 142,137 154,832
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior Notes [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 141,071 154,875
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
Long-term Debt, gross [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 1,156,570 $ 1,097,997
v3.22.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 6,063 $ 6,870
Interest cost 5,288 4,306
Expected return on plan assets (13,857) (15,180)
Amortization of prior service cost (86) (63)
Amortization of unrecognized actuarial loss 4,006 7,143
Gain (Loss) Due to Settlement (1,842) 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 3,256 $ 3,076
v3.22.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Defined Contribution Plan Disclosure [Line Items]    
Defined Contribution Plan, Employer Contribution, Percentage, Maximum 7.00%  
Defined Contribution Plan, Cost $ 5.7 $ 5.3
v3.22.1
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Earnings Per Share Reconciliation [Abstract]    
Basic weighted-average shares outstanding (shares) 38,456 40,933
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 212 170
Diluted weighted-average shares outstanding (shares) 38,668 41,103
v3.22.1
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 26,000 88,000
v3.22.1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Net sales $ 559,461 $ 597,059  
Operating income (expense) 60,510 85,066  
Identifiable assets 4,089,367   $ 4,103,545
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Net sales (1,642) (1,957)  
Operating Segments | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Net sales 191,850 181,138  
Operating income (expense) 24,853 19,025  
Identifiable assets 1,011,295   991,508
Operating Segments | Defense Electronics      
Segment Reporting Information [Line Items]      
Net sales 143,938 182,298  
Operating income (expense) 23,290 36,623  
Identifiable assets 1,518,990   1,536,369
Operating Segments | Naval & Power      
Segment Reporting Information [Line Items]      
Net sales 225,315 235,580  
Operating income (expense) 27,288 38,057  
Identifiable assets 1,266,159   1,270,099
Operating Segments | Corporate and Other      
Segment Reporting Information [Line Items]      
Operating income (expense) (14,921) $ (8,639)  
Identifiable assets 292,923   294,581
Operating Segments | Assets Held For Sale      
Segment Reporting Information [Line Items]      
Identifiable assets $ 0   $ 10,988
v3.22.1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting [Abstract]    
Total operating income $ 60,510 $ 85,066
Interest expense (9,530) (9,959)
Other income, net 2,997 4,843
Earnings before income taxes $ 53,977 $ 79,950
v3.22.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ (190,465) $ (310,856) $ (310,856)
Other comprehensive income (loss) before reclassifications (5,432)   96,382
Amounts reclassified from accumulated other comprehensive loss 4,373   24,009
Other comprehensive income (loss), net of tax (1,059) 1,640 120,391
Ending balance (191,524)   (190,465)
Foreign Currency Translation Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (99,566) (88,737) (88,737)
Other comprehensive income (loss) before reclassifications (6,825)   (10,829)
Amounts reclassified from accumulated other comprehensive loss 0   0
Other comprehensive income (loss), net of tax (6,825)   (10,829)
Ending balance (106,391)   (99,566)
Total Pension and Postretirment Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (90,899) $ (222,119) (222,119)
Other comprehensive income (loss) before reclassifications 1,393   107,211
Amounts reclassified from accumulated other comprehensive loss 4,373   24,009
Other comprehensive income (loss), net of tax 5,766   131,220
Ending balance $ (85,133)   $ (90,899)
v3.22.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Earnings before income taxes $ 53,977 $ 79,950
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member]    
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Amortization of prior service costs 86  
Amortization of actuarial losses (4,006)  
Settlements (1,842)  
Earnings before income taxes (5,762)  
Provision for income taxes 1,389  
Net earnings $ (4,373)  
v3.22.1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2021
AP1000      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party   $ 15.0  
AP1000 | Forecast      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party $ 10.0    
Standby Letters Of Credit      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   19.5 $ 21.1
FinancialStandbyLetterOfCreditMember      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   2.7 $ 4.5
Surety Bond      
Loss Contingencies [Line Items]      
Surety bond outstanding   $ 35.2