CURTISS WRIGHT CORP, 10-Q filed on 5/6/2021
Quarterly Report
v3.21.1
Document and Entity Information - shares
 3 Months Ended
Mar. 31, 2021
Apr. 30, 2021
Cover [Abstract]    
Security Exchange Name NYSE  
Title of 12(b) Security Common Stock  
Entity Interactive Data Current Yes  
City Area Code 704  
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  
Entity Incorporation, State or Country Code DE  
Entity File Number 1-134  
Entity Registrant Name CURTISS WRIGHT CORP  
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
Document Transition Report false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Entity common stock shares outstanding   40,938,233
Trading Symbol CW  
Entity Current Reporting Status Yes  
Emerging Company false  
Small Business false  
Entity Tax Identification Number 13-0612970  
Local Phone Number 869-4600  
Entity Shell Company false  
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Net Sales    
Net sales $ 597,059 $ 601,231
Cost of sales    
Cost of sales 387,302 400,652
Gross profit 209,757 200,579
Research and development expenses 21,863 18,307
Selling expenses 29,596 31,588
General and administrative expenses 73,232 76,658
Restructuring expenses 0 1,580
Operating income 85,066 72,446
Interest expense (9,959) (7,489)
Other income, net 4,843 5,532
Earnings from continuing operations before income taxes 79,950 70,489
Provision for income taxes (20,481) (18,728)
Net earnings $ 59,469 $ 51,761
Basic earnings per share    
Basic earnings per share (usd per share) $ 1.45 $ 1.22
Diluted earnings per share    
Diluted earnings per share (usd per share) 1.45 1.21
Dividends per share $ 0.17 $ 0.17
Weighted average shares outstanding:    
Basic (shares) 40,933 42,456
Diluted (shares) 41,103 42,770
Product    
Net Sales    
Net sales $ 508,975 $ 497,929
Cost of sales    
Cost of sales 329,454 330,813
Service    
Net Sales    
Net sales 88,084 103,302
Cost of sales    
Cost of sales $ 57,848 $ 69,839
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net earnings $ 59,469 $ 51,761
Other comprehensive income    
Foreign currency translation, net of tax [1] (3,960) (50,275)
Pension and postretirement adjustments, net of tax [2] 5,600 4,681
Other comprehensive income (loss), net of tax 1,640 (45,594)
Comprehensive income $ 61,109 $ 6,167
[1] The tax benefit (expense) included in foreign currency translation adjustments for the three months ended March 31, 2021 and 2020 was immaterial.
[2] The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2021 and 2020 was $1.7 million and $1.3 million, respectively.
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax [1] $ 1.7 $ 1.3
[1] The tax expense included in pension and postretirement adjustments for the three months ended March 31, 2021 and 2020 was $1.7 million and $1.3 million, respectively.
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 147,069 $ 198,248
Receivables, net 617,499 588,718
Inventories, net 446,632 428,879
Assets held for sale 27,055 27,584
Other current assets 48,484 57,395
Total current assets 1,286,739 1,300,824
Property, plant, and equipment, net 369,970 378,200
Goodwill 1,465,224 1,455,137
Other intangible assets, net 583,195 609,630
Operating Lease, Right-of-Use Asset 143,969 150,898
Prepaid pension asset 99,087 92,531
Other assets 32,866 34,114
Total assets 3,981,050 4,021,334
Current liabilities:    
Current portion of long-term debt and short-term debt 100,000 100,000
Accounts payable 160,765 201,237
Accrued expenses 108,486 140,200
Income taxes payable 18,399 6,633
Deferred revenue 238,742 253,411
Total liabilities held for sale, current 9,132 10,141
Other current liabilities 99,278 98,755
Total current liabilities 734,802 810,377
Long-term debt 957,907 958,292
Deferred tax liabilities, net 114,791 115,007
Accrued pension and other postretirement benefit costs 98,645 98,345
Long-term operating lease liability 126,454 133,069
Long-term portion of environmental reserves 15,305 15,422
Other liabilities 94,982 103,248
Total liabilities 2,142,886 2,233,760
Stockholders' Equity    
Common stock, $1 par value,100,000,000 shares authorized as of March 31, 2021 and December 31, 2020; 49,187,378 shares issued as of March 31, 2021 and December 31, 2020; outstanding shares were 40,943,314 as of March 31, 2021 and 40,916,429 as of December 31, 2020 49,187 49,187
Additional paid in capital 119,172 122,535
Retained earnings 2,722,829 2,670,328
Accumulated other comprehensive loss (309,216) (310,856)
Common treasury stock, at cost (8,244,064 shares as of March 31, 2021 and 8,270,949 shares as of December 31, 2020) (743,808) (743,620)
Total stockholders' equity 1,838,164 1,787,574
Total liabilities and stockholders' equity $ 3,981,050 $ 4,021,334
v3.21.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2021
Dec. 31, 2020
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 40,943,314 40,916,429
Treasury Stock, Shares 8,244,064 8,270,949
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net earnings $ 59,469 $ 51,761
Adjustments to reconcile net earnings to net cash used for operating activities    
Depreciation and amortization 28,595 28,142
Gain on sale/disposal of long-lived assets (349) (387)
Deferred income taxes 3,629 2,809
Share-based compensation 3,327 3,340
Inventory Write-down 0 1,205
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (27,593) (1,614)
Inventories, net (18,059) (24,099)
Progress payments (1,114) (1,906)
Accounts payable and accrued expenses (71,528) (98,179)
Deferred revenue (14,836) (23,298)
Income taxes payable 16,247 22,783
Net pension and postretirement liabilities 1,182 (149,468)
Other current and long-term assets and liabilities (5,573) (3,665)
Net cash used for operating activities (26,603) (192,576)
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 1,022 2,006
Additions to property, plant, and equipment (8,537) (18,637)
Acquisition of business, net of cash acquired 0 51,043
Additional consideration paid on prior year acquisitions 5,340 0
Net cash used for investing activities (12,855) (67,674)
Cash flows from financing activities:    
Borrowings under revolving credit facility 65,301 188,724
Payment of revolving credit facility 65,301 42,297
Repurchases of common stock (11,797) (112,013)
Proceeds from share-based compensation 4,919 5,066
Proceeds from (Payments for) Other Financing Activities (229) (212)
Net cash provided by (used for) financing activities (7,107) 39,268
Effect of exchange-rate changes on cash (4,614) (12,294)
Net decrease in cash and cash equivalents (51,179) (233,276)
Cash and cash equivalents at beginning of period 198,248 391,033
Cash and cash equivalents at end of period $ 147,069 $ 157,757
v3.21.1
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, 2019   $ 49,187 $ 116,070 $ 2,497,111 $ (325,274) $ (562,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 51,761     51,761    
Other Comprehensive Income (Loss), Net of Tax (45,594)       (45,594)  
Dividends paid/declared       (7,095)    
Restricted stock     (4,115)     4,115
Employee stock purchase plan and stock options exercised     350     4,716
Share-based compensation     3,123     217
Repurchases of common stock           (112,013)
Other     (517)     517
Ending Balance at Mar. 31, 2020   49,187 114,911 2,541,777 (370,868) (665,170)
Beginning Balance at Dec. 31, 2019   49,187 116,070 2,497,111 (325,274) (562,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 14,418          
Ending Balance at Dec. 31, 2020 1,787,574 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 and stock options exercised     411     4,508
Share-based compensation     3,230     97
Repurchases of common stock           (11,797)
Other     (597)     597
Ending Balance at Mar. 31, 2021 $ 1,838,164 $ 49,187 $ 119,172 $ 2,722,829 $ (309,216) $ (743,808)
v3.21.1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]    
Treasury Stock, Shares, Acquired 0.1 1.1
v3.21.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2021
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, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general 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, 2021 and 2020, 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 2020 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.
On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
v3.21.1
REVENUE
 3 Months Ended
Mar. 31, 2021
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, 2021 and 2020:

Three Months Ended
March 31,
20212020
Over-time52 %52 %
Point-in-time48 %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 $2.1 billion as of March 31, 2021, of which the Corporation expects to recognize approximately 88% 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)20212020
Aerospace & Defense
Aerospace Defense$111,016 $101,827 
Ground Defense55,746 22,657 
Naval Defense177,905 165,693 
Commercial Aerospace57,269 100,680 
Total Aerospace & Defense$401,936 $390,857 
Commercial
Power & Process105,504 123,926 
General Industrial89,619 86,448 
Total Commercial$195,123 $210,374 
Total$597,059 $601,231 

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, 2021 and 2020 included in contract liabilities at the beginning of the respective years was approximately $77 million and $89 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.21.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
ACQUISITIONS 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 acquisition purchase price reflects 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. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. 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.

During the three months ended March 31, 2021, the Corporation paid $5 million 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 acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back in accordance with the terms of the Purchase Agreement.

During the three months ended March 31, 2020, the Corporation acquired one business for an aggregate purchase price of $60 million, which is described in more detail below.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the three months ended March 31, 2020.

(In thousands)2020
Accounts receivable$2,696 
Inventory10,233 
Property, plant, and equipment1,316 
Other current and non-current assets185 
Intangible assets24,734 
Operating lease right-of-use assets, net1,992 
Current and non-current liabilities(9,387)
Net tangible and intangible assets31,769 
Goodwill28,442 
Total purchase price$60,211 
Goodwill deductible for tax purposes23,800 

2020 Acquisition

Dyna-Flo

On February 28, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for $60 million, net of cash acquired. The Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Dyna-Flo specializes in control valves, actuators, and control systems for the chemical, petrochemical, and oil and gas markets. The acquired business operates within the Naval & Power segment.
v3.21.1
ASSETS HELD FOR SALE
 3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE 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 is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Condensed Consolidated Balance Sheet. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in an impairment loss of $33 million in the fourth quarter of 2020. No impairment loss was recorded on the assets or liabilities held for sale during the three months ended March 31, 2021.
The aggregate components of assets and liabilities classified as held for sale are as follows:
(In thousands)March 31, 2021December 31, 2020
Assets held for sale:
Receivables, net$8,871 $9,902 
Inventories, net16,807 16,401 
Other current assets1,829 1,798 
Property, plant, and equipment, net4,673 4,821 
Reserve for assets held for sale(5,125)(5,338)
Total assets held for sale, current$27,055 $27,584 
Liabilities held for sale:
Accounts payable$(2,219)$(2,654)
Accrued expenses(1,309)(1,375)
Other current liabilities(173)(748)
Accrued pension and other postretirement benefit costs(5,431)(5,364)
Total liabilities held for sale, current$(9,132)$(10,141)
v3.21.1
RECEIVABLES
 3 Months Ended
Mar. 31, 2021
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, 2021December 31, 2020
Billed receivables:
Trade and other receivables$365,874 $361,460 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed261,495 238,309 
Less: Progress payments applied
(2,294)(3,291)
Net unbilled receivables259,201 235,018 
Less: Allowance for doubtful accounts
(7,576)(7,760)
Receivables, net$617,499 $588,718 
v3.21.1
INVENTORIES
 3 Months Ended
Mar. 31, 2021
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, 2021December 31, 2020
Raw materials$190,874 $177,828 
Work-in-process86,760 80,729 
Finished goods120,594 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
55,195 56,599 
Inventories, net of reserves453,423 435,923 
Less:  Progress payments applied(6,791)(7,044)
Inventories, net$446,632 $428,879 

(1) As of March 31, 2021 and December 31, 2020, this caption also includes capitalized development costs of $28.5 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2021 and December 31, 2020, capitalized development costs of $12.6 million and $13.0 million, respectively, are not currently supported by existing firm orders.
v3.21.1
GOODWILL
 3 Months Ended
Mar. 31, 2021
Goodwill [Abstract]  
GOODWILL GOODWILL
In connection with the change in reportable segments, the Corporation recast its previously reported goodwill balances as of December 31, 2020 on a relative fair value basis. As a result, the Corporation performed an interim quantitative impairment assessment of each of its reporting units, and concluded that no impairment existed as of March 31, 2021. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information on the Corporation’s reportable segments.

The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020
$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 11,228 — 11,228 
Foreign currency translation adjustment432 (1,320)(253)(1,141)
March 31, 2021$317,353 $713,823 $434,048 $1,465,224 
v3.21.1
OTHER INTANGIBLE ASSETS, NET
 3 Months Ended
Mar. 31, 2021
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, 2021December 31, 2020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$275,291 $(152,570)$122,721 $280,595 $(148,064)$132,531 
Customer related intangibles569,959 (247,900)322,059 573,722 (239,798)333,924 
Programs (1)
144,000 (21,600)122,400 144,000 (19,800)124,200 
Other intangible assets49,664 (33,649)16,015 51,493 (32,518)18,975 
Total$1,038,914 $(455,719)$583,195 $1,049,810 $(440,180)$609,630 
(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, 2021 was $14.9 million as compared to $14.1 million in the comparable prior year period.  The estimated amortization expense for the five years ending December 31, 2021 through 2025 is $59.5 million, $55.3 million, $51.5 million, $48.1 million, and $45.5 million, respectively.
v3.21.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 3 Months Ended
Mar. 31, 2021
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, 2021 and December 31, 2020, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings

Undesignated hedges

The gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The gain for the three months ended March 31, 2021 was immaterial. The loss for the three months ended March 31, 2020 was $8.1 million.

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, 2021.  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, 2021December 31, 2020
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
$100,000 $101,796 $100,000 $102,173 
3.70% Senior notes due 2023
202,500 211,611 202,500 211,790 
3.85% Senior notes due 2025
90,000 96,673 90,000 97,429 
4.24% Senior notes due 2026
200,000 219,392 200,000 224,390 
4.05% Senior notes due 2028
67,500 72,994 67,500 75,440 
4.11% Senior notes due 2028
90,000 97,438 90,000 101,047 
3.10% Senior notes due 2030
150,000 148,971 150,000 155,805 
3.20% Senior notes due 2032
150,000 146,813 150,000 155,048 
Total debt1,050,000 1,095,688 1,050,000 1,123,122 
Debt issuance costs, net(1,084)(1,084)(1,147)(1,147)
Unamortized interest rate swap proceeds8,991 8,991 9,439 9,439 
Total debt, net$1,057,907 $1,103,595 $1,058,292 $1,131,414 
v3.21.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 3 Months Ended
Mar. 31, 2021
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANSDefined Benefit Pension Plans
The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2020 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three months ended March 31, 2021 and 2020 were as follows:

Three Months Ended
March 31,
(In thousands)20212020
Service cost$6,870 $6,611 
Interest cost4,306 6,058 
Expected return on plan assets(15,180)(16,896)
Amortization of prior service cost(63)(71)
Amortization of unrecognized actuarial loss7,143 5,749 
Net periodic pension cost$3,076 $1,451 

The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the three months ended March 31, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan.

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, 2021 and 2020, the expense relating to the plan was $5.3 million and $6.0 million, respectively. The Corporation made $11.8 million in contributions to the plan during the three months ended March 31, 2021 and expects to make total contributions of $19.0 million in 2021.
v3.21.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2021
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)20212020
Basic weighted-average shares outstanding40,933 42,456 
Dilutive effect of stock options and deferred stock compensation170 314 
Diluted weighted-average shares outstanding41,103 42,770 

For the three months ended March 31, 2021, approximately 88,000 shares 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. There were no anti-dilutive equity-based awards for three months ended March 31, 2020.
v3.21.1
SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
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)20212020
Net sales
Aerospace & Industrial$181,138 $227,021 
Defense Electronics182,298 140,311 
Naval & Power235,580 235,014 
Less: Intersegment revenues(1,957)(1,115)
Total consolidated$597,059 $601,231 
Operating income (expense)
Aerospace & Industrial$19,025 $32,140 
Defense Electronics36,623 24,063 
Naval & Power38,057 28,110 
Corporate and other (1)
(8,639)(11,867)
Total consolidated$85,066 $72,446 

(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)20212020
Total operating income$85,066 $72,446 
Interest expense9,959 7,489 
Other income, net4,843 5,532 
Earnings before income taxes$79,950 $70,489 

(In thousands)March 31, 2021December 31, 2020
Identifiable assets
Aerospace & Industrial$1,017,236 $1,020,294 
Defense Electronics1,544,100 1,542,686 
Naval & Power1,256,745 1,255,325 
Corporate and Other135,914 175,445 
Assets held for sale27,055 27,584 
Total consolidated$3,981,050 $4,021,334 
v3.21.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 3 Months Ended
Mar. 31, 2021
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, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive income (loss) before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive loss (1)
— 17,649 17,649 
Net current period other comprehensive income (loss)41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(3,960)350 (3,610)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 5,250 5,250 
Net current period other comprehensive income (loss)(3,960)5,600 1,640 
March 31, 2021$(92,697)$(216,519)$(309,216)

(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$216 Other income, net
Amortization of actuarial losses(7,143)Other income, net
(6,927)Earnings before income taxes
1,677 Provision for income taxes
Total reclassifications$(5,250)Net earnings
v3.21.1
CONTINGENCIES AND COMMITMENTS
 3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
In the ordinary course of business, the Corporation and its subsidiaries are subject to various pending claims, lawsuits, and contingent liabilities. 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 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, 2021 and December 31, 2020, there were $19.7 million and $21.1 million of stand-by letters of credit outstanding, respectively. As of both March 31, 2021 and December 31, 2020, there were $5.6 million of bank guarantees outstanding. 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 $45.6 million surety bond.

AP1000 Program

Within the Corporation’s Naval & Power segment, Electro-Mechanical Division (EMD) is the RCP supplier for the Westinghouse Electric Company (WEC) AP1000 nuclear power plants in China and the United States. The terms of the AP1000 China and U.S. contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. The Corporation would be liable for liquidated damages if the Corporation was deemed responsible for not meeting the delivery dates. The Corporation did not meet certain contractual delivery dates under its AP1000 U.S. and China contracts; however, there are significant counterclaims and uncertainties as to which parties are responsible for the delay. In January 2021, the Corporation and WEC agreed to participate in formal non-binding mediation to settle all open disputes under both contracts. The mediation is tentatively scheduled to start late in the second quarter of 2021. As of March 31, 2021, the range of possible loss for liquidated damages on these two contracts is $0 to $55.5 million, consisting of $0 to $25 million on the China contract and $0 to $31 million on the U.S. contract. The Corporation believes that the ultimate resolution of these two matters will not have a material impact on its consolidated financial statements.
v3.21.1
RESTRUCTURING COSTS
 3 Months Ended
Mar. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring Costs RESTRUCTURING COSTS
During the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which included workforce reductions and consolidation of facilities, were substantially completed as of December 31, 2020. As of March 31, 2021 and December 31, 2020, the restructuring liability associated with these restructuring activities was $4.1 million and $6.9 million, respectively, with such liability expected to be substantially settled as of December 31, 2021. These balances are reported within Other Current Liabilities on the Condensed Consolidated Balance Sheet.

******
v3.21.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2021
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, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general 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, 2021 and 2020, 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 2020 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.
On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
v3.21.1
REVENUE (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 and 2020:

Three Months Ended
March 31,
20212020
Over-time52 %52 %
Point-in-time48 %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)20212020
Aerospace & Defense
Aerospace Defense$111,016 $101,827 
Ground Defense55,746 22,657 
Naval Defense177,905 165,693 
Commercial Aerospace57,269 100,680 
Total Aerospace & Defense$401,936 $390,857 
Commercial
Power & Process105,504 123,926 
General Industrial89,619 86,448 
Total Commercial$195,123 $210,374 
Total$597,059 $601,231 
v3.21.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
(In thousands)2020
Accounts receivable$2,696 
Inventory10,233 
Property, plant, and equipment1,316 
Other current and non-current assets185 
Intangible assets24,734 
Operating lease right-of-use assets, net1,992 
Current and non-current liabilities(9,387)
Net tangible and intangible assets31,769 
Goodwill28,442 
Total purchase price$60,211 
Goodwill deductible for tax purposes23,800 
v3.21.1
ASSETS HELD FOR SALE (Tables)
 3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Aggregate Components of Assets and Liabilities Held for Sale
The aggregate components of assets and liabilities classified as held for sale are as follows:
(In thousands)March 31, 2021December 31, 2020
Assets held for sale:
Receivables, net$8,871 $9,902 
Inventories, net16,807 16,401 
Other current assets1,829 1,798 
Property, plant, and equipment, net4,673 4,821 
Reserve for assets held for sale(5,125)(5,338)
Total assets held for sale, current$27,055 $27,584 
Liabilities held for sale:
Accounts payable$(2,219)$(2,654)
Accrued expenses(1,309)(1,375)
Other current liabilities(173)(748)
Accrued pension and other postretirement benefit costs(5,431)(5,364)
Total liabilities held for sale, current$(9,132)$(10,141)
v3.21.1
RECEIVABLES (Table)
 3 Months Ended
Mar. 31, 2021
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:

(In thousands)March 31, 2021December 31, 2020
Billed receivables:
Trade and other receivables$365,874 $361,460 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed261,495 238,309 
Less: Progress payments applied
(2,294)(3,291)
Net unbilled receivables259,201 235,018 
Less: Allowance for doubtful accounts
(7,576)(7,760)
Receivables, net$617,499 $588,718 
v3.21.1
INVENTORIES (Table)
 3 Months Ended
Mar. 31, 2021
Inventory, Net [Abstract]  
Schedule Of Inventory The composition of inventories is as follows:
(In thousands)March 31, 2021December 31, 2020
Raw materials$190,874 $177,828 
Work-in-process86,760 80,729 
Finished goods120,594 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
55,195 56,599 
Inventories, net of reserves453,423 435,923 
Less:  Progress payments applied(6,791)(7,044)
Inventories, net$446,632 $428,879 

(1) As of March 31, 2021 and December 31, 2020, this caption also includes capitalized development costs of $28.5 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of March 31, 2021 and December 31, 2020, capitalized development costs of $12.6 million and $13.0 million, respectively, are not currently supported by existing firm orders.
v3.21.1
GOODWILL (Table)
 3 Months Ended
Mar. 31, 2021
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the three months ended March 31, 2021 are as follows:

(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020
$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 11,228 — 11,228 
Foreign currency translation adjustment432 (1,320)(253)(1,141)
March 31, 2021$317,353 $713,823 $434,048 $1,465,224 
(1) Amount relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
v3.21.1
OTHER INTANGIBLE ASSETS, NET (Table)
 3 Months Ended
Mar. 31, 2021
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, 2021December 31, 2020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$275,291 $(152,570)$122,721 $280,595 $(148,064)$132,531 
Customer related intangibles569,959 (247,900)322,059 573,722 (239,798)333,924 
Programs (1)
144,000 (21,600)122,400 144,000 (19,800)124,200 
Other intangible assets49,664 (33,649)16,015 51,493 (32,518)18,975 
Total$1,038,914 $(455,719)$583,195 $1,049,810 $(440,180)$609,630 
(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.
v3.21.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 3 Months Ended
Mar. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
March 31, 2021December 31, 2020
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
$100,000 $101,796 $100,000 $102,173 
3.70% Senior notes due 2023
202,500 211,611 202,500 211,790 
3.85% Senior notes due 2025
90,000 96,673 90,000 97,429 
4.24% Senior notes due 2026
200,000 219,392 200,000 224,390 
4.05% Senior notes due 2028
67,500 72,994 67,500 75,440 
4.11% Senior notes due 2028
90,000 97,438 90,000 101,047 
3.10% Senior notes due 2030
150,000 148,971 150,000 155,805 
3.20% Senior notes due 2032
150,000 146,813 150,000 155,048 
Total debt1,050,000 1,095,688 1,050,000 1,123,122 
Debt issuance costs, net(1,084)(1,084)(1,147)(1,147)
Unamortized interest rate swap proceeds8,991 8,991 9,439 9,439 
Total debt, net$1,057,907 $1,103,595 $1,058,292 $1,131,414 
v3.21.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 3 Months Ended
Mar. 31, 2021
Pension Plans Defined Benefit [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost for the three months ended March 31, 2021 and 2020 were as follows:

Three Months Ended
March 31,
(In thousands)20212020
Service cost$6,870 $6,611 
Interest cost4,306 6,058 
Expected return on plan assets(15,180)(16,896)
Amortization of prior service cost(63)(71)
Amortization of unrecognized actuarial loss7,143 5,749 
Net periodic pension cost$3,076 $1,451 
v3.21.1
EARNINGS PER SHARE (Table)
 3 Months Ended
Mar. 31, 2021
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)20212020
Basic weighted-average shares outstanding40,933 42,456 
Dilutive effect of stock options and deferred stock compensation170 314 
Diluted weighted-average shares outstanding41,103 42,770 
v3.21.1
SEGMENT INFORMATION (Table)
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Three Months Ended
March 31,
(In thousands)20212020
Net sales
Aerospace & Industrial$181,138 $227,021 
Defense Electronics182,298 140,311 
Naval & Power235,580 235,014 
Less: Intersegment revenues(1,957)(1,115)
Total consolidated$597,059 $601,231 
Operating income (expense)
Aerospace & Industrial$19,025 $32,140 
Defense Electronics36,623 24,063 
Naval & Power38,057 28,110 
Corporate and other (1)
(8,639)(11,867)
Total consolidated$85,066 $72,446 

(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
Three Months Ended
March 31,
(In thousands)20212020
Total operating income$85,066 $72,446 
Interest expense9,959 7,489 
Other income, net4,843 5,532 
Earnings before income taxes$79,950 $70,489 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)March 31, 2021December 31, 2020
Identifiable assets
Aerospace & Industrial$1,017,236 $1,020,294 
Defense Electronics1,544,100 1,542,686 
Naval & Power1,256,745 1,255,325 
Corporate and Other135,914 175,445 
Assets held for sale27,055 27,584 
Total consolidated$3,981,050 $4,021,334 
v3.21.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 3 Months Ended
Mar. 31, 2021
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, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive income (loss) before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive loss (1)
— 17,649 17,649 
Net current period other comprehensive income (loss)41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(3,960)350 (3,610)
Amounts reclassified from accumulated other comprehensive income (loss) (1)
— 5,250 5,250 
Net current period other comprehensive income (loss)(3,960)5,600 1,640 
March 31, 2021$(92,697)$(216,519)$(309,216)

(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$216 Other income, net
Amortization of actuarial losses(7,143)Other income, net
(6,927)Earnings before income taxes
1,677 Provision for income taxes
Total reclassifications$(5,250)Net earnings
v3.21.1
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation of Revenue [Line Items]    
Net sales $ 597,059 $ 601,231
Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 401,936 390,857
Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 195,123 210,374
Defense Aerospace [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 111,016 101,827
Defense Ground [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 55,746 22,657
Defense Naval [Member] | Aerospace & Defense    
Disaggregation of Revenue [Line Items]    
Net sales 177,905 165,693
Commercial Aerospace [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 57,269 100,680
Power Generation [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales 105,504 123,926
General Industrial [Member] | Commercial [Member]    
Disaggregation of Revenue [Line Items]    
Net sales $ 89,619 $ 86,448
Transferred over Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 52.00% 52.00%
Transferred at Point in Time [Member]    
Disaggregation of Revenue [Line Items]    
Net Sales, Net, Percent 48.00% 48.00%
v3.21.1
REVENUE ADDITIONAL DETAILS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]    
Contract with Customer, Liability, Revenue Recognized $ 77 $ 89
Revenue, Remaining Performance Obligation, Amount $ 2,100  
Revenue, Remaining Performance Obligation, Percentage 88.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months  
v3.21.1
ACQUISITIONS (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Business Acquisition [Line Items]      
Goodwill $ 1,465,224 $ 1,455,137  
2020 acquisition      
Business Acquisition [Line Items]      
Accounts Receivable     $ 2,696
Inventory     10,233
Property, Plant, and Equipment     1,316
Other Current and Non-current Assets     185
Intangible Assets, Other than Goodwill     24,734
Right of Use Assets     1,992
Current and Non-current Liabilities     (9,387)
Net Tangible and Intangible Assets     31,769
Goodwill     28,442
Total purchase price     60,211
Goodwill deductible for tax purposes     $ 23,800
v3.21.1
ACQUISITIONS Narrative (Details)
$ in Thousands
 3 Months Ended
Feb. 28, 2020
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
NumberAcquisitions
Business Acquisition [Line Items]      
Number of Businesses Acquired | NumberAcquisitions     1
Payments for (Proceeds from) Previous Acquisition   $ (5,340) $ 0
2020 acquisition      
Business Acquisition [Line Items]      
Total purchase price     60,211
Naval & Power      
Business Acquisition [Line Items]      
Total purchase price     $ 60,000
Naval & Power | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]      
Business Acquisition [Line Items]      
Effective Date of Acquisition Feb. 28, 2020    
v3.21.1
ASSETS HELD FOR SALE (Narrative) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Discontinued Operations and Disposal Groups [Abstract]  
Impairment loss $ 33,000
v3.21.1
ASSETS HELD FOR SALE (Details) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Receivables, Net $ 8,871 $ 9,902
Inventories, net 16,807 16,401
Other current assets 1,829 1,798
Property, plant, and equipment, net 4,673 4,821
Reserve for assets held for sale (5,125) (5,338)
Total assets held for sale, current 27,055 27,584
Accounts payable (2,219) (2,654)
Accrued expenses (1,309) (1,375)
Other current liabilities (173) (748)
Accrued pension and other postretirement benefits costs (5,431) (5,364)
Total liabilities held for sale, current $ (9,132) $ (10,141)
v3.21.1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Billed receivables:    
Trade and other receivables $ 365,874 $ 361,460
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 261,495 238,309
Contract Receivable, Progress Payment Offset (2,294) (3,291)
Net unbilled receivables 259,201 235,018
Less: Allowance for doubtful accounts (7,576) (7,760)
Receivables, net $ 617,499 $ 588,718
v3.21.1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 190,874 $ 177,828
Inventory, Work in Process, Net of Reserves 86,760 80,729
Inventory, Finished Goods, Net of Reserves 120,594 120,767
Inventory For Long-term Contracts Or Programs, Net Of Reserves 55,195 56,599
Inventories, Net of Reserves 453,423 435,923
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (6,791) (7,044)
Inventories, net $ 446,632 $ 428,879
v3.21.1
INVENTORIES (Narrative) (Detail) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Inventory, Net [Abstract]    
Other inventory, capitalized costs $ 28.5 $ 29.7
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 12.6 $ 13.0
v3.21.1
GOODWILL (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
USD ($)
Goodwill [Roll Forward]  
December 31, 2020 $ 1,455,137
Goodwill, Other Increase (Decrease) 11,228
Foreign currency translation adjustment (1,141)
March 31, 2021 1,465,224
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2020 316,921
Foreign currency translation adjustment 432
March 31, 2021 317,353
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2020 703,915
Goodwill, Other Increase (Decrease) 11,228
Foreign currency translation adjustment (1,320)
March 31, 2021 713,823
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2020 434,301
Foreign currency translation adjustment (253)
March 31, 2021 $ 434,048
v3.21.1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,038,914 $ 1,049,810
Accumulated Amortization (455,719) (440,180)
Net 583,195 609,630
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 275,291 280,595
Accumulated Amortization (152,570) (148,064)
Net 122,721 132,531
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 569,959 573,722
Accumulated Amortization (247,900) (239,798)
Net 322,059 333,924
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (21,600) (19,800)
Net 122,400 124,200
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 49,664 51,493
Accumulated Amortization (33,649) (32,518)
Net $ 16,015 $ 18,975
v3.21.1
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 14.9 $ 14.1
Future amortization expense in remainder of fiscal year 59.5  
Future amortization expense in year one 55.3  
Future amortization expense in year two 51.5  
Future amortization expense in year three 48.1  
Future amortization expense in year four $ 45.5  
v3.21.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail)
$ in Thousands
 3 Months Ended
Mar. 31, 2020
USD ($)
General and Administrative Expense [Member]  
Derivative Instruments, Gain (Loss) [Line Items]  
General and administrative expenses $ (8,100)
v3.21.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Mar. 31, 2021
Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,057,907 $ 1,058,292
Estimated Fair Value 1,103,595 1,131,414
Long-term Debt, Gross 1,050,000 1,050,000
Debt Issuance Costs, Net (1,084) (1,147)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 8,991 9,439
3.84% Senior notes due 2021 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 100,000 100,000
Estimated Fair Value $ 101,796 102,173
Debt Instrument, Interest Rate, Stated Percentage 3.84%  
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 $ 211,611 211,790
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 $ 96,673 97,429
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 $ 219,392 224,390
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 $ 72,994 75,440
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 $ 97,438 101,047
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 $ 148,971 155,805
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 $ 146,813 155,048
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 $ 1,095,688 $ 1,123,122
v3.21.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 6,870 $ 6,611
Interest cost 4,306 6,058
Expected return on plan assets (15,180) (16,896)
Amortization of prior service cost (63) (71)
Amortization of unrecognized actuarial loss 7,143 5,749
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 3,076 1,451
Defined Benefit Plan, Plan Assets, Contributions by Employer   $ 150,000
v3.21.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2021
Defined Contribution Plan Disclosure [Line Items]      
Defined Contribution Plan, Employer Contribution, Percentage, Maximum 7.00%    
Defined Contribution Plan, Cost $ 5.3 $ 6.0  
Defined Contribution Plan, Employer Discretionary Contribution Amount $ 11.8    
Forecast [Member]      
Defined Contribution Plan Disclosure [Line Items]      
Defined Contribution Plan, Employer Discretionary Contribution Amount     $ 19.0
v3.21.1
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Earnings Per Share Reconciliation [Abstract]    
Basic weighted-average shares outstanding (shares) 40,933 42,456
Dilutive effect of stock options and deferred stock compensation (shares) 170 314
Diluted weighted-average shares outstanding (shares) 41,103 42,770
v3.21.1
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 88 0
v3.21.1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Segment Reporting Information [Line Items]      
Net sales $ 597,059 $ 601,231  
Operating income (expense) 85,066 72,446  
Identifiable assets 3,981,050   $ 4,021,334
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Net sales (1,957) (1,115)  
Operating Segments | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Net sales 181,138 227,021  
Operating income (expense) 19,025 32,140  
Identifiable assets 1,017,236   1,020,294
Operating Segments | Defense Electronics      
Segment Reporting Information [Line Items]      
Net sales 182,298 140,311  
Operating income (expense) 36,623 24,063  
Identifiable assets 1,544,100   1,542,686
Operating Segments | Naval & Power      
Segment Reporting Information [Line Items]      
Net sales 235,580 235,014  
Operating income (expense) 38,057 28,110  
Identifiable assets 1,256,745   1,255,325
Operating Segments | Corporate and Other      
Segment Reporting Information [Line Items]      
Operating income (expense) (8,639) $ (11,867)  
Identifiable assets 135,914   175,445
Operating Segments | Assets Held For Sale      
Segment Reporting Information [Line Items]      
Identifiable assets $ 27,055   $ 27,584
v3.21.1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Segment Reporting [Abstract]    
Total operating income $ 85,066 $ 72,446
Interest expense (9,959) (7,489)
Other income, net 4,843 5,532
Earnings before income taxes $ 79,950 $ 70,489
v3.21.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance $ (310,856) $ (325,274) $ (325,274)
Other comprehensive income (loss) before reclassifications (3,610)   (3,231)
Amounts reclassified from accumulated other comprehensive loss 5,250   17,649
Other comprehensive income (loss), net of tax 1,640 (45,594) 14,418
Ending balance (309,216)   (310,856)
Foreign Currency Translation Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (88,737) (130,019) (130,019)
Other comprehensive income (loss) before reclassifications (3,960)   41,282
Amounts reclassified from accumulated other comprehensive loss 0   0
Other comprehensive income (loss), net of tax (3,960)   41,282
Ending balance (92,697)   (88,737)
Total Pension and Postretirment Adjustments, Net [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Beginning balance (222,119) $ (195,255) (195,255)
Other comprehensive income (loss) before reclassifications 350   (44,513)
Amounts reclassified from accumulated other comprehensive loss 5,250   17,649
Other comprehensive income (loss), net of tax 5,600   (26,864)
Ending balance $ (216,519)   $ (222,119)
v3.21.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]    
Earnings from continuing operations before income taxes $ 79,950 $ 70,489
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 216  
Amortization of actuarial losses (7,143)  
Earnings from continuing operations before income taxes (6,927)  
Provision for income taxes 1,677  
Net earnings $ (5,250)  
v3.21.1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
Mar. 31, 2021
Dec. 31, 2020
Standby Letters Of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit, outstanding $ 19,700,000 $ 21,100,000
FinancialStandbyLetterOfCreditMember    
Loss Contingencies [Line Items]    
Letters of credit, outstanding 5,600,000 $ 5,600,000
Surety Bond [Member]    
Loss Contingencies [Line Items]    
Surety Bond Outstanding 45,600,000  
Minimum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 0  
Minimum [Member] | AP1000 US [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 0  
Minimum [Member] | AP1000 China    
Loss Contingencies [Line Items]    
Range of possible loss 0  
Maximum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 55,500,000  
Maximum [Member] | AP1000 US [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 31,000,000  
Maximum [Member] | AP1000 China    
Loss Contingencies [Line Items]    
Range of possible loss $ 25,000,000  
v3.21.1
RESTRUCTURING COSTS - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]    
Restructuring Reserve $ 4.1 $ 6.9