CURTISS WRIGHT CORP, 10-K filed on 2/25/2021
Annual Report
v3.20.4
Document and Entity Information - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Jan. 31, 2021
Jun. 30, 2020
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2020    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-134    
Entity Registrant Name CURTISS-WRIGHT CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-0612970    
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300    
Entity Address, City or Town Davidson,    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 28036    
City Area Code 704    
Local Phone Number 869-4600    
Title of 12(b) Security Common Stock    
Trading Symbol CW    
Security Exchange Name NYSE    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 3,300
Entity Common Stock, Shares Outstanding   40,938,180  
Documents Incorporated by Reference Portions of the Proxy Statement of the Registrant with respect to the 2021 Annual Meeting of Stockholders to be held on May 6, 2021 are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0000026324    
Document Fiscal Year Focus 2020    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.20.4
CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Net Sales      
Net Sales $ 2,391,336 $ 2,487,961 $ 2,411,835
Total net sales 2,391,336 2,487,961 2,411,835
Cost of Revenue [Abstract]      
Total cost of sales 1,550,109 1,589,216 1,540,574
Gross profit 841,227 898,745 871,261
Research and development expenses 74,816 72,520 64,525
Selling expenses 109,537 120,861 126,641
General and administrative expenses 303,288 301,411 306,469
Impairment of assets held for sale 33,043 0 0
Restructuring expenses 31,695    
Operating income 288,848 403,953 373,626
Interest expense 35,545 31,347 33,983
Other income, net 9,748 23,856 16,596
Earnings before income taxes 263,051 396,462 356,239
Provision for income taxes (61,659) (88,879) (80,490)
Net earnings $ 201,392 $ 307,583 $ 275,749
Basic earnings per share      
Basic earnings per share $ 4.83 $ 7.20 $ 6.28
Diluted earnings per share      
Diluted earnings per share 4.80 7.15 6.22
Dividends per share $ 0.68 $ 0.66 $ 0.60
Weighted average shares outstanding:      
Basic 41,738 42,739 43,892
Diluted 41,999 43,016 44,316
Product [Member]      
Net Sales      
Net Sales $ 2,041,086 $ 2,073,530 $ 1,993,249
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,319,562 1,329,761 1,272,599
Service [Member]      
Net Sales      
Net Sales 350,250 414,431 418,586
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold $ 230,547 $ 259,455 $ 267,975
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Net earnings $ 201,392 $ 307,583 $ 275,749
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]      
Foreign currency translation, net of tax [1] 41,282 18,447 (52,440)
Pension and postretirement adjustments, net of tax [2] (26,864) (29,017) (19,167)
Other Comprehensive Income (Loss), Net of Tax 14,418 (10,570) (71,607)
Comprehensive Income $ 215,810 $ 297,013 $ 204,142
[1] The tax benefit (expense) included in other comprehensive income for foreign currency translation adjustments for 2020, 2019, and 2018 was immaterial.
[2] The tax benefit included in other comprehensive income for pension and postretirement adjustments for 2020, 2019, and 2018 was $8.3 million, $8.5 million, and $7.0 million, respectively.
v3.20.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ 8.3 $ 8.5 $ 7.0
v3.20.4
CONSOLIDATED BALANCE SHEET - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 198,248,000 $ 391,033,000
Receivables, net 588,718,000 632,194,000
Inventories, net 428,879,000 424,835,000
Assets held for sale 27,584,000 0
Other current assets 57,395,000 81,729,000
Total current assets 1,300,824,000 1,529,791,000
Property, plant, and equipment, net 378,200,000 385,593,000
Goodwill 1,455,137,000 1,166,680,000
Other intangible assets, net 609,630,000 479,907,000
Operating lease right-of-use assets, net 150,898,000 165,490,000
Pension asset 92,531,000  
Other assets 34,114,000 36,800,000
Total assets 4,021,334,000 3,764,261,000
Current liabilities:    
Current portion of long-term debt and short-term debt 100,000,000 0
Accounts payable 201,237,000 222,000,000
Accrued expenses 140,200,000 164,744,000
Income taxes payable 6,633,000 7,670,000
Deferred revenue 253,411,000 276,115,000
Total liabilities held for sale, current 10,141,000  
Other current liabilities 98,755,000 74,202,000
Total current liabilities 810,377,000 744,731,000
Long-term debt 958,292,000 760,639,000
Deferred tax liabilities, net 115,007,000 80,159,000
Accrued pension and other postretirement benefit costs 98,345,000 138,635,000
Operating lease, Long-term operating lease liability 133,069,000 145,124,000
Long-term portion of environmental reserves 15,422,000 15,026,000
Other liabilities 103,248,000 105,575,000
Total liabilities $ 2,233,760,000 $ 1,989,889,000
Common stock authorized 100,000,000 100,000,000
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of December 31, 2020 and December 31, 2019; 49,187,378 shares issued as of December 31, 2020 and December 31, 2019; outstanding shares were 40,916,429 as of December 31, 2020 and 42,680,215 as of December 31, 2019 $ 49,187,000 $ 49,187,000
Additional paid in capital 122,535,000 116,070,000
Retained earnings 2,670,328,000 2,497,111,000
Accumulated other comprehensive loss (310,856,000) (325,274,000)
Common treasury stock, at cost (8,270,949 shares as of December 31, 2020 and 6,507,163 shares as of December 31, 2019) (743,620,000) (562,722,000)
Total stockholders' equity 1,787,574,000 1,774,372,000
Total liabilities and stockholders' equity $ 4,021,334,000 $ 3,764,261,000
v3.20.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common Stock Par Value $ 1 $ 1
CommonStockSharesIssued 49,187,378 49,187,378
CommonStockSharesOutstanding 40,916,429 42,680,215
Common stock authorized 100,000,000 100,000,000
TreasuryStockShares 8,270,949 6,507,163
v3.20.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings $ 201,392 $ 307,583 $ 275,749
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 115,903 102,412 102,949
(Gain) loss on sale of businesses 0 0 (1,735)
(Gain) loss on sale/disposal of long-lived assets 0 (11,054) (1,120)
Deferred income taxes (7,048) 40,787 8,562
Share-based compensation 14,437 13,669 14,094
Impairment of assets held for sale 33,043 0 0
Foreign Currency Transaction Gain (Loss), before Tax 9,351 0 0
Restructuring Costs, Noncash 15,628 0 0
Change in operating assets and liabilities, net of businesses acquired and divested:      
Accounts receivable, net 71,147 (12,613) (57,492)
Inventories, net 15,535 (3,485) (41,197)
Progress Payments (7,689) (4,834) (11,121)
Accounts payable and accrued expenses (55,513) (18,629) 48,930
Deferred revenue (33,179) 36,134 23,082
Income taxes 15,171 (15,625) (8,847)
Net pension and postretirement liabilities (153,375) (1,310) (43,759)
Other current and long-term assets and liabilities 26,377 (11,631) 28,178
Net cash provided by operating activities 261,180 421,404 336,273
Cash flows from investing activities:      
Proceeds from sales and disposals of long-lived assets 2,930 15,093 9,117
Additions to property, plant, and equipment (47,499) (69,752) (53,417)
Payments to Acquire Businesses, Gross (487,944) (185,209) (210,167)
Payments for (Proceeds from) Other Investing Activities 17 172 1,049
Net cash used for investing activities (532,530) (240,040) (255,516)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 570,675 37,692 372,980
Payment of revolving credit facilities (570,675) (37,934) (372,887)
Borrowings of debt 300,000 0 0
Principal payments on debt 0 0 (50,000)
Repurchases of company stock (200,018) (50,661) (198,592)
Proceeds from share-based compensation plans 11,148 11,770 11,940
Dividends paid (28,175) (28,200) (26,328)
Other (874) (812) (752)
Net cash provided by (used for) financing activities 82,081 (68,145) (263,639)
Effect of exchange-rate changes on cash (3,516) 1,748 (16,172)
Net increase (decrease) in cash and cash equivalents (192,785) 114,967 (199,054)
Cash and cash equivalents at beginning of period 391,033 276,066 475,120
Cash and cash equivalents at end of period $ 198,248 $ 391,033 $ 276,066
v3.20.4
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Retained Earnings Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Income Member
Accumulated Other Comprehensive Income Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock Member
Beginning Balance at Dec. 31, 2017   $ 49,187 $ 120,609 $ 1,944,324 $ (2,274) $ (216,840)   $ (369,480)
Accounting Standards Update [Extensible List] us-gaap:AccountingStandardsUpdate201802Member              
Net earnings $ 275,749     275,749        
Other Comprehensive Income (Loss), Net of Tax (71,607)         (71,607)    
Dividends paid       (26,328)        
Restricted Stock     (13,134)         13,134
Stock options exercised, net     (2,355)         14,294
Other     (752) 0       752
Share-based compensation     13,866         228
Repurchase of common stock               (198,592)
Ending Balance at Dec. 31, 2018   49,187 118,234 2,191,471 $ 26,257 (288,447) $ (26,257) (539,664)
Net earnings 307,583     307,583        
Other Comprehensive Income (Loss), Net of Tax (10,570)         (10,570)    
Dividends paid       (28,200)        
Restricted Stock     (10,483)         10,483
Stock options exercised, net     (4,226)         15,996
Other     (719)         719
Share-based compensation     13,264         405
Repurchase of common stock               (50,661)
Ending Balance at Dec. 31, 2019 1,774,372 49,187 116,070 2,497,111   (325,274)   (562,722)
Net earnings 201,392              
Other Comprehensive Income (Loss), Net of Tax 14,418         14,418    
Dividends paid       (28,175)        
Restricted Stock     (4,115)         4,115
Stock options exercised, net     (3,286)         14,434
Other     (517)         517
Share-based compensation     14,383         54
Repurchase of common stock               (200,018)
Ending Balance at Dec. 31, 2020 $ 1,787,574 $ 49,187 $ 122,535 $ 2,670,328   $ (310,856)   $ (743,620)
v3.20.4
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]      
Treasury Stock, Shares, Acquired 2.0 0.4 1.7
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Curtiss-Wright Corporation and its subsidiaries (the Corporation or the Company) is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, general industrial, and power generation markets.

Principles of Consolidation

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

Use of Estimates

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete on certain contracts using the over-time revenue recognition accounting method, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Actual results may differ from these estimates.

Cash and Cash Equivalents

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

Inventory

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

Progress Payments

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

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

Property, Plant, and Equipment

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

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

Intangible Assets

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

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2020, 2019, and 2018.

Goodwill

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

Fair Value of Financial Instruments

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

Research and Development

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

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

Accounting for Share-Based Payments

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

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

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

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

Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. (Gains) and losses from foreign currency transactions are included in General and administrative expenses in the Consolidated Statement of Earnings, which amounted to $3.9 million, $7.2 million, and ($4.5) million for the years ended December 31, 2020, 2019, and 2018, respectively.

Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These (gains) and losses are classified as General and administrative expenses in the Consolidated Statement of Earnings and amounted to $2.3 million, ($2.1) million, and $6.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.

Recently Issued Accounting Standards

Recent accounting standards adopted

ASU 2016-13- Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU added a current expected credit loss impairment model to U.S. GAAP based on expected losses rather than incurred losses. As the Corporation is not subject to material trade credit risk given that a significant portion of its sales are generated from contracts with agencies of or prime contractors to the U.S. Government, the adoption of this standard did not have a material impact on the Corporation's consolidated financial statements as of January 1,
2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assesses current economic conditions in order to determine expected trade credit losses on a prospective basis.
v3.20.4
REVENUE (Notes)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
2. REVENUE

The Corporation accounts for revenues in accordance with ASC 606, Revenue from Contracts with Customers, which was adopted as of January 1, 2018 on a modified retrospective basis. Under ASC 606, revenue is recognized when control of a promised good and/or service is transferred to a customer at a transaction price that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available. In certain instances, the transaction price may include estimated amounts of variable consideration including but not limited to incentives, awards, price escalations, liquidated damages, and penalties, only to the extent that it is probable that a significant reversal of cumulative revenue recognized to date around such variable consideration will not occur. The Corporation estimates variable consideration to be included in the transaction price using either the expected value method or most likely amount method, contingent upon the facts and circumstances of the specific arrangement. Variable consideration associated with the Corporation’s respective arrangements is not typically constrained.

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. Changes in total estimated costs are recognized using the cumulative catch-up method of accounting which recognizes the cumulative effect of the changes on current and prior periods in the current period. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation's consolidated financial position, results or operations, or cash flows. There were no significant changes in estimated contract costs during 2020, 2019, or 2018. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2020, 2019, and 2018:

Year Ended
December 31,
202020192018
Over-time52 %49 %46 %
Point-in-time48 %51 %54 %

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 $2.2 billion as of December 31, 2020, of which the Corporation expects to recognize approximately 85% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
Total Net Sales by End Market and Customer Type
Year Ended December 31,
(In thousands)202020192018
Defense
Aerospace$463,835 $416,841 $376,951 
Ground107,287 93,432 97,131 
Naval692,168 568,776 486,476 
Total Defense Customers$1,263,290 $1,079,049 $960,558 
Commercial
Aerospace$325,518 $433,038 $414,422 
Power Generation331,983 392,173 431,793 
General Industrial470,545 583,701 605,062 
Total Commercial Customers$1,128,046 $1,408,912 $1,451,277 
Total$2,391,336 $2,487,961 $2,411,835 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenues recognized for the years ended December 31, 2020, 2019, and 2018 included in the contract liabilities balance at the beginning of the respective years were approximately $224 million, $198 million, and $164 million, respectively. Changes in contract assets and contract liabilities as of December 31, 2020 were not materially impacted by any other factors. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet.
v3.20.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
ACQUISITIONS
3. ACQUISITIONS

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

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

For the year ended December 31, 2020, the Corporation acquired three businesses for an aggregate purchase price of $496 million, net of cash acquired. For the year ended December 31, 2019, the Corporation acquired two businesses for an aggregate purchase price of $185 million, net of cash acquired. These acquisitions are described in more detail below.

The Corporation's current period acquisitions contributed $40 million of total net sales and $5 million of net losses for the year ended December 31, 2020, which are included in the Consolidated Statement of Earnings. The Corporation's prior period acquisitions contributed $11 million of total net sales and immaterial net earnings for the year ended December 31, 2019.
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during 2020 and 2019:
(In thousands)20202019
Accounts receivable$25,488 $16,551 
Inventory37,840 7,608 
Property, plant, and equipment5,280 1,117 
Intangible assets204,384 94,400 
Operating lease right-of-use assets, net5,562 4,605 
Other current and non-current assets7,050 888 
Current and non-current liabilities(75,257)(11,604)
Net tangible and intangible assets210,347 113,565 
Goodwill285,200 71,644 
Total Purchase price$495,547 $185,209 
Cash paid to date, net of cash acquired$487,944 $185,209 
Due to seller7,603 — 
Total purchase price$495,547 $185,209 
Goodwill deductible for tax purposes$37,234 $72,777 

2020 Acquisitions

Pacific Star Communications, Inc. (PacStar)

On November 2, 2020, the Corporation acquired 100% of the issued and outstanding stock of PacStar for $406 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. PacStar is a provider of tactical communications solutions for battlefield network management. The acquired business operates within the Defense segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

Integrated Air Defense System (IADS)

On April 20, 2020, the Corporation acquired the IADS product line for approximately $29 million. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. IADS is a real-time display and post-test analysis product for flight tests. The acquired product line operates within the Defense segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

Dyna-Flo Control Valve Services Ltd. (Dyna-Flo)

On February 28, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for approximately $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 Commercial/Industrial segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

2019 Acquisitions

901D Holdings, LLC (901D)
On December 31, 2019, the Corporation acquired 100% of the membership interests of 901D for $135 million, net of cash acquired. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. 901D, a designer and manufacturer of mission-critical integrated electronic systems, subsystems, and ruggedized shipboard enclosure solutions supporting every major U.S. Navy shipbuilding program, operates within the Defense segment.

Tactical Communications Group (TCG)
On March 15, 2019, the Corporation acquired 100% of the membership interests of TCG for $50 million, net of cash acquired. TCG, a designer and manufacturer of tactical data link software solutions for critical military communications systems, operates within the Defense segment.
v3.20.4
ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE
4. ASSETS HELD FOR SALE

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Commercial/Industrial 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 Consolidated Balance Sheet as of December 31, 2020. 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 $33.0 million for the year ended December 31, 2020. Such amount has been reported in the "Impairment of assets held for sale" caption within the Corporation’s Consolidated Statement of Earnings.
The aggregate components of assets and liabilities classified as held for sale are as follows:
(In thousands)As of December 31, 2020
Assets held for sale:
Receivables, net$9,902 
Inventories, net16,401 
Other current assets1,798 
Property, plant, and equipment, net4,821 
Reserve for assets held for sale(5,338)
Total assets held for sale, current$27,584 
Liabilities held for sale:
Accounts payable$(2,654)
Accrued expenses(1,375)
Other current liabilities(748)
Accrued pension and other postretirement benefit costs(5,364)
Total liabilities held for sale, current$(10,141)
v3.20.4
RECEIVABLES
 12 Months Ended
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
RECEIVABLES
5. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.
The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 53% and 43% of total net sales in 2020 and 2019, respectively. Total receivables due from government sources (primarily the U.S Government) were $352.7 million and $343.5 million as of December 31, 2020 and 2019, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $198.6 million and $195.7 million as of December 31, 2020 and 2019, respectively.
The composition of receivables as of December 31 is as follows:
(In thousands)20202019
Billed receivables:
Trade and other receivables$361,460 $418,968 
Unbilled receivables:
Recoverable costs and estimated earnings not billed238,309 231,067 
Less: Progress payments applied(3,291)(9,108)
Net unbilled receivables235,018 221,959 
Less: Allowance for doubtful accounts(7,760)(8,733)
Receivables, net$588,718 $632,194 
v3.20.4
INVENTORIES
 12 Months Ended
Dec. 31, 2020
Inventory, Net [Abstract]  
INVENTORIES
6. INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year.  The caption "Inventoried costs related to U.S. Government and other long-term contracts" includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.
The composition of inventories as of December 31 is as follows:
(In thousands)20202019
Raw materials$177,828 $153,876 
Work-in-process80,729 100,359 
Finished goods120,767 108,329 
Inventoried costs related to U.S. Government and other long-term contracts (1)
56,599 70,414 
Inventories, net of reserves435,923 432,978 
Less:  Progress payments applied(7,044)(8,143)
Inventories, net$428,879 $424,835 

(1) As of December 31, 2020 and 2019, this caption also includes capitalized development costs of $29.7 million and $39.1 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2020 and 2019, capitalized development costs of $13.0 million and $23.7 million, respectively, are not currently supported by existing firm orders.
v3.20.4
PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
7. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20202019
Land$17,660 $18,632 
Buildings and improvements236,355 234,112 
Machinery, equipment, and other881,110 849,527 
Property, plant, and equipment, at cost1,135,125 1,102,271 
Less: Accumulated depreciation(756,925)(716,678)
Property, plant, and equipment, net$378,200 $385,593 

Depreciation expense for the years ended December 31, 2020, 2019, and 2018 was $55.3 million, $57.4 million, and $59.4 million, respectively.
v3.20.4
GOODWILL
 12 Months Ended
Dec. 31, 2020
Goodwill [Abstract]  
GOODWILL
8. GOODWILL

The changes in the carrying amount of goodwill for 2020 and 2019 are as follows:
(In thousands)Commercial/IndustrialDefensePowerConsolidated
December 31, 2018$428,983 $451,115 $207,934 $1,088,032 
Acquisitions— 71,644 — 71,644 
Adjustments— (208)— (208)
Foreign currency translation adjustment2,099 4,404 709 7,212 
December 31, 2019$431,082 $526,955 $208,643 $1,166,680 
Acquisitions28,467 256,733 — 285,200 
Impairment on assets held for sale(9,598)— — (9,598)
Adjustments— (1,385)— (1,385)
Foreign currency translation adjustment6,701 7,275 264 14,240 
December 31, 2020$456,652 $789,578 $208,907 $1,455,137 

The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis, including input from third party appraisals when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.
The Corporation completed its annual goodwill impairment testing as of October 31, 2020, 2019, and 2018 and concluded that there was no impairment of goodwill. In connection with classifying its German industrial valves business as held for sale in December 2020, the Corporation recognized a goodwill impairment loss of $9.6 million associated with the disposal group for the year ended December 31, 2020.
v3.20.4
OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET
9. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2020 and December 31, 2019, respectively.
20202019
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology (2)
$280,595 $(148,064)$132,531 $257,676 $(140,390)$117,286 
Customer related intangibles (2)
573,722 (239,798)333,924 ,434,492 (215,855)218,637 
Programs (1)
144,000 (19,800)124,200 144,000 (12,600)131,400 
Other intangible assets
51,493 (32,518)18,975 43,729 (31,145)12,584 
Total$1,049,810 $(440,180)$609,630 $879,897 $(399,990)$479,907 
(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.
(2) During the year ended December 31, 2020, the Corporation recognized an impairment loss of $18.3 million pertaining to technology and customer-related intangibles of its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
During the year ended December 31, 2020, the Corporation acquired intangible assets of $204.4 million, which included Customer-related intangibles of $159.9 million, Technology of $34.6 million, and Other intangible assets of $9.9 million. The weighted average amortization periods for these aforementioned intangible assets are 16.4 years, 8.9 years, and 7.1 years, respectively.
Amortization expense for the years ended December 31, 2020, 2019, and 2018 was $60.6 million, $45.0 million, and $43.6 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2021$61.6 
2022$56.7 
2023$53.0 
2024$49.5 
2025$46.9 
v3.20.4
LEASES
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Leases, Operating
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $41.0 million, $37.2 million, and $38.4 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Operating lease cost $40,961 $37,229 
Finance lease cost:
Depreciation of finance leases$1,037 $812 
Interest on lease liabilities 468 498 
Total finance lease cost$1,505 $1,310 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Cash used for operating activities:
Operating cash flows used for operating leases$(33,842)$(30,665)
Operating cash flows used for finance leases(468)(498)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$8,714 $36,033 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20202019
Operating Leases
Operating lease right-of-use assets, net$150,898 $165,490 
Other current liabilities$27,263 $26,773 
Long-term operating lease liability133,069 145,124 
Total operating lease liabilities$160,332 $171,897 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(6,570)(5,533)
Property, plant, and equipment, net$8,991 $10,028 
Other current liabilities$945 $807 
Other liabilities10,041 10,982 
Total finance lease liabilities$10,986 $11,789 
Weighted average remaining lease term
Operating leases8.6 years9.2 years
Finance leases8.7 years9.7 years
Weighted average discount rate
Operating leases3.67 %3.75 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2020
(In thousands)Operating LeasesFinance Leases
2021$33,630 $1,375 
202227,451 1,410 
202324,532 1,445 
202421,515 1,481 
202515,075 1,518 
Thereafter68,375 5,893 
Total lease payments190,578 13,122 
Less: imputed interest(30,246)(2,136)
Total$160,332 $10,986 
Leases, Finance
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $41.0 million, $37.2 million, and $38.4 million for the years ended December 31, 2020, 2019, and 2018, respectively.

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

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Operating lease cost $40,961 $37,229 
Finance lease cost:
Depreciation of finance leases$1,037 $812 
Interest on lease liabilities 468 498 
Total finance lease cost$1,505 $1,310 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Cash used for operating activities:
Operating cash flows used for operating leases$(33,842)$(30,665)
Operating cash flows used for finance leases(468)(498)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$8,714 $36,033 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20202019
Operating Leases
Operating lease right-of-use assets, net$150,898 $165,490 
Other current liabilities$27,263 $26,773 
Long-term operating lease liability133,069 145,124 
Total operating lease liabilities$160,332 $171,897 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(6,570)(5,533)
Property, plant, and equipment, net$8,991 $10,028 
Other current liabilities$945 $807 
Other liabilities10,041 10,982 
Total finance lease liabilities$10,986 $11,789 
Weighted average remaining lease term
Operating leases8.6 years9.2 years
Finance leases8.7 years9.7 years
Weighted average discount rate
Operating leases3.67 %3.75 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2020
(In thousands)Operating LeasesFinance Leases
2021$33,630 $1,375 
202227,451 1,410 
202324,532 1,445 
202421,515 1,481 
202515,075 1,518 
Thereafter68,375 5,893 
Total lease payments190,578 13,122 
Less: imputed interest(30,246)(2,136)
Total$160,332 $10,986 
v3.20.4
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2020
Fair Value Of Financial Instruments [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
11. FAIR VALUE OF FINANCIAL INSTRUMENTS
Forward Foreign Exchange and Currency Option Contracts
The Corporation has foreign currency exposure, primarily in the United Kingdom, Canada, and Europe.  The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions.  The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations.  Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Interest Rate Risks and Related Strategies
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The Corporation’s foreign exchange contracts and interest rate swaps are considered Level 2 instruments which are based on market based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves.
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
As of December 31, 2020 and December 31, 2019, the Corporation did not have any active interest rate swaps.
Effects on Consolidated Balance Sheet
As of December 31, 2020 and December 31, 2019, the fair values of the asset and liability derivative instruments were immaterial.
Effects on Consolidated Statement of Earnings
Undesignated hedges
The location and amount of (gains) and losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)202020192018
Forward exchange contracts:
General and administrative expenses$2,312 $(2,072)$6,643 
Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2020. The fair values of our debt instruments are characterized as Level 2 measurements which are based on market-based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2020, net of debt issuance costs, totaled $1,122 million compared to a carrying value, net of debt issuance costs, of $1,049 million. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2019, net of debt issuance costs, totaled $783 million compared to a carrying value, net of debt issuance costs, of $749 million.

The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
v3.20.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]  
Accrued Expenses And Other Current Liabilities
12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:
(In thousands)20202019
Accrued compensation$96,228 $119,293 
Accrued commissions6,050 6,678 
Accrued interest13,327 8,982 
Accrued insurance7,215 7,550 
Other17,380 22,241 
Total accrued expenses$140,200 $164,744 

Other current liabilities consist of the following as of December 31:
(In thousands)20202019
Short-term lease liabilities$27,263 $26,773 
Warranty reserves$25,091 $17,512 
Restructuring liability6,944 — 
Pension and other postretirement liabilities7,715 6,690 
Other31,742 23,227 
Total other current liabilities$98,755 $74,202 
v3.20.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES
13. INCOME TAXES
2017 Tax Cuts and Jobs Act

On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law. The new legislation contained several key tax provisions, including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the U.S. corporate income tax rate to 21%. The Corporation will also generally be eligible for a 100% dividends received exemption on its foreign earnings. The Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income (“GILTI”) earned by certain foreign subsidiaries. The Corporation has applied an accounting policy election to provide for the tax expense related to GILTI in the year in which the tax is incurred. 

The Corporation recorded provisional income tax expense of $18.2 million for the year ended December 31, 2017 related to the one-time transition tax on certain foreign earnings. The finalized transition tax of $23.6 million was to be paid over 8 years pursuant to the Tax Act, with $1.9 million paid in 2018. An additional $12.7 million carryforward from the 2017 income tax return further reduced the transition tax liability to $9.0 million as of December 31, 2018. The liability of $9.0 million, which is expected to be paid in 2024 and 2025, remained unchanged as of December 31, 2020.

Given that foreign undistributed earnings are no longer considered permanently reinvested, the Corporation has recorded a liability for withholding taxes that would arise upon distribution of the Corporation’s foreign undistributed earnings.

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany. As a result, the tax consequences from those temporary differences resulting from the held for sale designation are no longer considered to be permanently reinvested. However, the Corporation has not recorded any provision, as it expects under tax law to recover the outside basis difference in a tax-free manner. The Corporation will record tax expense related to GILTI in the period in which the future sale is completed.

Except as noted above, the Corporation remains permanently reinvested to the extent of any outside basis differences in its foreign subsidiaries in excess of the amount of undistributed earnings.
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202020192018
Domestic$212,613 $273,036 $217,374 
Foreign(1)
50,438 123,426 138,865 
$263,051 $396,462 $356,239 
(1) During the year ended December 31, 2020, the Corporation recognized a pre-tax impairment loss of $33.0 million pertaining to its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202020192018
Current:
Federal$36,793 $14,195 $37,648 
State11,882 3,766 9,228 
Foreign21,841 24,816 25,285 
Total current70,516 42,777 72,161 
Deferred:
Federal1,043 38,647 8,518 
State(527)6,632 (1,047)
Foreign(9,373)823 858 
Total deferred(8,857)46,102 8,329 
Provision for income taxes$61,659 $88,879 $80,490 
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202020192018
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit3.7 2.4 2.2 
Impairment of goodwill (held-for-sale)1.2 — — 
Valuation allowance for foreign assets held for sale1.3 — — 
R&D tax credits(0.9)(1.2)(1.0)
Foreign earnings (1)
(0.9)1.4 0.9 
Impacts related to the Tax Act— — 1.8 
Foreign-derived intangible income(2.8)(1.3)(0.8)
All other, net0.8 0.1 (1.5)
Effective tax rate23.4 %22.4 %22.6 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20202019
Deferred tax assets:
Operating lease liabilities$33,371 $35,299 
Inventories, net16,734 15,220 
Net operating loss5,518 8,328 
Environmental reserves8,698 8,239 
Incentive compensation8,102 8,130 
Pension and other postretirement liabilities13,533 5,029 
Capital loss carryover— 955 
Other33,401 33,002 
Total deferred tax assets119,357 114,202 
Deferred tax liabilities:
Goodwill amortization90,112 77,620 
Operating lease right-of-use assets, net31,292 33,915 
Other intangible amortization65,549 30,954 
Depreciation22,780 25,562 
Withholding taxes12,549 13,097 
Other8,757 7,524 
Total deferred tax liabilities231,039 188,672 
Valuation allowance1,240 3,386 
Net deferred tax liabilities$112,922 $77,856 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20202019
Net noncurrent deferred tax assets2,085 2,303 
Net noncurrent deferred tax liabilities115,007 80,159 
Net deferred tax liabilities$112,922 $77,856 
The Corporation has income tax net operating loss carryforwards related to international operations of $3.7 million, of which $0.3 million have an indefinite life and $3.4 million which expire through 2026. The Corporation has federal and state income tax net loss carryforwards of $77.3 million, all of which are net operating losses that expire through 2039. The Corporation has recorded a deferred tax asset of $5.5 million, reflecting the benefit of the loss carryforwards.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2020 in certain of the Corporation’s foreign locations. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. As of December 31, 2020, the Corporation decreased its valuation allowance by $2.2 million to $1.2 million, in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
As of December 31, 2020, the Corporation recorded a deferred tax asset of $3.8 million on net operating losses of $12.6 million related to the held for sale industrial valve business. A provision of $3.3 million was recorded during the year ended December 31, 2020, resulting in a full valuation allowance against the deferred tax asset, as it is more likely than not that the losses will be forfeited.
Income tax payments, net of refunds, of $54.0 million, $63.9 million, and $79.1 million were made in 2020, 2019, and 2018, respectively.
The Corporation has recorded a liability in Other liabilities for interest of $3.8 million and penalties of $1.7 million as of December 31, 2020.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202020192018
Balance as of January 1,$12,676 $13,563 $13,174 
Additions for tax positions of prior periods1,497 581 88 
Reductions for tax positions of prior periods(615)(2,184)(290)
Additions for tax positions related to the current year2,041 936 1,036 
Settlements(14)(220)(445)
Balance as of December 31,$15,585 $12,676 $13,563 
In many cases, the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2020:
United States (Federal)2017-present
United States (Various states)2009-present
United Kingdom2019-present
Canada2017-present
The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in total unrecognized tax benefits as of December 31, 2020, 2019, and 2018 is $13.0 million, $10.2 million, and $11.0 million, respectively, which if recognized, would favorably impact the effective income tax rate.
v3.20.4
DEBT
 12 Months Ended
Dec. 31, 2020
Debt Instruments [Abstract]  
DEBT
14. DEBT
Debt consists of the following as of December 31:
(In thousands)2020202020192019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
100,000 102,173 100,000 102,079 
3.70% Senior notes due 2023
202,500 211,790 202,500 207,882 
3.85% Senior notes due 2025
90,000 97,429 90,000 93,838 
4.24% Senior notes due 2026
200,000 224,390 200,000 213,126 
4.05% Senior notes due 2028
67,500 75,440 67,500 71,260 
4.11% Senior notes due 2028
90,000 101,047 90,000 95,607 
3.10% Senior notes due 2030
150,000 155,805 — — 
3.20% Senior notes due 2032
150,000 155,048 — — 
Total debt1,050,000 1,123,122 750,000 783,792 
Debt issuance costs, net(1,147)(1,147)(594)(594)
Unamortized interest rate swap proceeds (1)
9,439 9,439 11,233 11,233 
Total debt, net1,058,292 1,131,414 760,639 794,431 
Less: current portion of long-term debt100,000 100,000 — — 
Total long-term debt$958,292 $1,031,414 $760,639 $794,431 

(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.

The weighted-average interest rate of the Corporation's Revolving Credit Agreement in 2020 and 2019 was 1.4% and 3.3%, respectively.

The Corporation's total debt outstanding had a weighted-average interest rate of 3.4% and 3.7% in 2020 and 2019, respectively.

Aggregate maturities of debt are as follows:
(In thousands)
2021$100,000 
2022— 
2023202,500 
2024— 
202590,000 
Thereafter657,500 
Total$1,050,000 
Interest payments of $31 million, $30 million, and $32 million were made in 2020, 2019, and 2018, respectively.
Revolving Credit Agreement
In October 2018, the Corporation amended the terms of its existing Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A., and JP Morgan Chase Bank, N.A.. The amended agreement, which provides the Corporation with a borrowing capacity of $500 million, extended the maturity date from November 2019 to October 2023 and expanded the accordion feature from $100 million to $200 million. The proceeds available under the Credit Agreement are to be used for working capital, internal growth initiatives, funding of future acquisitions, and general corporate purposes. As of December 31, 2020, the Corporation had $21 million in letters of credit supported by the credit facility and no borrowings outstanding under the credit facility. The unused credit available under the credit facility as of December 31, 2020 was $479 million, which the Corporation had the ability to borrow in full without violating its debt to capitalization covenant.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60%. The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On August 13, 2020, the Corporation issued $300 million of Senior Notes (the “2020 Notes”), consisting of $150 million of 3.10% Senior Notes that mature on August 13, 2030 and $150 million of 3.20% Senior Notes that mature on August 13, 2032. The 2020 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2020 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement.  In connection with the issuance of the 2020 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2020 Notes. Under the terms of the Note Purchase Agreements, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2020 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.
On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”).  The 2013 Notes consisted of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. On October 15, 2018, the Corporation made a discretionary $50 million prepayment on the $500 million 2013 Notes. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement.  In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.  
On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that mature on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2011 Notes. Under the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2011 Notes also contain a cross default provision with our other senior indebtedness.As of December 31, 2020, the Corporation had the ability to borrow additional debt of $1.5 billion without violating our debt to capitalization covenant.
v3.20.4
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
15. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2020, 2019, and 2018, there were no options outstanding that were considered anti-dilutive.
Earnings per share calculations for the years ended December 31, 2020, 2019, and 2018, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2020
Basic earnings per share $201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
2019
Basic earnings per share$307,583 42,739 $7.20 
Dilutive effect of stock options and deferred stock compensation277 
Diluted earnings per share$307,583 43,016 $7.15 
2018
Basic earnings per share$275,749 43,892 $6.28 
Dilutive effect of stock options and deferred stock compensation424 
Diluted earnings per share$275,749 44,316 $6.22 
v3.20.4
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
SHARE-BASED COMPENSATION PLANS 16. SHARE-BASED COMPENSATION PLANS
In May 2014, the Corporation adopted the Curtiss-Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning in May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan are 2,400,000 less one share of common stock for every one share of common stock granted under any prior plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any prior plan that terminate without issuance of shares shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock, restricted stock units (RSU), other stock-based awards, performance share units (PSU), or cash-based performance units (PU).

During 2020, the Corporation granted share-based awards in the form of RSUs, PSUs, and restricted stock. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) to most active employees. Certain awards provide for accelerated vesting if there is a change in control.

The compensation cost for employee and non-employee director share-based compensation programs during 2020, 2019, and 2018 is as follows:
(In thousands)202020192018
Employee Stock Purchase Plan1,625 1,585 1,435 
Performance Share Units4,909 4,853 4,746 
Restricted Share Units6,978 6,061 7,026 
Other share-based payments925 1,170 887 
Total share-based compensation expense before income taxes$14,437 $13,669 $14,094 

Other share-based grants include service-based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as general and administrative expense in the Consolidated Statement of Earnings. No share-based compensation costs were capitalized during 2020, 2019, or 2018.

The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202020192018
Cash received from share-based awards$11,148 $11,770 $11,940 

Stock Options

As of December 31, 2020, the Corporation's did not have any stock options outstanding. For the year ended December 31, 2020, approximately 66,000 stock options were exercised, with a weighted average exercise price of $29.89. The total intrinsic value of stock options exercised during 2020, 2019, and 2018 was $5.2 million, $8.7 million, and $10.1 million, respectively.

Performance Share Units

The Corporation has granted performance share units to certain employees, whose three year cliff vesting is contingent upon the Corporation's total shareholder return over the three-year term beginning at the start of the fiscal year following the date of grant. Performance is measured by determining the percentile rank of the total shareholder return of the Corporation's common stock in relation to the total shareholder return of the S&P Midcap 400 Index (for award granted in 2020) or compared to a self-constructed peer group (for awards granted in 2018 through 2019). The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period.

Restricted Share Units

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

A summary of the Corporation’s 2020 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 201997 $149.99 149 $105.42 
Granted59 108.15 84 83.36 
Vested(49)124.83 (1)98.34 
Forfeited— — (5)107.40 
Nonvested as of December 31, 2020107 $138.37 227 $97.24 
Expected to vest as of December 31, 2020107 $138.37 227 $97.24 
Nonvested PSUs had an intrinsic value of $12.5 million and unrecognized compensation costs of $4.8 million as of December 31, 2020. Nonvested RSUs had an intrinsic value of $26.4 million and unrecognized compensation costs of $8.8 million as of December 31, 2020. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over 1.7 years and 2.0 years, respectively.

Employee Stock Purchase Plan
The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2020
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
17. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains ten separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and seven separate foreign pension plans. The domestic plans include a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, Canada, and Switzerland, two in Germany, and two in Mexico.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a “traditional” benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment.  In addition to the sunset provision, cash balance benefit accruals for non-union participants ceased as of January 1, 2014.  Non-union employees who were not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components. Subsequent to the original amendment, the Corporation successfully negotiated the sunset provision into the bargaining agreements for all represented employees that received benefits through this plan.
As of December 31, 2020, and 2019, the Corporation had a noncurrent pension asset of $80.8 million and a noncurrent pension liability of $50.2 million, respectively. The change in balance was primarily due to a voluntary contribution of $150 million to the plan on January 8, 2020 as well as favorable asset experience due to strong market returns during 2020, partially offset by a decrease in the discount rate as of December 31, 2020.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $71.8 million and $59.6 million as of December 31, 2020 and 2019, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $6.1 million in 2021.
Other Post-Employment Benefits (OPEB) Plan
The Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.
The Corporation also provides retiree health and life insurance benefits for substantially all Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRAs) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing RRAs to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability as of December 31, 2020 and 2019 of $25.7 million and $23.6 million, respectively. The Corporation expects to contribute $1.6 million to the plan during 2021.
Foreign Plans
As of December 31, 2020 and 2019, the total projected benefit obligation related to all foreign plans was $115.5 million and $102.7 million, respectively. As of December 31, 2020 and 2019, the Corporation had a net pension liability of $2.6 million and $0.2 million, respectively. The Corporation's contributions to the foreign plans are expected to be $1.5 million in 2021.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs consisted of the following:
Pension BenefitsPostretirement Benefits
(In thousands)202020192018202020192018
Service cost$26,013 $23,664 $27,116 $506 $432 $490 
Interest cost23,847 29,019 26,149 609 796 719 
Expected return on plan assets(67,217)(59,153)(58,641)— — — 
Amortization of prior service cost(269)(283)(252)(657)(656)(656)
Recognized net actuarial loss/(gain)23,062 9,310 16,867 (5)(198)(131)
Cost of settlements/curtailments2,395 — 337 — — — 
Net periodic benefit cost$7,831 $2,557 $11,576 $453 $374 $422 
The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2020, settlement charges were incurred in Mexico and Switzerland. In addition, a curtailment was recognized in Mexico as a result of the Corporation's restructuring initiatives. In 2018, a settlement charge was incurred in connection with restructuring in Switzerland.
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2020 measurement date.
Pension BenefitsPostretirement Benefits
(In thousands)2020201920202019
Change in benefit obligation:
Beginning of year$945,187 $814,894 $23,566 $22,060 
Service cost26,013 23,664 506 432 
Interest cost23,847 29,019 609 796 
Plan participants’ contributions1,366 1,276 331 346 
Actuarial (gain) loss92,596 118,893 3,048 2,124 
Benefits paid(46,607)(43,736)(2,390)(2,192)
Actual expenses(1,526)(1,846)— — 
Curtailments1,636 — — — 
Settlements(3,867)— — — 
Currency translation adjustments5,390 3,023 — — 
End of year$1,044,035 $945,187 $25,670 $23,566 

Change in plan assets:
Beginning of year$835,139 $738,296 $— $— 
Actual return on plan assets105,810 133,896 — — 
Employer contribution155,359 3,867 2,059 1,846 
Plan participants’ contributions1,366 1,276 331 346 
Benefits paid(46,607)(43,736)(2,390)(2,192)
Actual expenses(1,526)(1,846)— — 
Settlements(3,867)— — — 
Currency translation adjustments4,835 3,386 — — 
End of year$1,050,509 $835,139 $— $— 
Funded status$6,474 $(110,048)$(25,670)$(23,566)

Pension BenefitsPostretirement Benefits
(In thousands)2020201920202019
Amounts recognized on the balance sheet
Noncurrent assets$92,554 $11,711 $— $— 
Current liabilities(6,444)(5,143)(1,596)(1,547)
Noncurrent liabilities(79,636)(116,616)(24,074)(22,019)
Total$6,474 $(110,048)$(25,670)$(23,566)
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$294,545 $263,660 $624 $(2,429)
Prior service cost(321)(934)(747)(1,404)
Total$294,224 $262,726 $(123)$(3,833)
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$114,297 $881,731 N/AN/A
Accumulated benefit obligation111,807 848,309 N/AN/A
Fair value of plan assets28,217 759,972 N/AN/A
Plan Assumptions
Pension BenefitsPostretirement Benefits
2020201920202019
Weighted-average assumptions in determination of benefit obligation:
Discount rate2.36 %3.05 %2.43 %3.15 %
Rate of compensation increase3.41 %3.46 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.25 %7.50 %
Ultimate rate reached in 2026
N/AN/A4.50 %4.50 %
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate3.05 %4.09 %3.15 %4.20 %
Expected return on plan assets7.11 %7.59 %N/AN/A
Rate of compensation increase3.46 %3.50 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.50 %7.85 %
Ultimate rate reached in 2026
N/AN/A4.50 %4.50 %
The Corporation applies the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.
The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. As a part of its diversification strategy, the Corporation has established target allocations for each of the following assets classes: domestic equity securities, international equity securities, and debt securities. Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 88% of consolidated assets:
As of December 31,TargetExpected
20202019ExposureRange
Asset class
Domestic equities54%51%50%
40%-60%
International equities15%15%15%
10%-20%
Total equity69%66%65%
55%-75%
Fixed income31%34%35%
25%-45%
As of December 31, 2020 and 2019, cash funds in the CW Pension Plan represented approximately 2% and 3% of portfolio assets, respectively.
Foreign plan assets represent 11% of consolidated plan assets, with most of the assets supporting the U.K. plan. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 3.5% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2020.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$22,457 $2,010 $20,447 $— 
Equity securities- Mutual funds (1)
534,479 427,391 107,088 — 
Bond funds (2)
273,979 211,372 62,607 — 
Other (3)
4,224 — — 4,224 
December 31, 2019$835,139 $640,773 $190,142 $4,224 
Cash and cash equivalents$16,710 $1,376 $15,334 $— 
Equity securities- Mutual funds (1)
688,257 570,293 117,964 — 
Bond funds (2)
341,140 242,627 98,513 — 
Other (3)
4,402 — — 4,402 
December 31, 2020$1,050,509 $814,296 $231,811 $4,402 
(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Bloomberg Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans.
(3)This category consists primarily of real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
The following table presents a reconciliation of Level 3 assets held during the years ended December 31, 2020 and 2019:
(In thousands)Insurance
Contracts		OtherTotal
December 31, 2018$8,408 $2,313 $10,721 
Actual return on plan assets:
Relating to assets still held at the reporting date— 115 115 
Purchases, sales, and settlements(8,408)1,715 (6,693)
Foreign currency translation adjustment— 81 81 
December 31, 2019$— $4,224 $4,224 
Actual return on plan assets:
Relating to assets still held at the reporting date5 (20)(15)
Relating to assets sold during the period— (58)(58)
Purchases, sales, and settlements523 (680)(157)
Foreign currency translation adjustment49 359 408 
December 31, 2020$577 $3,825 $4,402 
Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans		Postretirement
Plans		Total
2021$55,668 $1,596 $57,264 
202255,872 1,592 57,464 
202356,721 1,595 58,316 
202461,772 1,569 63,341 
202558,203 1,548 59,751 
2026 — 2030295,165 7,099 302,264 
Defined Contribution Retirement Plans
The Corporation offers all of its full-time domestic employees the opportunity to participate in a defined contribution plan. Costs incurred by the Corporation in the administration and record keeping of the defined contribution plan are paid for by the Corporation and are not considered material.
Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 7% of eligible compensation. During the year ended December 31, 2020, the expense relating to the plan was $19.3 million, consisting of $10.0 million in matching contributions to the plan in 2020, and $9.3 million in non-elective contributions, primarily paid in January 2021. Cumulative contributions of approximately $104 million are expected to be made from 2021 through 2025.
In addition, the Corporation had foreign pension costs under various defined contribution plans of $5.3 million in each of 2020, 2019, and 2018, respectively.
v3.20.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION 18. SEGMENT INFORMATION
The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power, as described below in further detail.

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

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

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

The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.

On January 1, 2020, the Corporation implemented an organizational change to align its reportable segments more closely with its current business structure. This change resulted in the transfer of two business units, one from the Commercial/Industrial segment to the Defense segment and the other from the Defense segment to the 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.

Net sales and operating income by reportable segment are as follows:
Year Ended December 31,
(In thousands)202020192018
Net sales
Commercial/Industrial$951,292 $1,138,740 $1,113,138 
Defense734,041 626,282 603,794 
Power708,865 726,237 697,491 
Less: Intersegment Revenues(2,862)(3,298)(2,588)
Total Consolidated$2,391,336 $2,487,961 $2,411,835 

(In thousands)202020192018
Operating income (expense)
Commercial/Industrial$81,581 $179,637 $167,647 
Defense140,406 137,286 140,680 
Power104,626 122,139 101,646 
Corporate and Eliminations (1)
(37,765)(35,109)(36,347)
Total Consolidated$288,848 $403,953 $373,626 
Depreciation and amortization expense
Commercial/Industrial$44,921 $45,895 $48,174 
Defense38,507 22,204 21,537 
Power28,344 30,213 29,294 
Corporate4,131 4,100 3,944 
Total Consolidated$115,903 $102,412 $102,949 

Segment assets
Commercial/Industrial$1,315,361 $1,363,592 $1,312,823 
Defense1,655,564 1,209,706 975,047 
Power847,380 885,727 792,102 
Corporate175,445 305,236 175,413 
Assets held for sale27,584 — — 
Total Consolidated$4,021,334 $3,764,261 $3,255,385 

Capital expenditures
Commercial/Industrial$21,643 $28,983 $26,510 
Defense4,326 8,479 9,100 
Power18,656 28,700 11,944 
Corporate2,874 3,590 5,863 
Total Consolidated$47,499 $69,752 $53,417 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Reconciliations
Year Ended December 31,
(In thousands)202020192018
Earnings before taxes:
Total segment operating income$326,613 $439,062 $409,973 
Corporate and Eliminations(37,765)(35,109)(36,347)
Interest expense35,545 31,347 33,983 
Other income, net9,748 23,856 16,596 
Total consolidated earnings before tax$263,051 $396,462 $356,239 

As of December 31,
(In thousands)202020192018
Assets:
Total assets for reportable segments$3,818,305 $3,459,025 $3,079,972 
Assets held for sale27,584 — — 
Non-segment cash49,157 235,260 138,053 
Other assets126,288 69,976 37,360 
Total consolidated assets$4,021,334 $3,764,261 $3,255,385 

Geographic Information
Year Ended December 31,
(In thousands)202020192018
Revenues
United States of America$1,758,424 $1,710,371 $1,623,511 
United Kingdom90,628 120,297 126,439 
Other foreign countries542,284 657,293 661,885 
Consolidated total$2,391,336 $2,487,961 $2,411,835 

As of December 31,
(In thousands)202020192018
Long-Lived Assets - Property, plant, and equipment, net
United States of America$271,299 $271,609 $258,504 
United Kingdom34,221 34,228 34,649 
Other foreign countries72,680 79,756 81,507 
Consolidated total$378,200 $385,593 $374,660 
Net sales by product line
Year Ended December 31,
(In thousands)202020192018
Net sales
Flow Control$1,037,155 $1,051,821 $1,008,262 
Motion Control1,098,184 1,130,593 1,090,703 
Surface Technologies255,997 305,547 312,870 
Consolidated total$2,391,336 $2,487,961 $2,411,835 
The Flow Control products include valves, pumps, motors, generators, and instrumentation that manage the flow of liquids and gases, generate power, and monitor or provide critical functions. Motion Control's products include turret aiming and stabilization products, embedded computing board level modules, electronic throttle control devices, transmission shifters, and electro-mechanical actuation control components. Surface Technologies include shot peening, laser peening, and coatings services that enhance the durability, extend the life, and prevent premature fatigue and failure on customer-supplied metal components.
v3.20.4
CONTINGENCIES AND COMMITMENTS
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS
19. 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 and the relatively non-friable condition of asbestos in its products make it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. The Corporation is party to a number of other legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position.

Letters of Credit and Other Arrangements
The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of December 31, 2020 and 2019, there were $21.1 million and $32.6 million of stand-by letters of credit outstanding, respectively, and $5.6 million and $10.8 million of bank guarantees outstanding, respectively.  

The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. For two of the three licenses, the Corporation has recorded an asset retirement obligation of approximately $7.8 million. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. The Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $45.6 million surety bond.

AP1000 Program

Within the Corporation’s Power segment, EMD is the RCP supplier for the 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. On October 10, 2013, the Corporation received a letter from WEC stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract from WEC of approximately $25 million.  As of December 31, 2020, the Corporation has not met 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 delays. In January 2021, the Corporation and WEC agreed to participate in formal non-binding mediation. The Corporation believes that the ultimate resolution of the matter will not have a material impact on its consolidated financial statements. As of December 31, 2020, the range of possible loss for these two matters is $0 to $55.5 million.
v3.20.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
 12 Months Ended
Dec. 31, 2020
Comprehensive Income [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2018$(147,148)$(141,299)$(288,447)
Other comprehensive loss before reclassifications (1)
18,447 (35,212)(16,765)
Amounts reclassified from accumulated other comprehensive income (1)
— 6,195 6,195 
Net current period other comprehensive income (loss) 18,447 (29,017)(10,570)
Cumulative effect from adoption of ASU 2018-02$(1,318)$(24,939)$(26,257)
December 31, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive loss before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive income (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)$(310,856)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the statement where net earnings is presented
(In thousands)20202019
Defined benefit pension and postretirement plans
Amortization of prior service costs926 939 Other income, net
Amortization of net actuarial losses(23,057)(9,112)Other income, net
Settlements(1,086)— Other income, net
(23,217)(8,173)Earnings before income taxes
5,568 1,978 Provision for income taxes
Total reclassifications$(17,649)$(6,195)Net earnings
v3.20.4
RESTRUCTURING COSTS
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
21. 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 include workforce reductions and consolidation of facilities, resulted in $43 million of pre-tax charges for the year ended December 31, 2020. The Company anticipates that these actions, which have been substantially completed as of December 31, 2020, will result in total cost savings of approximately $40 million annually.

The following tables summarize the respective balances related to these restructuring activities:

In thousandsRestructuring Liability as of December 31, 2019ProvisionCash PaymentsRestructuring Liability as of December 31, 2020
Commercial/Industrial
Severance$— $12,075 $(9,796)$2,279 
Facility closure and other exit costs— 4,534 (4,057)477 
Total Commercial/Industrial$— $16,609 $(13,853)$2,756 
Defense
Severance$— $3,150 $(2,937)$213 
Facility closure and other exit costs— 40 (40)— 
Total Defense$— $3,190 $(2,977)$213 
Power
Severance$— $5,972 $(2,131)$3,841 
Facility closure and other exit costs— 1,357 (1,223)134 
Total Power$— $7,329 $(3,354)$3,975 
Consolidated
Severance$— $21,197 $(14,864)$6,333 
Facility closure and other exit costs— 5,931 (5,320)611 
Total consolidated$— $27,128 $(20,184)$6,944 
A reconciliation of total pre-tax restructuring charges is as follows:

Affected line item in the Consolidated Statement of Earnings
Year ended
(In thousands)December 31, 2020
Inventory write-downsCost of product sales$9,184 
Severance, facility closure, and other exit costsRestructuring expenses27,128 
Property, plant, and equipment & operating lease right-of-use asset impairmentsRestructuring expenses4,567 
$31,695 
Pension-related chargesOther income, net$1,846 
Total restructuring chargesEarnings before income taxes$42,725 

There were no such comparable charges for the year ended December 31, 2019.
v3.20.4
QUARTERLY RESULTS OF OPERATIONS
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
QUARTERLY RESULTS OF OPERATIONS
22. QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)

The following tables set forth selected unaudited quarterly Consolidated Statements of Earnings information for the fiscal years ended December 31, 2020 and 2019.
(In thousands, except per share data)FirstSecondThirdFourth
2020
Net sales$601,231 $550,047 $571,614 $668,444 
Gross profit200,579 186,026 212,821 241,801 
Net earnings51,761 31,018 64,620 53,993 
Net earnings per share
Basic earnings per share $1.22 $0.75 $1.56 $1.31 
Diluted earnings per share $1.21 $0.74 $1.55 $1.30 
2019
Net sales$578,314 $638,996 $614,880 $655,771 
Gross profit196,873 230,044 226,076 245,752 
Net earnings55,593 80,072 82,510 89,408 
Net earnings per share
Basic earnings per share $1.30 $1.87 $1.93 $2.09 
Diluted earnings per share $1.29 $1.86 $1.92 $2.08 
Note: Certain amounts may not add due to rounding.
v3.20.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Events
23. SUBSEQUENT EVENTS

Beginning in the first quarter of 2021, the Corporation implemented organizational changes to better align its reportable segments and end markets. These changes resulted in the transfer of the Corporation's valve division from the Commercial/Industrial segment to the Power segment as well as the transfer of one of the Corporation's naval valves businesses from the Defense segment to the Power segment. In conjunction with these changes, the Commercial/Industrial, Defense, and Power segments will now be referred to as Aerospace & Industrial, Defense Electronics, and Naval & Power, respectively. The
aforementioned changes will be reflected in the Corporation's condensed consolidated financial statements for the quarterly period ended March 31, 2021.
v3.20.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2020, 2019, and 2018
(In thousands)
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 
December 31, 2019
Tax valuation allowance11,646 1,305 (22)
(1)
9,543 
(3)
3,386 
Total$11,646 $1,305 $(22)$9,543 $3,386 
December 31, 2018
Tax valuation allowance12,322 108 17 
(1)
801 

11,646 
Total$12,322 $108 $17 $801 $11,646 

(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held-to-sale.
(3) $5.7 million relates to the capital loss carryforward expiration from the sale of the Downstream oil and gas business.
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
ConsolidationPolicy
Principles of Consolidation

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

The financial statements of the Corporation have been prepared in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP), which requires management to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. The most significant of these estimates includes the estimate of costs to complete on certain contracts using the over-time revenue recognition accounting method, cash flow estimates used for testing the recoverability of assets, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Actual results may differ from these estimates.
CashAndCashEquivalentsPolicyTextBlock
Cash and Cash Equivalents

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

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

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

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

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

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 9 to the Consolidated Financial Statements for further information on other intangible assets.
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock Impairment of Long-Lived AssetsThe Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2020, 2019, and 2018.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
Goodwill

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

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

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

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

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

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

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. (Gains) and losses from foreign currency transactions are included in General and administrative expenses in the Consolidated Statement of Earnings, which amounted to $3.9 million, $7.2 million, and ($4.5) million for the years ended December 31, 2020, 2019, and 2018, respectively.
DerivativesPolicyTextBlock
Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. These (gains) and losses are classified as General and administrative expenses in the Consolidated Statement of Earnings and amounted to $2.3 million, ($2.1) million, and $6.6 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount.

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Standards

Recent accounting standards adopted

ASU 2016-13- Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU added a current expected credit loss impairment model to U.S. GAAP based on expected losses rather than incurred losses. As the Corporation is not subject to material trade credit risk given that a significant portion of its sales are generated from contracts with agencies of or prime contractors to the U.S. Government, the adoption of this standard did not have a material impact on the Corporation's consolidated financial statements as of January 1,
2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assesses current economic conditions in order to determine expected trade credit losses on a prospective basis.
v3.20.4
REVENUE (Table)
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
Year Ended
December 31,
202020192018
Over-time52 %49 %46 %
Point-in-time48 %51 %54 %
Total Net Sales by End Market and Customer Type
Year Ended December 31,
(In thousands)202020192018
Defense
Aerospace$463,835 $416,841 $376,951 
Ground107,287 93,432 97,131 
Naval692,168 568,776 486,476 
Total Defense Customers$1,263,290 $1,079,049 $960,558 
Commercial
Aerospace$325,518 $433,038 $414,422 
Power Generation331,983 392,173 431,793 
General Industrial470,545 583,701 605,062 
Total Commercial Customers$1,128,046 $1,408,912 $1,451,277 
Total$2,391,336 $2,487,961 $2,411,835 
v3.20.4
ACQUISITIONS (Table)
 12 Months Ended
Dec. 31, 2020
Business Combinations [Abstract]  
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
(In thousands)20202019
Accounts receivable$25,488 $16,551 
Inventory37,840 7,608 
Property, plant, and equipment5,280 1,117 
Intangible assets204,384 94,400 
Operating lease right-of-use assets, net5,562 4,605 
Other current and non-current assets7,050 888 
Current and non-current liabilities(75,257)(11,604)
Net tangible and intangible assets210,347 113,565 
Goodwill285,200 71,644 
Total Purchase price$495,547 $185,209 
Cash paid to date, net of cash acquired$487,944 $185,209 
Due to seller7,603 — 
Total purchase price$495,547 $185,209 
Goodwill deductible for tax purposes$37,234 $72,777 
v3.20.4
ASSETS HELD FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2020
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)As of December 31, 2020
Assets held for sale:
Receivables, net$9,902 
Inventories, net16,401 
Other current assets1,798 
Property, plant, and equipment, net4,821 
Reserve for assets held for sale(5,338)
Total assets held for sale, current$27,584 
Liabilities held for sale:
Accounts payable$(2,654)
Accrued expenses(1,375)
Other current liabilities(748)
Accrued pension and other postretirement benefit costs(5,364)
Total liabilities held for sale, current$(10,141)
v3.20.4
RECEIVABLES (Table)
 12 Months Ended
Dec. 31, 2020
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block]
(In thousands)20202019
Billed receivables:
Trade and other receivables$361,460 $418,968 
Unbilled receivables:
Recoverable costs and estimated earnings not billed238,309 231,067 
Less: Progress payments applied(3,291)(9,108)
Net unbilled receivables235,018 221,959 
Less: Allowance for doubtful accounts(7,760)(8,733)
Receivables, net$588,718 $632,194 
v3.20.4
INVENTORIES (Table)
 12 Months Ended
Dec. 31, 2020
Inventory, Net [Abstract]  
Schedule Of Inventory [Text Block]
(In thousands)20202019
Raw materials$177,828 $153,876 
Work-in-process80,729 100,359 
Finished goods120,767 108,329 
Inventoried costs related to U.S. Government and other long-term contracts (1)
56,599 70,414 
Inventories, net of reserves435,923 432,978 
Less:  Progress payments applied(7,044)(8,143)
Inventories, net$428,879 $424,835 
v3.20.4
PROPERTY, PLANT, AND EQUIPMENT (Table)
 12 Months Ended
Dec. 31, 2020
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]
(In thousands)20202019
Land$17,660 $18,632 
Buildings and improvements236,355 234,112 
Machinery, equipment, and other881,110 849,527 
Property, plant, and equipment, at cost1,135,125 1,102,271 
Less: Accumulated depreciation(756,925)(716,678)
Property, plant, and equipment, net$378,200 $385,593 
v3.20.4
GOODWILL (Table)
 12 Months Ended
Dec. 31, 2020
Goodwill [Abstract]  
Schedule Of Goodwill [Text Block]
(In thousands)Commercial/IndustrialDefensePowerConsolidated
December 31, 2018$428,983 $451,115 $207,934 $1,088,032 
Acquisitions— 71,644 — 71,644 
Adjustments— (208)— (208)
Foreign currency translation adjustment2,099 4,404 709 7,212 
December 31, 2019$431,082 $526,955 $208,643 $1,166,680 
Acquisitions28,467 256,733 — 285,200 
Impairment on assets held for sale(9,598)— — (9,598)
Adjustments— (1,385)— (1,385)
Foreign currency translation adjustment6,701 7,275 264 14,240 
December 31, 2020$456,652 $789,578 $208,907 $1,455,137 
v3.20.4
OTHER INTANGIBLE ASSETS, NET (Table)
 12 Months Ended
Dec. 31, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
20202019
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology (2)
$280,595 $(148,064)$132,531 $257,676 $(140,390)$117,286 
Customer related intangibles (2)
573,722 (239,798)333,924 ,434,492 (215,855)218,637 
Programs (1)
144,000 (19,800)124,200 144,000 (12,600)131,400 
Other intangible assets
51,493 (32,518)18,975 43,729 (31,145)12,584 
Total$1,049,810 $(440,180)$609,630 $879,897 $(399,990)$479,907 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]
(In millions)
2021$61.6 
2022$56.7 
2023$53.0 
2024$49.5 
2025$46.9 
v3.20.4
LEASES (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease, Cost
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Operating lease cost $40,961 $37,229 
Finance lease cost:
Depreciation of finance leases$1,037 $812 
Interest on lease liabilities 468 498 
Total finance lease cost$1,505 $1,310 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2020December 31, 2019
Cash used for operating activities:
Operating cash flows used for operating leases$(33,842)$(30,665)
Operating cash flows used for finance leases(468)(498)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$8,714 $36,033 
Assets And Liabilities, Lessee Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20202019
Operating Leases
Operating lease right-of-use assets, net$150,898 $165,490 
Other current liabilities$27,263 $26,773 
Long-term operating lease liability133,069 145,124 
Total operating lease liabilities$160,332 $171,897 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(6,570)(5,533)
Property, plant, and equipment, net$8,991 $10,028 
Other current liabilities$945 $807 
Other liabilities10,041 10,982 
Total finance lease liabilities$10,986 $11,789 
Weighted average remaining lease term
Operating leases8.6 years9.2 years
Finance leases8.7 years9.7 years
Weighted average discount rate
Operating leases3.67 %3.75 %
Finance leases4.05 %4.05 %
Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
As of December 31, 2020
(In thousands)Operating LeasesFinance Leases
2021$33,630 $1,375 
202227,451 1,410 
202324,532 1,445 
202421,515 1,481 
202515,075 1,518 
Thereafter68,375 5,893 
Total lease payments190,578 13,122 
Less: imputed interest(30,246)(2,136)
Total$160,332 $10,986 
Finance Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
As of December 31, 2020
(In thousands)Operating LeasesFinance Leases
2021$33,630 $1,375 
202227,451 1,410 
202324,532 1,445 
202421,515 1,481 
202515,075 1,518 
Thereafter68,375 5,893 
Total lease payments190,578 13,122 
Less: imputed interest(30,246)(2,136)
Total$160,332 $10,986 
v3.20.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 12 Months Ended
Dec. 31, 2020
Fair Value Of Financial Instruments [Abstract]  
Derivatives Not Designated as Hedging Instruments [Table Text Block]
(In thousands)202020192018
Forward exchange contracts:
General and administrative expenses$2,312 $(2,072)$6,643 
v3.20.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
 12 Months Ended
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]  
ScheduleOfAccruedLiabilitiesTableTextBlock
(In thousands)20202019
Accrued compensation$96,228 $119,293 
Accrued commissions6,050 6,678 
Accrued interest13,327 8,982 
Accrued insurance7,215 7,550 
Other17,380 22,241 
Total accrued expenses$140,200 $164,744 
Schedule Of Other Liabilities [Table Text Block]
(In thousands)20202019
Short-term lease liabilities$27,263 $26,773 
Warranty reserves$25,091 $17,512 
Restructuring liability6,944 — 
Pension and other postretirement liabilities7,715 6,690 
Other31,742 23,227 
Total other current liabilities$98,755 $74,202 
v3.20.4
INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]
(In thousands)202020192018
Domestic$212,613 $273,036 $217,374 
Foreign(1)
50,438 123,426 138,865 
$263,051 $396,462 $356,239 
Schedule Of Provision For Income Taxes [Table Text Block]
(In thousands)202020192018
Current:
Federal$36,793 $14,195 $37,648 
State11,882 3,766 9,228 
Foreign21,841 24,816 25,285 
Total current70,516 42,777 72,161 
Deferred:
Federal1,043 38,647 8,518 
State(527)6,632 (1,047)
Foreign(9,373)823 858 
Total deferred(8,857)46,102 8,329 
Provision for income taxes$61,659 $88,879 $80,490 
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]
202020192018
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit3.7 2.4 2.2 
Impairment of goodwill (held-for-sale)1.2 — — 
Valuation allowance for foreign assets held for sale1.3 — — 
R&D tax credits(0.9)(1.2)(1.0)
Foreign earnings (1)
(0.9)1.4 0.9 
Impacts related to the Tax Act— — 1.8 
Foreign-derived intangible income(2.8)(1.3)(0.8)
All other, net0.8 0.1 (1.5)
Effective tax rate23.4 %22.4 %22.6 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block] The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20202019
Deferred tax assets:
Operating lease liabilities$33,371 $35,299 
Inventories, net16,734 15,220 
Net operating loss5,518 8,328 
Environmental reserves8,698 8,239 
Incentive compensation8,102 8,130 
Pension and other postretirement liabilities13,533 5,029 
Capital loss carryover— 955 
Other33,401 33,002 
Total deferred tax assets119,357 114,202 
Deferred tax liabilities:
Goodwill amortization90,112 77,620 
Operating lease right-of-use assets, net31,292 33,915 
Other intangible amortization65,549 30,954 
Depreciation22,780 25,562 
Withholding taxes12,549 13,097 
Other8,757 7,524 
Total deferred tax liabilities231,039 188,672 
Valuation allowance1,240 3,386 
Net deferred tax liabilities$112,922 $77,856 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20202019
Net noncurrent deferred tax assets2,085 2,303 
Net noncurrent deferred tax liabilities115,007 80,159 
Net deferred tax liabilities$112,922 $77,856 
Summary Of Unrecognized Tax Benefits [Table Text Block]
(In thousands)202020192018
Balance as of January 1,$12,676 $13,563 $13,174 
Additions for tax positions of prior periods1,497 581 88 
Reductions for tax positions of prior periods(615)(2,184)(290)
Additions for tax positions related to the current year2,041 936 1,036 
Settlements(14)(220)(445)
Balance as of December 31,$15,585 $12,676 $13,563 
Summary Of Open Tax Years [Table Text Block]
United States (Federal)2017-present
United States (Various states)2009-present
United Kingdom2019-present
Canada2017-present
v3.20.4
DEBT (Table)
 12 Months Ended
Dec. 31, 2020
Debt Instruments [Abstract]  
Summary of Debt
Debt consists of the following as of December 31:
(In thousands)2020202020192019
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
100,000 102,173 100,000 102,079 
3.70% Senior notes due 2023
202,500 211,790 202,500 207,882 
3.85% Senior notes due 2025
90,000 97,429 90,000 93,838 
4.24% Senior notes due 2026
200,000 224,390 200,000 213,126 
4.05% Senior notes due 2028
67,500 75,440 67,500 71,260 
4.11% Senior notes due 2028
90,000 101,047 90,000 95,607 
3.10% Senior notes due 2030
150,000 155,805 — — 
3.20% Senior notes due 2032
150,000 155,048 — — 
Total debt1,050,000 1,123,122 750,000 783,792 
Debt issuance costs, net(1,147)(1,147)(594)(594)
Unamortized interest rate swap proceeds (1)
9,439 9,439 11,233 11,233 
Total debt, net1,058,292 1,131,414 760,639 794,431 
Less: current portion of long-term debt100,000 100,000 — — 
Total long-term debt$958,292 $1,031,414 $760,639 $794,431 
Aggregate Maturities of Debt Aggregate maturities of debt are as follows:
(In thousands)
2021$100,000 
2022— 
2023202,500 
2024— 
202590,000 
Thereafter657,500 
Total$1,050,000 
v3.20.4
EARNINGS PER SHARE (Table)
 12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation [Table Text Block]
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2020
Basic earnings per share $201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
2019
Basic earnings per share$307,583 42,739 $7.20 
Dilutive effect of stock options and deferred stock compensation277 
Diluted earnings per share$307,583 43,016 $7.15 
2018
Basic earnings per share$275,749 43,892 $6.28 
Dilutive effect of stock options and deferred stock compensation424 
Diluted earnings per share$275,749 44,316 $6.22 
v3.20.4
SHARE-BASED COMPENSATION PLANS (Table)
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block]
(In thousands)202020192018
Employee Stock Purchase Plan1,625 1,585 1,435 
Performance Share Units4,909 4,853 4,746 
Restricted Share Units6,978 6,061 7,026 
Other share-based payments925 1,170 887 
Total share-based compensation expense before income taxes$14,437 $13,669 $14,094 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
(In thousands)202020192018
Cash received from share-based awards$11,148 $11,770 $11,940 
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 201997 $149.99 149 $105.42 
Granted59 108.15 84 83.36 
Vested(49)124.83 (1)98.34 
Forfeited— — (5)107.40 
Nonvested as of December 31, 2020107 $138.37 227 $97.24 
Expected to vest as of December 31, 2020107 $138.37 227 $97.24 
v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 12 Months Ended
Dec. 31, 2020
Retirement Benefits, Description [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
Pension BenefitsPostretirement Benefits
(In thousands)202020192018202020192018
Service cost$26,013 $23,664 $27,116 $506 $432 $490 
Interest cost23,847 29,019 26,149 609 796 719 
Expected return on plan assets(67,217)(59,153)(58,641)— — — 
Amortization of prior service cost(269)(283)(252)(657)(656)(656)
Recognized net actuarial loss/(gain)23,062 9,310 16,867 (5)(198)(131)
Cost of settlements/curtailments2,395 — 337 — — — 
Net periodic benefit cost$7,831 $2,557 $11,576 $453 $374 $422 
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
Pension BenefitsPostretirement Benefits
(In thousands)2020201920202019
Change in benefit obligation:
Beginning of year$945,187 $814,894 $23,566 $22,060 
Service cost26,013 23,664 506 432 
Interest cost23,847 29,019 609 796 
Plan participants’ contributions1,366 1,276 331 346 
Actuarial (gain) loss92,596 118,893 3,048 2,124 
Benefits paid(46,607)(43,736)(2,390)(2,192)
Actual expenses(1,526)(1,846)— — 
Curtailments1,636 — — — 
Settlements(3,867)— — — 
Currency translation adjustments5,390 3,023 — — 
End of year$1,044,035 $945,187 $25,670 $23,566 

Change in plan assets:
Beginning of year$835,139 $738,296 $— $— 
Actual return on plan assets105,810 133,896 — — 
Employer contribution155,359 3,867 2,059 1,846 
Plan participants’ contributions1,366 1,276 331 346 
Benefits paid(46,607)(43,736)(2,390)(2,192)
Actual expenses(1,526)(1,846)— — 
Settlements(3,867)— — — 
Currency translation adjustments4,835 3,386 — — 
End of year$1,050,509 $835,139 $— $— 
Funded status$6,474 $(110,048)$(25,670)$(23,566)

Pension BenefitsPostretirement Benefits
(In thousands)2020201920202019
Amounts recognized on the balance sheet
Noncurrent assets$92,554 $11,711 $— $— 
Current liabilities(6,444)(5,143)(1,596)(1,547)
Noncurrent liabilities(79,636)(116,616)(24,074)(22,019)
Total$6,474 $(110,048)$(25,670)$(23,566)
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$294,545 $263,660 $624 $(2,429)
Prior service cost(321)(934)(747)(1,404)
Total$294,224 $262,726 $(123)$(3,833)
Information for pension plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$114,297 $881,731 N/AN/A
Accumulated benefit obligation111,807 848,309 N/AN/A
Fair value of plan assets28,217 759,972 N/AN/A
ScheduleOfAssumptionsUsedTableTextBlock
Pension BenefitsPostretirement Benefits
2020201920202019
Weighted-average assumptions in determination of benefit obligation:
Discount rate2.36 %3.05 %2.43 %3.15 %
Rate of compensation increase3.41 %3.46 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.25 %7.50 %
Ultimate rate reached in 2026
N/AN/A4.50 %4.50 %
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate3.05 %4.09 %3.15 %4.20 %
Expected return on plan assets7.11 %7.59 %N/AN/A
Rate of compensation increase3.46 %3.50 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.50 %7.85 %
Ultimate rate reached in 2026
N/AN/A4.50 %4.50 %
ScheduleOfAllocationOfPlanAssetsTableTextBlock
As of December 31,TargetExpected
20202019ExposureRange
Asset class
Domestic equities54%51%50%
40%-60%
International equities15%15%15%
10%-20%
Total equity69%66%65%
55%-75%
Fixed income31%34%35%
25%-45%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$22,457 $2,010 $20,447 $— 
Equity securities- Mutual funds (1)
534,479 427,391 107,088 — 
Bond funds (2)
273,979 211,372 62,607 — 
Other (3)
4,224 — — 4,224 
December 31, 2019$835,139 $640,773 $190,142 $4,224 
Cash and cash equivalents$16,710 $1,376 $15,334 $— 
Equity securities- Mutual funds (1)
688,257 570,293 117,964 — 
Bond funds (2)
341,140 242,627 98,513 — 
Other (3)
4,402 — — 4,402 
December 31, 2020$1,050,509 $814,296 $231,811 $4,402 
(In thousands)Insurance
Contracts		OtherTotal
December 31, 2018$8,408 $2,313 $10,721 
Actual return on plan assets:
Relating to assets still held at the reporting date— 115 115 
Purchases, sales, and settlements(8,408)1,715 (6,693)
Foreign currency translation adjustment— 81 81 
December 31, 2019$— $4,224 $4,224 
Actual return on plan assets:
Relating to assets still held at the reporting date5 (20)(15)
Relating to assets sold during the period— (58)(58)
Purchases, sales, and settlements523 (680)(157)
Foreign currency translation adjustment49 359 408 
December 31, 2020$577 $3,825 $4,402 
ScheduleOfExpectedBenefitPaymentsTableTextBlock
(In thousands)Pension
Plans		Postretirement
Plans		Total
2021$55,668 $1,596 $57,264 
202255,872 1,592 57,464 
202356,721 1,595 58,316 
202461,772 1,569 63,341 
202558,203 1,548 59,751 
2026 — 2030295,165 7,099 302,264 
v3.20.4
SEGMENT INFORMATION (Table)
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block]
Year Ended December 31,
(In thousands)202020192018
Net sales
Commercial/Industrial$951,292 $1,138,740 $1,113,138 
Defense734,041 626,282 603,794 
Power708,865 726,237 697,491 
Less: Intersegment Revenues(2,862)(3,298)(2,588)
Total Consolidated$2,391,336 $2,487,961 $2,411,835 
Depreciation and amortization expense
Commercial/Industrial$44,921 $45,895 $48,174 
Defense38,507 22,204 21,537 
Power28,344 30,213 29,294 
Corporate4,131 4,100 3,944 
Total Consolidated$115,903 $102,412 $102,949 
Capital expenditures
Commercial/Industrial$21,643 $28,983 $26,510 
Defense4,326 8,479 9,100 
Power18,656 28,700 11,944 
Corporate2,874 3,590 5,863 
Total Consolidated$47,499 $69,752 $53,417 
Year Ended December 31,
(In thousands)202020192018
Earnings before taxes:
Total segment operating income$326,613 $439,062 $409,973 
Corporate and Eliminations(37,765)(35,109)(36,347)
Interest expense35,545 31,347 33,983 
Other income, net9,748 23,856 16,596 
Total consolidated earnings before tax$263,051 $396,462 $356,239 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
(In thousands)202020192018
Operating income (expense)
Commercial/Industrial$81,581 $179,637 $167,647 
Defense140,406 137,286 140,680 
Power104,626 122,139 101,646 
Corporate and Eliminations (1)
(37,765)(35,109)(36,347)
Total Consolidated$288,848 $403,953 $373,626 
Reconciliation Of Assets From Segment To Consolidated [Text Block]
Segment assets
Commercial/Industrial$1,315,361 $1,363,592 $1,312,823 
Defense1,655,564 1,209,706 975,047 
Power847,380 885,727 792,102 
Corporate175,445 305,236 175,413 
Assets held for sale27,584 — — 
Total Consolidated$4,021,334 $3,764,261 $3,255,385 
As of December 31,
(In thousands)202020192018
Assets:
Total assets for reportable segments$3,818,305 $3,459,025 $3,079,972 
Assets held for sale27,584 — — 
Non-segment cash49,157 235,260 138,053 
Other assets126,288 69,976 37,360 
Total consolidated assets$4,021,334 $3,764,261 $3,255,385 
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Year Ended December 31,
(In thousands)202020192018
Revenues
United States of America$1,758,424 $1,710,371 $1,623,511 
United Kingdom90,628 120,297 126,439 
Other foreign countries542,284 657,293 661,885 
Consolidated total$2,391,336 $2,487,961 $2,411,835 
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
As of December 31,
(In thousands)202020192018
Long-Lived Assets - Property, plant, and equipment, net
United States of America$271,299 $271,609 $258,504 
United Kingdom34,221 34,228 34,649 
Other foreign countries72,680 79,756 81,507 
Consolidated total$378,200 $385,593 $374,660 
Revenue from External Customers by Products and Services [Table Text Block]
Year Ended December 31,
(In thousands)202020192018
Net sales
Flow Control$1,037,155 $1,051,821 $1,008,262 
Motion Control1,098,184 1,130,593 1,090,703 
Surface Technologies255,997 305,547 312,870 
Consolidated total$2,391,336 $2,487,961 $2,411,835 
v3.20.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
 12 Months Ended
Dec. 31, 2020
Comprehensive Income [Abstract]  
Schedule of Comprehensive Income (Loss) [Table Text Block]
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2018$(147,148)$(141,299)$(288,447)
Other comprehensive loss before reclassifications (1)
18,447 (35,212)(16,765)
Amounts reclassified from accumulated other comprehensive income (1)
— 6,195 6,195 
Net current period other comprehensive income (loss) 18,447 (29,017)(10,570)
Cumulative effect from adoption of ASU 2018-02$(1,318)$(24,939)$(26,257)
December 31, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive loss before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive income (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)$(310,856)
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the statement where net earnings is presented
(In thousands)20202019
Defined benefit pension and postretirement plans
Amortization of prior service costs926 939 Other income, net
Amortization of net actuarial losses(23,057)(9,112)Other income, net
Settlements(1,086)— Other income, net
(23,217)(8,173)Earnings before income taxes
5,568 1,978 Provision for income taxes
Total reclassifications$(17,649)$(6,195)Net earnings
v3.20.4
RESTRUCTURING COSTS (Tables)
 12 Months Ended
Dec. 31, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs [Table Text Block]
The following tables summarize the respective balances related to these restructuring activities:

In thousandsRestructuring Liability as of December 31, 2019ProvisionCash PaymentsRestructuring Liability as of December 31, 2020
Commercial/Industrial
Severance$— $12,075 $(9,796)$2,279 
Facility closure and other exit costs— 4,534 (4,057)477 
Total Commercial/Industrial$— $16,609 $(13,853)$2,756 
Defense
Severance$— $3,150 $(2,937)$213 
Facility closure and other exit costs— 40 (40)— 
Total Defense$— $3,190 $(2,977)$213 
Power
Severance$— $5,972 $(2,131)$3,841 
Facility closure and other exit costs— 1,357 (1,223)134 
Total Power$— $7,329 $(3,354)$3,975 
Consolidated
Severance$— $21,197 $(14,864)$6,333 
Facility closure and other exit costs— 5,931 (5,320)611 
Total consolidated$— $27,128 $(20,184)$6,944 
A reconciliation of total pre-tax restructuring charges is as follows:

Affected line item in the Consolidated Statement of Earnings
Year ended
(In thousands)December 31, 2020
Inventory write-downsCost of product sales$9,184 
Severance, facility closure, and other exit costsRestructuring expenses27,128 
Property, plant, and equipment & operating lease right-of-use asset impairmentsRestructuring expenses4,567 
$31,695 
Pension-related chargesOther income, net$1,846 
Total restructuring chargesEarnings before income taxes$42,725 
v3.20.4
QUARTERLY RESULTS OF OPERATIONS (Table)
 12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]  
ScheduleOfQuarterlyFinancialInformationTableTextBlock
The following tables set forth selected unaudited quarterly Consolidated Statements of Earnings information for the fiscal years ended December 31, 2020 and 2019.
(In thousands, except per share data)FirstSecondThirdFourth
2020
Net sales$601,231 $550,047 $571,614 $668,444 
Gross profit200,579 186,026 212,821 241,801 
Net earnings51,761 31,018 64,620 53,993 
Net earnings per share
Basic earnings per share $1.22 $0.75 $1.56 $1.31 
Diluted earnings per share $1.21 $0.74 $1.55 $1.30 
2019
Net sales$578,314 $638,996 $614,880 $655,771 
Gross profit196,873 230,044 226,076 245,752 
Net earnings55,593 80,072 82,510 89,408 
Net earnings per share
Basic earnings per share $1.30 $1.87 $1.93 $2.09 
Diluted earnings per share $1.29 $1.86 $1.92 $2.08 
Note: Certain amounts may not add due to rounding.
v3.20.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
 12 Months Ended
Dec. 31, 2020
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SummaryOfValuationAllowanceTextBlock
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 
December 31, 2019
Tax valuation allowance11,646 1,305 (22)
(1)
9,543 
(3)
3,386 
Total$11,646 $1,305 $(22)$9,543 $3,386 
December 31, 2018
Tax valuation allowance12,322 108 17 
(1)
801 

11,646 
Total$12,322 $108 $17 $801 $11,646 

(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held-to-sale.
(3) $5.7 million relates to the capital loss carryforward expiration from the sale of the Downstream oil and gas business.
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
 12 Months Ended
Dec. 31, 2020
Building [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Building [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Equipment [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Equipment [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
 12 Months Ended
Dec. 31, 2020
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Foreign Currency [Abstract]      
Foreign Currency Transaction Gain (Loss), Realized $ (3.9) $ (7.2) $ 4.5
v3.20.4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Derivatives) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
General and Administrative Expense [Member]      
Derivatives, Fair Value [Line Items]      
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (2,312) $ 2,072 $ (6,643)
v3.20.4
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Disaggregation of Revenue [Line Items]                      
Net Sales $ 668,444 $ 571,614 $ 550,047 $ 601,231 $ 655,771 $ 614,880 $ 638,996 $ 578,314 $ 2,391,336 $ 2,487,961 $ 2,411,835
Defense                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 1,263,290 1,079,049 960,558
Commercial [Member]                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 1,128,046 1,408,912 1,451,277
Defense Aerospace [Member] | Defense                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 463,835 416,841 376,951
Defense Ground [Member] | Defense                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 107,287 93,432 97,131
Naval [Member] | Defense                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 692,168 568,776 486,476
Commercial Aerospace [Member] | Commercial [Member]                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 325,518 433,038 414,422
Power Generation [Member] | Commercial [Member]                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 331,983 392,173 431,793
General Industrial [Member] | Commercial [Member]                      
Disaggregation of Revenue [Line Items]                      
Net Sales                 $ 470,545 $ 583,701 $ 605,062
Transferred over Time [Member]                      
Disaggregation of Revenue [Line Items]                      
Revenue, Net, Percent                 52.00% 49.00% 46.00%
Transferred at Point in Time [Member]                      
Disaggregation of Revenue [Line Items]                      
Revenue, Net, Percent                 48.00% 51.00% 54.00%
v3.20.4
REVENUE ADDTIONAL DETAILS (Details) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]      
Revenue, Remaining Performance Obligation, Amount $ 2,200,000,000    
Revenue, Remaining Performance Obligation, Percentage 85.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months    
Contract with Customer, Liability, Revenue Recognized $ 224,000,000 $ 198,000,000 $ 164,000,000
v3.20.4
ACQUISITIONS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Business Acquisition [Line Items]      
Payments to Acquire Businesses, Gross $ 487,944 $ 185,209 $ 210,167
Goodwill 1,455,137 1,166,680 $ 1,088,032
2019 acquisitions [Member]      
Business Acquisition [Line Items]      
Accounts receivable   16,551  
Inventory   7,608  
Property, plant, and equipment   1,117  
Intangible assets   94,400  
Operating lease right of-use assets   4,605  
Other Current and Non-current Assets   888  
Current and non-current liabilities   (11,604)  
Assets Acquired and Liabilities Assumed, Net   113,565  
Payments to Acquire Businesses, Net of Cash Acquired   185,209  
Goodwill   71,644  
Cash paid to date, net of cash acquired   185,209  
Business Combination, Consideration Transferred   185,209  
Business Acquisition, Goodwill, Expected Tax Deductible Amount   $ 72,777  
2020 acquisitions      
Business Acquisition [Line Items]      
Accounts receivable 25,488    
Inventory 37,840    
Property, plant, and equipment 5,280    
Intangible assets 204,384    
Operating lease right of-use assets 5,562    
Other Current and Non-current Assets 7,050    
Current and non-current liabilities (75,257)    
Assets Acquired and Liabilities Assumed, Net 210,347    
Payments to Acquire Businesses, Gross 495,547    
Goodwill 285,200    
Cash paid to date, net of cash acquired 487,944    
Payments To Acquire Business, Remaining To Be Paid 7,603    
Business Combination, Consideration Transferred 495,547    
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 37,234    
v3.20.4
ACQUISITIONS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Nov. 02, 2020
Apr. 20, 2020
Feb. 28, 2020
Dec. 31, 2019
USD ($)
Mar. 15, 2019
Dec. 31, 2020
USD ($)
NumberAcquisitions
Dec. 31, 2019
USD ($)
NumberAcquisitions
Dec. 31, 2018
USD ($)
Business Acquisition [Line Items]                
Number of Businesses Acquired | NumberAcquisitions           3 2  
Payments to Acquire Businesses, Gross           $ 487,944 $ 185,209 $ 210,167
Revenue of Acquiree since Acquisition Date, Actual           40,000 11,000  
Earnings or Loss of Acquiree since Acquisition Date, Actual           (5,000) 0  
Defense | Pacific Star Communications, Inc. (PacStar) [Member]                
Business Acquisition [Line Items]                
Effective date of acquisition Nov. 02, 2020              
Assets Acquired and Liabilities Assumed, Net           406,000    
Defense | Integrated Air Defense System (IADS) [Member]                
Business Acquisition [Line Items]                
Effective date of acquisition   Apr. 20, 2020            
Assets Acquired and Liabilities Assumed, Net           29,000    
Defense | 901D Holdings, LLC (901D) [Member]                
Business Acquisition [Line Items]                
Effective date of acquisition       Dec. 31, 2019        
Assets Acquired and Liabilities Assumed, Net       $ 135,000     135,000  
Defense | Tactical Communications Group (TCG) [Member]                
Business Acquisition [Line Items]                
Effective date of acquisition         Mar. 15, 2019      
Assets Acquired and Liabilities Assumed, Net       $ 50,000     $ 50,000  
Commercial/Industrial | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]                
Business Acquisition [Line Items]                
Effective date of acquisition     Feb. 28, 2020          
Assets Acquired and Liabilities Assumed, Net           $ 60,000    
v3.20.4
ASSETS HELD FOR SALE - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2020
USD ($)
Discontinued Operations and Disposal Groups [Abstract]  
Impairment loss $ 33.0
v3.20.4
ASSETS HELD FOR SALE (Details)
$ in Thousands
Dec. 31, 2020
USD ($)
Discontinued Operations and Disposal Groups [Abstract]  
Receivables, net $ 9,902
Inventories, net 16,401
Other current assets 1,798
Property, plant, and equipment, net 4,821
Reserve for assets held for sale (5,338)
Total assets held for sale, current 27,584
Accounts payable (2,654)
Accrued expenses (1,375)
Other current liabilities (748)
Accrued pension and other postretirement benefit costs (5,364)
Total liabilities held for sale, current $ (10,141)
v3.20.4
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Contracts Receivable [Abstract]    
Trade and other receivables $ 361,460 $ 418,968
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 238,309 231,067
Less: Progress payments applied (3,291) (9,108)
Net unbilled receivables 235,018 221,959
Less: Allowance for doubtful accounts (7,760) (8,733)
Receivables, net $ 588,718 $ 632,194
v3.20.4
RECEIVABLES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
ConcentrationRiskLineItems    
Net unbilled receivables $ 235,018 $ 221,959
GovernmentContractsConcentrationRiskMember    
ConcentrationRiskLineItems    
ConcentrationRiskPercentage 53.00% 43.00%
Accounts Receivable, before Allowance for Credit Loss $ 352,700 $ 343,500
Net unbilled receivables $ 198,600 $ 195,700
v3.20.4
INVENTORIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Inventory Disclosure [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 177,828 $ 153,876
Inventory, Work in Process, Net of Reserves 80,729 100,359
Inventory, Finished Goods, Net of Reserves 120,767 108,329
Inventory For Long-term Contracts Or Programs, Net Of Reserves 56,599 70,414
Inventories, Net of Reserves 435,923 432,978
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (7,044) (8,143)
Inventories, net $ 428,879 $ 424,835
v3.20.4
INVENTORIES (Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Inventory, Net [Abstract]    
Other Inventory, Capitalized Costs $ 29.7 $ 39.1
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 13.0 $ 23.7
v3.20.4
PROPERTY, PLANT, AND EQUIPMENT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Line Items]      
land $ 17,660 $ 18,632  
BuildingsAndImprovementsGross 236,355 234,112  
MachineryAndEquipmentGross 881,110 849,527  
Property, Plant and Equipment, Gross, Total 1,135,125 1,102,271  
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (756,925) (716,678)  
Property, plant, and equipment, net $ 378,200 $ 385,593 $ 374,660
v3.20.4
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Property, Plant and Equipment [Abstract]      
Depreciation $ 55.3 $ 57.4 $ 59.4
v3.20.4
GOODWILL (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Goodwill [Line Items]    
Goodwill $ 1,166,680 $ 1,088,032
Acquisitions 285,200 71,644
Goodwill, Impairment Loss (9,598)  
Adjustments (1,385) (208)
Foreign Currency Translation Adjustments 14,240 7,212
Goodwill 1,455,137 1,166,680
Industrial Valve Business    
Goodwill [Line Items]    
Goodwill, Impairment Loss (9,600)  
Commercial/Industrial    
Goodwill [Line Items]    
Goodwill 431,082 428,983
Acquisitions 28,467  
Goodwill, Impairment Loss (9,598)  
Foreign Currency Translation Adjustments 6,701 2,099
Goodwill 456,652 431,082
Defense    
Goodwill [Line Items]    
Goodwill 526,955 451,115
Acquisitions 256,733 71,644
Adjustments (1,385) 208
Foreign Currency Translation Adjustments 7,275 4,404
Goodwill 789,578 526,955
Power    
Goodwill [Line Items]    
Goodwill 208,643 207,934
Foreign Currency Translation Adjustments 264 709
Goodwill $ 208,907 $ 208,643
v3.20.4
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross $ 1,049,810 $ 879,897
Finite Lived Intangible Assets Accumulated Amortization (440,180) (399,990)
Other intangible assets, net 609,630 479,907
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 280,595 257,676
Finite Lived Intangible Assets Accumulated Amortization (148,064) (140,390)
Other intangible assets, net 132,531 117,286
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 573,722 434,492
Finite Lived Intangible Assets Accumulated Amortization (239,798) (215,855)
Other intangible assets, net 333,924 218,637
Contract and Program Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 144,000 144,000
Finite Lived Intangible Assets Accumulated Amortization (19,800) (12,600)
Other intangible assets, net 124,200 131,400
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 51,493 43,729
Finite Lived Intangible Assets Accumulated Amortization (32,518) (31,145)
Other intangible assets, net $ 18,975 $ 12,584
v3.20.4
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Finite-Lived Intangible Assets [Line Items]      
Amortization of Intangible Assets $ 60,600 $ 45,000 $ 43,600
Future Amortization Expense Year One 61,600    
Future Amortization Expense Year Two 56,700    
Future Amortization Expense Year Three 53,000    
Future Amortization Expense Year Four 49,500    
Future Amortization Expense Year Five $ 46,900    
v3.20.4
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Finite-Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 204,400
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
Customer Relationships [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 159,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 16 years 4 months 24 days
Technology [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 34,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 8 years 10 months 24 days
Other Intangible Assets [Member]  
Finite-Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 9,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 7 years 1 month 6 days
Developed Technology Rights & Customer Relationships | Industrial Valve Business  
Finite-Lived Intangible Assets [Line Items]  
Impairment of Intangible Assets (Excluding Goodwill) $ 18,300
v3.20.4
LEASES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating Leased Assets [Line Items]      
Operating Rental expense $ 40,961 $ 37,229 $ 38,400
Minimum      
Operating Leased Assets [Line Items]      
Lessee, Operating Lease, Term of Contract 1 year    
Maximum      
Operating Leased Assets [Line Items]      
Lessee, Operating Lease, Term of Contract 15 years    
v3.20.4
LEASES - Schedule of Lease Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Leases [Abstract]      
Operating Rental expense $ 40,961 $ 37,229 $ 38,400
Depreciation of finance leases 1,037 812  
Interest on lease liabilities 468 498  
Total finance lease cost $ 1,505 $ 1,310  
v3.20.4
LEASES - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating cash flows used for operating leases $ (33,842) $ (30,665)
Operating cash flows used for finance leases (468) (498)
Right-of-use assets obtained in exchange for operating lease obligations $ 8,714 $ 36,033
v3.20.4
LEASES - Supplemental Balance Sheet (Details) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]    
Operating lease right-of-use assets, net $ 150,898,000 $ 165,490,000
Current operating lease liabilities 27,263,000 26,773,000
Operating lease, Long-term operating lease liability 133,069,000 145,124,000
Total operating lease liabilities 160,332,000 171,897,000
Property, plant, and equipment 15,561,000 15,561,000
Accumulated depreciation 6,570,000 5,533,000
Property, plant, and equipment, net 8,991,000 10,028,000
Finance lease, Other current liabilities 945,000 807,000
Finance lease, Other liabilities 10,041,000 10,982,000
Total finance lease liabilities $ 10,986,000 $ 11,789,000
Weighted average remaining lease term, Operating lease 8 years 7 months 6 days 9 years 2 months 12 days
Weighted average remaining lease term, Finance leases 8 years 8 months 12 days 9 years 8 months 12 days
Weighted average discount rate, Operating leases 3.67% 3.75%
Weighted average discount rate, Finance leases 4.05% 4.05%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] us-gaap:OtherLiabilitiesCurrent us-gaap:OtherLiabilitiesCurrent
v3.20.4
LEASES - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Operating Lease [Abstract]    
2021 $ 33,630  
2022 27,451  
2023 24,532  
2024 21,515  
2025 15,075  
Thereafter 68,375  
Total operating lease payments 190,578  
Less: imputed interest 30,246  
Total operating lease liabilities 160,332 $ 171,897
Finance Lease [Abstract]    
2021 1,375  
2022 1,410  
2023 1,445  
2024 1,481  
2025 1,518  
Thereafter 5,893  
Total finance lease payments 13,122  
Less: imputed interest 2,136  
Total finance lease liabilities $ 10,986 $ 11,789
v3.20.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
General and Administrative Expense [Member]      
Derivative Instruments Gain Loss [Line Items]      
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (2,312) $ 2,072 $ (6,643)
v3.20.4
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2020
Dec. 31, 2019
Estimated Fair Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,122 $ 783
Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,049 $ 749
v3.20.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities, Current [Abstract]    
Accrued compensation $ 96,228 $ 119,293
Accrued commissions 6,050 6,678
Accrued interest 13,327 8,982
Accrued insurance 7,215 7,550
Accrued other liabilities 17,380 22,241
Accrued expenses $ 140,200 $ 164,744
v3.20.4
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Accrued Liabilities, Current [Abstract]    
Current operating lease liabilities $ 27,263,000 $ 26,773,000
Warranty 25,091,000 17,512,000
Restructuring Reserve 6,944,000 0
Pension and other postretirement liabilities 7,715,000 6,690,000
Other sundry liabilities 31,742,000 23,227,000
Other current liabilities $ 98,755,000 $ 74,202,000
v3.20.4
INCOME TAXES INCOME TAXES (Tax Cuts and Jobs Act) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
numberOfTransitionTaxYears
Income Tax Disclosure [Abstract]      
Transition tax on foreign earnings     $ 18,200
Finalized transition tax due to TCJA     $ 23,600
Period of finalized transition tax | numberOfTransitionTaxYears     8
Amount of taxes paid due to TCJA   $ 1,900  
Operating loss carryforwards     $ 12,700
Transition tax liability due to operating loss carryforward $ 9,000 $ 9,000  
2018 U.S. Federal Statutory Tax Rate   21.00%  
v3.20.4
INCOME TAXES (Income Before Income Tax) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Domestic $ 212,613 $ 273,036 $ 217,374
Foreign 50,438 123,426 138,865
Earnings before income taxes 263,051 $ 396,462 $ 356,239
Impairment loss $ 33,000    
v3.20.4
INCOME TAXES (Provision for Income Taxes) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
Federal $ 36,793 $ 14,195 $ 37,648
State 11,882 3,766 9,228
Foreign 21,841 24,816 25,285
Current Income Tax Expense (Benefit), Total 70,516 42,777 72,161
Federal 1,043 38,647 8,518
State (527) 6,632 (1,047)
Foreign (9,373) 823 858
Deferred Income Tax Expense (Benefit), Total (8,857) 46,102 8,329
Provision for income taxes $ 61,659 $ 88,879 $ 80,490
v3.20.4
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal benefit 3.70% 2.40% 2.20%
Impairment of goodwill (held-for-sale) 1.20% 0.00% 0.00%
Valuation allowance for foreign assets held for sale 1.30% 0.00% 0.00%
R&D tax credits (0.90%) (1.20%) (1.00%)
Foreign earnings (1) (0.90%) 1.40% 0.90%
Impacts related to the Tax Act     1.80%
Foreign-derived intangible income (2.80%) (1.30%) (0.80%)
All other, net 0.80% 0.10% (1.50%)
Effective tax rate 23.40% 22.40% 22.60%
v3.20.4
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) - USD ($)
Dec. 31, 2020
Dec. 31, 2019
Deferred tax assets:    
Operating lease liabilities $ 33,371,000 $ 35,299,000
Inventories, net 16,734,000 15,220,000
Net operating loss 5,518,000 8,328,000
Environmental reserves 8,698,000 8,239,000
Incentive compensation 8,102,000 8,130,000
Pension and other postretirement liabilities 13,533,000 5,029,000
Capital loss carryover 0 955,000
Other 33,401,000 33,002,000
Total deferred tax assets 119,357,000 114,202,000
Deferred tax liabilities:    
Goodwill 90,112,000 77,620,000
Operating lease right-of-use assets, net 31,292,000 33,915,000
Intangible Assets 65,549,000 30,954,000
Depreciation 22,780,000 25,562,000
Withholding Taxes 12,549,000 13,097,000
Other 8,757,000 7,524,000
Total deferred tax liabilities 231,039,000 188,672,000
Valuation allowance 1,240,000 3,386,000
Deferred Tax Liabilities, Net $ 112,922,000 $ 77,856,000
v3.20.4
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]    
Net noncurrent deferred tax assets $ 2,085 $ 2,303
Net noncurrent deferred tax liabilities 115,007 80,159
Deferred Tax Liabilities, Net $ 112,922 $ 77,856
v3.20.4
INCOME TAXES (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits (beginning balance) $ 12,676 $ 13,563 $ 13,174
Additions for tax positions of prior periods 1,497 581 88
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions (615) (2,184) (290)
Additions for tax positions related to the current year 2,041 936 1,036
Settlements (14) (220) (445)
Unrecognized tax benefits (ending balance) $ 15,585 $ 12,676 $ 13,563
v3.20.4
INCOME TAXES (Open Tax Years) (Detail)
 12 Months Ended
Dec. 31, 2020
United States (Various states)  
IncomeTaxContingencyLineItems  
Open Tax Year 2009
Internal Revenue Service (IRS) | United States (Federal)  
IncomeTaxContingencyLineItems  
Open Tax Year 2017
United Kingdom | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2019
Canada | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2017
v3.20.4
INCOME TAXES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
OperatingLossCarryforwardsLineItems        
Deferred tax assets, other tax carryforwards $ 5,500      
Valuation allowance increase 2,200      
Valuation allowance 1,240 $ 3,386    
Income tax payments 54,000 63,900 $ 79,100  
Deferred tax asset, operating loss 5,518 8,328    
Unrecognized tax benefits that would affect the effective income tax rate 13,000 $ 10,200 $ 11,000  
Operating loss carryforwards       $ 12,700
Industrial Valve Business        
OperatingLossCarryforwardsLineItems        
Valuation allowance 3,300      
Deferred tax asset, operating loss 3,800      
Operating loss carryforwards 12,600      
Foreign Tax Authority        
OperatingLossCarryforwardsLineItems        
Operating loss carryforwards related to international operations 3,700      
Indefinite lived operating loss carryforwards, 300      
Operating loss carryforwards subject to expiration $ 3,400      
Operating loss carryforward, expiration date Dec. 31, 2026      
State And Local Jurisdiction [Member]        
OperatingLossCarryforwardsLineItems        
Operating loss carryforwards state and local $ 77,300      
Operating loss carryforward, expiration date Dec. 31, 2039      
Other Liabilities [Member]        
OperatingLossCarryforwardsLineItems        
Interest on income taxes accrued $ 3,800      
Income tax penalties accrued $ 1,700      
v3.20.4
DEBT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Debt Instrument [Line Items]    
Long-term Debt $ 1,058,292 $ 760,639
Long Term Debt Fair Value 1,131,414 794,431
Long-term Debt, Gross 1,050,000 750,000
Debt issuance costs, net (1,147) (594)
Unamortized interest rate swap proceeds (1) 9,439 11,233
Less: current portion of long-term debt 100,000 0
Long-term debt 958,292 760,639
Carrying Value    
Debt Instrument [Line Items]    
Less: current portion of long-term debt 100,000 0
Long-term debt 958,292 760,639
Estimated Fair Value    
Debt Instrument [Line Items]    
Less: current portion of long-term debt 100,000 0
Long-term debt 1,031,414 794,431
3.84% Senior notes due 2021 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 100,000 100,000
3.84% Senior notes due 2021 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 102,173 102,079
3.70% Senior notes due 2023 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 202,500 202,500
3.70% Senior notes due 2023 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 211,790 207,882
3.85% Senior notes due 2025 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 90,000 90,000
3.85% Senior notes due 2025 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 97,429 93,838
4.24% Senior notes due 2026 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 200,000 200,000
4.24% Senior notes due 2026 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 224,390 213,126
4.05% Senior notes due 2028 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 67,500 67,500
4.05% Senior notes due 2028 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 75,440 71,260
4.11% Senior notes due 2028 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 90,000 90,000
4.11% Senior notes due 2028 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 101,047 95,607
3.10% Senior Notes due 2030 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 150,000 0
3.10% Senior Notes due 2030 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 155,805 0
3.20% Senior Notes due 2032 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 150,000 0
3.20% Senior Notes due 2032 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 155,048 0
Long-term Debt, gross [Member]    
Debt Instrument [Line Items]    
Long Term Debt Fair Value $ 1,123,122 $ 783,792
v3.20.4
DEBT (Maturity) (Detail)
$ in Thousands
Dec. 31, 2020
USD ($)
Debt Instruments [Abstract]  
Repayments of Principal in Next Twelve Months $ 100,000
Repayments of Principal in Year Two 0
Repayments of Principal in Year Three 202,500
Repayments of Principal in Year Four 0
Repayments of Principal in Year Five 90,000
Repayments of Principal Thereafter 657,500
Total $ 1,050,000
v3.20.4
DEBT (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Oct. 15, 2018
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Aug. 13, 2020
Oct. 31, 2018
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Debt Instrument [Line Items]                  
Interest payments made   $ 31.0 $ 30.0 $ 32.0          
Interest rate description   Borrowings under the credit agreement accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.              
Debt to capitalization limit   60.00%              
2013 Senior Notes                  
Debt Instrument [Line Items]                  
Date of issuance   Feb. 26, 2013              
Issued amount of debt               $ 500.0  
Repayments of Long-term Debt $ 50.0                
3.70% Senior notes due 2023                  
Debt Instrument [Line Items]                  
Issued amount of debt               $ 225.0  
Date of maturity   Feb. 26, 2023              
Stated interest rate   3.70%           3.70%  
3.85% Senior notes due 2025                  
Debt Instrument [Line Items]                  
Issued amount of debt               $ 100.0  
Date of maturity   Feb. 26, 2025              
Stated interest rate   3.85%           3.85%  
4.05% Senior notes due 2028                  
Debt Instrument [Line Items]                  
Issued amount of debt               $ 75.0  
Date of maturity   Feb. 26, 2028              
Stated interest rate   4.05%           4.05%  
4.11% Senior notes due 2028                  
Debt Instrument [Line Items]                  
Date of issuance   Sep. 26, 2013              
Issued amount of debt             $ 100.0    
Date of maturity   Sep. 26, 2028              
Stated interest rate   4.11%         4.11%    
2011 Notes                  
Debt Instrument [Line Items]                  
Date of issuance   Dec. 08, 2011              
Issued amount of debt                 $ 300.0
3.84% Senior notes due 2021                  
Debt Instrument [Line Items]                  
Issued amount of debt                 $ 100.0
Date of maturity   Dec. 01, 2021              
Stated interest rate   3.84%             3.84%
4.24% Senior notes due 2026                  
Debt Instrument [Line Items]                  
Issued amount of debt                 $ 200.0
Date of maturity   Dec. 01, 2026              
Stated interest rate   4.24%             4.24%
3.20% Senior Notes due 2032                  
Debt Instrument [Line Items]                  
Issued amount of debt         $ 150.0        
Stated interest rate   3.20%     3.20%        
3.10% Senior Notes due 2030                  
Debt Instrument [Line Items]                  
Issued amount of debt         $ 150.0        
Stated interest rate   3.10%     3.10%        
Two Thousand Twenty Senior Notes [Member]                  
Debt Instrument [Line Items]                  
Date of issuance   Aug. 13, 2020              
Issued amount of debt         $ 300.0        
Revolving credit facility                  
Debt Instrument [Line Items]                  
Line of Credit Facility, Maximum Borrowing Capacity   $ 500.0              
Line Of Credit Facility Additional Borrowing Capacity     200.0     $ 100.0      
Standby letters of credit                  
Debt Instrument [Line Items]                  
Letters of credit   $ 21.1 $ 32.6            
Revolving credit facility                  
Debt Instrument [Line Items]                  
Weighted-average interest rate   1.40% 3.30%            
Unused credit available under the credit facility   $ 479.0              
Long-term debt                  
Debt Instrument [Line Items]                  
Weighted-average interest rate   3.40% 3.70%            
Unused credit available under the credit facility   $ 1,500.0              
v3.20.4
EARNINGS PER SHARE (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Earnings Per Share Reconciliation [Abstract]                      
Basic                 41,738 42,739 43,892
Dilutive effect of stock options and deferred stock compensation                 261 277 424
Diluted                 41,999 43,016 44,316
Net earnings $ 53,993 $ 64,620 $ 31,018 $ 51,761 $ 89,408 $ 82,510 $ 80,072 $ 55,593 $ 201,392 $ 307,583 $ 275,749
Diluted earnings per share $ 1.30 $ 1.55 $ 0.74 $ 1.21 $ 2.08 $ 1.92 $ 1.86 $ 1.29 $ 4.80 $ 7.15 $ 6.22
Basic earnings per share $ 1.31 $ 1.56 $ 0.75 $ 1.22 $ 2.09 $ 1.93 $ 1.87 $ 1.30 $ 4.83 $ 7.20 $ 6.28
v3.20.4
EARNINGS PER SHARE (AntiDilutive) (Detail) - shares
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 0 0
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 0 0
v3.20.4
SHARE-BASED COMPENSATION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Employee Stock Purchase Plan $ 1,625 $ 1,585 $ 1,435
Performance Share Units 4,909 4,853 4,746
Restricted Share Units 6,978 6,061 7,026
Other share-based payments 925 1,170 887
Total share-based compensation expense before income taxes $ 14,437 $ 13,669 $ 14,094
v3.20.4
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Cash received from share-based awards $ 11,148 $ 11,770 $ 11,940
v3.20.4
SHARE-BASED COMPENSATION PLANS (LTI) (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]  
Exercised (in shares) | shares (66)
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Exercised (in dollars per share) | $ / shares $ 29.89
v3.20.4
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2020
$ / shares
shares
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 97
Granted (in shares) | shares 59
Vested (in shares) | shares (49)
Forfeited (in shares) | shares 0
Outstanding (in shares) | shares 107
Expected to vest (in shares) | shares 107
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 149.99
Granted (in dollars per share) | $ / shares 108.15
Vested (in dollars per share) | $ / shares 124.83
Forfeited (in dollars per share) | $ / shares 0
Outstanding (in dollars per share) | $ / shares 138.37
Expected to vest (in dollars per share) | $ / shares $ 138.37
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 149
Granted (in shares) | shares 84
Vested (in shares) | shares (1)
Forfeited (in shares) | shares (5)
Outstanding (in shares) | shares 227
Expected to vest (in shares) | shares 227
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 105.42
Granted (in dollars per share) | $ / shares 83.36
Vested (in dollars per share) | $ / shares 98.34
Forfeited (in dollars per share) | $ / shares 107.40
Outstanding (in dollars per share) | $ / shares 97.24
Expected to vest (in dollars per share) | $ / shares $ 97.24
v3.20.4
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 100,000,000 100,000,000  
2014 Omnibus Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 2,400,000    
Non Qualfied Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of stock options exercised $ 5.2 $ 8.7 $ 10.1
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 12.5    
Unrecognized compensation cost $ 4.8    
Unrecognized compensation expense, period of recognition 1 year 8 months 12 days    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 26.4    
Unrecognized compensation cost $ 8.8    
Unrecognized compensation expense, period of recognition 2 years    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Purchase price percentage of fair market value 85.00%    
v3.20.4
PENSION AND POSTRETIREMENT BENEFITS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Jan. 08, 2020
USD ($)
Dec. 31, 2020
USD ($)
pension_plan
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   10    
Domestic plans | pension_plan   3    
Foreign plans | pension_plan   7    
United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Funded percentage   88.00%    
Pension Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Contributions made by employer $ 150,000 $ 155,359 $ 3,867  
Total projected benefit obligation   $ 1,044,035 $ 945,187 $ 814,894
Expected return on assets assumption   7.11% 7.59%  
Pension Plan [Member] | Foreign Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets as a percentage of consolidated assets   11.00%    
Expected return on assets assumption   3.50%    
Pension Plan [Member] | United Kingdom [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   1    
Pension Plan [Member] | Canada [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   1    
Pension Plan [Member] | Switzerland [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   1    
Pension Plan [Member] | Germany [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   2    
Pension Plan [Member] | Mexico [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   2    
Pension Plan [Member] | United States [Member] | Cash And Cash Equivalents [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Plan assets as a percentage of consolidated assets   2.00% 3.00%  
Other Pension Plan [Member] | Switzerland [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of pension and other post retirement defined benefit plans | pension_plan   1    
EMD [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Percent of employees' gross pay withheld   1.50%    
Parent Company's Retirement Benefit Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Number of years of service   1 year    
Vesting period   3 years    
Period after which accruals will cease   15 years    
Parent Company's Retirement Benefit Plan [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Expected employer contributions   $ 1,600    
Net pension liability   25,700 $ 23,600  
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | Foreign Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Pension Cost (Reversal of Cost)   5,300 5,300 $ 5,300
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Expense relating to the defined contribution plan   19,300    
Defined Contribution Plan, Employer Discretionary Contribution Amount   10,000    
Defined Contribution Plans, Non-Elective Estimated Future Employer Contributions in Next Fiscal Year   9,300    
Defined Contribution Plans, Estimated Future Employer Contributions Over Next Five Fiscal Years   $ 104,000    
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member] | Maximum        
Defined Benefit Plan Disclosure [Line Items]        
Maximum employer contribution match percentage   7.00%    
Parent Company's Retirement Benefit Plan [Member] | Pension Plan [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Noncurrent pension liability   $ 80,800 50,200  
Parent Company's Retirement Benefit Plan [Member] | Other Pension Plan [Member] | United States [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Expected employer contributions   6,100    
Noncurrent pension liability   71,800 59,600  
Foreign Company's Retirement Benefit Plan [Member] | Foreign Plan [Member]        
Defined Benefit Plan Disclosure [Line Items]        
Expected employer contributions   1,500    
Total projected benefit obligation   115,500 $ 102,700  
Net pension liability   2,600    
Net pension assets   $ (200)    
v3.20.4
PENSION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 26,013 $ 23,664 $ 27,116
Interest cost 23,847 29,019 26,149
Expected return on plan assets (67,217) (59,153) (58,641)
Prior service cost (269) (283) (252)
Defined Benefit Plan, Amortization of Loss (Gain) 23,062 9,310 16,867
Cost of Settlement/Curtailment 2,395 0 337
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 7,831 2,557 11,576
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 506 432 490
Interest cost 609 796 719
Prior service cost (657) (656) (656)
Defined Benefit Plan, Amortization of Loss (Gain) (5) (198) (131)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 453 $ 374 $ 422
v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Pension Plan [Member]      
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance $ 945,187 $ 814,894  
Service cost 26,013 23,664 $ 27,116
Interest cost 23,847 29,019 26,149
DefinedBenefitPlanContributionsByPlanParticipants 1,366 1,276  
DefinedBenefitPlanActuarialGainLoss (92,596) (118,893)  
DefinedBenefitPlanBenefitsPaid (46,607) (43,736)  
Defined Benefit Plan, Actual Expense (1,526) (1,846)  
Curtailment charge 1,636    
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement (3,867)    
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation 5,390 3,023  
Defined Benefit Plan, Benefit Obligation, Ending Balance 1,044,035 945,187 814,894
Other Postretirement Benefits Plan [Member]      
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance 23,566 22,060  
Service cost 506 432 490
Interest cost 609 796 719
DefinedBenefitPlanContributionsByPlanParticipants 331 346  
DefinedBenefitPlanActuarialGainLoss (3,048) (2,124)  
DefinedBenefitPlanBenefitsPaid (2,390) (2,192)  
Defined Benefit Plan, Benefit Obligation, Ending Balance $ 25,670 $ 23,566 $ 22,060
v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Jan. 08, 2020
Dec. 31, 2020
Dec. 31, 2019
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward      
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance   $ 835,139  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance   1,050,509 $ 835,139
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract      
Pension asset   92,531  
Pension and other postretirement liabilities   (7,715) (6,690)
Accrued pension and other postretirement benefit costs   (98,345) (138,635)
Pension Plan [Member]      
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward      
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance   835,139 738,296
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss)   105,810 133,896
Contributions made by employer $ 150,000 155,359 3,867
DefinedBenefitPlanContributionsByPlanParticipants   1,366 1,276
DefinedBenefitPlanBenefitsPaid   (46,607) (43,736)
Defined Benefit Plan, Plan Assets, Administration Expense   (1,526) (1,846)
DefinedBenefitPlanSettlementsPlanAssets   (3,867)  
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets   4,835 3,386
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance   1,050,509 835,139
DefinedBenefitPlanFundedStatusOfPlan   6,474 (110,048)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract      
Pension asset   92,554 11,711
Pension and other postretirement liabilities   (6,444) (5,143)
Accrued pension and other postretirement benefit costs   (79,636) (116,616)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet   6,474 (110,048)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract      
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax   294,545 263,660
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax   (321) (934)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax   294,224 262,726
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract      
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation   114,297 881,731
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation   111,807 848,309
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets   28,217 759,972
Other Postretirement Benefits Plan [Member]      
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward      
Contributions made by employer   2,059 1,846
DefinedBenefitPlanContributionsByPlanParticipants   331 346
DefinedBenefitPlanBenefitsPaid   (2,390) (2,192)
DefinedBenefitPlanFundedStatusOfPlan   (25,670) (23,566)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract      
Pension and other postretirement liabilities   (1,596) (1,547)
Accrued pension and other postretirement benefit costs   (24,074) (22,019)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet   (25,670) (23,566)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract      
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax   624 (2,429)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax   (747) (1,404)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax   $ (123) $ (3,833)
v3.20.4
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Pension Plan [Member]    
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 2.36% 3.05%
Rate Of Compensation Increase 3.41% 3.46%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 3.05% 4.09%
Expected return on assets assumption 7.11% 7.59%
Net Periodic Benefit Cost Rate Of Compensation Increase 3.46% 3.50%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Year That Rate Reaches Ultimate Trend Rate 2026 2026
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 2.43% 3.15%
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract    
Rate Assumed For Next Fiscal Year 7.25% 7.50%
Ultimate Health Care Cost Trend Rate 4.50% 4.50%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 3.15% 4.20%
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract]    
Rate Assumed for Next Fiscal Year 7.50% 7.85%
Ultimate Health Care Cost Trend Rate 4.50% 4.50%
v3.20.4
PENSION (Asset Class) (Detail)
Dec. 31, 2020
Dec. 31, 2019
Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 54.00% 51.00%
Target Plan Asset Allocations 50.00%  
International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 15.00% 15.00%
Target Plan Asset Allocations 15.00%  
EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 69.00% 66.00%
Target Plan Asset Allocations 65.00%  
FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 31.00% 34.00%
Target Plan Asset Allocations 35.00%  
Minimum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 40.00%  
Minimum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 10.00%  
Minimum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 55.00%  
Minimum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 25.00%  
Maximum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 60.00%  
Maximum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 20.00%  
Maximum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 75.00%  
Maximum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 45.00%  
v3.20.4
PENSION (Fair Value) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets $ 1,050,509 $ 835,139  
Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 16,710 22,457  
EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 688,257 534,479  
DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 341,140 273,979  
Other Plan Assets      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 4,402 4,224  
FairValueInputsLevel1Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 814,296 640,773  
FairValueInputsLevel1Member | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 1,376 2,010  
FairValueInputsLevel1Member | EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 570,293 427,391  
FairValueInputsLevel1Member | DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 242,627 211,372  
FairValueInputsLevel2Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 231,811 190,142  
FairValueInputsLevel2Member | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 15,334 20,447  
FairValueInputsLevel2Member | EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 117,964 107,088  
FairValueInputsLevel2Member | DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 98,513 62,607  
FairValueInputsLevel3Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 4,402 4,224 $ 10,721
FairValueInputsLevel3Member | Other Plan Assets      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets $ 4,402 $ 4,224  
v3.20.4
PENSION (Plan Assets) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance $ 835,139  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 1,050,509 $ 835,139
FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 4,224 10,721
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld (15) 115
Defined Benefit Plan, Decrease for Sale (58)  
DefinedBenefitPlanPurchasesSalesAndSettlements (157) (6,693)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets 408 81
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 4,402 4,224
Insurance Contracts [Member] | FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 0 8,408
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld 5 0
DefinedBenefitPlanPurchasesSalesAndSettlements 523 (8,408)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets 49 0
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 577 0
Other Assets [Member] | FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 4,224 2,313
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld (20) 115
Defined Benefit Plan, Decrease for Sale (58)  
DefinedBenefitPlanPurchasesSalesAndSettlements (680) 1,715
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets 359 81
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance $ 3,825 $ 4,224
v3.20.4
PENSION (Future Service) (Detail)
$ in Thousands
Dec. 31, 2020
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months $ 57,264
Expected Future Benefit Payment, Year Two 57,464
Expected Future Benefit Payment, Year Three 58,316
Expected Future Benefit Payment, Year Four 63,341
Expected Future Benefit Payment, Year Five 59,751
Expected Future Benefit Payment, Five Fiscal Years Thereafter 302,264
Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months 55,668
Expected Future Benefit Payment, Year Two 55,872
Expected Future Benefit Payment, Year Three 56,721
Expected Future Benefit Payment, Year Four 61,772
Expected Future Benefit Payment, Year Five 58,203
Expected Future Benefit Payment, Five Fiscal Years Thereafter 295,165
Other Postretirement Benefits Plan [Member] | United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months 1,596
Expected Future Benefit Payment, Year Two 1,592
Expected Future Benefit Payment, Year Three 1,595
Expected Future Benefit Payment, Year Four 1,569
Expected Future Benefit Payment, Year Five 1,548
Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 7,099
v3.20.4
SEGMENT INFORMATION (Detail) - USD ($)
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Total net sales                 $ 2,391,336,000 $ 2,487,961,000 $ 2,411,835,000
Net Sales $ 668,444,000 $ 571,614,000 $ 550,047,000 $ 601,231,000 $ 655,771,000 $ 614,880,000 $ 638,996,000 $ 578,314,000 2,391,336,000 2,487,961,000 2,411,835,000
Operating income                 288,848,000 403,953,000 373,626,000
Depreciation and amortization                 115,903,000 102,412,000 102,949,000
Total assets 4,021,334,000       3,764,261,000       4,021,334,000 3,764,261,000 3,255,385,000
PropertyPlantAndEquipmentAdditions                 47,499,000 69,752,000 53,417,000
Operating Segments [Member]                      
Segment Reporting Information [Line Items]                      
Operating income                 326,613,000 439,062,000 409,973,000
Total assets 3,818,305,000       3,459,025,000       3,818,305,000 3,459,025,000 3,079,972,000
Operating Segments [Member] | Commercial/Industrial                      
Segment Reporting Information [Line Items]                      
Total net sales                 951,292,000 1,138,740,000 1,113,138,000
Operating income                 81,581,000 179,637,000 167,647,000
Depreciation and amortization                 44,921,000 45,895,000 48,174,000
Total assets 1,315,361,000       1,363,592,000       1,315,361,000 1,363,592,000 1,312,823,000
PropertyPlantAndEquipmentAdditions                 21,643,000 28,983,000 26,510,000
Operating Segments [Member] | Defense                      
Segment Reporting Information [Line Items]                      
Total net sales                 734,041,000 626,282,000 603,794,000
Operating income                 140,406,000 137,286,000 140,680,000
Depreciation and amortization                 38,507,000 22,204,000 21,537,000
Total assets 1,655,564,000       1,209,706,000       1,655,564,000 1,209,706,000 975,047,000
PropertyPlantAndEquipmentAdditions                 4,326,000 8,479,000 9,100,000
Operating Segments [Member] | Power                      
Segment Reporting Information [Line Items]                      
Total net sales                 708,865,000 726,237,000 697,491,000
Operating income                 104,626,000 122,139,000 101,646,000
Depreciation and amortization                 28,344,000 30,213,000 29,294,000
Total assets 847,380,000       885,727,000       847,380,000 885,727,000 792,102,000
PropertyPlantAndEquipmentAdditions                 18,656,000 28,700,000 11,944,000
Operating Segments [Member] | Corporate And Other [Member]                      
Segment Reporting Information [Line Items]                      
Operating income                 (37,765,000) (35,109,000) (36,347,000)
Depreciation and amortization                 4,131,000 4,100,000 3,944,000
Total assets 175,445,000       305,236,000       175,445,000 305,236,000 175,413,000
PropertyPlantAndEquipmentAdditions                 2,874,000 3,590,000 5,863,000
Operating Segments [Member] | Assets Held For Sale                      
Segment Reporting Information [Line Items]                      
Total assets $ 27,584,000       $ 0       27,584,000 0 0
Intersegment Eliminations [Member]                      
Segment Reporting Information [Line Items]                      
Total net sales                 (2,862,000) (3,298,000) (2,588,000)
Operating income                 $ (37,765,000) $ (35,109,000) $ (36,347,000)
v3.20.4
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]      
Operating income $ 288,848,000 $ 403,953,000 $ 373,626,000
Interest expense (35,545,000) (31,347,000) (33,983,000)
Other income, net 9,748,000 23,856,000 16,596,000
Earnings before income taxes 263,051,000 396,462,000 356,239,000
Assets      
Total assets 4,021,334,000 3,764,261,000 3,255,385,000
Non Segment Other Assets [Member]      
Assets      
Total assets 126,288,000 69,976,000 37,360,000
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 326,613,000 439,062,000 409,973,000
Assets      
Total assets 3,818,305,000 3,459,025,000 3,079,972,000
Operating Segments [Member] | Assets Held For Sale      
Assets      
Total assets 27,584,000 0 0
Operating Segments [Member] | Corporate And Other [Member]      
Segment Reporting Information [Line Items]      
Operating income (37,765,000) (35,109,000) (36,347,000)
Assets      
Total assets 175,445,000 305,236,000 175,413,000
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating income (37,765,000) (35,109,000) (36,347,000)
Non-Segment      
Assets      
Total assets $ 49,157,000 $ 235,260,000 $ 138,053,000
v3.20.4
SEGMENT INFORMATION (Geographic) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems                      
Net Sales $ 668,444 $ 571,614 $ 550,047 $ 601,231 $ 655,771 $ 614,880 $ 638,996 $ 578,314 $ 2,391,336 $ 2,487,961 $ 2,411,835
Property, plant, and equipment, net 378,200       385,593       378,200 385,593 374,660
United States [Member]                      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems                      
Net Sales                 1,758,424 1,710,371 1,623,511
Property, plant, and equipment, net 271,299       271,609       271,299 271,609 258,504
United Kingdom [Member]                      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems                      
Net Sales                 90,628 120,297 126,439
Property, plant, and equipment, net 34,221       34,228       34,221 34,228 34,649
Other Foreign Countries [Member]                      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems                      
Net Sales                 542,284 657,293 661,885
Property, plant, and equipment, net $ 72,680       $ 79,756       $ 72,680 $ 79,756 $ 81,507
v3.20.4
SEGMENT INFORMATION SEGMENT INFORMATION (Product Line) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Segment Reporting Information [Line Items]                      
Net Sales $ 668,444 $ 571,614 $ 550,047 $ 601,231 $ 655,771 $ 614,880 $ 638,996 $ 578,314 $ 2,391,336 $ 2,487,961 $ 2,411,835
Flow Control [Member]                      
Segment Reporting Information [Line Items]                      
Net Sales                 1,037,155 1,051,821 1,008,262
Controls [Member]                      
Segment Reporting Information [Line Items]                      
Net Sales                 1,098,184 1,130,593 1,090,703
Surface Technologies [Member]                      
Segment Reporting Information [Line Items]                      
Net Sales                 $ 255,997 $ 305,547 $ 312,870
v3.20.4
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Loss Contingencies [Line Items]    
Asset Retirement Obligation $ 7,800,000  
Surety Bond Outstanding 45,600,000  
Standby letters of credit    
Loss Contingencies [Line Items]    
Letters of credit 21,100,000 $ 32,600,000
Financial Standby Letter of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit 5,600,000 $ 10,800,000
Failure to Meet Contractual Obligations [Member]    
Loss Contingencies [Line Items]    
Loss Contingency, Damages Sought, Value 25,000,000  
Minimum | Failure to Meet Contractual Obligations [Member]    
Loss Contingencies [Line Items]    
Loss Contingency, Range of Possible Loss 0  
Maximum | Failure to Meet Contractual Obligations [Member]    
Loss Contingencies [Line Items]    
Loss Contingency, Range of Possible Loss $ 55,500,000  
v3.20.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (325,274) $ (288,447)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (3,231) (16,765)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 17,649 6,195  
Other Comprehensive Income (Loss), Net of Tax 14,418 (10,570) $ (71,607)
Accumulated Other Comprehensive Income (Loss), Net of Tax (310,856) (325,274) (288,447)
Accounting Standards Update 2018-02 [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (26,257)    
Accumulated Other Comprehensive Income (Loss), Net of Tax   (26,257)  
Accumulated Translation Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (130,019) (147,148)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 41,282 18,447  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0  
Other Comprehensive Income (Loss), Net of Tax 41,282 18,447  
Accumulated Other Comprehensive Income (Loss), Net of Tax (88,737) (130,019) (147,148)
Accumulated Translation Adjustment [Member] | Accounting Standards Update 2018-02 [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (1,318)    
Accumulated Other Comprehensive Income (Loss), Net of Tax   (1,318)  
Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (195,255) (141,299)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (44,513) (35,212)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 17,649 6,195  
Other Comprehensive Income (Loss), Net of Tax (26,864) (29,017)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (222,119) (195,255) $ (141,299)
Accumulated Defined Benefit Plans Adjustment [Member] | Accounting Standards Update 2018-02 [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (24,939)    
Accumulated Other Comprehensive Income (Loss), Net of Tax   $ (24,939)  
v3.20.4
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Earnings before income taxes                 $ 263,051 $ 396,462 $ 356,239
Provision for income taxes                 (61,659) (88,879) (80,490)
Net earnings $ 53,993 $ 64,620 $ 31,018 $ 51,761 $ 89,408 $ 82,510 $ 80,072 $ 55,593 201,392 307,583 $ 275,749
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]                      
Accumulated Other Comprehensive Income (Loss) [Line Items]                      
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax                 926 939  
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax                 (23,057) (9,112)  
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax                 (1,086) 0  
Earnings before income taxes                 (23,217) (8,173)  
Provision for income taxes                 5,568 1,978  
Net earnings                 $ (17,649) $ (6,195)  
v3.20.4
RESTRUCTURING COSTS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Restructuring and Related Activities [Abstract]  
Restructuring Costs $ 42,725
Effect on Future Earnings, Amount $ 40,000
v3.20.4
RESTRUCTURING COSTS - Schedule of Restructuring Accrual (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve $ 6,944 $ 0
Increase (Decrease) in Restructuring Reserve 27,128  
Payments for Restructuring (20,184)  
Commercial/Industrial    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 2,756 0
Increase (Decrease) in Restructuring Reserve 16,609  
Payments for Restructuring (13,853)  
Defense    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 213 0
Increase (Decrease) in Restructuring Reserve 3,190  
Payments for Restructuring (2,977)  
Power    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 3,975 0
Increase (Decrease) in Restructuring Reserve 7,329  
Payments for Restructuring (3,354)  
Employee Severance [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 6,333 0
Increase (Decrease) in Restructuring Reserve 21,197  
Payments for Restructuring (14,864)  
Employee Severance [Member] | Commercial/Industrial    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 2,279 0
Increase (Decrease) in Restructuring Reserve 12,075  
Payments for Restructuring (9,796)  
Employee Severance [Member] | Defense    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 213 0
Increase (Decrease) in Restructuring Reserve 3,150  
Payments for Restructuring (2,937)  
Employee Severance [Member] | Power    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 3,841 0
Increase (Decrease) in Restructuring Reserve 5,972  
Payments for Restructuring (2,131)  
Facility Closing [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 611 0
Increase (Decrease) in Restructuring Reserve 5,931  
Payments for Restructuring (5,320)  
Facility Closing [Member] | Commercial/Industrial    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 477 0
Increase (Decrease) in Restructuring Reserve 4,534  
Payments for Restructuring (4,057)  
Facility Closing [Member] | Defense    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 0 0
Increase (Decrease) in Restructuring Reserve 40  
Payments for Restructuring (40)  
Facility Closing [Member] | Power    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 134 $ 0
Increase (Decrease) in Restructuring Reserve 1,357  
Payments for Restructuring $ (1,223)  
v3.20.4
RESTRUCTURING COSTS - Schedule of Pre-tax Restructuring Expenses (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
USD ($)
Restructuring and Related Activities [Abstract]  
Inventory Write-down $ 9,184
Severance, Facility Closure, And Other Expenses 27,128
Property, Plant And Equipment And Operating Lease Right Of Use Asset Impairments 4,567
Restructuring Charges 31,695
Pension and Other Postretirement Benefits Expense (Reversal of Expense), Noncash 1,846
Restructuring Costs $ 42,725
v3.20.4
QUARTERLY RESULTS OF OPERATIONS (Detail) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Quarterly Financial Information Disclosure [Abstract]                      
Net Sales $ 668,444 $ 571,614 $ 550,047 $ 601,231 $ 655,771 $ 614,880 $ 638,996 $ 578,314 $ 2,391,336 $ 2,487,961 $ 2,411,835
Gross Profit 241,801 212,821 186,026 200,579 245,752 226,076 230,044 196,873 841,227 898,745 871,261
Net earnings $ 53,993 $ 64,620 $ 31,018 $ 51,761 $ 89,408 $ 82,510 $ 80,072 $ 55,593 $ 201,392 $ 307,583 $ 275,749
Basic earnings per share $ 1.31 $ 1.56 $ 0.75 $ 1.22 $ 2.09 $ 1.93 $ 1.87 $ 1.30 $ 4.83 $ 7.20 $ 6.28
Diluted earnings per share $ 1.30 $ 1.55 $ 0.74 $ 1.21 $ 2.08 $ 1.92 $ 1.86 $ 1.29 $ 4.80 $ 7.15 $ 6.22
v3.20.4
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance $ 3,386 $ 11,646 $ 12,322
ValuationAllowancesAndReservesChargedToCostAndExpense 3,439 1,305 108
ValuationAllowancesAndReservesChargedToOtherAccounts 50 (22) 17
ValuationAllowancesAndReservesDeductions 5,635 9,543 801
Valuation Allowances and Reserves, Balance, Ending Balance 1,240 3,386 11,646
Net operating loss 5,518 8,328  
Capital Loss Carryforward, Expired   5,700  
Industrial Valve Business      
ValuationAndQualifyingAccountsDisclosureLineItems      
Net operating loss 3,800    
ValuationAllowanceOfDeferredTaxAssetsMember      
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance 3,386 11,646 12,322
ValuationAllowancesAndReservesChargedToCostAndExpense 3,439 1,305 108
ValuationAllowancesAndReservesChargedToOtherAccounts 50 (22) 17
ValuationAllowancesAndReservesDeductions 5,635 9,543 801
Valuation Allowances and Reserves, Balance, Ending Balance $ 1,240 $ 3,386 $ 11,646
v3.20.4
Label Element Value
Accounting Standards Update [Extensible List] us-gaap_AccountingStandardsUpdateExtensibleList us-gaap:AccountingStandardsUpdate201409Member