CURTISS WRIGHT CORP, 10-Q filed on 10/29/2020
Quarterly Report
v3.20.2
Document and Entity Information
 9 Months Ended
Sep. 30, 2020
shares
Cover [Abstract]  
Security Exchange Name NYSE
Title of 12(b) Security Common Stock
Entity Interactive Data Current Yes
City Area Code 704
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300
Entity Address, City or Town Davidson,
Entity Address, State or Province NC
Entity Address, Postal Zip Code 28036
Entity Incorporation, State or Country Code DE
Entity File Number 1-134
Entity Registrant Name CURTISS-WRIGHT CORPORATION
Entity Central Index Key 0000026324
Current Fiscal Year End Date --12-31
Entity Filer Category Large Accelerated Filer
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2020
Document Transition Report false
Document Fiscal Year Focus 2020
Document Fiscal Period Focus Q3
Amendment Flag false
Entity common stock shares outstanding 41,502,026
Trading Symbol CW
Entity Current Reporting Status Yes
Emerging Company false
Small Business false
Entity Tax Identification Number 13-0612970
Local Phone Number 869-4600
Entity Shell Company false
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Net Sales        
Net sales $ 571,614 $ 614,880 $ 1,722,892 $ 1,832,190
Total net sales 571,614 614,880 1,722,892 1,832,190
Cost of sales        
Total cost of sales 358,793 388,804 1,123,466 1,179,197
Gross profit 212,821 226,076 599,426 652,993
Research and development expenses 17,587 18,362 54,163 54,503
Selling expenses 24,869 28,133 81,650 90,303
General and administrative expenses 77,251 74,012 230,515 224,888
Restructuring Charges 8,541 0 20,730 0
Operating income 84,573 105,569 212,368 283,299
Interest expense (9,055) (7,951) (25,059) (23,183)
Other income, net 5,417 6,355 6,844 17,704
Earnings from continuing operations before income taxes 80,935 103,973 194,153 277,820
Provision for income taxes (16,315) (21,463) (46,754) (59,645)
Net earnings $ 64,620 $ 82,510 $ 147,399 $ 218,175
Basic earnings per share        
Basic earnings per share (usd per share) $ 1.56 $ 1.93 $ 3.52 $ 5.10
Diluted earnings per share        
Diluted earnings per share (usd per share) 1.55 1.92 3.49 5.07
Dividends per share $ 0.17 $ 0.17 $ 0.51 $ 0.49
Weighted average shares outstanding:        
Basic (shares) 41,545 42,709 41,926 42,755
Diluted (shares) 41,797 42,995 42,190 43,025
Product [Member]        
Product sales $ 493,398 $ 516,760 $ 1,457,772 $ 1,520,612
Cost of sales        
Cost of Goods and Services Sold 305,921 331,793 945,886 986,475
Service [Member]        
Net Sales        
Net sales 78,216 98,120 265,120 311,578
Cost of sales        
Cost of Goods and Services Sold $ 52,872 $ 57,011 $ 177,580 $ 192,722
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Net earnings $ 64,620 $ 82,510 $ 147,399 $ 218,175
Other comprehensive income        
Foreign currency translation, net of tax [1] 28,229 (24,734) 2,139 (15,952)
Pension and postretirement adjustments, net of tax [2] 3,561 1,311 12,244 4,743
Other comprehensive income (loss), net of tax 31,790 (23,423) 14,383 (11,209)
Comprehensive income $ 96,410 $ 59,087 $ 161,782 $ 206,966
[1] The tax benefit included in other comprehensive income for foreign currency translation adjustments for the three and nine months ended September 30, 2020 was $0.6 million and $1.0 million, respectively. The tax benefit included in other comprehensive loss for foreign currency translation adjustments for both the three and nine months ended September 30, 2019 was $0.6 million.
[2] The tax expense included in other comprehensive income for pension and postretirement adjustments for the three and nine months ended September 30, 2020 was $1.3 million and $4.0 million, respectively. The tax expense included in other comprehensive income for pension and postretirement adjustments for the three and nine months ended September 30, 2019 was $0.4 million and $1.5 million, respectively.
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]        
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax [1] $ 600 $ 600 $ 1,000 $ 600
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent [2] $ 1,300 $ 400 $ 4,000 $ 1,500
[1] The tax benefit included in other comprehensive income for foreign currency translation adjustments for the three and nine months ended September 30, 2020 was $0.6 million and $1.0 million, respectively. The tax benefit included in other comprehensive loss for foreign currency translation adjustments for both the three and nine months ended September 30, 2019 was $0.6 million.
[2] The tax expense included in other comprehensive income for pension and postretirement adjustments for the three and nine months ended September 30, 2020 was $1.3 million and $4.0 million, respectively. The tax expense included in other comprehensive income for pension and postretirement adjustments for the three and nine months ended September 30, 2019 was $0.4 million and $1.5 million, respectively.
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Current Assets:    
Cash and cash equivalents $ 426,821 $ 391,033
Receivables, net 634,944 632,194
Inventories, net 460,585 424,835
Other current assets 58,403 81,729
Total current assets 1,580,753 1,529,791
Property, plant, and equipment, net 379,859 385,593
Goodwill 1,207,881 1,166,680
Other intangible assets, net 476,864 479,907
Operating Lease, Right-of-Use Asset 152,987 165,490
Assets for Plan Benefits, Defined Benefit Plan 131,631 0
Other assets 29,805 36,800
Total assets 3,959,780 3,764,261
Current liabilities:    
Accounts payable 158,020 222,000
Accrued expenses 136,965 164,744
Income taxes payable 5,711 7,670
Deferred revenue 267,504 276,115
Other current liabilities 97,634 74,202
Total current liabilities 665,834 744,731
Long-term debt 1,058,707 760,639
Deferred Income Tax Liabilities, Net 94,720 80,159
Accrued pension and other postretirement benefit costs 91,745 138,635
Long-term operating lease liability 133,476 145,124
Long-term portion of environmental reserves 15,269 15,026
Other liabilities 100,566 105,575
Total liabilities 2,160,317 1,989,889
Stockholders' Equity    
Common stock, $1 par value,100,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 49,187,378 shares issued as of September 30, 2020 and December 31, 2019; outstanding shares were 41,502,026 as of September 30, 2020 and 42,680,215 as of December 31, 2019 49,187 49,187
Additional paid in capital 121,797 116,070
Retained earnings 2,623,289 2,497,111
Accumulated other comprehensive loss (310,891) (325,274)
Common treasury stock, at cost (7,685,352 shares as of September 30, 2020 and 6,507,163 shares as of December 31, 2019) (683,919) (562,722)
Total stockholders' equity 1,799,463 1,774,372
Total liabilities and stockholders' equity $ 3,959,780 $ 3,764,261
v3.20.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2020
Dec. 31, 2019
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 49,187,378 49,187,378
Common Stock, Shares, Outstanding 41,502,026 42,680,215
Treasury Stock, Shares 7,685,352 6,507,163
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities:    
Net earnings $ 147,399 $ 218,175
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 84,769 76,998
Gain on fixed asset disposals (370) (6,295)
Deferred income taxes 4,258 652
Share-based compensation 11,777 11,262
Foreign exchange loss on substantial liquidation of subsidiary 9,498 0
Non-cash restructuring charges 10,254 0
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net 1,987 (44,788)
Inventories, net (33,322) (8,587)
Progress Payments (3,036) (4,955)
Accounts payable and accrued expenses (90,944) (86,900)
Deferred revenue (8,841) 18,750
Income taxes payable 9,409 2,676
Net pension and postretirement liabilities (150,674) (928)
Other current and long-term assets and liabilities 11,620 (17,045)
Net cash provided by operating activities 3,784 159,015
Cash flows from investing activities:    
Proceeds from sales and disposals of long lived assets 2,476 10,099
Payments to Acquire Intangible Assets 0 (157)
Additions to property, plant, and equipment (36,341) (49,919)
Acquisition of businesses, net of cash acquired 82,053 50,075
Net cash used for investing activities (115,918) (90,052)
Cash flows from financing activities:    
Borrowings under revolving credit facility 389,398 35,387
Payments of revolving credit facility (389,398) (35,550)
Borrowings of debt 300,000 0
Repurchases of common stock (137,155) (37,864)
Proceeds from share-based compensation 9,908 10,943
Dividends paid (14,160) (13,683)
Other (648) (600)
Net cash provided by (used for) financing activities 157,945 (41,367)
Effect of exchange-rate changes on cash (10,023) (5,950)
Net increase in cash and cash equivalents 35,788 21,646
Cash and cash equivalents at beginning of period 391,033 276,066
Cash and cash equivalents at end of period 426,821 297,712
Supplemental disclosure of non-cash activities:    
Capital expenditures incurred but not yet paid $ 1,668 $ 88
v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Retained Earnings Member
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Loss Member
Accumulated Other Comprehensive Loss Member
Cumulative Effect, Period of Adoption, Adjustment
Treasury Stock Member
Beginning Balance at Dec. 31, 2018   $ 49,187 $ 118,234 $ 2,191,471 $ 26,257 $ (288,447) $ (26,257) $ (539,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net earnings $ 218,175     218,175        
Other Comprehensive Income (Loss), Net of Tax (11,209)         (11,209)    
Dividends paid/declared       (20,947)        
Restricted stock     (5,491)         5,491
Stock options exercised     (2,720)         13,662
Other     (661)         661
Share-based compensation     10,857         405
Repurchases of common stock               (37,864)
Ending Balance at Sep. 30, 2019   49,187 120,219 2,414,956   (325,913)   (557,309)
Beginning Balance at Dec. 31, 2018   49,187 118,234 2,191,471 $ 26,257 (288,447) $ (26,257) (539,664)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Other Comprehensive Income (Loss), Net of Tax (10,570)              
Ending Balance at Dec. 31, 2019 1,774,372 49,187 116,070 2,497,111   (325,274)   (562,722)
Beginning Balance at Jun. 30, 2019   49,187 116,835 2,339,703   (302,490)   (550,939)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net earnings 82,510     82,510        
Other Comprehensive Income (Loss), Net of Tax (23,423)         (23,423)    
Dividends paid/declared       (7,257)        
Stock options exercised     (898)         6,429
Share-based compensation     4,282         0
Repurchases of common stock               (12,799)
Ending Balance at Sep. 30, 2019   49,187 120,219 2,414,956   (325,913)   (557,309)
Beginning Balance at Dec. 31, 2019 1,774,372 49,187 116,070 2,497,111   (325,274)   (562,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net earnings 147,399     147,399        
Other Comprehensive Income (Loss), Net of Tax 14,383         14,383    
Dividends paid/declared       (21,221)        
Restricted stock     (4,115)         4,115
Stock options exercised     (1,364)         11,272
Other     (517)         517
Share-based compensation     11,723         54
Repurchases of common stock               (137,155)
Ending Balance at Sep. 30, 2020 1,799,463 49,187 121,797 2,623,289   (310,891)   (683,919)
Beginning Balance at Jun. 30, 2020   49,187 118,467 2,565,727   (342,681)   (677,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net earnings 64,620     64,620        
Other Comprehensive Income (Loss), Net of Tax 31,790         31,790    
Dividends paid/declared       (7,058)        
Stock options exercised     (1,470)         6,191
Share-based compensation     4,800         (163)
Repurchases of common stock               (12,542)
Ending Balance at Sep. 30, 2020 $ 1,799,463 $ 49,187 $ 121,797 $ 2,623,289   $ (310,891)   $ (683,919)
v3.20.2
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete on 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. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2020 and 2019, there were no significant changes in estimated contract costs.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2019 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

On January 1, 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.

Recent accounting pronouncements 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 result in any impact to its allowance for doubtful accounts balance as of January 1, 2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assess current economic conditions in order to determine expected trade credit losses on a prospective basis.
v3.20.2
REVENUE (Notes)
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

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

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. Point-in-time revenue is recognized at the point in time in which control is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2020 and 2019:

Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Over-time50 %47 %52 %48 %
Point-in-time50 %53 %48 %52 %

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 September 30, 2020, of which the Corporation expects to recognize approximately 90% as net sales over the next 12-36 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 & Customer TypeThree Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Defense
Aerospace$121,987 $110,742 $333,120 $293,955 
Ground20,519 22,231 63,205 69,383 
Naval165,524 143,430 496,157 424,371 
Total Defense Customers$308,030 $276,403 $892,482 $787,709 
Commercial
Aerospace$70,943 $109,015 $242,708 $320,237 
Power Generation80,509 88,543 241,059 278,194 
General Industrial112,132 140,919 346,643 446,050 
Total Commercial Customers$263,584 $338,477 $830,410 $1,044,481 
Total$571,614 $614,880 $1,722,892 $1,832,190 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets
primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and nine months ended September 30, 2020 included in the contract liabilities balance as of January 1, 2020 was approximately $37 million and $197 million, respectively. Revenue recognized during the three and nine months ended September 30, 2019 included in the contract liabilities balance as of January 1, 2019 was approximately $26 million and $159 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.20.2
ACQUISITIONS
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
ACQUISITIONS ACQUISITIONS
The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets.  The Corporation has completed a number of acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements.  This goodwill arises because the acquisition purchase price reflects the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition.  Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment.  The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required.

During the nine months ended September 30, 2020, the Corporation acquired two businesses for an aggregate purchase price of $90 million, which are described in more detail below. During the nine months ended September 30, 2019, the Corporation acquired one business for an aggregate purchase price of $50 million, which is described in more detail below.

The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2020 includes $12 million of total net sales and $1 million of net losses from the Corporation's 2020 acquisitions. The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2019 includes $8 million of total net sales and immaterial net earnings from the Corporation's 2019 acquisition.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated during the nine months ended September 30, 2020 and 2019.
(In thousands)20202019
Accounts receivable$3,204 $2,300 
Inventory10,233 322 
Property, plant, and equipment1,332 648 
Other current and non-current assets188 479 
Intangible assets39,384 26,000 
Operating lease right-of-use assets, net1,992 1,393 
Current and non-current liabilities(10,590)(3,252)
Net tangible and intangible assets45,743 27,890 
Goodwill43,912 22,185 
Total purchase price$89,655 $50,075 
Cash paid to date, net of cash acquired$82,053 $50,075 
Due to seller7,602 — 
Total purchase price$89,655 $50,075 
Goodwill deductible for tax purposes$38,519 $22,635 

2020 Acquisitions

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. 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 26, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for approximately $60 million, net of cash acquired. The Asset 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 Acquisition

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. 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. TCG is a designer and manufacturer of tactical data link software solutions for critical military communications systems. The acquired business operates within the Defense segment.
v3.20.2
RECEIVABLES
 9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables.  Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)September 30, 2020December 31, 2019
Billed receivables:
Trade and other receivables$386,098 $418,968 
Less: Allowance for doubtful accounts
(8,755)(8,733)
Net billed receivables377,343 410,235 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed264,807 231,067 
Less: Progress payments applied
(7,206)(9,108)
Net unbilled receivables257,601 221,959 
Receivables, net$634,944 $632,194 
v3.20.2
INVENTORIES
 9 Months Ended
Sep. 30, 2020
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:
(In thousands)September 30, 2020December 31, 2019
Raw materials$177,729 $153,876 
Work-in-process100,710 100,359 
Finished goods130,942 108,329 
Inventoried costs related to U.S. Government and other long-term contracts (1)
58,630 70,414 
Inventories, net of reserves468,011 432,978 
Less:  Progress payments applied(7,426)(8,143)
Inventories, net$460,585 $424,835 

(1) As of September 30, 2020 and December 31, 2019, this caption also includes capitalized contract development costs of $30.9 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 September 30, 2020 and December 31, 2019, capitalized development costs of $16.1 million and $23.7 million, respectively, are not currently supported by existing firm orders.
v3.20.2
GOODWILL
 9 Months Ended
Sep. 30, 2020
Goodwill [Abstract]  
GOODWILL GOODWILL
The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:
(In thousands)Commercial/IndustrialDefensePowerConsolidated
December 31, 2019$431,082 $526,955 $208,643 $1,166,680 
Acquisitions29,233 14,679 — 43,912 
Adjustments— (1,386)— (1,386)
Foreign currency translation adjustment(372)(536)(417)(1,325)
September 30, 2020$459,943 $539,712 $208,226 $1,207,881 
v3.20.2
OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
 
The following tables present the cumulative composition of the Corporation’s intangible assets:
September 30, 2020December 31, 2019
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$265,241 $(150,363)$114,878 $257,676 $(140,390)$117,286 
Customer related intangibles463,186 (239,688)223,498 434,492 (215,855)218,637 
Programs (1)
144,000 (18,000)126,000 144,000 (12,600)131,400 
Other intangible assets46,267 (33,779)12,488 43,729 (31,145)12,584 
Total$918,694 $(441,830)$476,864 $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. 

During the nine months ended September 30, 2020, the Corporation acquired intangible assets of $39.4 million. The Corporation acquired Customer-related intangibles of $28.9 million, Technology of $8.1 million, and Other intangible assets of $2.4 million, which have weighted average amortization periods of 19.4 years, 15.0 years, and 7.5 years, respectively.

Total intangible amortization expense for the nine months ended September 30, 2020 was $43.3 million, as compared to $33.9 million in the comparable prior year period.  The estimated amortization expense for the five years ending December 31, 2020 through 2024 is $58 million, $48 million, $45 million, $42 million, and $38 million, respectively.
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Forward Foreign Exchange and Currency Option Contracts
 
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada.  The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions.  The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations.  Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments.
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. 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.

Effects on Condensed Consolidated Balance Sheets

As of September 30, 2020 and December 31, 2019, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings
 
Undesignated hedges

For the three and nine months ended September 30, 2020 and 2019, the gains or (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting were as follows:
Three Months EndedNine Months Ended
(In thousands)September 30,September 30,
Derivatives not designated as hedging instrument2020201920202019
Forward exchange contracts:
General and administrative expenses$1,730 $(1,823)$(5,702)$(392)

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of September 30, 2020.  Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument.  The fair values described below may not be indicative of net realizable value or reflective of future fair values.  Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

September 30, 2020December 31, 2019
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
100,000 102,447 100,000 102,079 
3.70% Senior notes due 2023
202,500 211,571 202,500 207,882 
3.85% Senior notes due 2025
90,000 97,021 90,000 93,838 
4.24% Senior notes due 2026
200,000 223,547 200,000 213,126 
4.05% Senior notes due 2028
67,500 75,258 67,500 71,260 
4.11% Senior notes due 2028
90,000 100,825 90,000 95,607 
3.10% Senior notes due 2030
150,000 155,387 — — 
3.20% Senior notes due 2032
150,000 154,622 — — 
Total debt1,050,0001,120,678750,000783,792
Debt issuance costs, net(1,180)(1,180)(594)(594)
Unamortized interest rate swap proceeds9,887 9,887 11,233 11,233 
Total debt, net$1,058,707 $1,129,385 $760,639 $794,431 
On August 13, 2020, the Corporation issued $300 million Senior Notes (the “2020 Notes”), consisting of $150 million 3.10% Senior Notes that mature on August 13, 2030 and $150 million 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.
v3.20.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2020
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2019 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and nine months ended September 30, 2020 and 2019 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Service cost$6,285 $6,096 $19,507 $17,747 
Interest cost5,772 7,045 17,888 21,788 
Expected return on plan assets(16,602)(14,645)(50,394)(44,411)
Amortization of prior service cost178 170 36 29 
Amortization of unrecognized actuarial loss5,539 1,557 17,038 6,741 
Net periodic pension cost$1,172 $223 $4,075 $1,894 

During the nine months ended September 30, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan. The Corporation does not expect to make any further contributions to the Curtiss-Wright Pension Plan in 2020. Contributions to the foreign benefit plans are not expected to be material in 2020.

Defined Contribution Retirement Plan

Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation’s sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and nine months ended September 30, 2020, the expense relating to the plan was $4.5 million and $14.8 million, respectively. During the three and nine months ended September 30, 2019, the expense relating to the plan was $4.2 million and $13.8 million, respectively. The Corporation made $16.5 million in contributions to the plan during the nine months ended September 30, 2020, and expects to make total contributions of $18.3 million in 2020.
v3.20.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares.  A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Basic weighted-average shares outstanding41,545 42,709 41,926 42,755 
Dilutive effect of stock options and deferred stock compensation252 286 264 270 
Diluted weighted-average shares outstanding41,797 42,995 42,190 43,025 
For the three and nine months ended September 30, 2020 and 2019, there were no anti-dilutive equity-based awards.
v3.20.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
The Corporation manages and evaluates its operations based on end markets to strengthen its ability to service customers and recognize certain organizational efficiencies. Based on this approach, the Corporation has three reportable segments: Commercial/Industrial, Defense, and Power.

The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Net sales
Commercial/Industrial$222,734 $279,064 $701,048 $842,373 
Defense180,355 160,445 516,531 452,983 
Power168,976 176,162 506,664 539,616 
Less: Intersegment revenues(451)(791)(1,351)(2,782)
Total consolidated$571,614 $614,880 $1,722,892 $1,832,190 
Operating income (expense)
Commercial/Industrial$24,838 $43,641 $74,191 $130,222 
Defense41,550 40,241 98,126 93,580 
Power25,962 28,776 67,843 86,140 
Corporate and eliminations (1)
(7,777)(7,089)(27,792)(26,643)
Total consolidated$84,573 $105,569 $212,368 $283,299 

(1) Corporate and eliminations includes service costs related to pension and other postretirement benefits, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Adjustments to reconcile operating income to earnings before income taxes are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Total operating income$84,573 $105,569 $212,368 $283,299 
Interest expense9,055 7,951 25,059 23,183 
Other income, net5,417 6,355 6,844 17,704 
Earnings before income taxes$80,935 $103,973 $194,153 $277,820 

(In thousands)September 30, 2020December 31, 2019
Identifiable assets
Commercial/Industrial$1,391,570 $1,363,592 
Defense1,242,648 1,209,706 
Power875,745 885,727 
Corporate and Other449,817 305,236 
Total consolidated$3,959,780 $3,764,261 
v3.20.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2018$(147,148)$(141,299)$(288,447)
Other comprehensive income (loss) before reclassifications
18,447 (35,212)(16,765)
Amounts reclassified from accumulated other comprehensive loss
— 6,195 6,195 
Net current period other comprehensive loss18,447 (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 income (loss) before reclassifications
2,139 (339)1,800 
Amounts reclassified from accumulated other comprehensive income
— 12,583 12,583 
Net current period other comprehensive income2,139 12,244 14,383 
September 30, 2020$(127,880)$(183,011)$(310,891)

Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
(In thousands)Amount reclassified from AOCIAffected line item in the Condensed Consolidated Statement of Earnings
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$457 Other income, net
Amortization of actuarial losses(17,034)Other income, net
(16,577)Earnings before income taxes
3,994 Provision for income taxes
Total reclassifications$(12,583)Net earnings
v3.20.2
CONTINGENCIES AND COMMITMENTS
 9 Months Ended
Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
In the ordinary course of business, the Corporation and its subsidiaries are subject to various pending claims, lawsuits, and contingent liabilities. The Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its consolidated financial condition, results of operations, and cash flows.

Legal Proceedings

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

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of September 30, 2020 and December 31, 2019, there were $21.9 million and $32.6 million of stand-by letters of credit outstanding, respectively, and $6.6 million and $10.8 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility.  The Corporation has provided this financial assurance in the form of a $45.6 million surety bond.
AP1000 ProgramThe Electro-Mechanical Division, which is within the Corporation’s Power segment, is the reactor coolant pump (RCP) supplier for the Westinghouse AP1000 nuclear power plants under construction in China and the United States.  The terms of the AP1000 China and United States contracts include liquidated damage penalty provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. On October 10, 2013, the Corporation received a letter from Westinghouse stating entitlements to the maximum amount of liquidated damages allowable under the AP1000 China contract from Westinghouse of approximately $25 million. The Corporation would be liable for liquidated damages under the contract if certain contractual delivery dates were not met and if the Corporation was deemed responsible for the delay. As of September 30, 2020, the Corporation has not met certain contractual delivery dates under its AP1000 China and U.S. contracts; however there are significant uncertainties as to which parties are responsible for the delays. The Corporation believes it has adequate legal defenses and intends to vigorously defend this matter. Given the uncertainties surrounding the responsibility for the delays, no accrual has been made for this matter as of September 30, 2020.  As of September 30, 2020, the range of possible loss is $0 to $31 million for the AP1000 U.S. contract, for a total range of possible loss of $0 to $55.5 million.
v3.20.2
RESTRUCTURING COSTS
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure RESTRUCTURING COSTS
During the three and nine months ended September 30, 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 $11 million and $29 million of pre-tax charges for the three and nine months ended September 30, 2020. Pre-tax restructuring charges for the year ending December 31, 2020 are expected to be $35 million. The Company anticipates that these actions, which are expected to be substantially completed by the end of 2020, will result in total cost savings of approximately $40 million annually.

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

In thousandsRestructuring Accrual as of December 31, 2019ProvisionCash PaymentsRestructuring Accrual as of September 30, 2020
Commercial/Industrial
Severance$— $9,028 $(3,939)$5,089 
Facility closure and other exit costs— 2,496 (2,147)349 
Total Commercial/Industrial$— $11,524 $(6,086)$5,438 
Defense
Severance$— $3,015 $(2,576)$439 
Facility closure and other exit costs— 41 (41)— 
Total Defense$— $3,056 $(2,617)$439 
Power
Severance$— $3,001 $(1,263)$1,738 
Facility closure and other exit costs— 710 (710)— 
Total Power$— $3,711 $(1,973)$1,738 
Consolidated
Severance$— $15,044 $(7,778)$7,266 
Facility closure and other exit costs— 3,247 (2,898)349 
Total consolidated$— $18,291 $(10,676)$7,615 
A reconciliation of total pre-tax restructuring charges is as follows:

Affected line item in the Condensed Consolidated Statement of Earnings
Three Months EndedNine Months Ended
(In thousands)September 30, 2020September 30, 2020
Inventory write-downsCost of product sales$2,625 $7,815 
Severance, facility closure, and other exit costsRestructuring expenses7,690 18,291 
Property, plant, and equipment & operating lease right of use asset impairmentsRestructuring expenses851 2,439 
$8,541 $20,730 
Total restructuring chargesEarnings before income taxes$11,166 $28,545 

There were no such comparable charges for the three and nine months ended September 30, 2019.
v3.20.2
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2020
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn September 24, 2020, the Corporation entered into an agreement to acquire the stock of Pacific Star Communications, Inc. (PacStar) for $400 million. PacStar is a provider of tactical communications solutions for battlefield network management. For the year ending December 31, 2020, PacStar is expected to generate sales in excess of $120 million. The transaction is anticipated to close in the fourth quarter, and is subject to customary closing conditions. Upon close, the acquired business will operate within the Defense segment. In October 2020, the Corporation announced that its Board of Directors has authorized an additional $200 million for future share repurchases, increasing total available authorization to $250 million. The Corporation intends to use $50 million of the available authorization for opportunistic share repurchases through the remainder of the year. The Corporation had previously completed a $100 million opportunistic share repurchase program executed in March 2020 and expects to complete its existing $50 million 10b5-1 share repurchase program authorized for 2020 by the end of the year.
v3.20.2
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power generation, and general industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete on 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. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2020 and 2019, there were no significant changes in estimated contract costs.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2019 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

On January 1, 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.
New Accounting Pronouncements, Policy [Policy Text Block] Recent accounting pronouncements adoptedASU 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 result in any impact to its allowance for doubtful accounts balance as of January 1, 2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assess current economic conditions in order to determine expected trade credit losses on a prospective basis.
v3.20.2
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2020 and 2019:

Three Months EndedNine Months Ended
September 30,September 30,
2020201920202019
Over-time50 %47 %52 %48 %
Point-in-time50 %53 %48 %52 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market & Customer TypeThree Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Defense
Aerospace$121,987 $110,742 $333,120 $293,955 
Ground20,519 22,231 63,205 69,383 
Naval165,524 143,430 496,157 424,371 
Total Defense Customers$308,030 $276,403 $892,482 $787,709 
Commercial
Aerospace$70,943 $109,015 $242,708 $320,237 
Power Generation80,509 88,543 241,059 278,194 
General Industrial112,132 140,919 346,643 446,050 
Total Commercial Customers$263,584 $338,477 $830,410 $1,044,481 
Total$571,614 $614,880 $1,722,892 $1,832,190 
v3.20.2
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
(In thousands)20202019
Accounts receivable$3,204 $2,300 
Inventory10,233 322 
Property, plant, and equipment1,332 648 
Other current and non-current assets188 479 
Intangible assets39,384 26,000 
Operating lease right-of-use assets, net1,992 1,393 
Current and non-current liabilities(10,590)(3,252)
Net tangible and intangible assets45,743 27,890 
Goodwill43,912 22,185 
Total purchase price$89,655 $50,075 
Cash paid to date, net of cash acquired$82,053 $50,075 
Due to seller7,602 — 
Total purchase price$89,655 $50,075 
Goodwill deductible for tax purposes$38,519 $22,635 
v3.20.2
RECEIVABLES (Table)
 9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable The composition of receivables is as follows:
(In thousands)September 30, 2020December 31, 2019
Billed receivables:
Trade and other receivables$386,098 $418,968 
Less: Allowance for doubtful accounts
(8,755)(8,733)
Net billed receivables377,343 410,235 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed264,807 231,067 
Less: Progress payments applied
(7,206)(9,108)
Net unbilled receivables257,601 221,959 
Receivables, net$634,944 $632,194 
v3.20.2
INVENTORIES (Table)
 9 Months Ended
Sep. 30, 2020
Inventory, Net [Abstract]  
Schedule Of Inventory
(In thousands)September 30, 2020December 31, 2019
Raw materials$177,729 $153,876 
Work-in-process100,710 100,359 
Finished goods130,942 108,329 
Inventoried costs related to U.S. Government and other long-term contracts (1)
58,630 70,414 
Inventories, net of reserves468,011 432,978 
Less:  Progress payments applied(7,426)(8,143)
Inventories, net$460,585 $424,835 
v3.20.2
GOODWILL (Table)
 9 Months Ended
Sep. 30, 2020
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the nine months ended September 30, 2020 are as follows:
(In thousands)Commercial/IndustrialDefensePowerConsolidated
December 31, 2019$431,082 $526,955 $208,643 $1,166,680 
Acquisitions29,233 14,679 — 43,912 
Adjustments— (1,386)— (1,386)
Foreign currency translation adjustment(372)(536)(417)(1,325)
September 30, 2020$459,943 $539,712 $208,226 $1,207,881 
v3.20.2
OTHER INTANGIBLE ASSETS, NET (Table)
 9 Months Ended
Sep. 30, 2020
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:
September 30, 2020December 31, 2019
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$265,241 $(150,363)$114,878 $257,676 $(140,390)$117,286 
Customer related intangibles463,186 (239,688)223,498 434,492 (215,855)218,637 
Programs (1)
144,000 (18,000)126,000 144,000 (12,600)131,400 
Other intangible assets46,267 (33,779)12,488 43,729 (31,145)12,584 
Total$918,694 $(441,830)$476,864 $879,897 $(399,990)$479,907 
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 9 Months Ended
Sep. 30, 2020
Fair Value Disclosures [Abstract]  
Derivatives Not Designated as Hedging Instruments [Table Text Block]
Undesignated hedges

For the three and nine months ended September 30, 2020 and 2019, the gains or (losses) recognized in income on forward exchange derivative contracts not designated for hedge accounting were as follows:
Three Months EndedNine Months Ended
(In thousands)September 30,September 30,
Derivatives not designated as hedging instrument2020201920202019
Forward exchange contracts:
General and administrative expenses$1,730 $(1,823)$(5,702)$(392)
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
September 30, 2020December 31, 2019
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
100,000 102,447 100,000 102,079 
3.70% Senior notes due 2023
202,500 211,571 202,500 207,882 
3.85% Senior notes due 2025
90,000 97,021 90,000 93,838 
4.24% Senior notes due 2026
200,000 223,547 200,000 213,126 
4.05% Senior notes due 2028
67,500 75,258 67,500 71,260 
4.11% Senior notes due 2028
90,000 100,825 90,000 95,607 
3.10% Senior notes due 2030
150,000 155,387 — — 
3.20% Senior notes due 2032
150,000 154,622 — — 
Total debt1,050,0001,120,678750,000783,792
Debt issuance costs, net(1,180)(1,180)(594)(594)
Unamortized interest rate swap proceeds9,887 9,887 11,233 11,233 
Total debt, net$1,058,707 $1,129,385 $760,639 $794,431 
v3.20.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 9 Months Ended
Sep. 30, 2020
Pension Plans Defined Benefit [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule Of Defined Benefit Plans Disclosures The components of net periodic pension cost for the three and nine months ended September 30, 2020 and 2019 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Service cost$6,285 $6,096 $19,507 $17,747 
Interest cost5,772 7,045 17,888 21,788 
Expected return on plan assets(16,602)(14,645)(50,394)(44,411)
Amortization of prior service cost178 170 36 29 
Amortization of unrecognized actuarial loss5,539 1,557 17,038 6,741 
Net periodic pension cost$1,172 $223 $4,075 $1,894 
v3.20.2
EARNINGS PER SHARE (Table)
 9 Months Ended
Sep. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Basic weighted-average shares outstanding41,545 42,709 41,926 42,755 
Dilutive effect of stock options and deferred stock compensation252 286 264 270 
Diluted weighted-average shares outstanding41,797 42,995 42,190 43,025 
v3.20.2
SEGMENT INFORMATION (Table)
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Net sales
Commercial/Industrial$222,734 $279,064 $701,048 $842,373 
Defense180,355 160,445 516,531 452,983 
Power168,976 176,162 506,664 539,616 
Less: Intersegment revenues(451)(791)(1,351)(2,782)
Total consolidated$571,614 $614,880 $1,722,892 $1,832,190 
Operating income (expense)
Commercial/Industrial$24,838 $43,641 $74,191 $130,222 
Defense41,550 40,241 98,126 93,580 
Power25,962 28,776 67,843 86,140 
Corporate and eliminations (1)
(7,777)(7,089)(27,792)(26,643)
Total consolidated$84,573 $105,569 $212,368 $283,299 

(1) Corporate and eliminations includes service costs related to pension and other postretirement benefits, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2020201920202019
Total operating income$84,573 $105,569 $212,368 $283,299 
Interest expense9,055 7,951 25,059 23,183 
Other income, net5,417 6,355 6,844 17,704 
Earnings before income taxes$80,935 $103,973 $194,153 $277,820 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)September 30, 2020December 31, 2019
Identifiable assets
Commercial/Industrial$1,391,570 $1,363,592 
Defense1,242,648 1,209,706 
Power875,745 885,727 
Corporate and Other449,817 305,236 
Total consolidated$3,959,780 $3,764,261 
v3.20.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 9 Months Ended
Sep. 30, 2020
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2018$(147,148)$(141,299)$(288,447)
Other comprehensive income (loss) before reclassifications
18,447 (35,212)(16,765)
Amounts reclassified from accumulated other comprehensive loss
— 6,195 6,195 
Net current period other comprehensive loss18,447 (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 income (loss) before reclassifications
2,139 (339)1,800 
Amounts reclassified from accumulated other comprehensive income
— 12,583 12,583 
Net current period other comprehensive income2,139 12,244 14,383 
September 30, 2020$(127,880)$(183,011)$(310,891)
Reclassification out of Accumulated Other Comprehensive Income
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
(In thousands)Amount reclassified from AOCIAffected line item in the Condensed Consolidated Statement of Earnings
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$457 Other income, net
Amortization of actuarial losses(17,034)Other income, net
(16,577)Earnings before income taxes
3,994 Provision for income taxes
Total reclassifications$(12,583)Net earnings
v3.20.2
RESTRUCTURING COSTS (Tables)
 9 Months Ended
Sep. 30, 2020
Restructuring and Related Activities [Abstract]  
Restructuring and Related Costs
The following tables summarize the respective accrual balances related to these restructuring activities:

In thousandsRestructuring Accrual as of December 31, 2019ProvisionCash PaymentsRestructuring Accrual as of September 30, 2020
Commercial/Industrial
Severance$— $9,028 $(3,939)$5,089 
Facility closure and other exit costs— 2,496 (2,147)349 
Total Commercial/Industrial$— $11,524 $(6,086)$5,438 
Defense
Severance$— $3,015 $(2,576)$439 
Facility closure and other exit costs— 41 (41)— 
Total Defense$— $3,056 $(2,617)$439 
Power
Severance$— $3,001 $(1,263)$1,738 
Facility closure and other exit costs— 710 (710)— 
Total Power$— $3,711 $(1,973)$1,738 
Consolidated
Severance$— $15,044 $(7,778)$7,266 
Facility closure and other exit costs— 3,247 (2,898)349 
Total consolidated$— $18,291 $(10,676)$7,615 
A reconciliation of total pre-tax restructuring charges is as follows:

Affected line item in the Condensed Consolidated Statement of Earnings
Three Months EndedNine Months Ended
(In thousands)September 30, 2020September 30, 2020
Inventory write-downsCost of product sales$2,625 $7,815 
Severance, facility closure, and other exit costsRestructuring expenses7,690 18,291 
Property, plant, and equipment & operating lease right of use asset impairmentsRestructuring expenses851 2,439 
$8,541 $20,730 
Total restructuring chargesEarnings before income taxes$11,166 $28,545 
v3.20.2
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]        
Net sales $ 571,614 $ 614,880 $ 1,722,892 $ 1,832,190
Defense [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 308,030 276,403 892,482 787,709
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 263,584 338,477 830,410 1,044,481
Defense Aerospace [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 121,987 110,742 333,120 293,955
Defense Ground [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 20,519 22,231 63,205 69,383
Naval [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 165,524 143,430 496,157 424,371
Commercial Aerospace [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 70,943 109,015 242,708 320,237
Power Generation [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Net sales 80,509 88,543 241,059 278,194
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Net sales $ 112,132 $ 140,919 $ 346,643 $ 446,050
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 47.00% 52.00% 48.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 53.00% 48.00% 52.00%
v3.20.2
REVENUE ADDITIONAL DETAILS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 37 $ 26 $ 197 $ 159
Revenue, Remaining Performance Obligation, Amount $ 2,200   $ 2,200  
Revenue, Remaining Performance Obligation, Percentage 90.00%   90.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     12-36 months  
v3.20.2
ACQUISITIONS (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 24, 2020
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Business Acquisition [Line Items]        
Goodwill   $ 1,207,881   $ 1,166,680
Acquisition of businesses, net of cash acquired   82,053 $ 50,075  
Business Combination, Consideration Transferred $ 400,000      
2019 acquisitions [Member]        
Business Acquisition [Line Items]        
Accounts Receivable     2,300  
Inventory     322  
Property, Plant, and Equipment     648  
Other Current and Non-current Assets     479  
Intangible Assets, Other than Goodwill     26,000  
Right of Use Assets     1,393  
Current and Non-current Liabilities     (3,252)  
Net Tangible Assets Acquired (Liabilities) Assumed     27,890  
Goodwill     22,185  
Net Tangible and Intangible Assets     50,075  
Acquisition of businesses, net of cash acquired     50,075  
Business Combination, Consideration Transferred     50,075  
Goodwill, Expected Tax Deductible Amount     $ 22,635  
2020 acquisitions [Member]        
Business Acquisition [Line Items]        
Accounts Receivable   3,204    
Inventory   10,233    
Property, Plant, and Equipment   1,332    
Other Current and Non-current Assets   188    
Intangible Assets, Other than Goodwill   39,384    
Right of Use Assets   1,992    
Current and Non-current Liabilities   (10,590)    
Net Tangible Assets Acquired (Liabilities) Assumed   45,743    
Goodwill   43,912    
Net Tangible and Intangible Assets   89,655    
Cash paid to date, net of cash acquired   82,053    
Payments To Acquire Business, Remaining To Be Paid   7,602    
Business Combination, Consideration Transferred   89,655    
Goodwill, Expected Tax Deductible Amount   $ 38,519    
v3.20.2
ACQUISITIONS Narrative (Details)
$ in Thousands
 9 Months Ended
Apr. 20, 2020
Feb. 26, 2020
Mar. 15, 2019
Sep. 30, 2020
USD ($)
NumberAcquisitions
Sep. 30, 2019
USD ($)
NumberAcquisitions
Business Acquisition [Line Items]          
Number of Businesses Acquired | NumberAcquisitions       2 1
Revenue of Acquiree since Acquisition Date, Actual       $ 12,000 $ 8,000
Earnings or Loss of Acquiree since Acquisition Date, Actual       (1,000)  
Acquisition of businesses, net of cash acquired       82,053 50,075
2019 acquisitions [Member]          
Business Acquisition [Line Items]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net         50,075
Acquisition of businesses, net of cash acquired         50,075
Defense [Member] | Tactical Communications Group (TCG) [Member]          
Business Acquisition [Line Items]          
Effective Date of Acquisition     Mar. 15, 2019    
Acquisition of businesses, net of cash acquired         $ 50,000
Defense [Member] | Integrated Air Defense System (IADS) [Member]          
Business Acquisition [Line Items]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net       29,000  
Effective Date of Acquisition Apr. 20, 2020        
Commercial Industrial [Member] | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]          
Business Acquisition [Line Items]          
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net       $ 60,000  
Effective Date of Acquisition   Feb. 26, 2020      
v3.20.2
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Billed receivables:    
Trade and other receivables $ 386,098 $ 418,968
Less: Allowance for doubtful accounts (8,755) (8,733)
Net billed receivables 377,343 410,235
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 264,807 231,067
Less: Progress payments applied (7,206) (9,108)
Net unbilled receivables 257,601 221,959
Receivables, net $ 634,944 $ 632,194
v3.20.2
INVENTORIES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 177,729 $ 153,876
Inventory, Work in Process, Net of Reserves 100,710 100,359
Inventory, Finished Goods, Net of Reserves 130,942 108,329
Inventory For Long-term Contracts Or Programs, Net Of Reserves 58,630 70,414
Inventories, Net of Reserves 468,011 432,978
Less:  Progress payments applied (7,426) (8,143)
Inventories, net $ 460,585 $ 424,835
v3.20.2
INVENTORIES (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2020
Dec. 31, 2019
Inventory, Net [Abstract]    
Other inventory, capitalized costs $ 30.9 $ 39.1
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 16.1 $ 23.7
v3.20.2
GOODWILL (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
USD ($)
Goodwill [Roll Forward]  
December 31, 2019 $ 1,166,680
Goodwill, Acquired During Period 43,912
Goodwill, Other Increase (Decrease) (1,386)
Foreign currency translation adjustment (1,325)
September 30, 2020 1,207,881
Commercial Industrial [Member]  
Goodwill [Roll Forward]  
December 31, 2019 431,082
Goodwill, Acquired During Period 29,233
Foreign currency translation adjustment (372)
September 30, 2020 459,943
Defense [Member]  
Goodwill [Roll Forward]  
December 31, 2019 526,955
Goodwill, Acquired During Period 14,679
Goodwill, Other Increase (Decrease) (1,386)
Foreign currency translation adjustment (536)
September 30, 2020 539,712
Power [Member]  
Goodwill [Roll Forward]  
December 31, 2019 208,643
Foreign currency translation adjustment (417)
September 30, 2020 $ 208,226
v3.20.2
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]    
Gross $ 918,694 $ 879,897
Accumulated Amortization (441,830) (399,990)
Net 476,864 479,907
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 265,241 257,676
Accumulated Amortization (150,363) (140,390)
Net 114,878 117,286
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 463,186 434,492
Accumulated Amortization (239,688) (215,855)
Net 223,498 218,637
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (18,000) (12,600)
Net 126,000 131,400
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 46,267 43,729
Accumulated Amortization (33,779) (31,145)
Net $ 12,488 $ 12,584
v3.20.2
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 39.4  
Amortization expense 43.3 $ 33.9
Future amortization expense in remainder of fiscal year 58.0  
Future amortization expense in year one 48.0  
Future amortization expense in year two 45.0  
Future amortization expense in year three 42.0  
Future amortization expense in year four 38.0  
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 8.1  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 15 years  
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 28.9  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 19 years 4 months 24 days  
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 2.4  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 7 years 6 months  
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
General and Administrative Expense [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ 1,730 $ (1,823) $ (5,702) $ (392)
v3.20.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Sep. 30, 2020
Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,058,707 $ 760,639
Estimated Fair Value 1,129,385 794,431
Long-term Debt, Gross 1,050,000 750,000
Debt Issuance Costs, Net (1,180) (594)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 9,887 11,233
3.84% Senior notes due 2021 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 100,000 100,000
Estimated Fair Value $ 102,447 102,079
Debt Instrument, Interest Rate, Stated Percentage 3.84%  
3.70% Senior notes due 2023 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 202,500 202,500
Estimated Fair Value $ 211,571 207,882
Debt Instrument, Interest Rate, Stated Percentage 3.70%  
3.85% Senior notes due 2025 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 97,021 93,838
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 223,547 213,126
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 75,258 71,260
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior Notes due 2028 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 100,825 95,607
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior Notes due 2030 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 0
Estimated Fair Value $ 155,387 0
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior Notes due 2032 [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 0
Estimated Fair Value $ 154,622 0
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
Long-term Debt, gross [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 1,120,678 $ 783,792
v3.20.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 6,285 $ 6,096 $ 19,507 $ 17,747
Interest cost 5,772 7,045 17,888 21,788
Expected return on plan assets (16,602) (14,645) (50,394) (44,411)
Amortization of prior service cost 178 170 36 29
Amortization of unrecognized actuarial loss 5,539 1,557 17,038 6,741
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 1,172 $ 223 4,075 $ 1,894
Defined Benefit Plan, Plan Assets, Contributions by Employer     $ 150,000  
v3.20.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2020
Defined Contribution Plan Disclosure [Line Items]          
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%    
Defined Contribution Plan, Cost $ 4.5 $ 4.2 $ 14.8 $ 13.8  
Defined Contribution Plan, Employer Discretionary Contribution Amount     $ 16.5    
Forecast [Member]          
Defined Contribution Plan Disclosure [Line Items]          
Defined Contribution Plan, Employer Discretionary Contribution Amount         $ 18.3
v3.20.2
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 41,545 42,709 41,926 42,755
Dilutive effect of stock options and deferred stock compensation (shares) 252 286 264 270
Diluted weighted-average shares outstanding (shares) 41,797 42,995 42,190 43,025
v3.20.2
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 0 0 0 0
v3.20.2
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Segment Reporting Information [Line Items]          
Net sales $ 571,614 $ 614,880 $ 1,722,892 $ 1,832,190  
Operating income (expense) 84,573 105,569 212,368 283,299  
Identifiable assets 3,959,780   3,959,780   $ 3,764,261
Commercial Industrial [Member]          
Segment Reporting Information [Line Items]          
Net sales 222,734 279,064 701,048 842,373  
Operating income (expense) 24,838 43,641 74,191 130,222  
Identifiable assets 1,391,570   1,391,570   1,363,592
Defense [Member]          
Segment Reporting Information [Line Items]          
Net sales 180,355 160,445 516,531 452,983  
Operating income (expense) 41,550 40,241 98,126 93,580  
Identifiable assets 1,242,648   1,242,648   1,209,706
Power [Member]          
Segment Reporting Information [Line Items]          
Net sales 168,976 176,162 506,664 539,616  
Operating income (expense) 25,962 28,776 67,843 86,140  
Identifiable assets 875,745   875,745   885,727
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (7,777) (7,089) (27,792) (26,643)  
Identifiable assets 449,817   449,817   $ 305,236
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales $ (451) $ (791) $ (1,351) $ (2,782)  
v3.20.2
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Segment Reporting [Abstract]        
Total operating income $ 84,573 $ 105,569 $ 212,368 $ 283,299
Interest expense (9,055) (7,951) (25,059) (23,183)
Other income, net 5,417 6,355 6,844 17,704
Earnings before income taxes $ 80,935 $ 103,973 $ 194,153 $ 277,820
v3.20.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (325,274) $ (288,447) $ (288,447)
Other comprehensive income (loss) before reclassifications     1,800   (16,765)
Amounts reclassified from accumulated other comprehensive loss     12,583   6,195
Other comprehensive income (loss), net of tax $ 31,790 $ (23,423) 14,383 (11,209) (10,570)
Ending balance (310,891)   (310,891)   (325,274)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (130,019) (147,148) (147,148)
Other comprehensive income (loss) before reclassifications     2,139   18,447
Amounts reclassified from accumulated other comprehensive loss     0   0
Other comprehensive income (loss), net of tax     2,139   18,447
Ending balance (127,880)   (127,880)   (130,019)
Total Pension and Postretirment Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (195,255) $ (141,299) (141,299)
Other comprehensive income (loss) before reclassifications     (339)   (35,212)
Amounts reclassified from accumulated other comprehensive loss     12,583   6,195
Other comprehensive income (loss), net of tax     12,244   (29,017)
Ending balance $ (183,011)   (183,011)   (195,255)
Accounting Standards Update 2018-02 [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (26,257)    
Ending balance         (26,257)
Accounting Standards Update 2018-02 [Member] | Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (1,318)    
Ending balance         (1,318)
Accounting Standards Update 2018-02 [Member] | Total Pension and Postretirment Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (24,939)    
Ending balance         $ (24,939)
v3.20.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Earnings from continuing operations before income taxes $ 80,935 $ 103,973 $ 194,153 $ 277,820
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amortization of prior service costs     457  
Amortization of actuarial losses     (17,034)  
Earnings from continuing operations before income taxes     (16,577)  
Provision for income taxes     3,994  
Net earnings     $ (12,583)  
v3.20.2
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
Oct. 10, 2013
Sep. 30, 2020
Dec. 31, 2019
Standby Letters Of Credit [Member]      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   $ 21,900,000 $ 32,600,000
FinancialStandbyLetterOfCreditMember      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   6,600,000 $ 10,800,000
Failure to Meet Contractual Obligations [Member]      
Loss Contingencies [Line Items]      
Damages sought $ 25,000,000    
Surety Bond [Member]      
Loss Contingencies [Line Items]      
Surety Bond Outstanding   45,600,000  
Minimum [Member]      
Loss Contingencies [Line Items]      
Range of possible loss   0  
Maximum [Member]      
Loss Contingencies [Line Items]      
Range of possible loss   55,500,000  
AP1000 US [Member] | Minimum [Member]      
Loss Contingencies [Line Items]      
Range of possible loss   0  
AP1000 US [Member] | Maximum [Member]      
Loss Contingencies [Line Items]      
Range of possible loss   $ 31,000,000  
v3.20.2
RESTRUCTURING COSTS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2020
Restructuring and Related Activities [Abstract]    
Restructuring Costs $ 11,166 $ 28,545
Expected cost through end of current year   35,000
Effect on future earnings   $ 40,000
v3.20.2
RESTRUCTURING COSTS - Schedule of Restructuring Accrual (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2020
Dec. 31, 2019
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve $ 7,615 $ 0
Increase (Decrease) in Restructuring Reserve 18,291  
Payments for Restructuring 10,676  
Commercial Industrial [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 5,438 0
Increase (Decrease) in Restructuring Reserve 11,524  
Payments for Restructuring 6,086  
Defense [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 439 0
Increase (Decrease) in Restructuring Reserve 3,056  
Payments for Restructuring 2,617  
Power [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 1,738 0
Increase (Decrease) in Restructuring Reserve 3,711  
Payments for Restructuring 1,973  
Employee Severance [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 7,266 0
Increase (Decrease) in Restructuring Reserve 15,044  
Payments for Restructuring 7,778  
Employee Severance [Member] | Commercial Industrial [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 5,089 0
Increase (Decrease) in Restructuring Reserve 9,028  
Payments for Restructuring 3,939  
Employee Severance [Member] | Defense [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 439 0
Increase (Decrease) in Restructuring Reserve 3,015  
Payments for Restructuring 2,576  
Employee Severance [Member] | Power [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 1,738 0
Increase (Decrease) in Restructuring Reserve 3,001  
Payments for Restructuring 1,263  
Facility Closing [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 349 0
Increase (Decrease) in Restructuring Reserve 3,247  
Payments for Restructuring 2,898  
Facility Closing [Member] | Commercial Industrial [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 349 0
Increase (Decrease) in Restructuring Reserve 2,496  
Payments for Restructuring 2,147  
Facility Closing [Member] | Defense [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 0 0
Increase (Decrease) in Restructuring Reserve 41  
Payments for Restructuring 41  
Facility Closing [Member] | Power [Member]    
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve 0 $ 0
Increase (Decrease) in Restructuring Reserve 710  
Payments for Restructuring $ 710  
v3.20.2
RESTRUCTURING COSTS - Schedule of Pre-tax Restructuring Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Restructuring Cost and Reserve [Line Items]        
Inventory Write-down $ 2,625   $ 7,815  
Severance, Facility Closure, And Other Expenses 7,690   18,291  
Property, Plant And Equipment And Operating Lease Right Of Use Asset Impairments 851   2,439  
Restructuring Charges 8,541 $ 0 20,730 $ 0
Restructuring Costs $ 11,166   $ 28,545  
v3.20.2
Subsequent Events (Details) - USD ($)
$ in Millions
Sep. 24, 2020
Oct. 29, 2020
Mar. 31, 2020
Subsequent Event [Line Items]      
Purchase price agreement $ 400    
Business Combination, Expected Revenues $ 120    
10b5-1 Repurchase Program      
Subsequent Event [Line Items]      
Stock repurchase program, authorized amount     $ 100
Subsequent Event      
Subsequent Event [Line Items]      
Stock repurchase program, increase In authorized amount   $ 200  
Stock repurchase program, authorized amount   250  
Subsequent Event | 10b5-1 Repurchase Program      
Subsequent Event [Line Items]      
Stock repurchase program, authorized amount   $ 50  
v3.20.2
Label Element Value
Accounting Standards Update [Extensible List] us-gaap_AccountingStandardsUpdateExtensibleList Accounting Standards Update 2018-02 [Member]