CURTISS WRIGHT CORP, 10-K filed on 2/24/2022
Annual Report
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Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Jun. 30, 2021
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2021    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-134    
Entity Registrant Name CURTISS-WRIGHT CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-0612970    
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300    
Entity Address, City or Town Davidson,    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 28036    
City Area Code 704    
Local Phone Number 869-4600    
Title of 12(b) Security Common Stock    
Trading Symbol CW    
Security Exchange Name NYSE    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 4,800
Entity Common Stock, Shares Outstanding   38,440,236  
Documents Incorporated by Reference Portions of the Proxy Statement of the Registrant with respect to the 2022 Annual Meeting of Stockholders to be held on May 5, 2022 are incorporated by reference into Part III of this Form 10-K.    
Entity Central Index Key 0000026324    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2021
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Parsippany, New Jersey
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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Net Sales      
Net Sales $ 2,505,931 $ 2,391,336 $ 2,487,961
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,572,575 1,550,109 1,589,216
Gross profit 933,356 841,227 898,745
Research and development expenses 88,489 74,816 72,520
Selling expenses 116,956 109,537 120,861
General and administrative expenses 326,140 303,288 301,411
Impairment of assets held for sale 19,088 33,043 0
Restructuring expenses 0 31,695 0
Operating income 382,683 288,848 403,953
Interest expense 40,240 35,545 31,347
Other income, net 12,067 9,748 23,856
Earnings before income taxes 354,510 263,051 396,462
Provision for income taxes (87,351) (61,659) (88,879)
Net earnings $ 267,159 $ 201,392 $ 307,583
Basic earnings per share      
Basic earnings per share $ 6.61 $ 4.83 $ 7.20
Diluted earnings per share      
Diluted earnings per share 6.58 4.80 7.15
Dividends per share $ 0.71 $ 0.68 $ 0.66
Weighted average shares outstanding:      
Basic 40,417 41,738 42,739
Diluted 40,602 41,999 43,016
Product [Member]      
Net Sales      
Net Sales $ 2,109,617 $ 2,041,086 $ 2,073,530
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,330,191 1,319,562 1,329,761
Service [Member]      
Net Sales      
Net Sales 396,314 350,250 414,431
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold $ 242,384 $ 230,547 $ 259,455
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Net earnings $ 267,159 $ 201,392 $ 307,583
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]      
Foreign currency translation, net of tax [1] (10,829) 41,282 18,447
Pension and postretirement adjustments, net of tax [2] 131,220 (26,864) (29,017)
Other Comprehensive Income (Loss), Net of Tax 120,391 14,418 (10,570)
Comprehensive Income $ 387,550 $ 215,810 $ 297,013
[1] The tax benefit (expense) included in other comprehensive income for foreign currency translation adjustments for 2021, 2020, and 2019 was immaterial.
[2] The tax benefit (expense) included in other comprehensive income for pension and postretirement adjustments for 2021, 2020, and 2019 was ($42.3) million, $8.3 million, and $8.5 million, respectively.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ (42.3) $ 8.3 $ 8.5
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CONSOLIDATED BALANCE SHEET - USD ($)
Dec. 31, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 171,004,000 $ 198,248,000
Receivables, net 647,148,000 588,718,000
Inventories, net 411,567,000 428,879,000
Assets held for sale 10,988,000 27,584,000
Other current assets 67,101,000 57,395,000
Total current assets 1,307,808,000 1,300,824,000
Property, plant, and equipment, net 360,031,000 378,200,000
Goodwill 1,463,026,000 1,455,137,000
Other intangible assets, net 538,077,000 609,630,000
Operating lease right-of-use assets, net 143,613,000 150,898,000
Pension asset 256,422,000 92,531,000
Other assets 34,568,000 34,114,000
Total assets 4,103,545,000 4,021,334,000
Current liabilities:    
Current portion of long-term debt and short-term debt 0 100,000,000
Accounts payable 211,640,000 201,237,000
Accrued expenses 144,466,000 140,200,000
Income taxes payable 3,235,000 6,633,000
Deferred revenue 260,157,000 253,411,000
Total liabilities held for sale, current 12,655,000 10,141,000
Other current liabilities 102,714,000 98,755,000
Total current liabilities 734,867,000 810,377,000
Long-term debt 1,050,610,000 958,292,000
Deferred tax liabilities, net 147,349,000 115,007,000
Accrued pension and other postretirement benefit costs 91,329,000 98,345,000
Operating lease, Long-term operating lease liability 127,152,000 133,069,000
Long-term portion of environmental reserves 13,656,000 15,422,000
Other liabilities 112,092,000 103,248,000
Total liabilities 2,277,055,000 2,233,760,000
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of December 31, 2021 and December 31, 2020; 49,187,378 shares issued as of December 31, 2021 and December 31, 2020; outstanding shares were 38,469,778 as of December 31, 2021 and 40,916,429 as of December 31, 2020 49,187,000 49,187,000
Additional paid in capital 127,104,000 122,535,000
Retained earnings 2,908,827,000 2,670,328,000
Accumulated other comprehensive loss (190,465,000) (310,856,000)
Common treasury stock, at cost (10,717,600 shares as of December 31, 2021 and 8,270,949 shares as of December 31, 2020) (1,068,163,000) (743,620,000)
Total stockholders' equity 1,826,490,000 1,787,574,000
Total liabilities and stockholders' equity $ 4,103,545,000 $ 4,021,334,000
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2021
Dec. 31, 2020
Statement of Financial Position [Abstract]    
Common Stock Par Value $ 1 $ 1
CommonStockSharesIssued 49,187,378 49,187,378
CommonStockSharesOutstanding 38,469,778 40,916,429
Common stock authorized 100,000,000 100,000,000
TreasuryStockShares 10,717,600 8,270,949
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net earnings $ 267,159 $ 201,392 $ 307,583
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 114,384 115,903 102,412
(Gain) on sale/disposal of long-lived assets (568) 0 (11,054)
Deferred income taxes (10,200) (7,048) 40,787
Share-based compensation 13,450 14,437 13,669
Impairment of assets held for sale 19,088 33,043 0
Foreign Currency Transaction Gain (Loss), before Tax   9,351  
Restructuring Costs, Noncash   15,628  
Change in operating assets and liabilities, net of businesses acquired and divested:      
Accounts receivable, net (59,372) 71,147 (12,613)
Inventories, net 15,321 15,535 (3,485)
Progress Payments (3,672) (7,689) (4,834)
Accounts payable and accrued expenses 17,713 (55,513) (18,629)
Deferred revenue 9,584 (33,179) 36,134
Income taxes (12,988) 15,171 (15,625)
Net pension and postretirement liabilities (1,236) (153,375) (1,310)
Other current and long-term assets and liabilities 19,005 26,377 (11,631)
Net cash provided by operating activities 387,668 261,180 421,404
Cash flows from investing activities:      
Proceeds from sales and disposals of long-lived assets 4,045 2,930 15,093
Additions to property, plant, and equipment (41,108) (47,499) (69,752)
Payments to Acquire Businesses, Net of Cash Acquired   487,944 185,209
Payments for Previous Acquisition 5,340    
Payments for (Proceeds from) Other Investing Activities 0 17 172
Net cash used for investing activities (42,403) (532,530) (240,040)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 455,950 570,675 37,692
Payment of revolving credit facilities (362,050) (570,675) (37,934)
Borrowings of debt   300,000  
Principal payments on debt (100,000)    
Repurchases of company stock (343,129) (200,018) (50,661)
Proceeds from share-based compensation plans 9,705 11,148 11,770
Dividends paid (28,660) (28,175) (28,200)
Other (945) (874) (812)
Net cash provided by (used for) financing activities (369,129) 82,081 (68,145)
Effect of exchange-rate changes on cash (3,380) (3,516) 1,748
Net increase (decrease) in cash and cash equivalents (27,244) (192,785) 114,967
Cash and cash equivalents at beginning of period 198,248 391,033 276,066
Cash and cash equivalents at end of period $ 171,004 $ 198,248 $ 391,033
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STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Retained Earnings Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Accumulated Other Comprehensive Income Member
Accumulated Other Comprehensive Income Member
Cumulative Effect, Period of Adoption, Adjustment [Member]
Treasury Stock Member
Beginning Balance at Dec. 31, 2018   $ 49,187 $ 118,234 $ 2,191,471   $ (288,447)   $ (539,664)
Accounting Standards Update [Extensible List] Accounting Standards Update 2018-02 [Member]              
Net earnings $ 307,583     307,583        
Other Comprehensive Income (Loss), Net of Tax (10,570)         (10,570)    
Dividends paid       (28,200)        
Restricted Stock     (10,483)         10,483
Stock options exercised, net     (4,226)         15,996
Share-based compensation     13,264         405
Repurchase of common stock               (50,661)
Other     (719) 0       719
Ending Balance at Dec. 31, 2019   49,187 116,070 2,497,111 $ 26,257 (325,274) $ (26,257) (562,722)
Net earnings 201,392     201,392        
Other Comprehensive Income (Loss), Net of Tax 14,418         14,418    
Dividends paid       (28,175)        
Restricted Stock     (4,115)         4,115
Stock options exercised, net     (3,286)         14,434
Share-based compensation     14,383         54
Repurchase of common stock               (200,018)
Other     (517)         517
Ending Balance at Dec. 31, 2020 1,787,574 49,187 122,535 2,670,328   (310,856)   (743,620)
Net earnings 267,159              
Other Comprehensive Income (Loss), Net of Tax 120,391         120,391    
Dividends paid       (28,660)        
Restricted Stock     (9,007)         9,007
Stock Issued During Period, Value, Employee Stock Purchase Plan     877         8,828
Share-based compensation     13,296         154
Repurchase of common stock               (343,129)
Other     (597)         597
Ending Balance at Dec. 31, 2021 $ 1,826,490 $ 49,187 $ 127,104 $ 2,908,827   $ (190,465)   $ (1,068,163)
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STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]      
Treasury Stock, Shares, Acquired 2.7 2.0 0.4
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

Curtiss-Wright Corporation and its subsidiaries (the Corporation or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

Principles of Consolidation

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

Use of Estimates

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

Cash and Cash Equivalents

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

Inventory

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

Progress Payments

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

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

Property, Plant, and Equipment

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

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

Intangible Assets

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

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2021, 2020, and 2019.

Goodwill

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

Fair Value of Financial Instruments

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

Research and Development

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

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

Accounting for Share-Based Payments

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

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

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

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

Foreign Currency

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. Losses from foreign currency transactions are included in general and administrative expenses in the Consolidated Statement of Earnings, which amounted to $1.8 million, $3.9 million, and $7.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.

Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

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

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

Recently Issued Accounting Standards

Recent accounting standards adopted

ASU 2016-13- Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU added a current expected credit loss impairment model to U.S. GAAP based on expected losses rather than incurred losses. As the Corporation is not subject to material trade credit risk given that a significant portion of its sales are generated from contracts with agencies of or prime contractors to the U.S. Government, the adoption of this standard did not have a material impact on the Corporation's consolidated financial statements as of January 1, 2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assesses current economic conditions in order to determine expected trade credit losses on a prospective basis.
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REVENUE
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
2. REVENUE

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

Performance Obligations

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

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. Changes in total estimated costs are recognized using the cumulative catch-up method of accounting which recognizes the cumulative effect of the changes on current and prior periods in the current period. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation's consolidated financial position, results or operations, or cash flows. There were no significant changes in estimated contract costs during 2021, 2020, or 2019. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2021, 2020, and 2019:
Year Ended
December 31,
202120202019
Over-time50 %52 %49 %
Point-in-time50 %48 %51 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.2 billion as of December 31, 2021, of which the Corporation expects to recognize approximately 87% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
Total Net Sales by End Market and Customer Type
Year Ended December 31,
(In thousands)202120202019
Aerospace & Defense
Aerospace Defense$452,661 $463,690 $416,841 
Ground Defense220,290 107,448 93,432 
Naval Defense710,688 692,152 568,776 
Commercial Aerospace267,722 325,518 433,038 
Total Aerospace & Defense Customers$1,651,361 $1,588,808 $1,512,087 
Commercial
Power & Process$473,489 $474,842 $572,950 
General Industrial381,081 327,686 402,924 
Total Commercial Customers$854,570 $802,528 $975,874 
Total$2,505,931 $2,391,336 $2,487,961 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenues recognized for the years ended December 31, 2021, 2020, and 2019 included in the contract liabilities balance at the beginning of the respective years were approximately $210 million, $224 million, and $198 million, respectively. Changes in contract assets and contract liabilities as of December 31, 2021 were not materially impacted by any other factors. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet.
v3.22.0.1
ACQUISITIONS
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
ACQUISITIONS
3. ACQUISITIONS

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

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

For the year ended December 31, 2021, the Corporation did not complete any acquisitions. However, the Corporation paid $5 million during the twelve months ended December 31, 2021 in regard to prior period acquisitions, which included a working capital adjustment on the acquisition of Pacific Star Communications, Inc. (PacStar), as well as a portion of the purchase price on the acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back as security for potential indemnification claims against the seller in accordance with the terms of the Purchase Agreement.
For the year ended December 31, 2020, the Corporation acquired three businesses for an aggregate purchase price of $496 million, net of cash acquired. The Corporation's prior period acquisitions contributed $40 million of total net sales and $5 million of net losses for the year ended December 31, 2020 which are included in the Consolidated Statement of Earnings.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated in 2020:
(In thousands)2020
Accounts receivable$25,488 
Inventory37,840 
Property, plant, and equipment5,280 
Intangible assets204,384 
Operating lease right-of-use assets, net5,562 
Other current and non-current assets7,050 
Current and non-current liabilities(75,257)
Net tangible and intangible assets210,347 
Goodwill285,200 
Total Purchase price$495,547 
Goodwill deductible for tax purposes$37,234 

2020 Acquisitions

PacStar

On October 30, 2020, the Corporation acquired 100% of the issued and outstanding stock of PacStar for $406 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. PacStar is a provider of tactical communications solutions for battlefield network management. The acquired business operates within the Defense Electronics segment.

Interactive Analysis and Display System (IADS)

On April 20, 2020, the Corporation acquired the IADS product line for approximately $29 million. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. IADS is a real-time display and post-test analysis product for flight tests. The acquired product line operates within the Defense Electronics segment.

Dyna-Flo
On February 28, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for approximately $60 million, net of cash acquired. The Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Dyna-Flo specializes in control valves, actuators, and control systems for the chemical, petrochemical, and oil and gas markets. The acquired business operates within the Naval & Power segment.
v3.22.0.1
ASSETS HELD FOR SALE
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE
4. ASSETS HELD FOR SALE

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2021. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in impairment losses of $19 million and $33 million for the years ended December 31, 2021 and 2020, respectively. Such amounts have been reported in the "Impairment of assets held for sale" caption within the Corporation’s Consolidated Statement of Earnings.
The aggregate components of assets and liabilities classified as held for sale as of December 31 are as follows:
(In thousands)20212020
Assets held for sale:
Receivables, net$11,038 $9,902 
Inventories, net18,373 16,401 
Other current assets1,181 1,798 
Property, plant, and equipment, net4,220 4,821 
Reserve for assets held for sale(23,824)(5,338)
Total assets held for sale, current$10,988 $27,584 
Liabilities held for sale:
Accounts payable$(4,450)(2,654)
Accrued expenses(1,165)(1,375)
Other current liabilities(2,631)(748)
Accrued pension and other postretirement benefit costs(4,409)(5,364)
Total liabilities held for sale, current$(12,655)$(10,141)
v3.22.0.1
RECEIVABLES
 12 Months Ended
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
RECEIVABLES
5. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of billed receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances is immaterial.
The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 55% and 53% of total net sales in 2021 and 2020, respectively. Total receivables due from government sources (primarily the U.S Government) were $401.0 million and $352.7 million as of December 31, 2021 and 2020, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $253.5 million and $198.6 million as of December 31, 2021 and 2020, respectively.
The composition of receivables as of December 31 is as follows:
(In thousands)20212020
Billed receivables:
Trade and other receivables$362,007 $361,460 
Unbilled receivables:
Recoverable costs and estimated earnings not billed291,758 238,309 
Less: Progress payments applied(1,297)(3,291)
Net unbilled receivables290,461 235,018 
Less: Allowance for doubtful accounts(5,320)(7,760)
Receivables, net$647,148 $588,718 
v3.22.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2021
Inventory, Net [Abstract]  
INVENTORIES
6. INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. The caption "Inventoried costs related to U.S. Government and other long-term contracts" includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.
The composition of inventories as of December 31 is as follows:
(In thousands)20212020
Raw materials$191,066 $177,828 
Work-in-process78,221 80,729 
Finished goods98,944 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
48,619 56,599 
Inventories, net of reserves416,850 435,923 
Less: Progress payments applied(5,283)(7,044)
Inventories, net$411,567 $428,879 
(1) As of December 31, 2021 and 2020, this caption also includes capitalized development costs of $25.7 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2021 and 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.
v3.22.0.1
PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
7. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20212020
Land$17,615 $17,660 
Buildings and improvements239,217 236,355 
Machinery, equipment, and other885,970 881,110 
Property, plant, and equipment, at cost1,142,802 1,135,125 
Less: Accumulated depreciation(782,771)(756,925)
Property, plant, and equipment, net$360,031 $378,200 
Depreciation expense for the years ended December 31, 2021, 2020, and 2019 was $54.8 million, $55.3 million, and $57.4 million, respectively.
v3.22.0.1
GOODWILL
 12 Months Ended
Dec. 31, 2021
Goodwill [Abstract]  
GOODWILL
8. GOODWILL

In connection with the change in reportable segments on January 1, 2021, the Corporation recast its previously reported
goodwill balances as of December 31, 2020 and December 31, 2019 on a relative fair value basis. Refer to Note 18 to the Consolidated Financial Statements for additional information on the Corporation’s reportable segments.

The changes in the carrying amount of goodwill for 2021 and 2020 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2019$314,667 $441,291 $410,722 $1,166,680 
Acquisitions— 256,733 28,467 285,200 
Impairment on assets held for sale (1)
— — (9,598)(9,598)
Adjustments— (1,385)— (1,385)
Foreign currency translation adjustment2,254 7,276 4,710 14,240 
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (2)
— 12,943 — 12,943 
Foreign currency translation adjustment(774)(2,844)(1,436)(5,054)
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 

(1) Amount relates to the Corporation's industrial valves business in Germany, which was classified as held for sale as of December 31, 2020.

(2) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis, including input from third party appraisals when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.

The Corporation completed its annual goodwill impairment testing as of October 31, 2021, 2020, and 2019 and concluded that there was no impairment of goodwill.
v3.22.0.1
OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET
9. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2021 and December 31, 2020, respectively.
20212020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology (2)
$274,615 $(164,077)$110,538 $280,595 $(148,064)$132,531 
Customer related intangibles (2)
568,720 (270,816)297,904 573,722 (239,798)333,924 
Programs (1)
144,000 (27,000)117,000 144,000 (19,800)124,200 
Other intangible assets
49,559 (36,924)12,635 51,493 (32,518)18,975 
Total$1,036,894 $(498,817)$538,077 $1,049,810 $(440,180)$609,630 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.
(2) During the year ended December 31, 2020, the Corporation recognized an impairment loss of $18 million pertaining to technology and customer-related intangibles of its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
During the year ended December 31, 2020, the Corporation acquired intangible assets of $204.4 million as a result of the Corporation's PacStar, IADS, and Dyna-Flo acquisitions, which included Customer-related intangibles of $159.9 million, Technology of $34.6 million, and Other intangible assets of $9.9 million. The weighted average amortization periods for these aforementioned intangible assets are 16.4 years, 8.9 years, and 7.1 years, respectively. During the year ended December 31, 2021, the Corporation did not acquire any intangible assets. However, as a result of finalizing the purchase price allocation related to the Corporation's acquisition of PacStar, approximately $12 million of intangible assets were reclassified to goodwill during 2021.
Amortization expense for the years ended December 31, 2021, 2020, and 2019 was $60 million, $61 million, and $45 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2022$55 
2023$52 
2024$48 
2025$45 
2026$44 
v3.22.0.1
LEASES
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases, Operating
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $42 million, $41 million, and $37 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Operating lease cost $41,663 $40,961 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 431 468 
Total finance lease cost$1,468 $1,505 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Cash used for operating activities:
Operating cash flows used for operating leases$(33,352)$(33,842)
Operating cash flows used for finance leases(431)(468)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$9,040 $8,714 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20212020
Operating Leases
Operating lease right-of-use assets, net$143,613 $150,898 
Other current liabilities$25,389 $27,263 
Long-term operating lease liability127,152 133,069 
Total operating lease liabilities$152,541 $160,332 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(7,608)(6,570)
Property, plant, and equipment, net$7,953 $8,991 
Other current liabilities$1,019 $945 
Other liabilities9,022 10,041 
Total finance lease liabilities$10,041 $10,986 
Weighted average remaining lease term
Operating leases8.3 years8.6 years
Finance leases7.7 years8.7 years
Weighted average discount rate
Operating leases3.51 %3.67 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2021
(In thousands)Operating LeasesFinance Leases
2022$31,698 $1,410 
202329,037 1,445 
202426,166 1,481 
202519,811 1,518 
202616,161 1,556 
Thereafter63,723 4,337 
Total lease payments186,596 11,747 
Less: imputed interest(34,055)(1,706)
Total$152,541 $10,041 
Leases, Finance
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases vehicles, machinery, and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $42 million, $41 million, and $37 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.

The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Operating lease cost $41,663 $40,961 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 431 468 
Total finance lease cost$1,468 $1,505 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Cash used for operating activities:
Operating cash flows used for operating leases$(33,352)$(33,842)
Operating cash flows used for finance leases(431)(468)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$9,040 $8,714 
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20212020
Operating Leases
Operating lease right-of-use assets, net$143,613 $150,898 
Other current liabilities$25,389 $27,263 
Long-term operating lease liability127,152 133,069 
Total operating lease liabilities$152,541 $160,332 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(7,608)(6,570)
Property, plant, and equipment, net$7,953 $8,991 
Other current liabilities$1,019 $945 
Other liabilities9,022 10,041 
Total finance lease liabilities$10,041 $10,986 
Weighted average remaining lease term
Operating leases8.3 years8.6 years
Finance leases7.7 years8.7 years
Weighted average discount rate
Operating leases3.51 %3.67 %
Finance leases4.05 %4.05 %

Maturities of lease liabilities were as follows:
As of December 31, 2021
(In thousands)Operating LeasesFinance Leases
2022$31,698 $1,410 
202329,037 1,445 
202426,166 1,481 
202519,811 1,518 
202616,161 1,556 
Thereafter63,723 4,337 
Total lease payments186,596 11,747 
Less: imputed interest(34,055)(1,706)
Total$152,541 $10,041 
v3.22.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2021
Fair Value Of Financial Instruments [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
11. FAIR VALUE OF FINANCIAL INSTRUMENTS
Forward Foreign Exchange and Currency Option Contracts
The Corporation has foreign currency exposure, primarily in the United Kingdom, Canada, and Europe. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Consolidated Balance Sheets.
Interest Rate Risks and Related Strategies
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. The Corporation periodically uses interest rate swaps to manage such exposures. Under these interest rate swaps, the Corporation exchanges, at specified intervals, the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount. The Corporation’s foreign exchange contracts and interest rate swaps are considered Level 2 instruments which are based on market based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves.
For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
As of December 31, 2021 and December 31, 2020, the Corporation did not have any active interest rate swaps.
Effects on Consolidated Balance Sheet
As of December 31, 2021 and December 31, 2020, the fair values of the asset and liability derivative instruments were immaterial.
Effects on Consolidated Statement of Earnings
Undesignated hedges
The location and amount of (gains) and losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)202120202019
Forward exchange contracts:
General and administrative expenses$1,499 $2,312 $(2,072)
Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2021. The fair values of our debt instruments are characterized as Level 2 measurements which are based on market-based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2021, net of debt issuance costs, totaled $1,003 million compared to a carrying value, net of debt issuance costs, of $949 million. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2020, net of debt issuance costs, totaled $1,122 million compared to a carrying value, net of debt issuance costs, of $1,049 million.

The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
v3.22.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities, Current [Abstract]  
Accrued Expenses And Other Current Liabilities
12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:
(In thousands)20212020
Accrued compensation$99,835 $96,228 
Accrued commissions5,533 6,050 
Accrued interest13,092 13,327 
Accrued insurance6,202 7,215 
Other19,804 17,380 
Total accrued expenses$144,466 $140,200 
Other current liabilities consist of the following as of December 31:
(In thousands)20212020
Short-term lease liabilities$25,389 $27,263 
Warranty reserves15,268 14,491 
WEC legal reserve(1)
15,000 11,600 
Pension and other postretirement liabilities8,054 7,715 
Restructuring liability279 6,944 
Other38,724 30,742 
Total other current liabilities$102,714 $98,755 
(1) As of December 31, 2021, the Corporation reclassified prior year amounts associated with its ongoing legal matter with Westinghouse Electric Company (WEC) regarding the AP1000 program. As a result, amounts previously captured within the "warranty reserves" and "other" captions were reclassified into the "WEC legal reserve" caption. See Note 19 to the Consolidated Financial Statements for more information regarding the Corporation's WEC legal reserve.
v3.22.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
INCOME TAXES
13. INCOME TAXES
2017 Tax Cuts and Jobs Act

In conjunction with the enactment of the 2017 Tax Cuts and Jobs Act (the Tax Act), the Corporation recorded provisional income tax expense of $18.2 million for the year ended December 31, 2017 related to the one-time transition tax on certain foreign earnings. The finalized transition tax of $23.6 million was to be paid over 8 years pursuant to the Tax Act. The transition tax liability, which is expected to be paid in 2024 and 2025, was $7.4 million and $9.0 million as of December 31, 2021 and December 31, 2020, respectively.

As of December 31, 2021, the Corporation reassessed its assertion around whether foreign undistributed earnings should continue to no longer be considered permanently reinvested. Based on such assessment, Corporation revised its assertion with respect to prior and current earnings of a foreign subsidiary, which resulted in the reversal of $2.8 million of tax liabilities previously recorded. The Corporation maintains its previous assertion for all other foreign subsidiaries, and has recorded a liability for withholding taxes that would arise upon distribution of the Corporation’s foreign undistributed earnings.

During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany. As a result, the tax consequences from those temporary differences resulting from the held for sale designation are no longer considered to be permanently reinvested. However, the Corporation has not recorded any provision, as it expects under tax law to recover the outside basis difference in a tax-free manner. With respect to the sale of the German industrial valves business in January 2022, the Corporation has determined that the global intangible low-taxed income (GILTI)-related impact associated with the sale is immaterial.

Except as noted above, the Corporation remains permanently reinvested to the extent of any outside basis differences in its foreign subsidiaries in excess of the amount of undistributed earnings as it is not practicable to determine the provision impact, if any, due to the complexities associated with this calculation.
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202120202019
Domestic$271,694 $212,613 $273,036 
Foreign(1)
82,816 50,438 123,426 
$354,510 $263,051 $396,462 
(1) The Corporation recognized pre-tax impairment losses of $19 million in 2021 and $33 million in 2020 pertaining to its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202120202019
Current:
Federal$57,910 $36,793 $14,195 
State15,477 11,882 3,766 
Foreign22,034 21,841 24,816 
Total current95,421 70,516 42,777 
Deferred:
Federal(7,167)1,043 38,647 
State(477)(527)6,632 
Foreign(426)(9,373)823 
Total deferred(8,070)(8,857)46,102 
Provision for income taxes$87,351 $61,659 $88,879 
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202120202019
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit3.6 3.7 2.4 
Foreign asset impairment (held for sale)1.6 1.2 — 
Valuation allowance for foreign assets held for sale0.2 1.3 — 
R&D tax credits(1.3)(0.9)(1.2)
Foreign earnings(1)
0.2 (0.9)1.4 
Foreign-derived intangible income(1.4)(2.8)(1.3)
All other, net0.7 0.8 0.1 
Effective tax rate24.6 %23.4 %22.4 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20212020
Deferred tax assets:
Operating lease liabilities$32,868 $33,371 
Inventories, net17,237 16,734 
Net operating loss5,384 5,518 
Environmental reserves9,262 8,698 
Incentive compensation6,936 8,102 
Pension and other postretirement liabilities— 13,533 
Legal reserves6,991 — 
Other32,665 33,401 
Total deferred tax assets111,343 119,357 
Deferred tax liabilities:
Goodwill amortization98,947 90,112 
Operating lease right-of-use assets, net30,911 31,292 
Other intangible amortization59,056 65,549 
Depreciation13,694 22,780 
Withholding taxes12,776 12,549 
Pension and other postretirement assets29,385 — 
Other7,149 8,757 
Total deferred tax liabilities251,918 231,039 
Valuation allowance2,625 1,240 
Net deferred tax liabilities$143,200 $112,922 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20212020
Net noncurrent deferred tax assets$4,149 $2,085 
Net noncurrent deferred tax liabilities147,349 115,007 
Net deferred tax liabilities$143,200 $112,922 
The Corporation has income tax net operating loss carryforwards related to international operations of $6.1 million, of which $3.4 million have an indefinite life and $2.7 million which expire through 2028. The Corporation has federal and state income tax net loss carryforwards of $61.8 million, all of which are net operating losses that expire through 2040. The Corporation has recorded a deferred tax asset of $5.4 million, reflecting the benefit of the loss carryforwards related to international and domestic operations.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2021 in certain of the Corporation’s foreign locations. Such objective evidence limits the ability to consider other subjective evidence, such as projections for future growth. As of December 31, 2021, the Corporation increased its valuation allowance by $1.4 million to $2.6 million, in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
As of December 31, 2021, the Corporation recorded a deferred tax asset of $4.4 million on net operating losses of $14.7 million related to the held for sale industrial valve business in Germany. A provision of $0.7 million was recorded during the year ended December 31, 2021, resulting in a full valuation allowance against the deferred tax asset, as it is more likely than not that the losses will be forfeited.
Income tax payments, net of refunds, of $107.1 million, $54.0 million, and $63.9 million were made in 2021, 2020, and 2019, respectively.
The Corporation has recorded a liability in Other liabilities for interest of $3.9 million and penalties of $2.0 million as of December 31, 2021.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202120202019
Balance as of January 1,$15,585 $12,676 $13,563 
Additions for tax positions of prior periods2,877 1,497 581 
Reductions for tax positions of prior periods(1,861)(615)(2,184)
Additions for tax positions related to the current year655 2,041 936 
Settlements(238)(14)(220)
Balance as of December 31,$17,018 $15,585 $12,676 
In many cases, the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2021:
United States (Federal)2018-present
United States (Various states)2010-present
United Kingdom2020-present
Canada2018-present
The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in total unrecognized tax benefits as of December 31, 2021, 2020, and 2019 is $14.1 million, $13.0 million, and $10.2 million, respectively, which if recognized, would favorably impact the effective income tax rate.
v3.22.0.1
DEBT
 12 Months Ended
Dec. 31, 2021
Debt Instruments [Abstract]  
DEBT
14. DEBT
Debt consists of the following as of December 31:
(In thousands)2021202120202020
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2023$93,900 $93,900 $— $— 
3.84% Senior notes due 2021
— — 100,000 102,173 
3.70% Senior notes due 2023
202,500 208,086 202,500 211,790 
3.85% Senior notes due 2025
90,000 95,246 90,000 97,429 
4.24% Senior notes due 2026
200,000 218,421 200,000 224,390 
4.05% Senior notes due 2028
67,500 73,783 67,500 75,440 
4.11% Senior notes due 2028
90,000 98,854 90,000 101,047 
3.10% Senior notes due 2030
150,000 154,832 150,000 155,805 
3.20% Senior notes due 2032
150,000 154,875 150,000 155,048 
Total debt1,043,900 1,097,997 1,050,000 1,123,122 
Debt issuance costs, net(949)(949)(1,147)(1,147)
Unamortized interest rate swap proceeds (1)
7,659 7,659 9,439 9,439 
Total debt, net1,050,610 1,104,707 1,058,292 1,131,414 
Less: current portion of long-term debt— — 100,000 100,000 
Total long-term debt$1,050,610 $1,104,707 $958,292 $1,031,414 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.

The weighted-average interest rate of the Corporation's Revolving Credit Agreement in 2021 and 2020 was 1.0% and 1.4%, respectively.
The Corporation's total debt outstanding had a weighted-average interest rate of 3.4% in both 2021 and 2020.

Aggregate maturities of debt are as follows:
(In thousands)
2022$— 
2023296,400 
2024— 
202590,000 
2026200,000 
Thereafter457,500 
Total$1,043,900 
Interest payments of $40 million, $31 million, and $30 million were made in 2021, 2020, and 2019, respectively.
Revolving Credit Agreement
In October 2018, the Corporation amended the terms of its existing Credit Agreement (Credit Agreement) with a syndicate of financial institutions, led by Bank of America N.A., Wells Fargo, N.A., and JP Morgan Chase Bank, N.A.. The amended agreement, which provides the Corporation with a borrowing capacity of $500 million, extended the maturity date from November 2019 to October 2023 and expanded the accordion feature from $100 million to $200 million. The proceeds available under the Credit Agreement are to be used for working capital, internal growth initiatives, funding of future acquisitions, and general corporate purposes. As of December 31, 2021, the Corporation had $21 million in letters of credit supported by the credit facility and $94 million borrowings outstanding under the credit facility. The unused credit available under the credit facility as of December 31, 2021 was $385 million, which the Corporation had the ability to borrow in full without violating its debt to capitalization covenant.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60%. The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On August 13, 2020, the Corporation issued $300 million of Senior Notes (the “2020 Notes”), consisting of $150 million of 3.10% Senior Notes that mature on August 13, 2030 and $150 million of 3.20% Senior Notes that mature on August 13, 2032. The 2020 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2020 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2020 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2020 Notes. Under the terms of the Note Purchase Agreements, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2020 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.
On February 26, 2013, the Corporation issued $500 million of Senior Notes (the “2013 Notes”). The 2013 Notes consisted of $225 million of 3.70% Senior Notes that mature on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. On October 15, 2018, the Corporation made a discretionary $50 million prepayment on the $500 million 2013 Notes. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in
accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.
On December 8, 2011, the Corporation issued $300 million of Senior Notes (the “2011 Notes”). The 2011 Notes consist of $100 million of 3.84% Senior Notes that matured on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2011 Notes. Under the Note Purchase Agreement, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60%. The 2011 Notes also contain a cross default provision with our other senior indebtedness.
As of December 31, 2021, the Corporation had the ability to borrow additional debt of $1.6 billion without violating our debt to capitalization covenant.
v3.22.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
15. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2021, 2020 and 2019, there were no anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.
Earnings per share calculations for the years ended December 31, 2021, 2020, and 2019, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2021
Basic earnings per share $267,159 40,417 $6.61 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$267,159 40,602 $6.58 
2020
Basic earnings per share$201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
2019
Basic earnings per share$307,583 42,739 $7.20 
Dilutive effect of stock options and deferred stock compensation277 
Diluted earnings per share$307,583 43,016 $7.15 
v3.22.0.1
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
SHARE-BASED COMPENSATION PLANS 16. SHARE-BASED COMPENSATION PLANS
In May 2014, the Corporation adopted the Curtiss-Wright 2014 Omnibus Incentive Plan (the “2014 Omnibus Plan”). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the “2005 Stock Plans”). Beginning in May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan are 2,400,000 less one share of common stock for every one share of common stock granted under any prior plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any prior plan that terminate without issuance of shares shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock units (RSU), other stock-based awards, performance share units (PSU), or cash-based performance units (PU).

During 2021, the Corporation granted share-based awards in the form of RSUs and PSUs. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee
Stock Purchase Plan (ESPP) to most active employees. Certain awards provide for accelerated vesting if there is a change in control.

The compensation cost for employee and non-employee director share-based compensation programs during 2021, 2020, and 2019 is as follows:
(In thousands)202120202019
Employee Stock Purchase Plan$1,710 $1,625 $1,585 
Performance Share Units4,850 4,909 4,853 
Restricted Share Units5,661 6,978 6,061 
Other share-based payments1,229 925 1,170 
Total share-based compensation expense before income taxes$13,450 $14,437 $13,669 

Other share-based grants include service-based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as general and administrative expense in the Consolidated Statement of Earnings. No share-based compensation costs were capitalized during 2021, 2020, or 2019.

The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202120202019
Cash received from share-based awards$9,705 $11,148 $11,770 

Stock Options

As of December 31, 2021, the Corporation's did not have any stock options outstanding. The total intrinsic value of stock options exercised during 2020 and 2019 was $5.2 million, and $8.7 million, respectively.

Performance Share Units

The Corporation has granted performance share units to certain employees, whose three year cliff vesting is contingent upon the Corporation's total shareholder return over the three-year term beginning at the start of the fiscal year following the date of grant. Performance is measured by determining the percentile rank of the total shareholder return of the Corporation's common stock in relation to the total shareholder return of the S&P Midcap 400 Index (for awards granted in 2020 through 2021) or compared to a self-constructed peer group (for awards granted in 2019). The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period.

Restricted Share Units

Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units are service-based and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically three years. The non-vested restricted units are subject to forfeiture if employment is terminated other than due to death, disability, or retirement.
A summary of the Corporation’s 2021 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2020107 $138.37 227 $97.24 
Granted34 150.23 74 123.34 
Vested(27)197.19 (72)95.13 
Forfeited(1)103.86 (6)105.70 
Nonvested as of December 31, 2021113 $128.05 223 $106.34 
Expected to vest as of December 31, 2021113 $128.05 223 $106.34 

Nonvested PSUs had an intrinsic value of $15.7 million and unrecognized compensation costs of $5.0 million as of December 31, 2021. Nonvested RSUs had an intrinsic value of $31.0 million and unrecognized compensation costs of $10.7 million as of December 31, 2021. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over 1.7 years and 2.6 years, respectively.

Employee Stock Purchase Plan

The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2021
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
17. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains ten separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and seven separate foreign pension plans. The domestic plans include a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, Canada, and Switzerland, two in Germany, and two in Mexico.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the “CW Pension Plan”) covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a “traditional” benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls Retirement Income Plan for salaried employees are either deferred vested participants or currently receiving benefits, as benefit accruals under the plan were frozen to future accruals effective January 1, 2003. Benefits in the salaried plan are based on average compensation and years of service.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment. In addition to the sunset provision, cash balance benefit accruals for non-union participants ceased as of January 1, 2014. Non-union employees who were not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components. Subsequent to the original amendment, the Corporation successfully negotiated the sunset provision into the bargaining agreements for all represented employees that received benefits through this plan.
As of December 31, 2021, and 2020, the Corporation had a noncurrent pension asset of $233.8 million and $80.8 million, respectively. The change in balance was primarily due to a higher return on plan assets during 2021.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the “CW Restoration Plan”) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $69.1 million and $71.8 million as of December 31, 2021 and 2020, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $5.9 million in 2022.
Other Post-Employment Benefits (OPEB) Plan
The Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.
The Corporation also provides retiree health and life insurance benefits for substantially all Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRAs) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing RRAs to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability as of December 31, 2021 and 2020 of $25.2 million and $25.7 million, respectively. The Corporation expects to contribute $2.1 million to the plan during 2022.
Foreign Plans
As of December 31, 2021 and 2020, the total projected benefit obligation related to all foreign plans was $107.2 million and $115.5 million, respectively. As of December 31, 2021 the Corporation had a net pension asset of $12.9 million. As of December 31, 2020, the Corporation had a net pension liability of $2.6 million. The Corporation's contributions to the foreign plans are expected to be $2.4 million in 2022.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs consisted of the following:
Pension BenefitsPostretirement Benefits
(In thousands)202120202019202120202019
Service cost$26,735 $26,013 $23,664 $472 $506 $432 
Interest cost17,419 23,847 29,019 426 609 796 
Expected return on plan assets(60,286)(67,217)(59,153)— — — 
Amortization of prior service cost(251)(269)(283)(304)(657)(656)
Recognized net actuarial loss/(gain)28,905 23,062 9,310 — (5)(198)
Special termination benefits52 — — 367 — — 
Cost of settlements/curtailments3,310 2,395 — — — — 
Net periodic benefit cost$15,884 $7,831 $2,557 $961 $453 $374 
The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2021, special termination benefits were recognized as a result of early retirement benefits offered to employees in the US and Switzerland. In addition, the Company recognized settlement charges in 2021 related to the retirement of former executives. In 2020, settlement charges were incurred in Mexico and Switzerland. In addition, a curtailment was recognized in Mexico in 2020 as a result of the Corporation's restructuring initiatives.
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2021 measurement date.
Pension BenefitsPostretirement Benefits
(In thousands)2021202020212020
Change in benefit obligation:
Beginning of year$1,044,035 $945,187 $25,670 $23,566 
Service cost26,735 26,013 472 506 
Interest cost17,419 23,847 426 609 
Plan participants’ contributions1,304 1,366 294 331 
Amendments(477)— 309 — 
Actuarial (gain) loss(37,825)92,596 (41)3,048 
Benefits paid(68,965)(46,607)(2,303)(2,390)
Special Termination Benefits52 — 367 — 
Actual expenses(1,491)(1,526)— — 
Curtailments— 1,636 — — 
Settlements— (3,867)— — 
Currency translation adjustments(1,717)5,390 — — 
End of year$979,070 $1,044,035 $25,194 $25,670 
Change in plan assets:
Beginning of year$1,050,509 $835,139 $— $— 
Actual return on plan assets163,881 105,810 — — 
Employer contribution12,766 155,359 2,009 2,059 
Plan participants’ contributions1,304 1,366 294 331 
Benefits paid(68,965)(46,607)(2,303)(2,390)
Actual expenses(1,491)(1,526)— — 
Settlements— (3,867)— — 
Currency translation adjustments(1,388)4,835 — — 
End of year$1,156,616 $1,050,509 $— $— 
Funded status$177,546 $6,474 $(25,194)$(25,670)
Pension BenefitsPostretirement Benefits
(In thousands)2021202020212020
Amounts recognized on the balance sheet
Noncurrent assets$256,422 $92,554 $— $— 
Current liabilities(6,257)(6,444)(2,076)(1,596)
Noncurrent liabilities(1)
(72,619)(79,636)(23,118)(24,074)
Total$177,546 $6,474 $(25,194)$(25,670)
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$120,676 $294,545 $584 $624 
Prior service cost(544)(321)(135)(747)
Total$120,132 $294,224 $449 $(123)
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$101,667 $114,297 $25,193 N/A
Accumulated benefit obligation95,755 111,807 25,193 N/A
Fair value of plan assets22,792 28,217 — N/A
(1) As of December 31, 2021 and 2020, this caption includes accrued pension and other postretirement benefit costs of $4.4 million and $5.4 million, respectively, reflected in the "Liabilities held for sale" caption within the Consolidated Balance Sheet.
Plan Assumptions
Pension BenefitsPostretirement Benefits
2021202020212020
Weighted-average assumptions in determination of benefit obligation:
Discount rate2.72 %2.36 %2.79 %2.43 %
Rate of compensation increase3.40 %3.41 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.00 %7.25 %
Ultimate rate reached in 2032
N/AN/A4.50 %4.50 %
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate2.36 %3.05 %2.43 %3.15 %
Expected return on plan assets6.18 %7.11 %N/AN/A
Rate of compensation increase3.41 %3.46 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.25 %7.50 %
Ultimate rate reached in 2032
N/AN/A4.50 %4.50 %
The Corporation applies the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plans is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plans, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.
The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. As a part of its diversification strategy, the Corporation has established target allocations for each of the following assets classes: domestic equity securities, international equity securities, and debt securities. Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 90% of consolidated assets:
As of December 31,TargetExpected
20212020ExposureRange
Asset class
Domestic equities56%54%50%
40%-60%
International equities15%15%15%
10%-20%
Total equity71%69%65%
55%-75%
Fixed income29%31%35%
25%-45%
As of December 31, 2021 and 2020, cash funds in the CW Pension Plan represented approximately 3% and 2% of portfolio assets, respectively.
Foreign plan assets represent 10% of consolidated plan assets, with most of the assets supporting the U.K. plan. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 3% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2021.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$16,710 $1,376 $15,334 $— 
Equity securities- Mutual funds (1)
688,257 570,293 117,964 — 
Bond funds (2)
341,140 242,627 98,513 — 
Other (3)
4,402 — — 4,402 
December 31, 2020$1,050,509 $814,296 $231,811 $4,402 
Cash and cash equivalents$36,788 $3,632 $33,156 $— 
Equity securities - Mutual funds (1)
771,655 655,995 115,660 — 
Bond funds (2)
343,630 229,973 113,657 — 
Other (3)
4,543 — — 4,543 
December 31, 2021$1,156,616 $889,600 $262,473 $4,543 
(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Bloomberg Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans.
(3)This category consists primarily of real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in a pooled fund and classified as a Level 2 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
The following table presents a reconciliation of Level 3 assets held during the years ended December 31, 2021 and 2020:
(In thousands)Insurance
Contracts		Real
Estate		OtherTotal
December 31, 2019$— $4,224 $— $4,224 
Actual return on plan assets:
Relating to assets still held at the reporting date5 (20)— (15)
Relating to assets sold during the period— (58)— (58)
Purchases, sales, and settlements523 (680)— (157)
Foreign currency translation adjustment49 359 — 408 
December 31, 2020577 3,825 — 4,402 
Actual return on plan assets:
Relating to assets still held at the reporting date— 125 16 141 
Relating to assets sold during the period32 — — 32 
Purchases, sales, and settlements(592)226 464 98 
Foreign currency translation adjustment(17)(102)(11)(130)
December 31, 2021— 4,074 469 4,543 
Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans		Postretirement
Plans		Total
2022$55,062 $2,076 $57,138 
202355,349 1,699 57,048 
202460,035 1,645 61,680 
202555,531 1,602 57,133 
202656,269 1,532 57,801 
2027 — 2031285,666 7,065 292,731 
Defined Contribution Retirement Plans
The Corporation offers all of its full-time domestic employees the opportunity to participate in a defined contribution plan. Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 7% of eligible compensation. During the year ended December 31, 2021, the expense relating to the plan was $18.7 million, consisting of $10.0 million in matching contributions to the plan in 2021, and $8.7 million in non-elective contributions, primarily paid in January 2022. Cumulative contributions of approximately $100 million are expected to be made from 2022 through 2026.
In addition, the Corporation had foreign pension costs under various defined contribution plans of $5.4 million in 2021, and $5.3 million in both 2020 and 2019.
v3.22.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION

Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.

The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, and surface technology services such as shot peening, laser peening and engineered coatings.
The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

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

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

Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202120202019
Net sales
Aerospace & Industrial$789,054 $807,144 $963,649 
Defense Electronics727,828 610,413 525,393 
Naval & Power995,509 977,109 1,001,662 
Less: Intersegment Revenues(6,460)(3,330)(2,743)
Total Consolidated$2,505,931 $2,391,336 $2,487,961 
(In thousands)202120202019
Operating income (expense)
Aerospace & Industrial$121,817 $99,714 $149,135 
Defense Electronics159,089 118,748 119,044 
Naval & Power141,660 108,151 170,883 
Corporate and Eliminations (1)
(39,883)(37,765)(35,109)
Total Consolidated$382,683 $288,848 $403,953 
Depreciation and amortization expense
Aerospace & Industrial$36,999 $37,690 $39,526 
Defense Electronics38,136 36,188 19,872 
Naval & Power35,937 37,894 38,914 
Corporate3,312 4,131 4,100 
Total Consolidated$114,384 $115,903 $102,412 
Segment assets
Aerospace & Industrial$991,508 $1,019,203 $1,078,324 
Defense Electronics1,536,369 1,542,686 1,102,821 
Naval & Power1,270,099 1,256,416 1,277,880 
Corporate294,581 175,445 305,236 
Assets held for sale10,988 27,584 — 
Total Consolidated$4,103,545 $4,021,334 $3,764,261 
Capital expenditures
Aerospace & Industrial$16,799 $20,025 $26,679 
Defense Electronics3,922 3,317 3,385 
Naval & Power18,106 21,283 36,098 
Corporate2,281 2,874 3,590 
Total Consolidated$41,108 $47,499 $69,752 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Reconciliations
Year Ended December 31,
(In thousands)202120202019
Earnings before taxes:
Total reportable segment operating income$422,566 $326,613 $439,062 
Corporate and Eliminations(39,883)(37,765)(35,109)
Interest expense40,240 35,545 31,347 
Other income, net12,067 9,748 23,856 
Total consolidated earnings before tax$354,510 $263,051 $396,462 
As of December 31,
(In thousands)202120202019
Assets:
Total assets for reportable segments$3,797,976 $3,818,305 $3,459,025 
Assets held for sale10,988 27,584 — 
Non-segment cash7,537 49,157 235,260 
Other assets287,044 126,288 69,976 
Total consolidated assets$4,103,545 $4,021,334 $3,764,261 
Geographic Information
Year Ended December 31,
(In thousands)202120202019
Revenues
United States of America$1,856,997 $1,758,424 $1,710,371 
United Kingdom93,154 90,628 120,297 
Other foreign countries555,780 542,284 657,293 
Consolidated total$2,505,931 $2,391,336 $2,487,961 
As of December 31,
(In thousands)202120202019
Long-Lived Assets - Property, plant, and equipment, net
United States of America$261,658 $271,299 $271,609 
United Kingdom31,594 34,221 34,228 
Other foreign countries66,779 72,680 79,756 
Consolidated total$360,031 $378,200 $385,593 
v3.22.0.1
CONTINGENCIES AND COMMITMENTS
 12 Months Ended
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS 19. CONTINGENCIES AND COMMITMENTS
From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its consolidated financial condition, results of operations, and cash flows.

Legal Proceedings

The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations and the relatively non-friable condition of asbestos in its products make it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. The Corporation is party to a number of other legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material effect on the Corporation’s results of operations or financial position.

Letters of Credit and Other Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. There were $21.1 million of stand-by letters of credit outstanding for both December 31, 2021 and 2020. As of December 31, 2021 and 2020 there were $4.5 million and $5.6 million of bank guarantees outstanding, respectively.

The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. For two of the three licenses, the Corporation has recorded an asset retirement obligation of approximately $7.7 million. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. The Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $45.6 million surety bond.

AP1000 Program

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

In February 2022, the Corporation and WEC reached an agreement to settle all open claims and counterclaims under the AP1000 U.S. and China contracts. The settlement agreement requires the Corporation to pay WEC $15 million during the first quarter of 2022 and $10 million during the first quarter of 2023 in exchange for the Corporation's full release from all open claims under such contracts, whether known or unknown, as well as negotiating and executing a right of first refusal for all future AP1000 projects. As a result of the settlement, the Corporation recorded charges of $13 million related to this matter for the year ended December 31, 2021.
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
 12 Months Ended
Dec. 31, 2021
Comprehensive Income [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS 20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive loss before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive income (1)
— 17,649 17,649 
Net current period other comprehensive income (loss) 41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss) (10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20212020
Defined benefit pension and postretirement plans
Amortization of prior service costs$555 $926 Other income, net
Recognized net actuarial losses(28,905)(23,057)Other income, net
Settlements(3,310)(1,086)Other income, net
(31,660)(23,217)Earnings before income taxes
7,651 5,568 Provision for income taxes
Total reclassifications$(24,009)$(17,649)Net earnings
v3.22.0.1
RESTRUCTURING COSTS
 12 Months Ended
Dec. 31, 2021
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure [Text Block]
21. RESTRUCTURING COSTS

During the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which included workforce reductions and consolidation of facilities, were substantially completed as of December 31, 2021. As of December 31, 2021 and 2020, the restructuring liability associated with these restructuring activities was $0.3 million and $6.9 million, respectively. This balance is reported within Other Current Liabilities on the Consolidated Balance Sheet.
v3.22.0.1
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2021
Subsequent Events [Abstract]  
Subsequent Events
22. SUBSEQUENT EVENTS

On January 21, 2022, the Corporation announced that it has entered into an agreement to acquire the assets that comprise the Safran Aerosystems Arresting Company ("SAA") for $240 million in cash. SAA is a designer and manufacturer of aircraft emergency arresting systems with more than 5,000 systems worldwide. For the year ended December 31, 2021, SAA generated sales of approximately $70 million. The acquisition is expected to close in the third quarter of 2022, subject to regulatory approval and other closing conditions. Upon close, the acquired business will operate within the Corporation's Naval & Power segment.

On January 28, 2022, the Corporation completed the sale of its industrial valve business in Germany, which was classified as held for sale as of December 31, 2021, for approximately $3 million of gross cash proceeds.
v3.22.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2021, 2020, and 2019
(In thousands)
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 
December 31, 2019
Tax valuation allowance11,646 1,305 (22)
(1)
9,543 
(3)
3,386 
Total$11,646 $1,305 $(22)$9,543 $3,386 

(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held for sale.
(3) $5.7 million relates to the capital loss carryforward expiration from the sale of the Downstream oil and gas business.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
ConsolidationPolicy
Principles of Consolidation

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

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

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

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

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

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

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

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 9 to the Consolidated Financial Statements for further information on other intangible assets.
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock Impairment of Long-Lived AssetsThe Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2021, 2020, and 2019.
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]
Goodwill

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

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

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

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

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

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

For operations outside the United States of America that prepare financial statements in currencies other than the U.S. dollar, the Corporation translates assets and liabilities at period-end exchange rates and income statement amounts using weighted-average exchange rates for the period. The cumulative effect of translation adjustments is presented as a component of accumulated other comprehensive income (loss) within stockholders’ equity. This balance is primarily affected by foreign currency exchange rate fluctuations. Losses from foreign currency transactions are included in general and administrative expenses in the Consolidated Statement of Earnings, which amounted to $1.8 million, $3.9 million, and $7.2 million for the years ended December 31, 2021, 2020, and 2019, respectively.
DerivativesPolicyTextBlock
Derivatives

Forward Foreign Exchange and Currency Option Contracts

The Corporation uses financial instruments, such as forward exchange and currency option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. All derivative financial instruments are recorded at fair value based upon quoted market prices for comparable instruments, with the gain or loss on these transactions recorded into earnings in the period in which they occur. The Corporation does not use derivative financial instruments for trading or speculative purposes.

Interest Rate Risks and Related Strategies

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

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

Recent accounting standards adopted

ASU 2016-13- Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. On January 1, 2020, the Company adopted ASU 2016-13 -Financial Instruments—Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments. This ASU added a current expected credit loss impairment model to U.S. GAAP based on expected losses rather than incurred losses. As the Corporation is not subject to material trade credit risk given that a significant portion of its sales are generated from contracts with agencies of or prime contractors to the U.S. Government, the adoption of this standard did not have a material impact on the Corporation's consolidated financial statements as of January 1, 2020. As a result of adoption, the Corporation utilizes current and historical collection data as well as assesses current economic conditions in order to determine expected trade credit losses on a prospective basis.
v3.22.0.1
REVENUE (Table)
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2021, 2020, and 2019:
Year Ended
December 31,
202120202019
Over-time50 %52 %49 %
Point-in-time50 %48 %51 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
Total Net Sales by End Market and Customer Type
Year Ended December 31,
(In thousands)202120202019
Aerospace & Defense
Aerospace Defense$452,661 $463,690 $416,841 
Ground Defense220,290 107,448 93,432 
Naval Defense710,688 692,152 568,776 
Commercial Aerospace267,722 325,518 433,038 
Total Aerospace & Defense Customers$1,651,361 $1,588,808 $1,512,087 
Commercial
Power & Process$473,489 $474,842 $572,950 
General Industrial381,081 327,686 402,924 
Total Commercial Customers$854,570 $802,528 $975,874 
Total$2,505,931 $2,391,336 $2,487,961 
v3.22.0.1
ACQUISITIONS (Table)
 12 Months Ended
Dec. 31, 2021
Business Combinations [Abstract]  
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated in 2020:
(In thousands)2020
Accounts receivable$25,488 
Inventory37,840 
Property, plant, and equipment5,280 
Intangible assets204,384 
Operating lease right-of-use assets, net5,562 
Other current and non-current assets7,050 
Current and non-current liabilities(75,257)
Net tangible and intangible assets210,347 
Goodwill285,200 
Total Purchase price$495,547 
Goodwill deductible for tax purposes$37,234 
v3.22.0.1
ASSETS HELD FOR SALE (Tables)
 12 Months Ended
Dec. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Aggregate Components of Assets and Liabilities Held for Sale The aggregate components of assets and liabilities classified as held for sale as of December 31 are as follows:
(In thousands)20212020
Assets held for sale:
Receivables, net$11,038 $9,902 
Inventories, net18,373 16,401 
Other current assets1,181 1,798 
Property, plant, and equipment, net4,220 4,821 
Reserve for assets held for sale(23,824)(5,338)
Total assets held for sale, current$10,988 $27,584 
Liabilities held for sale:
Accounts payable$(4,450)(2,654)
Accrued expenses(1,165)(1,375)
Other current liabilities(2,631)(748)
Accrued pension and other postretirement benefit costs(4,409)(5,364)
Total liabilities held for sale, current$(12,655)$(10,141)
v3.22.0.1
RECEIVABLES (Table)
 12 Months Ended
Dec. 31, 2021
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block] The composition of receivables as of December 31 is as follows:
(In thousands)20212020
Billed receivables:
Trade and other receivables$362,007 $361,460 
Unbilled receivables:
Recoverable costs and estimated earnings not billed291,758 238,309 
Less: Progress payments applied(1,297)(3,291)
Net unbilled receivables290,461 235,018 
Less: Allowance for doubtful accounts(5,320)(7,760)
Receivables, net$647,148 $588,718 
v3.22.0.1
INVENTORIES (Table)
 12 Months Ended
Dec. 31, 2021
Inventory, Net [Abstract]  
Schedule Of Inventory [Text Block]
The composition of inventories as of December 31 is as follows:
(In thousands)20212020
Raw materials$191,066 $177,828 
Work-in-process78,221 80,729 
Finished goods98,944 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
48,619 56,599 
Inventories, net of reserves416,850 435,923 
Less: Progress payments applied(5,283)(7,044)
Inventories, net$411,567 $428,879 
(1) As of December 31, 2021 and 2020, this caption also includes capitalized development costs of $25.7 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2021 and 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.
v3.22.0.1
PROPERTY, PLANT, AND EQUIPMENT (Table)
 12 Months Ended
Dec. 31, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block] The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20212020
Land$17,615 $17,660 
Buildings and improvements239,217 236,355 
Machinery, equipment, and other885,970 881,110 
Property, plant, and equipment, at cost1,142,802 1,135,125 
Less: Accumulated depreciation(782,771)(756,925)
Property, plant, and equipment, net$360,031 $378,200 
v3.22.0.1
GOODWILL (Table)
 12 Months Ended
Dec. 31, 2021
Goodwill [Abstract]  
Schedule Of Goodwill [Text Block]
The changes in the carrying amount of goodwill for 2021 and 2020 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2019$314,667 $441,291 $410,722 $1,166,680 
Acquisitions— 256,733 28,467 285,200 
Impairment on assets held for sale (1)
— — (9,598)(9,598)
Adjustments— (1,385)— (1,385)
Foreign currency translation adjustment2,254 7,276 4,710 14,240 
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (2)
— 12,943 — 12,943 
Foreign currency translation adjustment(774)(2,844)(1,436)(5,054)
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 

(1) Amount relates to the Corporation's industrial valves business in Germany, which was classified as held for sale as of December 31, 2020.

(2) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
v3.22.0.1
OTHER INTANGIBLE ASSETS, NET (Table)
 12 Months Ended
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2021 and December 31, 2020, respectively.
20212020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology (2)
$274,615 $(164,077)$110,538 $280,595 $(148,064)$132,531 
Customer related intangibles (2)
568,720 (270,816)297,904 573,722 (239,798)333,924 
Programs (1)
144,000 (27,000)117,000 144,000 (19,800)124,200 
Other intangible assets
49,559 (36,924)12,635 51,493 (32,518)18,975 
Total$1,036,894 $(498,817)$538,077 $1,049,810 $(440,180)$609,630 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.
(2) During the year ended December 31, 2020, the Corporation recognized an impairment loss of $18 million pertaining to technology and customer-related intangibles of its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2022$55 
2023$52 
2024$48 
2025$45 
2026$44 
v3.22.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease, Cost
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Operating lease cost $41,663 $40,961 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 431 468 
Total finance lease cost$1,468 $1,505 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2021December 31, 2020
Cash used for operating activities:
Operating cash flows used for operating leases$(33,352)$(33,842)
Operating cash flows used for finance leases(431)(468)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$9,040 $8,714 
Assets And Liabilities, Lessee Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20212020
Operating Leases
Operating lease right-of-use assets, net$143,613 $150,898 
Other current liabilities$25,389 $27,263 
Long-term operating lease liability127,152 133,069 
Total operating lease liabilities$152,541 $160,332 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(7,608)(6,570)
Property, plant, and equipment, net$7,953 $8,991 
Other current liabilities$1,019 $945 
Other liabilities9,022 10,041 
Total finance lease liabilities$10,041 $10,986 
Weighted average remaining lease term
Operating leases8.3 years8.6 years
Finance leases7.7 years8.7 years
Weighted average discount rate
Operating leases3.51 %3.67 %
Finance leases4.05 %4.05 %
Lessee, Operating Lease, Liability, Maturity Maturities of lease liabilities were as follows:
As of December 31, 2021
(In thousands)Operating LeasesFinance Leases
2022$31,698 $1,410 
202329,037 1,445 
202426,166 1,481 
202519,811 1,518 
202616,161 1,556 
Thereafter63,723 4,337 
Total lease payments186,596 11,747 
Less: imputed interest(34,055)(1,706)
Total$152,541 $10,041 
Finance Lease, Liability, Maturity Maturities of lease liabilities were as follows:
As of December 31, 2021
(In thousands)Operating LeasesFinance Leases
2022$31,698 $1,410 
202329,037 1,445 
202426,166 1,481 
202519,811 1,518 
202616,161 1,556 
Thereafter63,723 4,337 
Total lease payments186,596 11,747 
Less: imputed interest(34,055)(1,706)
Total$152,541 $10,041 
v3.22.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 12 Months Ended
Dec. 31, 2021
Fair Value Of Financial Instruments [Abstract]  
Derivatives Not Designated as Hedging Instruments [Table Text Block] The location and amount of (gains) and losses recognized in income on forward exchange derivative contracts not designated for hedge accounting for the years ended December 31, were as follows:
(In thousands)202120202019
Forward exchange contracts:
General and administrative expenses$1,499 $2,312 $(2,072)
v3.22.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
 12 Months Ended
Dec. 31, 2021
Accrued Liabilities, Current [Abstract]  
ScheduleOfAccruedLiabilitiesTableTextBlock Accrued expenses consist of the following as of December 31:
(In thousands)20212020
Accrued compensation$99,835 $96,228 
Accrued commissions5,533 6,050 
Accrued interest13,092 13,327 
Accrued insurance6,202 7,215 
Other19,804 17,380 
Total accrued expenses$144,466 $140,200 
Schedule Of Other Liabilities [Table Text Block]
Other current liabilities consist of the following as of December 31:
(In thousands)20212020
Short-term lease liabilities$25,389 $27,263 
Warranty reserves15,268 14,491 
WEC legal reserve(1)
15,000 11,600 
Pension and other postretirement liabilities8,054 7,715 
Restructuring liability279 6,944 
Other38,724 30,742 
Total other current liabilities$102,714 $98,755 
(1) As of December 31, 2021, the Corporation reclassified prior year amounts associated with its ongoing legal matter with Westinghouse Electric Company (WEC) regarding the AP1000 program. As a result, amounts previously captured within the "warranty reserves" and "other" captions were reclassified into the "WEC legal reserve" caption. See Note 19 to the Consolidated Financial Statements for more information regarding the Corporation's WEC legal reserve.
v3.22.0.1
INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block] Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202120202019
Domestic$271,694 $212,613 $273,036 
Foreign(1)
82,816 50,438 123,426 
$354,510 $263,051 $396,462 
(1) The Corporation recognized pre-tax impairment losses of $19 million in 2021 and $33 million in 2020 pertaining to its industrial valve business in Germany, which was classified as held for sale during the fourth quarter of 2020.
Schedule Of Provision For Income Taxes [Table Text Block] The provision for income taxes for the years ended December 31 consists of:
(In thousands)202120202019
Current:
Federal$57,910 $36,793 $14,195 
State15,477 11,882 3,766 
Foreign22,034 21,841 24,816 
Total current95,421 70,516 42,777 
Deferred:
Federal(7,167)1,043 38,647 
State(477)(527)6,632 
Foreign(426)(9,373)823 
Total deferred(8,070)(8,857)46,102 
Provision for income taxes$87,351 $61,659 $88,879 
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block] The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202120202019
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit3.6 3.7 2.4 
Foreign asset impairment (held for sale)1.6 1.2 — 
Valuation allowance for foreign assets held for sale0.2 1.3 — 
R&D tax credits(1.3)(0.9)(1.2)
Foreign earnings(1)
0.2 (0.9)1.4 
Foreign-derived intangible income(1.4)(2.8)(1.3)
All other, net0.7 0.8 0.1 
Effective tax rate24.6 %23.4 %22.4 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets classified as held for sale.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20212020
Deferred tax assets:
Operating lease liabilities$32,868 $33,371 
Inventories, net17,237 16,734 
Net operating loss5,384 5,518 
Environmental reserves9,262 8,698 
Incentive compensation6,936 8,102 
Pension and other postretirement liabilities— 13,533 
Legal reserves6,991 — 
Other32,665 33,401 
Total deferred tax assets111,343 119,357 
Deferred tax liabilities:
Goodwill amortization98,947 90,112 
Operating lease right-of-use assets, net30,911 31,292 
Other intangible amortization59,056 65,549 
Depreciation13,694 22,780 
Withholding taxes12,776 12,549 
Pension and other postretirement assets29,385 — 
Other7,149 8,757 
Total deferred tax liabilities251,918 231,039 
Valuation allowance2,625 1,240 
Net deferred tax liabilities$143,200 $112,922 
Deferred tax assets and liabilities are reflected on the Corporation’s consolidated balance sheet as of December 31 as follows:
(In thousands)20212020
Net noncurrent deferred tax assets$4,149 $2,085 
Net noncurrent deferred tax liabilities147,349 115,007 
Net deferred tax liabilities$143,200 $112,922 
Summary Of Unrecognized Tax Benefits [Table Text Block] A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202120202019
Balance as of January 1,$15,585 $12,676 $13,563 
Additions for tax positions of prior periods2,877 1,497 581 
Reductions for tax positions of prior periods(1,861)(615)(2,184)
Additions for tax positions related to the current year655 2,041 936 
Settlements(238)(14)(220)
Balance as of December 31,$17,018 $15,585 $12,676 
Summary Of Open Tax Years [Table Text Block] The following describes the open tax years, by major tax jurisdiction, as of December 31, 2021:
United States (Federal)2018-present
United States (Various states)2010-present
United Kingdom2020-present
Canada2018-present
v3.22.0.1
DEBT (Table)
 12 Months Ended
Dec. 31, 2021
Debt Instruments [Abstract]  
Summary of Debt Debt consists of the following as of December 31:
(In thousands)2021202120202020
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2023$93,900 $93,900 $— $— 
3.84% Senior notes due 2021
— — 100,000 102,173 
3.70% Senior notes due 2023
202,500 208,086 202,500 211,790 
3.85% Senior notes due 2025
90,000 95,246 90,000 97,429 
4.24% Senior notes due 2026
200,000 218,421 200,000 224,390 
4.05% Senior notes due 2028
67,500 73,783 67,500 75,440 
4.11% Senior notes due 2028
90,000 98,854 90,000 101,047 
3.10% Senior notes due 2030
150,000 154,832 150,000 155,805 
3.20% Senior notes due 2032
150,000 154,875 150,000 155,048 
Total debt1,043,900 1,097,997 1,050,000 1,123,122 
Debt issuance costs, net(949)(949)(1,147)(1,147)
Unamortized interest rate swap proceeds (1)
7,659 7,659 9,439 9,439 
Total debt, net1,050,610 1,104,707 1,058,292 1,131,414 
Less: current portion of long-term debt— — 100,000 100,000 
Total long-term debt$1,050,610 $1,104,707 $958,292 $1,031,414 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.
Aggregate Maturities of Debt Aggregate maturities of debt are as follows:
(In thousands)
2022$— 
2023296,400 
2024— 
202590,000 
2026200,000 
Thereafter457,500 
Total$1,043,900 
v3.22.0.1
EARNINGS PER SHARE (Table)
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation [Table Text Block] Earnings per share calculations for the years ended December 31, 2021, 2020, and 2019, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2021
Basic earnings per share $267,159 40,417 $6.61 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$267,159 40,602 $6.58 
2020
Basic earnings per share$201,392 41,738 $4.83 
Dilutive effect of stock options and deferred stock compensation261 
Diluted earnings per share$201,392 41,999 $4.80 
2019
Basic earnings per share$307,583 42,739 $7.20 
Dilutive effect of stock options and deferred stock compensation277 
Diluted earnings per share$307,583 43,016 $7.15 
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Table)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block] The compensation cost for employee and non-employee director share-based compensation programs during 2021, 2020, and 2019 is as follows:
(In thousands)202120202019
Employee Stock Purchase Plan$1,710 $1,625 $1,585 
Performance Share Units4,850 4,909 4,853 
Restricted Share Units5,661 6,978 6,061 
Other share-based payments1,229 925 1,170 
Total share-based compensation expense before income taxes$13,450 $14,437 $13,669 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202120202019
Cash received from share-based awards$9,705 $11,148 $11,770 
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] A summary of the Corporation’s 2021 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2020107 $138.37 227 $97.24 
Granted34 150.23 74 123.34 
Vested(27)197.19 (72)95.13 
Forfeited(1)103.86 (6)105.70 
Nonvested as of December 31, 2021113 $128.05 223 $106.34 
Expected to vest as of December 31, 2021113 $128.05 223 $106.34 
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 12 Months Ended
Dec. 31, 2021
Retirement Benefits, Description [Abstract]  
Schedule of Net Benefit Costs [Table Text Block] The net pension and net postretirement benefit costs consisted of the following:
Pension BenefitsPostretirement Benefits
(In thousands)202120202019202120202019
Service cost$26,735 $26,013 $23,664 $472 $506 $432 
Interest cost17,419 23,847 29,019 426 609 796 
Expected return on plan assets(60,286)(67,217)(59,153)— — — 
Amortization of prior service cost(251)(269)(283)(304)(657)(656)
Recognized net actuarial loss/(gain)28,905 23,062 9,310 — (5)(198)
Special termination benefits52 — — 367 — — 
Cost of settlements/curtailments3,310 2,395 — — — — 
Net periodic benefit cost$15,884 $7,831 $2,557 $961 $453 $374 
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
The following table outlines the Corporation's consolidated disclosure of the pension benefits and postretirement benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2021 measurement date.
Pension BenefitsPostretirement Benefits
(In thousands)2021202020212020
Change in benefit obligation:
Beginning of year$1,044,035 $945,187 $25,670 $23,566 
Service cost26,735 26,013 472 506 
Interest cost17,419 23,847 426 609 
Plan participants’ contributions1,304 1,366 294 331 
Amendments(477)— 309 — 
Actuarial (gain) loss(37,825)92,596 (41)3,048 
Benefits paid(68,965)(46,607)(2,303)(2,390)
Special Termination Benefits52 — 367 — 
Actual expenses(1,491)(1,526)— — 
Curtailments— 1,636 — — 
Settlements— (3,867)— — 
Currency translation adjustments(1,717)5,390 — — 
End of year$979,070 $1,044,035 $25,194 $25,670 
Change in plan assets:
Beginning of year$1,050,509 $835,139 $— $— 
Actual return on plan assets163,881 105,810 — — 
Employer contribution12,766 155,359 2,009 2,059 
Plan participants’ contributions1,304 1,366 294 331 
Benefits paid(68,965)(46,607)(2,303)(2,390)
Actual expenses(1,491)(1,526)— — 
Settlements— (3,867)— — 
Currency translation adjustments(1,388)4,835 — — 
End of year$1,156,616 $1,050,509 $— $— 
Funded status$177,546 $6,474 $(25,194)$(25,670)
Pension BenefitsPostretirement Benefits
(In thousands)2021202020212020
Amounts recognized on the balance sheet
Noncurrent assets$256,422 $92,554 $— $— 
Current liabilities(6,257)(6,444)(2,076)(1,596)
Noncurrent liabilities(1)
(72,619)(79,636)(23,118)(24,074)
Total$177,546 $6,474 $(25,194)$(25,670)
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss (gain)$120,676 $294,545 $584 $624 
Prior service cost(544)(321)(135)(747)
Total$120,132 $294,224 $449 $(123)
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$101,667 $114,297 $25,193 N/A
Accumulated benefit obligation95,755 111,807 25,193 N/A
Fair value of plan assets22,792 28,217 — N/A
(1) As of December 31, 2021 and 2020, this caption includes accrued pension and other postretirement benefit costs of $4.4 million and $5.4 million, respectively, reflected in the "Liabilities held for sale" caption within the Consolidated Balance Sheet.
ScheduleOfAssumptionsUsedTableTextBlock Plan Assumptions
Pension BenefitsPostretirement Benefits
2021202020212020
Weighted-average assumptions in determination of benefit obligation:
Discount rate2.72 %2.36 %2.79 %2.43 %
Rate of compensation increase3.40 %3.41 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.00 %7.25 %
Ultimate rate reached in 2032
N/AN/A4.50 %4.50 %
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate2.36 %3.05 %2.43 %3.15 %
Expected return on plan assets6.18 %7.11 %N/AN/A
Rate of compensation increase3.41 %3.46 %N/AN/A
Health care cost trends:
Rate assumed for subsequent yearN/AN/A7.25 %7.50 %
Ultimate rate reached in 2032
N/AN/A4.50 %4.50 %
ScheduleOfAllocationOfPlanAssetsTableTextBlock Below are the Corporation’s actual and established target allocations for the CW Pension Plan, representing 90% of consolidated assets:
As of December 31,TargetExpected
20212020ExposureRange
Asset class
Domestic equities56%54%50%
40%-60%
International equities15%15%15%
10%-20%
Total equity71%69%65%
55%-75%
Fixed income29%31%35%
25%-45%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2021.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$16,710 $1,376 $15,334 $— 
Equity securities- Mutual funds (1)
688,257 570,293 117,964 — 
Bond funds (2)
341,140 242,627 98,513 — 
Other (3)
4,402 — — 4,402 
December 31, 2020$1,050,509 $814,296 $231,811 $4,402 
Cash and cash equivalents$36,788 $3,632 $33,156 $— 
Equity securities - Mutual funds (1)
771,655 655,995 115,660 — 
Bond funds (2)
343,630 229,973 113,657 — 
Other (3)
4,543 — — 4,543 
December 31, 2021$1,156,616 $889,600 $262,473 $4,543 
(1)This category consists of domestic and international equity securities. It is comprised of U.S. securities benchmarked against the S&P 500 index and Russell 2000 index, international mutual funds benchmarked against the MSCI EAFE index, global equity index mutual funds associated with our U.K. based pension plans and balanced funds associated with the U.K. and Canadian based pension plans.
(2)This category consists of domestic and international bonds. The domestic fixed income securities are benchmarked against the Bloomberg Barclays Capital Aggregate Bond index, actively-managed bond mutual funds comprised of domestic investment grade debt, fixed income derivatives, and below investment-grade issues, U.S. mortgage backed securities, asset backed securities, municipal bonds, and convertible debt. International bonds consist of bond mutual funds for institutional investors associated with the CW Pension Plan, Switzerland, and U.K. based pension plans.
(3)This category consists primarily of real estate investment trusts in Switzerland.
The following table presents a reconciliation of Level 3 assets held during the years ended December 31, 2021 and 2020:
(In thousands)Insurance
Contracts		Real
Estate		OtherTotal
December 31, 2019$— $4,224 $— $4,224 
Actual return on plan assets:
Relating to assets still held at the reporting date5 (20)— (15)
Relating to assets sold during the period— (58)— (58)
Purchases, sales, and settlements523 (680)— (157)
Foreign currency translation adjustment49 359 — 408 
December 31, 2020577 3,825 — 4,402 
Actual return on plan assets:
Relating to assets still held at the reporting date— 125 16 141 
Relating to assets sold during the period32 — — 32 
Purchases, sales, and settlements(592)226 464 98 
Foreign currency translation adjustment(17)(102)(11)(130)
December 31, 2021— 4,074 469 4,543 
ScheduleOfExpectedBenefitPaymentsTableTextBlock The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans		Postretirement
Plans		Total
2022$55,062 $2,076 $57,138 
202355,349 1,699 57,048 
202460,035 1,645 61,680 
202555,531 1,602 57,133 
202656,269 1,532 57,801 
2027 — 2031285,666 7,065 292,731 
v3.22.0.1
SEGMENT INFORMATION (Table)
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block] Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202120202019
Net sales
Aerospace & Industrial$789,054 $807,144 $963,649 
Defense Electronics727,828 610,413 525,393 
Naval & Power995,509 977,109 1,001,662 
Less: Intersegment Revenues(6,460)(3,330)(2,743)
Total Consolidated$2,505,931 $2,391,336 $2,487,961 
Depreciation and amortization expense
Aerospace & Industrial$36,999 $37,690 $39,526 
Defense Electronics38,136 36,188 19,872 
Naval & Power35,937 37,894 38,914 
Corporate3,312 4,131 4,100 
Total Consolidated$114,384 $115,903 $102,412 
Capital expenditures
Aerospace & Industrial$16,799 $20,025 $26,679 
Defense Electronics3,922 3,317 3,385 
Naval & Power18,106 21,283 36,098 
Corporate2,281 2,874 3,590 
Total Consolidated$41,108 $47,499 $69,752 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Year Ended December 31,
(In thousands)202120202019
Earnings before taxes:
Total reportable segment operating income$422,566 $326,613 $439,062 
Corporate and Eliminations(39,883)(37,765)(35,109)
Interest expense40,240 35,545 31,347 
Other income, net12,067 9,748 23,856 
Total consolidated earnings before tax$354,510 $263,051 $396,462 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
(In thousands)202120202019
Operating income (expense)
Aerospace & Industrial$121,817 $99,714 $149,135 
Defense Electronics159,089 118,748 119,044 
Naval & Power141,660 108,151 170,883 
Corporate and Eliminations (1)
(39,883)(37,765)(35,109)
Total Consolidated$382,683 $288,848 $403,953 
Reconciliation Of Assets From Segment To Consolidated [Text Block]
Segment assets
Aerospace & Industrial$991,508 $1,019,203 $1,078,324 
Defense Electronics1,536,369 1,542,686 1,102,821 
Naval & Power1,270,099 1,256,416 1,277,880 
Corporate294,581 175,445 305,236 
Assets held for sale10,988 27,584 — 
Total Consolidated$4,103,545 $4,021,334 $3,764,261 
As of December 31,
(In thousands)202120202019
Assets:
Total assets for reportable segments$3,797,976 $3,818,305 $3,459,025 
Assets held for sale10,988 27,584 — 
Non-segment cash7,537 49,157 235,260 
Other assets287,044 126,288 69,976 
Total consolidated assets$4,103,545 $4,021,334 $3,764,261 
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Year Ended December 31,
(In thousands)202120202019
Revenues
United States of America$1,856,997 $1,758,424 $1,710,371 
United Kingdom93,154 90,628 120,297 
Other foreign countries555,780 542,284 657,293 
Consolidated total$2,505,931 $2,391,336 $2,487,961 
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
As of December 31,
(In thousands)202120202019
Long-Lived Assets - Property, plant, and equipment, net
United States of America$261,658 $271,299 $271,609 
United Kingdom31,594 34,221 34,228 
Other foreign countries66,779 72,680 79,756 
Consolidated total$360,031 $378,200 $385,593 
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
 12 Months Ended
Dec. 31, 2021
Comprehensive Income [Abstract]  
Schedule of Comprehensive Income (Loss) [Table Text Block]
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive loss before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive income (1)
— 17,649 17,649 
Net current period other comprehensive income (loss) 41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss) (10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20212020
Defined benefit pension and postretirement plans
Amortization of prior service costs$555 $926 Other income, net
Recognized net actuarial losses(28,905)(23,057)Other income, net
Settlements(3,310)(1,086)Other income, net
(31,660)(23,217)Earnings before income taxes
7,651 5,568 Provision for income taxes
Total reclassifications$(24,009)$(17,649)Net earnings
v3.22.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
 12 Months Ended
Dec. 31, 2021
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SummaryOfValuationAllowanceTextBlock
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 
December 31, 2020
Tax valuation allowance3,386 3,439 50 
(1)
5,635 
(2)
1,240 
Total$3,386 $3,439 $50 $5,635 $1,240 
December 31, 2019
Tax valuation allowance11,646 1,305 (22)
(1)
9,543 
(3)
3,386 
Total$11,646 $1,305 $(22)$9,543 $3,386 
(1) Primarily foreign currency translation adjustments.
(2) $3.8 million relates to net operating losses reclassified as held for sale.
(3) $5.7 million relates to the capital loss carryforward expiration from the sale of the Downstream oil and gas business.
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
 12 Months Ended
Dec. 31, 2021
Building [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Building [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Equipment [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Equipment [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
 12 Months Ended
Dec. 31, 2021
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
v3.22.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Foreign Currency) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Foreign Currency [Abstract]      
Foreign Currency Transaction Gain (Loss), Realized $ (1.8) $ (3.9) $ (7.2)
v3.22.0.1
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Disaggregation of Revenue [Line Items]      
Net Sales $ 2,505,931 $ 2,391,336 $ 2,487,961
Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales 854,570 802,528 975,874
Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 1,651,361 1,588,808 1,512,087
Aerospace Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 452,661 463,690 416,841
Ground Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 220,290 107,448 93,432
Naval Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 710,688 692,152 568,776
Commercial Aerospace [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Net Sales 267,722 325,518 433,038
Power & Process [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales 473,489 474,842 572,950
General Industrial [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Net Sales $ 381,081 $ 327,686 $ 402,924
Transferred over Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 50.00% 52.00% 49.00%
Transferred at Point in Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 50.00% 48.00% 51.00%
v3.22.0.1
REVENUE ADDTIONAL DETAILS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Revenue from Contract with Customer [Abstract]      
Revenue, Remaining Performance Obligation, Amount $ 2,200.0    
Revenue, Remaining Performance Obligation, Percentage 87.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months    
Contract with Customer, Liability, Revenue Recognized $ 210.0 $ 224.0 $ 198.0
v3.22.0.1
ACQUISITIONS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2021
Business Acquisition [Line Items]      
Goodwill $ 1,455,137 $ 1,166,680 $ 1,463,026
Payments to Acquire Businesses, Net of Cash Acquired 487,944 $ 185,209  
2020 acquisitions      
Business Acquisition [Line Items]      
Accounts receivable 25,488    
Inventory 37,840    
Property, plant, and equipment 5,280    
Intangible assets 204,384    
Operating lease right of-use assets 5,562    
Other Current and Non-current Assets 7,050    
Current and non-current liabilities (75,257)    
Assets Acquired and Liabilities Assumed, Net 210,347    
Goodwill 285,200    
Payments to Acquire Businesses, Net of Cash Acquired 495,547    
Business Acquisition, Goodwill, Expected Tax Deductible Amount $ 37,234    
v3.22.0.1
ACQUISITIONS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Oct. 30, 2020
USD ($)
Apr. 20, 2020
USD ($)
Feb. 28, 2020
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
NumberAcquisitions
Dec. 31, 2019
USD ($)
Business Acquisition [Line Items]            
Payments for (Proceeds from) Previous Acquisition       $ 5,000    
Number of Businesses Acquired | NumberAcquisitions         3  
Payments to Acquire Businesses, Net of Cash Acquired         $ 487,944 $ 185,209
Revenue of Acquiree since Acquisition Date, Actual         40,000  
Earnings or Loss of Acquiree since Acquisition Date, Actual         (5,000)  
2020 acquisitions            
Business Acquisition [Line Items]            
Payments to Acquire Businesses, Net of Cash Acquired         $ 495,547  
Defense Electronics | Pacific Star Communications, Inc. (PacStar) [Member]            
Business Acquisition [Line Items]            
Effective date of acquisition Oct. 30, 2020          
Business Combination, Consideration Transferred $ 406,000          
Defense Electronics | Interactive Analysis and Display System (IADS) [Member]            
Business Acquisition [Line Items]            
Effective date of acquisition   Apr. 20, 2020        
Business Combination, Consideration Transferred   $ 29,000        
Naval & Power | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]            
Business Acquisition [Line Items]            
Effective date of acquisition     Feb. 28, 2020      
Business Combination, Consideration Transferred     $ 60,000      
v3.22.0.1
ASSETS HELD FOR SALE - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Impairment loss $ 19.0 $ 33.0
v3.22.0.1
ASSETS HELD FOR SALE (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Receivables, net $ 11,038 $ 9,902
Inventories, net 18,373 16,401
Other current assets 1,181 1,798
Property, plant, and equipment, net 4,220 4,821
Reserve for assets held for sale (23,824) (5,338)
Total assets held for sale, current 10,988 27,584
Accounts payable (4,450) (2,654)
Accrued expenses (1,165) (1,375)
Other current liabilities (2,631) (748)
Accrued pension and other postretirement benefit costs (4,409) (5,364)
Total liabilities held for sale, current $ (12,655) $ (10,141)
v3.22.0.1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Contracts Receivable [Abstract]    
Trade and other receivables $ 362,007 $ 361,460
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 291,758 238,309
Less: Progress payments applied (1,297) (3,291)
Net unbilled receivables 290,461 235,018
Less: Allowance for doubtful accounts (5,320) (7,760)
Receivables, net $ 647,148 $ 588,718
v3.22.0.1
RECEIVABLES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
ConcentrationRiskLineItems    
Net unbilled receivables $ 290,461 $ 235,018
GovernmentContractsConcentrationRiskMember    
ConcentrationRiskLineItems    
Accounts Receivable, before Allowance for Credit Loss 401,000 352,700
Net unbilled receivables $ 253,500 $ 198,600
GovernmentContractsConcentrationRiskMember | Revenue Benchmark | Concentration Risk Threshold Percentage    
ConcentrationRiskLineItems    
ConcentrationRiskPercentage 55.00% 53.00%
v3.22.0.1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Inventory Disclosure [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 191,066 $ 177,828
Inventory, Work in Process, Net of Reserves 78,221 80,729
Inventory, Finished Goods, Net of Reserves 98,944 120,767
Inventory For Long-term Contracts Or Programs, Net Of Reserves 48,619 56,599
Inventories, Net of Reserves 416,850 435,923
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (5,283) (7,044)
Inventories, net $ 411,567 $ 428,879
v3.22.0.1
INVENTORIES (Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Inventory, Net [Abstract]    
Other Inventory, Capitalized Costs $ 25.7 $ 29.7
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 12.1 $ 13.0
v3.22.0.1
PROPERTY, PLANT, AND EQUIPMENT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Line Items]      
land $ 17,615 $ 17,660  
BuildingsAndImprovementsGross 239,217 236,355  
MachineryAndEquipmentGross 885,970 881,110  
Property, Plant and Equipment, Gross, Total 1,142,802 1,135,125  
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (782,771) (756,925)  
Property, plant, and equipment, net $ 360,031 $ 378,200 $ 385,593
v3.22.0.1
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Property, Plant and Equipment [Abstract]      
Depreciation $ 54.8 $ 55.3 $ 57.4
v3.22.0.1
GOODWILL (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Goodwill [Line Items]    
Goodwill $ 1,455,137 $ 1,166,680
Acquisitions   285,200
Goodwill, Impairment Loss   (9,598)
Adjustments 12,943 (1,385)
Foreign Currency Translation Adjustments (5,054) 14,240
Goodwill 1,463,026 1,455,137
Aerospace & Industrial    
Goodwill [Line Items]    
Goodwill 316,921 314,667
Foreign Currency Translation Adjustments (774) 2,254
Goodwill 316,147 316,921
Defense Electronics    
Goodwill [Line Items]    
Goodwill 703,915 441,291
Acquisitions   256,733
Adjustments 12,943 (1,385)
Foreign Currency Translation Adjustments (2,844) 7,276
Goodwill 714,014 703,915
Naval & Power    
Goodwill [Line Items]    
Goodwill 434,301 410,722
Acquisitions   28,467
Goodwill, Impairment Loss   (9,598)
Foreign Currency Translation Adjustments (1,436) 4,710
Goodwill $ 432,865 $ 434,301
v3.22.0.1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross $ 1,049,810 $ 1,036,894
Finite Lived Intangible Assets Accumulated Amortization (440,180) (498,817)
Other intangible assets, net 609,630 538,077
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 280,595 274,615
Finite Lived Intangible Assets Accumulated Amortization (148,064) (164,077)
Other intangible assets, net 132,531 110,538
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 573,722 568,720
Finite Lived Intangible Assets Accumulated Amortization (239,798) (270,816)
Other intangible assets, net 333,924 297,904
Contract and Program Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 144,000 144,000
Finite Lived Intangible Assets Accumulated Amortization (19,800) (27,000)
Other intangible assets, net 124,200 117,000
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite Lived Intangible Assets Gross 51,493 49,559
Finite Lived Intangible Assets Accumulated Amortization (32,518) (36,924)
Other intangible assets, net 18,975 $ 12,635
Developed Technology Rights & Customer Relationships | Industrial Valve Business    
Finite-Lived Intangible Assets [Line Items]    
Impairment of Intangible Assets (Excluding Goodwill) $ 18,000  
v3.22.0.1
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]      
Amortization of Intangible Assets $ 60,000 $ 61,000 $ 45,000
Future Amortization Expense Year One 55,000    
Future Amortization Expense Year Two 52,000    
Future Amortization Expense Year Three 48,000    
Future Amortization Expense Year Four 45,000    
Future Amortization Expense Year Five $ 44,000    
v3.22.0.1
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired   $ 204,400
Finite-Lived Intangible Assets, Purchase Accounting Adjustments $ 12,000  
Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 1 year  
Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life 20 years  
Customer Relationships [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired   $ 159,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   16 years 4 months 24 days
Technology [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired   $ 34,600
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   8 years 10 months 24 days
Other Intangible Assets [Member]    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired   $ 9,900
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life   7 years 1 month 6 days
v3.22.0.1
LEASES - Narrative (Details)
Dec. 31, 2021
Minimum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 15 years
v3.22.0.1
LEASES - Schedule of Lease Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Leases [Abstract]      
Depreciation of finance leases $ 1,037 $ 1,037  
Interest on lease liabilities 431 468  
Total finance lease cost 1,468 1,505  
Operating lease cost $ 41,663 $ 40,961 $ 37,000
v3.22.0.1
LEASES - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating cash flows used for operating leases $ (33,352) $ (33,842)
Operating cash flows used for finance leases (431) (468)
Right-of-use assets obtained in exchange for operating lease obligations $ 9,040 $ 8,714
v3.22.0.1
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Leases [Abstract]    
Operating lease right-of-use assets, net $ 143,613 $ 150,898
Current operating lease liabilities 25,389 27,263
Operating lease, Long-term operating lease liability 127,152 133,069
Total operating lease liabilities 152,541 160,332
Property, plant, and equipment 15,561 15,561
Accumulated depreciation 7,608 6,570
Property, plant, and equipment, net 7,953 8,991
Finance lease, Other current liabilities 1,019 945
Finance lease, Other liabilities 9,022 10,041
Total finance lease liabilities $ 10,041 $ 10,986
Weighted average remaining lease term, Operating lease 8 years 3 months 18 days 8 years 7 months 6 days
Weighted average remaining lease term, Finance leases 7 years 8 months 12 days 8 years 8 months 12 days
Weighted average discount rate, Operating leases 3.51% 3.67%
Weighted average discount rate, Finance leases 4.05% 4.05%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant, and equipment, net Property, plant, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.22.0.1
LEASES - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Operating Lease [Abstract]    
Year One $ 31,698  
Year Two 29,037  
Year Three 26,166  
Year Four 19,811  
Year Five 16,161  
Thereafter 63,723  
Total operating lease payments 186,596  
Less: imputed interest 34,055  
Total operating lease liabilities 152,541 $ 160,332
Finance Lease [Abstract]    
Year One 1,410  
Year Two 1,445  
Year Three 1,481  
Year Four 1,518  
Year Five 1,556  
Thereafter 4,337  
Total finance lease payments 11,747  
Less: imputed interest 1,706  
Total finance lease liabilities $ 10,041 $ 10,986
v3.22.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
General and Administrative Expense [Member]      
Derivative Instruments Gain Loss [Line Items]      
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (1,499) $ (2,312) $ 2,072
v3.22.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2021
Dec. 31, 2020
Estimated Fair Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,003 $ 1,122
Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 949 $ 1,049
v3.22.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]    
Accrued compensation $ 99,835 $ 96,228
Accrued commissions 5,533 6,050
Accrued interest 13,092 13,327
Accrued insurance 6,202 7,215
Accrued other liabilities 19,804 17,380
Accrued expenses $ 144,466 $ 140,200
v3.22.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]    
Current operating lease liabilities $ 25,389 $ 27,263
Warranty 15,268 14,491
Estimated Litigation Liability 15,000 11,600
Pension and other postretirement liabilities 8,054 7,715
Restructuring Reserve 279 6,944
Other sundry liabilities 38,724 30,742
Other current liabilities $ 102,714 $ 98,755
v3.22.0.1
INCOME TAXES INCOME TAXES (Tax Cuts and Jobs Act) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2017
USD ($)
numberOfTransitionTaxYears
Income Tax Disclosure [Abstract]      
Transition tax on foreign earnings     $ 18.2
Finalized transition tax due to TCJA     $ 23.6
Period of finalized transition tax | numberOfTransitionTaxYears     8
Transition tax liability due to operating loss carryforward $ 7.4 $ 9.0  
Deferred Tax Liabilities, Undistributed Foreign Earnings $ 2.8    
v3.22.0.1
INCOME TAXES (Income Before Income Tax) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Domestic $ 271,694 $ 212,613 $ 273,036
Foreign 82,816 50,438 123,426
Earnings before income taxes 354,510 263,051 $ 396,462
Impairment loss $ 19,000 $ 33,000  
v3.22.0.1
INCOME TAXES (Provision for Income Taxes) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
Federal $ 57,910 $ 36,793 $ 14,195
State 15,477 11,882 3,766
Foreign 22,034 21,841 24,816
Current Income Tax Expense (Benefit), Total 95,421 70,516 42,777
Federal (7,167) 1,043 38,647
State (477) (527) 6,632
Foreign (426) (9,373) 823
Deferred Income Tax Expense (Benefit), Total (8,070) (8,857) 46,102
Provision for income taxes $ 87,351 $ 61,659 $ 88,879
v3.22.0.1
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Income Tax Disclosure [Abstract]      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal benefit 3.60% 3.70% 2.40%
Foreign asset impairment (held for sale) 1.60% 1.20% 0.00%
Valuation allowance for foreign assets held for sale 0.20% 1.30% 0.00%
R&D tax credits (1.30%) (0.90%) (1.20%)
Foreign earnings(1) 0.20% (0.90%) 1.40%
Foreign-derived intangible income (1.40%) (2.80%) (1.30%)
All other, net 0.70% 0.80% 0.10%
Effective tax rate 24.60% 23.40% 22.40%
v3.22.0.1
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Deferred tax assets:    
Operating lease liabilities $ 32,868 $ 33,371
Inventories, net 17,237 16,734
Net operating loss 5,384 5,518
Environmental reserves 9,262 8,698
Incentive compensation 6,936 8,102
Pension and other postretirement liabilities 0 13,533
Legal reserves 6,991 0
Other 32,665 33,401
Total deferred tax assets 111,343 119,357
Deferred tax liabilities:    
Goodwill 98,947 90,112
Operating lease right-of-use assets, net 30,911 31,292
Intangible Assets 59,056 65,549
Depreciation 13,694 22,780
Withholding Taxes 12,776 12,549
Net pension (liability)/asset 29,385 0
Other 7,149 8,757
Total deferred tax liabilities 251,918 231,039
Valuation allowance 2,625 1,240
Deferred Tax Liabilities, Net $ 143,200 $ 112,922
v3.22.0.1
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Net noncurrent deferred tax assets $ 4,149 $ 2,085
Net noncurrent deferred tax liabilities 147,349 115,007
Deferred Tax Liabilities, Net $ 143,200 $ 112,922
v3.22.0.1
INCOME TAXES (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits (beginning balance) $ 15,585 $ 12,676 $ 13,563
Additions for tax positions of prior periods 2,877 1,497 581
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions (1,861) (615) (2,184)
Additions for tax positions related to the current year 655 2,041 936
Settlements (238) (14) (220)
Unrecognized tax benefits (ending balance) $ 17,018 $ 15,585 $ 12,676
v3.22.0.1
INCOME TAXES (Open Tax Years) (Detail)
 12 Months Ended
Dec. 31, 2021
United States (Various states)  
IncomeTaxContingencyLineItems  
Open Tax Year 2010
Internal Revenue Service (IRS) | United States (Federal)  
IncomeTaxContingencyLineItems  
Open Tax Year 2018
United Kingdom | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2020
Canada | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2018
v3.22.0.1
INCOME TAXES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
OperatingLossCarryforwardsLineItems      
Deferred tax assets, other tax carryforwards $ 5,400    
Valuation allowance increase 1,400    
Deferred tax asset, operating loss 5,384 $ 5,518  
Valuation allowance 2,625 1,240  
Income tax payments 107,100 54,000 $ 63,900
Unrecognized tax benefits that would affect the effective income tax rate 14,100 13,000 $ 10,200
Industrial Valve Business      
OperatingLossCarryforwardsLineItems      
Deferred tax asset, operating loss 4,400 $ 3,800  
Operating loss carryforwards 14,700    
Valuation allowance 700    
Foreign Tax Authority      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards related to international operations 6,100    
Indefinite lived operating loss carryforwards, 3,400    
Operating loss carryforwards subject to expiration $ 2,700    
Operating loss carryforward, expiration date Dec. 31, 2028    
State And Local Jurisdiction [Member]      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards state and local $ 61,800    
Operating loss carryforward, expiration date Dec. 31, 2040    
Other Liabilities [Member]      
OperatingLossCarryforwardsLineItems      
Interest on income taxes accrued $ 3,900    
Income tax penalties accrued $ 2,000    
v3.22.0.1
DEBT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term Debt $ 1,050,610 $ 1,058,292
Long Term Debt Fair Value 1,104,707 1,131,414
Long-term Debt, Gross 1,043,900 1,050,000
Debt issuance costs, net (949) (1,147)
Unamortized interest rate swap proceeds (1) 7,659 9,439
Less: current portion of long-term debt 0 100,000
Long-term debt 1,050,610 958,292
Carrying Value    
Debt Instrument [Line Items]    
Less: current portion of long-term debt 0 100,000
Long-term debt 1,050,610 958,292
Estimated Fair Value    
Debt Instrument [Line Items]    
Less: current portion of long-term debt 0 100,000
Long-term debt 1,104,707 1,031,414
3.84% Senior notes due 2021 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 0 100,000
3.84% Senior notes due 2021 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 0 102,173
3.70% Senior notes due 2023 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 202,500 202,500
3.70% Senior notes due 2023 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 208,086 211,790
3.85% Senior notes due 2025 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 90,000 90,000
3.85% Senior notes due 2025 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 95,246 97,429
4.24% Senior notes due 2026 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 200,000 200,000
4.24% Senior notes due 2026 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 218,421 224,390
4.05% Senior notes due 2028 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 67,500 67,500
4.05% Senior notes due 2028 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 73,783 75,440
4.11% Senior notes due 2028 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 90,000 90,000
4.11% Senior notes due 2028 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 98,854 101,047
3.10% Senior Notes due 2030 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 150,000 150,000
3.10% Senior Notes due 2030 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 154,832 155,805
3.20% Senior Notes due 2032 | Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt 150,000 150,000
3.20% Senior Notes due 2032 | Estimated Fair Value    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 154,875 155,048
Long-term Debt, gross [Member]    
Debt Instrument [Line Items]    
Long Term Debt Fair Value 1,097,997 $ 1,123,122
Revolving credit facility    
Debt Instrument [Line Items]    
Long-term Debt 93,900  
Long Term Debt Fair Value $ 93,900  
v3.22.0.1
DEBT (Maturity) (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Debt Instruments [Abstract]  
Repayments of Principal in Next Twelve Months $ 0
Repayments of Principal in Year Two 296,400
Repayments of Principal in Year Three 0
Repayments of Principal in Year Four 90,000
Repayments of Principal in Year Five 200,000
Repayments of Principal Thereafter 457,500
Total $ 1,043,900
v3.22.0.1
DEBT (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 15, 2018
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Aug. 13, 2020
Oct. 31, 2018
Sep. 30, 2018
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Debt Instrument [Line Items]                    
Interest payments made   $ 40,000 $ 31,000 $ 30,000            
Interest rate description   Borrowings under the credit agreement accrue interest based on (i) Libor or (ii) a base rate of the highest of (a) the federal funds rate plus 0.5%, (b) BofA’s announced prime rate, or (c) the Eurocurrency rate plus 1%, plus a margin. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.                
Debt to capitalization limit   60.00%                
Long-term Debt   $ 1,050,610 1,058,292              
2013 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Feb. 26, 2013                
Issued amount of debt                 $ 500,000  
Repayments of Long-term Debt $ 50,000                  
3.70% Senior notes due 2023                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 225,000  
Date of maturity   Feb. 26, 2023                
Stated interest rate   3.70%             3.70%  
3.85% Senior notes due 2025                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 100,000  
Date of maturity   Feb. 26, 2025                
Stated interest rate   3.85%             3.85%  
4.05% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 75,000  
Date of maturity   Feb. 26, 2028                
Stated interest rate   4.05%             4.05%  
4.11% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Date of issuance   Sep. 26, 2013                
Issued amount of debt               $ 100,000    
Date of maturity   Sep. 26, 2028                
Stated interest rate   4.11%           4.11%    
2011 Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Dec. 08, 2011                
Issued amount of debt                   $ 300,000
3.84% Senior notes due 2021                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 100,000
Date of maturity   Dec. 01, 2021                
Stated interest rate   3.84%               3.84%
4.24% Senior notes due 2026                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 200,000
Date of maturity   Dec. 01, 2026                
Stated interest rate   4.24%               4.24%
3.20% Senior Notes due 2032                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 150,000          
Stated interest rate   3.20%     3.20%          
3.10% Senior Notes due 2030                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 150,000          
Stated interest rate   3.10%     3.10%          
Two Thousand Twenty Senior Notes [Member]                    
Debt Instrument [Line Items]                    
Date of issuance   Aug. 13, 2020                
Issued amount of debt         $ 300,000          
Revolving credit facility                    
Debt Instrument [Line Items]                    
Long-term Debt   $ 93,900                
Revolving credit facility                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Maximum Borrowing Capacity           $ 500,000        
Line Of Credit Facility Additional Borrowing Capacity           $ 200,000 $ 100,000      
Standby letters of credit                    
Debt Instrument [Line Items]                    
Letters of credit   $ 21,100 $ 21,100              
Revolving credit facility                    
Debt Instrument [Line Items]                    
Weighted-average interest rate   1.00% 1.40%              
Unused credit available under the credit facility   $ 385,000                
Long-term debt                    
Debt Instrument [Line Items]                    
Weighted-average interest rate   3.40%                
Unused credit available under the credit facility   $ 1,600,000                
v3.22.0.1
EARNINGS PER SHARE (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Earnings Per Share Reconciliation [Abstract]      
Basic 40,417 41,738 42,739
Dilutive effect of stock options and deferred stock compensation 185 261 277
Diluted 40,602 41,999 43,016
Net earnings $ 267,159 $ 201,392 $ 307,583
Diluted earnings per share $ 6.58 $ 4.80 $ 7.15
Basic earnings per share $ 6.61 $ 4.83 $ 7.20
v3.22.0.1
EARNINGS PER SHARE (AntiDilutive) (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 0 0 0
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Employee Stock Purchase Plan $ 1,710 $ 1,625 $ 1,585
Performance Share Units 4,850 4,909 4,853
Restricted Share Units 5,661 6,978 6,061
Other share-based payments 1,229 925 1,170
Total share-based compensation expense before income taxes $ 13,450 $ 14,437 $ 13,669
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]      
Cash received from share-based awards $ 9,705 $ 11,148 $ 11,770
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2021
$ / shares
shares
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 107
Granted (in shares) | shares 34
Vested (in shares) | shares (27)
Forfeited (in shares) | shares (1)
Outstanding (in shares) | shares 113
Expected to vest (in shares) | shares 113
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 138.37
Granted (in dollars per share) | $ / shares 150.23
Vested (in dollars per share) | $ / shares 197.19
Forfeited (in dollars per share) | $ / shares 103.86
Outstanding (in dollars per share) | $ / shares 128.05
Expected to vest (in dollars per share) | $ / shares $ 128.05
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 227
Granted (in shares) | shares 74
Vested (in shares) | shares (72)
Forfeited (in shares) | shares (6)
Outstanding (in shares) | shares 223
Expected to vest (in shares) | shares 223
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 97.24
Granted (in dollars per share) | $ / shares 123.34
Vested (in dollars per share) | $ / shares 95.13
Forfeited (in dollars per share) | $ / shares 105.70
Outstanding (in dollars per share) | $ / shares 106.34
Expected to vest (in dollars per share) | $ / shares $ 106.34
v3.22.0.1
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 100,000,000 100,000,000  
2014 Omnibus Plan [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common stock authorized 2,400,000    
Non Qualfied Stock Options [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total intrinsic value of stock options exercised   $ 5.2 $ 8.7
Performance Shares [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 15.7    
Unrecognized compensation cost $ 5.0    
Unrecognized compensation expense, period of recognition 1 year 8 months 12 days    
Restricted Stock Units (RSUs) [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Requisite service period 3 years    
Aggregate Intrinsic Value, Outstanding $ 31.0    
Unrecognized compensation cost $ 10.7    
Unrecognized compensation expense, period of recognition 2 years 7 months 6 days    
Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Purchase price percentage of fair market value 85.00%    
v3.22.0.1
PENSION AND POSTRETIREMENT BENEFITS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
USD ($)
pension_plan
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 10    
Domestic plans | pension_plan 3    
Foreign plans | pension_plan 7    
United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Funded percentage 90.00%    
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Contributions made by employer $ 12,766 $ 155,359  
Total projected benefit obligation 979,070 1,044,035 $ 945,187
Net pension (liability)/asset $ 177,546 $ 6,474  
Expected return on assets assumption 6.18% 7.11%  
Pension Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 10.00%    
Expected return on assets assumption 3.00%    
Pension Plan [Member] | United Kingdom [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Canada [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Switzerland [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Germany [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 2    
Pension Plan [Member] | Mexico [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 2    
Pension Plan [Member] | United States [Member] | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 3.00% 2.00%  
EMD [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Percent of employees' gross pay withheld 1.50%    
Parent Company's Retirement Benefit Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of years of service 1 year    
Vesting period 3 years    
Period after which accruals will cease 15 years    
Parent Company's Retirement Benefit Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions $ 2,100    
Net pension (liability)/asset (25,200) $ (25,700)  
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Pension Cost (Reversal of Cost) 5,400 5,300 $ 5,300
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expense relating to the defined contribution plan 18,700    
Defined Contribution Plan, Employer Discretionary Contribution Amount 10,000    
Defined Contribution Plans, Non-Elective Estimated Future Employer Contributions in Next Fiscal Year 8,700    
Defined Contribution Plans, Estimated Future Employer Contributions Over Next Five Fiscal Years $ 100,000    
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Maximum employer contribution match percentage 7.00%    
Parent Company's Retirement Benefit Plan [Member] | Pension Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Net pension (liability)/asset $ 233,800 80,800  
Parent Company's Retirement Benefit Plan [Member] | Other Pension Plan [Member] | United States [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions 5,900    
Net pension (liability)/asset (69,100) (71,800)  
Foreign Company's Retirement Benefit Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected employer contributions 2,400    
Total projected benefit obligation 107,200 115,500  
Net pension (liability)/asset $ 12,900 $ (2,600)  
v3.22.0.1
PENSION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 26,735 $ 26,013 $ 23,664
Interest cost 17,419 23,847 29,019
Expected return on plan assets (60,286) (67,217) (59,153)
Prior service cost (251) (269) (283)
Defined Benefit Plan, Amortization of Loss (Gain) 28,905 23,062 9,310
Special Termination Benefits 52    
Cost of Settlement/Curtailment 3,310 2,395 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) 15,884 7,831 2,557
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Service cost 472 506 432
Interest cost 426 609 796
Prior service cost (304) (657) (656)
Defined Benefit Plan, Amortization of Loss (Gain) 0 (5) (198)
Special Termination Benefits 367    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ 961 $ 453 $ 374
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Pension Plan [Member]      
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance $ 1,044,035 $ 945,187  
Service cost 26,735 26,013 $ 23,664
Interest cost 17,419 23,847 29,019
DefinedBenefitPlanContributionsByPlanParticipants 1,304 1,366  
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment (477)    
DefinedBenefitPlanActuarialGainLoss 37,825 (92,596)  
DefinedBenefitPlanBenefitsPaid (68,965) (46,607)  
Special Termination Benefits 52    
Defined Benefit Plan, Actual Expense (1,491) (1,526)  
Curtailment charge 0 1,636  
Defined Benefit Plan, Benefit Obligation, (Increase) Decrease for Settlement 0 (3,867)  
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation (1,717) 5,390  
Defined Benefit Plan, Benefit Obligation, Ending Balance 979,070 1,044,035 945,187
Other Postretirement Benefits Plan [Member]      
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance 25,670 23,566  
Service cost 472 506 432
Interest cost 426 609 796
DefinedBenefitPlanContributionsByPlanParticipants 294 331  
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment 309    
DefinedBenefitPlanActuarialGainLoss 41 (3,048)  
DefinedBenefitPlanBenefitsPaid (2,303) (2,390)  
Special Termination Benefits 367    
Defined Benefit Plan, Benefit Obligation, Ending Balance $ 25,194 $ 25,670 $ 23,566
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance $ 1,050,509  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 1,156,616 $ 1,050,509
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Pension asset 256,422 92,531
Pension and other postretirement liabilities (8,054) (7,715)
Accrued pension and other postretirement benefit costs (91,329) (98,345)
Pension Plan [Member]    
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 1,050,509 835,139
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 163,881 105,810
Contributions made by employer 12,766 155,359
DefinedBenefitPlanContributionsByPlanParticipants 1,304 1,366
DefinedBenefitPlanBenefitsPaid (68,965) (46,607)
Defined Benefit Plan, Plan Assets, Administration Expense (1,491) (1,526)
DefinedBenefitPlanSettlementsPlanAssets 0 (3,867)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (1,388) 4,835
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 1,156,616 1,050,509
DefinedBenefitPlanFundedStatusOfPlan 177,546 6,474
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Pension asset 256,422 92,554
Pension and other postretirement liabilities (6,257) (6,444)
Accrued pension and other postretirement benefit costs (72,619) (79,636)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet 177,546 6,474
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract    
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax 120,676 294,545
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax (544) (321)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax 120,132 294,224
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract    
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation 101,667 114,297
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation 95,755 111,807
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets 22,792 28,217
Pension Plan [Member] | Discontinued Operations, Held-for-sale    
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Accrued pension and other postretirement benefit costs (4,400) (5,400)
Other Postretirement Benefits Plan [Member]    
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Contributions made by employer 2,009 2,059
DefinedBenefitPlanContributionsByPlanParticipants 294 331
DefinedBenefitPlanBenefitsPaid (2,303) (2,390)
DefinedBenefitPlanFundedStatusOfPlan (25,194) (25,670)
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Pension and other postretirement liabilities (2,076) (1,596)
Accrued pension and other postretirement benefit costs (23,118) (24,074)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet (25,194) (25,670)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract    
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax 584 624
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax (135) (747)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax 449 $ (123)
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract    
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation 25,193  
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation $ 25,193  
v3.22.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Pension Plan [Member]    
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 2.72% 2.36%
Rate Of Compensation Increase 3.40% 3.41%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 2.36% 3.05%
Expected return on assets assumption 6.18% 7.11%
Net Periodic Benefit Cost Rate Of Compensation Increase 3.41% 3.46%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Year That Rate Reaches Ultimate Trend Rate 2032 2032
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 2.79% 2.43%
DefinedBenefitPlanAssumedHealthCareCostTrendRatesAbstract    
Rate Assumed For Next Fiscal Year 7.00% 7.25%
Ultimate Health Care Cost Trend Rate 4.50% 4.50%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 2.43% 3.15%
Defined Benefit Plan Assumed Health Care Cost Trend Rates Net Periodic [Abstract]    
Rate Assumed for Next Fiscal Year 7.25% 7.50%
Ultimate Health Care Cost Trend Rate 4.50% 4.50%
v3.22.0.1
PENSION (Asset Class) (Detail)
Dec. 31, 2021
Dec. 31, 2020
Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 56.00% 54.00%
Target Plan Asset Allocations 50.00%  
International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 15.00% 15.00%
Target Plan Asset Allocations 15.00%  
EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 71.00% 69.00%
Target Plan Asset Allocations 65.00%  
FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 29.00% 31.00%
Target Plan Asset Allocations 35.00%  
Minimum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 40.00%  
Minimum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 10.00%  
Minimum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 55.00%  
Minimum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 25.00%  
Maximum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 60.00%  
Maximum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 20.00%  
Maximum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 75.00%  
Maximum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 45.00%  
v3.22.0.1
PENSION (Fair Value) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets $ 1,156,616 $ 1,050,509  
Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 36,788 16,710  
EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 771,655 688,257  
DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 343,630 341,140  
Other Plan Assets      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 4,543 4,402  
FairValueInputsLevel1Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 889,600 814,296  
FairValueInputsLevel1Member | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 3,632 1,376  
FairValueInputsLevel1Member | EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 655,995 570,293  
FairValueInputsLevel1Member | DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 229,973 242,627  
FairValueInputsLevel2Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 262,473 231,811  
FairValueInputsLevel2Member | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 33,156 15,334  
FairValueInputsLevel2Member | EquitySecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 115,660 117,964  
FairValueInputsLevel2Member | DebtSecuritiesMember      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 113,657 98,513  
FairValueInputsLevel3Member      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets 4,543 4,402 $ 4,224
FairValueInputsLevel3Member | Other Plan Assets      
Defined Benefit Plan Fair Value Disclosure [Line Items]      
DefinedBenefitPlanFairValueOfPlanAssets $ 4,543 $ 4,402  
v3.22.0.1
PENSION (Plan Assets) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance $ 1,050,509  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 1,156,616 $ 1,050,509
Accrued pension and other postretirement benefit costs (91,329) (98,345)
Pension Plan [Member]    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 1,050,509 835,139
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (1,388) 4,835
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 1,156,616 1,050,509
Accrued pension and other postretirement benefit costs (72,619) (79,636)
Pension Plan [Member] | Discontinued Operations, Held-for-sale    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Accrued pension and other postretirement benefit costs (4,400) (5,400)
FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 4,402 4,224
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld 141 (15)
Defined Benefit Plan, Decrease for Sale 32 58
DefinedBenefitPlanPurchasesSalesAndSettlements 98 (157)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (130) 408
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 4,543 4,402
Insurance Contracts [Member] | FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 577  
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld   5
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Increase (Decrease) for Actual Return (Loss) on Plan Assets Sold 32  
DefinedBenefitPlanPurchasesSalesAndSettlements (592) 523
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (17) 49
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 0 577
Other Assets [Member] | FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld 16  
DefinedBenefitPlanPurchasesSalesAndSettlements 464  
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (11)  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 469  
Defined Benefit Plan, Real Estate | FairValueInputsLevel3Member    
FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationLineItems    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 3,825 4,224
DefinedBenefitPlanActualReturnOnPlanAssetsStillHeld 125 (20)
Defined Benefit Plan, Decrease for Sale   58
DefinedBenefitPlanPurchasesSalesAndSettlements 226 (680)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets (102) 359
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance $ 4,074 $ 3,825
v3.22.0.1
PENSION (Future Service) (Detail)
$ in Thousands
Dec. 31, 2021
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months $ 57,138
Expected Future Benefit Payment, Year Two 57,048
Expected Future Benefit Payment, Year Three 61,680
Expected Future Benefit Payment, Year Four 57,133
Expected Future Benefit Payment, Year Five 57,801
Expected Future Benefit Payment, Five Fiscal Years Thereafter 292,731
Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months 55,062
Expected Future Benefit Payment, Year Two 55,349
Expected Future Benefit Payment, Year Three 60,035
Expected Future Benefit Payment, Year Four 55,531
Expected Future Benefit Payment, Year Five 56,269
Expected Future Benefit Payment, Five Fiscal Years Thereafter 285,666
Other Postretirement Benefits Plan [Member] | United States [Member]  
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months 2,076
Expected Future Benefit Payment, Year Two 1,699
Expected Future Benefit Payment, Year Three 1,645
Expected Future Benefit Payment, Year Four 1,602
Expected Future Benefit Payment, Year Five 1,532
Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 7,065
v3.22.0.1
SEGMENT INFORMATION (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Net Sales $ 2,505,931,000 $ 2,391,336,000 $ 2,487,961,000
Operating income 382,683,000 288,848,000 403,953,000
Depreciation and amortization 114,384,000 115,903,000 102,412,000
Total assets 4,103,545,000 4,021,334,000 3,764,261,000
PropertyPlantAndEquipmentAdditions 41,108,000 47,499,000 69,752,000
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 422,566,000 326,613,000 439,062,000
Total assets 3,797,976,000 3,818,305,000 3,459,025,000
Operating Segments [Member] | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Total net sales 789,054,000 807,144,000 963,649,000
Operating income 121,817,000 99,714,000 149,135,000
Depreciation and amortization 36,999,000 37,690,000 39,526,000
Total assets 991,508,000 1,019,203,000 1,078,324,000
PropertyPlantAndEquipmentAdditions 16,799,000 20,025,000 26,679,000
Operating Segments [Member] | Defense Electronics      
Segment Reporting Information [Line Items]      
Total net sales 727,828,000 610,413,000 525,393,000
Operating income 159,089,000 118,748,000 119,044,000
Depreciation and amortization 38,136,000 36,188,000 19,872,000
Total assets 1,536,369,000 1,542,686,000 1,102,821,000
PropertyPlantAndEquipmentAdditions 3,922,000 3,317,000 3,385,000
Operating Segments [Member] | Naval & Power      
Segment Reporting Information [Line Items]      
Total net sales 995,509,000 977,109,000 1,001,662,000
Operating income 141,660,000 108,151,000 170,883,000
Depreciation and amortization 35,937,000 37,894,000 38,914,000
Total assets 1,270,099,000 1,256,416,000 1,277,880,000
PropertyPlantAndEquipmentAdditions 18,106,000 21,283,000 36,098,000
Operating Segments [Member] | Corporate And Other [Member]      
Segment Reporting Information [Line Items]      
Operating income (39,883,000) (37,765,000) (35,109,000)
Depreciation and amortization 3,312,000 4,131,000 4,100,000
Total assets 294,581,000 175,445,000 305,236,000
PropertyPlantAndEquipmentAdditions 2,281,000 2,874,000 3,590,000
Operating Segments [Member] | Assets Held For Sale      
Segment Reporting Information [Line Items]      
Total assets 10,988,000 27,584,000 0
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Total net sales (6,460,000) (3,330,000) (2,743,000)
Operating income $ (39,883,000) $ (37,765,000) $ (35,109,000)
v3.22.0.1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Segment Reporting Information [Line Items]      
Operating income $ 382,683,000 $ 288,848,000 $ 403,953,000
Interest expense (40,240,000) (35,545,000) (31,347,000)
Other income, net 12,067,000 9,748,000 23,856,000
Earnings before income taxes 354,510,000 263,051,000 396,462,000
Assets      
Total assets 4,103,545,000 4,021,334,000 3,764,261,000
Non Segment Other Assets [Member]      
Assets      
Total assets 287,044,000 126,288,000 69,976,000
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 422,566,000 326,613,000 439,062,000
Assets      
Total assets 3,797,976,000 3,818,305,000 3,459,025,000
Operating Segments [Member] | Assets Held For Sale      
Assets      
Total assets 10,988,000 27,584,000 0
Operating Segments [Member] | Corporate And Other [Member]      
Segment Reporting Information [Line Items]      
Operating income (39,883,000) (37,765,000) (35,109,000)
Assets      
Total assets 294,581,000 175,445,000 305,236,000
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating income (39,883,000) (37,765,000) (35,109,000)
Non-Segment      
Assets      
Total assets $ 7,537,000 $ 49,157,000 $ 235,260,000
v3.22.0.1
SEGMENT INFORMATION (Geographic) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales $ 2,505,931 $ 2,391,336 $ 2,487,961
Property, plant, and equipment, net 360,031 378,200 385,593
United States [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 1,856,997 1,758,424 1,710,371
Property, plant, and equipment, net 261,658 271,299 271,609
United Kingdom [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 93,154 90,628 120,297
Property, plant, and equipment, net 31,594 34,221 34,228
Other Foreign Countries [Member]      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Net Sales 555,780 542,284 657,293
Property, plant, and equipment, net $ 66,779 $ 72,680 $ 79,756
v3.22.0.1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Loss Contingencies [Line Items]    
Asset Retirement Obligation $ 7,700  
Surety Bond Outstanding 45,600  
Loss Contingency, Accrual, Current 15,000  
Loss Contingency, Accrual, Noncurrent 10,000  
Litigation Settlement, Expense 13,000  
Standby letters of credit    
Loss Contingencies [Line Items]    
Letters of credit 21,100 $ 21,100
Financial Standby Letter of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit $ 4,500 $ 5,600
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (310,856) $ (325,274)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 96,382 (3,231)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 24,009 17,649  
Other Comprehensive Income (Loss), Net of Tax 120,391 14,418 $ (10,570)
Accumulated Other Comprehensive Income (Loss), Net of Tax (190,465) (310,856) (325,274)
Accumulated Translation Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (88,737) (130,019)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax (10,829) 41,282  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0  
Other Comprehensive Income (Loss), Net of Tax (10,829) 41,282  
Accumulated Other Comprehensive Income (Loss), Net of Tax (99,566) (88,737) (130,019)
Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (222,119) (195,255)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 107,211 (44,513)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 24,009 17,649  
Other Comprehensive Income (Loss), Net of Tax 131,220 (26,864)  
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (90,899) $ (222,119) $ (195,255)
v3.22.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Provision for income taxes $ (87,351) $ (61,659) $ (88,879)
Net earnings 267,159 201,392 $ 307,583
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 555 926  
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax (28,905) (23,057)  
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Curtailments, before Tax (3,310) (1,086)  
Earnings before income taxes (31,660) (23,217)  
Provision for income taxes 7,651 5,568  
Net earnings $ (24,009) $ (17,649)  
v3.22.0.1
RESTRUCTURING COSTS - Schedule of Restructuring Accrual (Details) - USD ($)
$ in Thousands
Dec. 31, 2021
Dec. 31, 2020
Restructuring and Related Activities [Abstract]    
Restructuring Reserve $ 279 $ 6,944
v3.22.0.1
SUBSEQUENT EVENTS (Details) - Naval & Power - USD ($)
$ in Millions
 12 Months Ended
Jan. 28, 2022
Jan. 21, 2022
Dec. 31, 2021
Subsequent Event [Member]      
Subsequent Event [Line Items]      
Proceeds from divestiture $ 3    
Safran Aerosystems Arresting Company (SAA)      
Subsequent Event [Line Items]      
Business Acquisition, Pro Forma Revenue     $ 70
Safran Aerosystems Arresting Company (SAA) | Subsequent Event [Member]      
Subsequent Event [Line Items]      
Payments to Acquire Businesses, Gross   $ 240  
v3.22.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance $ 1,240 $ 3,386 $ 11,646
ValuationAllowancesAndReservesChargedToCostAndExpense 1,864 3,439 1,305
ValuationAllowancesAndReservesChargedToOtherAccounts (22) 50 (22)
ValuationAllowancesAndReservesDeductions 457 5,635 9,543
Valuation Allowances and Reserves, Balance, Ending Balance 2,625 1,240 3,386
Net operating loss 5,384 5,518  
Capital Loss Carryforward, Expired     5,700
Impairment loss 19,000 33,000  
Industrial Valve Business      
ValuationAndQualifyingAccountsDisclosureLineItems      
Net operating loss 4,400 3,800  
ValuationAllowanceOfDeferredTaxAssetsMember      
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance 1,240 3,386 11,646
ValuationAllowancesAndReservesChargedToCostAndExpense 1,864 3,439 1,305
ValuationAllowancesAndReservesChargedToOtherAccounts (22) 50 (22)
ValuationAllowancesAndReservesDeductions 457 5,635 9,543
Valuation Allowances and Reserves, Balance, Ending Balance $ 2,625 $ 1,240 $ 3,386