CURTISS WRIGHT CORP, 10-Q filed on 8/8/2024
Quarterly Report
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Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 31, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 1-134  
Entity Registrant Name CURTISS-WRIGHT CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-0612970  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 869-4600  
Title of 12(b) Security Common Stock  
Trading Symbol CW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Company false  
Entity Shell Company false  
Entity common stock shares outstanding   38,299,338
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
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CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net Sales        
Sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256
Cost of sales        
Total cost of sales 500,690 444,823 960,102 854,275
Gross profit 284,101 259,573 537,856 480,981
Research and development expenses 22,152 20,210 45,132 42,234
Selling expenses 35,126 34,273 71,891 66,698
General and administrative expenses 95,008 92,315 189,057 180,659
Restructuring expenses 2,918   2,918 0
Operating income 128,897 112,775 228,858 191,390
Interest expense (11,216) (14,992) (21,786) (27,936)
Other income, net 8,560 7,954 18,168 15,721
Earnings before income taxes 126,241 105,737 225,240 179,175
Provision for income taxes (26,770) (24,738) (49,274) (41,330)
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
Basic earnings per share        
Basic earnings per share (usd per share) $ 2.60 $ 2.11 $ 4.60 $ 3.60
Diluted earnings per share        
Diluted earnings per share (usd per share) 2.58 2.10 4.58 3.58
Dividends per share $ 0.21 $ 0.20 $ 0.41 $ 0.39
Weighted average shares outstanding:        
Basic (shares) 38,302 38,329 38,273 38,309
Diluted (shares) 38,501 38,555 38,460 38,528
Product        
Net Sales        
Sales $ 661,407 $ 583,036 $ 1,257,111 $ 1,107,917
Cost of sales        
Cost of Goods and Services Sold 428,926 369,549 818,403 713,306
Service        
Net Sales        
Sales 123,384 121,360 240,847 227,339
Cost of sales        
Cost of Goods and Services Sold $ 71,764 $ 75,274 $ 141,699 $ 140,969
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CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
Other comprehensive income        
Foreign currency translation, net of tax [1] (5,444) 19,298 (21,023) 33,964
Pension and postretirement adjustments, net of tax [1] 211 (231) 758 (423)
Other comprehensive income (loss), net of tax (5,233) 19,067 (20,265) 33,541
Comprehensive income $ 94,238 $ 100,066 $ 155,701 $ 171,386
[1] The tax benefit (expense) included in foreign currency translation adjustments and pension and postretirement adjustments for the three and six months ended June 30, 2024 and June 30, 2023 was immaterial.
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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current Assets:    
Cash and cash equivalents $ 382,564 $ 406,867
Receivables, net 817,135 732,678
Inventories, net 559,142 510,033
Other current assets 77,039 67,502
Total current assets 1,835,880 1,717,080
Property, plant, and equipment, net 326,969 332,796
Goodwill 1,571,004 1,558,826
Other intangible assets, net 545,448 557,612
Operating lease right-of-use assets, net 146,956 141,435
Prepaid pension asset 272,857 261,869
Other assets 49,080 51,351
Total assets 4,748,194 4,620,969
Current liabilities:    
Current portion of long-term debt 90,000 0
Accounts payable 224,778 243,833
Accrued expenses 158,505 188,039
Deferred revenue 341,601 303,872
Other current liabilities 81,632 70,800
Total current liabilities 896,516 806,544
Long-term debt 959,655 1,050,362
Deferred tax liabilities, net 128,277 132,319
Accrued pension and other postretirement benefit costs 67,650 66,875
Long-term operating lease liability 123,586 118,611
Long-term portion of environmental reserves 14,157 12,784
Other liabilities 99,933 105,061
Total liabilities 2,289,774 2,292,556
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2024 and December 31, 2023; 49,187,378 shares issued as of June 30, 2024 and December 31, 2023; outstanding shares were 38,289,678 as of June 30, 2024 and 38,202,754 as of December 31, 2023 49,187 49,187
Additional paid in capital 135,574 140,182
Retained earnings 3,648,005 3,487,751
Accumulated other comprehensive loss (233,488) (213,223)
Common treasury stock, at cost (10,897,700 shares as of June 30, 2024 and 10,984,624 shares as of December 31, 2023) (1,140,858) (1,135,484)
Total stockholders’ equity 2,458,420 2,328,413
Total liabilities and stockholders’ equity $ 4,748,194 $ 4,620,969
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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 49,187,378 49,187,378
Common Stock, Shares, Outstanding (in shares) 38,289,678 38,202,754
Treasury Stock, Common, Shares (in shares) 10,897,700 10,984,624
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net earnings $ 175,966 $ 137,845
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 54,151 57,975
Loss on sale/disposal of long-lived assets 85 16
Deferred income taxes (7,823) (6,553)
Share-based compensation 9,466 8,859
Non-cash restructuring charges 1,394 0
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (85,914) (22,003)
Inventories, net (54,113) (56,094)
Accounts payable and accrued expenses (55,306) (72,019)
Deferred revenue 36,573 21,586
Net pension and postretirement liabilities (9,528) (9,392)
Other current and long-term assets and liabilities 751 (40,867)
Net cash provided by operating activities 65,702 19,353
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 135 473
Additions to property, plant, and equipment (23,119) (22,664)
Acquisition of businesses, net of cash acquired (33,756) 0
Net cash used for investing activities (56,740) (22,191)
Cash flows from financing activities:    
Borrowings under revolving credit facility 8,893 481,099
Payments of revolving credit facilities (8,893) (356,099)
Principal payments on debt 0 (202,500)
Repurchases of common stock (24,796) (24,365)
Proceeds from share-based compensation 5,472 5,225
Dividends paid (7,665) (7,290)
Proceeds from (Payments for) Other Financing Activities (579) (537)
Net cash used for financing activities (27,568) (104,467)
Effect of exchange-rate changes on cash (5,697) 9,068
Net decrease in cash and cash equivalents (24,303) (98,237)
Cash and cash equivalents at beginning of period 406,867 256,974
Cash and cash equivalents at end of period $ 382,564 $ 158,737
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid in Capital
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Treasury Stock
Beginning Balance at Dec. 31, 2022   $ 49,187 $ 134,553 $ 3,163,491 $ (258,916) $ (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 137,845     137,845    
Other Comprehensive Income (Loss), Net of Tax 33,541       33,541  
Dividends paid       (14,960)    
Restricted stock     (13,878)     13,878
Employee stock purchase plan     1,483     3,742
Share-based compensation     8,949     (90)
Repurchases of common stock [1]           (24,365)
Other     (261)     261
Ending Balance at Jun. 30, 2023   49,187 130,846 3,286,376 (225,375) (1,113,675)
Beginning Balance at Dec. 31, 2022   49,187 134,553 3,163,491 (258,916) (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 45,693          
Ending Balance at Dec. 31, 2023 2,328,413 49,187 140,182 3,487,751 (213,223) (1,135,484)
Beginning Balance at Mar. 31, 2023   49,187 126,909 3,213,039 (244,442) (1,101,439)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 80,999     80,999    
Other Comprehensive Income (Loss), Net of Tax 19,067       19,067  
Dividends paid       (7,662)    
Restricted stock     (73)     73
Share-based compensation     4,010     (330)
Repurchases of common stock [1]           (11,979)
Ending Balance at Jun. 30, 2023   49,187 130,846 3,286,376 (225,375) (1,113,675)
Beginning Balance at Dec. 31, 2023 2,328,413 49,187 140,182 3,487,751 (213,223) (1,135,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 175,966     175,966    
Other Comprehensive Income (Loss), Net of Tax (20,265)       (20,265)  
Dividends paid       (15,712)    
Restricted stock     (13,879)     13,879
Employee stock purchase plan     2,484     2,988
Share-based compensation     9,251     215
Repurchases of common stock           (24,796)
Other     (2,464)     2,340
Ending Balance at Jun. 30, 2024 2,458,420 49,187 135,574 3,648,005 (233,488) (1,140,858)
Beginning Balance at Mar. 31, 2024   49,187 133,166 3,556,572 (228,255) (1,130,491)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 99,471     99,471    
Other Comprehensive Income (Loss), Net of Tax (5,233)       (5,233)  
Dividends paid       (8,038)    
Restricted stock     0     0
Share-based compensation     4,689     82
Repurchases of common stock           (12,606)
Other     (2,281)     2,157
Ending Balance at Jun. 30, 2024 $ 2,458,420 $ 49,187 $ 135,574 $ 3,648,005 $ (233,488) $ (1,140,858)
[1] For the three and six months ended June 30, 2024, the Corporation repurchased approximately 47,000 and 100,000 shares of its common stock, respectively. For the three and six months ended June 30, 2023, the Corporation repurchased approximately 73,000 and 146,000 shares of its common stock, respectively.
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STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired 47 73 100 146
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BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and six months ended June 30, 2024 and 2023, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.

The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2023 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.

New Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant reportable segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the Corporation's measure of segment profit or loss. ASU 2023-07 also requires that all disclosures around segment profit or loss and assets be provided on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is required to be applied on a retrospective basis for all periods presented. The Corporation is currently evaluating the impact of adopting this standard on its financial statements, but does not expect it to have a material impact on its consolidated financial position, results of operations, or cash flows.
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REVENUE
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available.
The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2024 and 2023:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Over-time50 %46 %50 %47 %
Point-in-time50 %54 %50 %53 %

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 $3.2 billion as of June 30, 2024, of which the Corporation expects to recognize approximately 88% as net sales over the next 36 months. The remainder will be recognized thereafter.

Disaggregation of Revenue

The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Aerospace & Defense
Aerospace Defense$154,104 $132,192 $286,178 $232,071 
Ground Defense84,939 70,875 175,700 137,132 
Naval Defense209,847 180,956 387,494 352,912 
Commercial Aerospace93,316 82,033 183,091 152,523 
Total Aerospace & Defense$542,206 $466,056 $1,032,463 $874,638 
Commercial
Power & Process$138,601 $131,000 $262,639 $251,338 
General Industrial103,984 107,340 202,856 209,280 
Total Commercial$242,585 $238,340 $465,495 $460,618 
Total$784,791 $704,396 $1,497,958 $1,335,256 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and six months ended June 30, 2024 included in the contract liabilities balance as of January 1, 2024 was approximately $71 million and $161 million, respectively. Revenue recognized during the three and six months ended June 30, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $58 million
and $147 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
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ACQUISITIONS
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets.  The Corporation has completed numerous acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements.  This goodwill arises because the acquisition purchase price reflects the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition.  Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations.

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

During the six months ended June 30, 2024, the Corporation acquired one business for an aggregate purchase price of $34 million. The Condensed Consolidated Statement of Earnings for the six months ended June 30, 2024 includes $2 million of total net sales and $1 million of net losses from the Corporation's 2024 acquisition. During the six months ended June 30, 2023, the Corporation did not complete any acquisitions.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the six months ended June 30, 2024.

(In thousands)2024
Accounts receivable$3,203 
Other current and non-current assets200 
Intangible assets17,900 
Operating lease right-of-use assets, net1,516 
Current and non-current liabilities(4,918)
Deferred income taxes(4,116)
Net tangible and intangible assets13,785 
Goodwill19,971 
Total purchase price$33,756 
Goodwill deductible for tax purposes$— 

2024 Acquisition

WSC Inc. (WSC)

On April 1, 2024, the Corporation completed the acquisition of WSC for $34 million. The Share 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 seller. The acquired business, which operates within the Naval & Power segment, is a provider of simulation technology that supports the design, commissioning, and reliable operation of commercial nuclear power generation and process plants. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

2024 Acquisition to be completed
Ultra Nuclear Limited and Weed Instrument Co., Inc. (Ultra Energy)

On June 3, 2024, the Corporation announced that it entered into an agreement to acquire the stock of Ultra Energy, a subsidiary of Ultra Electronics, for $200 million in cash. Ultra Energy is a designer and manufacturer of reactor protection systems, neutron monitoring systems, radiation monitoring systems, and temperature and pressure sensors. The acquisition is expected to close in the third quarter of 2024, subject to UK regulatory approval, with the acquired business to operate within the Naval & Power segment.
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RECEIVABLES
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)June 30, 2024December 31, 2023
Billed receivables:
Trade and other receivables$474,989 $427,830 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed347,622 309,561 
Less: Progress payments applied
— (687)
Net unbilled receivables347,622 308,874 
Less: Allowance for doubtful accounts
(5,476)(4,026)
Receivables, net$817,135 $732,678 
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INVENTORIES
 6 Months Ended
Jun. 30, 2024
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)June 30, 2024December 31, 2023
Raw materials$261,010 $239,313 
Work-in-process120,540 103,750 
Finished goods135,776 126,174 
Inventoried costs related to U.S. Government and other long-term contracts
42,553 43,255 
Inventories, net of reserves559,879 512,492 
Less:  Progress payments applied(737)(2,459)
Inventories, net$559,142 $510,033 
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GOODWILL
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
GOODWILL GOODWILL
The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
Acquisitions— — 19,971 19,971 
Foreign currency translation adjustment(764)(4,690)(2,339)(7,793)
June 30, 2024$324,367 $705,688 $540,949 $1,571,004 
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OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years.  

The following tables present the cumulative composition of the Corporation’s intangible assets:

June 30, 2024December 31, 2023
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$311,884 $(202,231)$109,653 $308,256 $(195,446)$112,810 
Customer related intangibles680,466 (353,942)326,524 670,966 (339,325)331,641 
Programs (1)
144,000 (45,000)99,000 144,000 (41,400)102,600 
Other intangible assets54,879 (44,608)10,271 54,227 (43,666)10,561 
Total$1,191,229 $(645,781)$545,448 $1,177,449 $(619,837)$557,612 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

During the six months ended June 30, 2024, the Corporation acquired intangible assets of $18 million. The Corporation acquired Customer-related intangibles of $12 million, Technology of $5 million, and Other intangible assets of $1 million, which have weighted average amortization periods of 18 years, 15 years, and 4 years, respectively.

Total intangible amortization expense for the six months ended June 30, 2024 was $29 million, as compared to $33 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2024$57 
2025$55 
2026$54 
2027$51 
2028$45 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of June 30, 2024. Accordingly, all of the Corporation’s debt
is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

June 30, 2024December 31, 2023
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.85% Senior notes due 2025
$90,000 $88,979 $90,000 $88,243 
4.24% Senior notes due 2026
200,000 194,089 200,000 195,556 
4.05% Senior notes due 2028
67,500 64,108 67,500 64,801 
4.11% Senior notes due 2028
90,000 84,874 90,000 85,999 
3.10% Senior notes due 2030
150,000 129,919 150,000 131,942 
3.20% Senior notes due 2032
150,000 124,759 150,000 127,649 
4.49% Senior notes due 2032
200,000 182,491 200,000 187,584 
4.64% Senior notes due 2034
100,000 90,311 100,000 92,961 
Total debt1,047,500 959,530 1,047,500 974,735 
Debt issuance costs, net(1,434)(1,434)(1,541)(1,541)
Unamortized interest rate swap proceeds3,589 3,589 4,403 4,403 
Total debt, net$1,049,655 $961,685 $1,050,362 $977,597 
v3.24.2.u1
PENSION PLANS
 6 Months Ended
Jun. 30, 2024
Retirement Benefits, Description [Abstract]  
PENSION PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2023 Annual Report on Form 10-K filed with the SEC.  

The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Service cost$4,270 $4,137 $8,552 $8,264 
Interest cost8,585 8,811 17,178 17,601 
Expected return on plan assets(16,538)(15,858)(33,091)(31,678)
Amortization of prior service cost(7)(33)(15)(66)
Amortization of unrecognized actuarial loss266 76 532 153 
Net periodic pension cost$(3,424)$(2,867)$(6,844)$(5,726)

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2024, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2024.

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and six months ended June 30, 2024, the expense relating to the plan was $6.7 million and $14.3 million, respectively. During the three and six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively.
v3.24.2.u1
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Basic weighted-average shares outstanding38,302 38,329 38,273 38,309 
Dilutive effect of deferred stock compensation199 226 187 219 
Diluted weighted-average shares outstanding38,501 38,555 38,460 38,528 

For the three and six months ended June 30, 2024, there were approximately 39,000 and 49,000 shares, respectively, issuable under equity-based awards that were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were approximately 20,000 and 22,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2023, respectively.
v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 

(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income 37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
Other comprehensive income (loss) before reclassifications (1)
(21,023)363 (20,660)
Amounts reclassified from accumulated other comprehensive income (1)
— 395 395 
Net current period other comprehensive income (loss)(21,023)758 (20,265)
June 30, 2024$(144,311)$(89,177)$(233,488)
(1) All amounts are after tax.
v3.24.2.u1
CONTINGENCIES AND COMMITMENTS
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements.

Legal Proceedings

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

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of June 30, 2024 and December 31, 2023, there were $18 million and $20 million of stand-by letters of credit outstanding, respectively, and $11 million and $16 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond.
v3.24.2.u1
RESTRUCTURING COSTS
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING COSTS RESTRUCTURING COSTS
During the quarter ended June 30, 2024, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving operating efficiency ("2024 Restructuring Program"). These activities, which primarily include workforce reductions, consolidation of facilities, and costs related to legal entity restructuring, resulted in pre-tax charges of approximately $4 million for the three and six months ended June 30, 2024. The Company anticipates that these actions will be substantially completed by June 30, 2025.

The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:

In thousandsRestructuring Liability as of December 31, 2023ProvisionCash PaymentsRestructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance$— $835 $(770)$65 
Facility closure and other costs— 392 (92)300 
Total Aerospace & Industrial$— $1,227 $(862)$365 
Defense Electronics
Severance$— $526 $(368)$158 
Facility closure and other costs— — — — 
Total Defense Electronics$— $526 $(368)$158 
Naval & Power
Severance$— $198 $(198)$— 
Facility closure and other costs— — — — 
Total Naval & Power$— $198 $(198)$— 
Consolidated (including Corporate)
Severance$— $1,776 $(1,345)$431 
Facility closure and other costs— 1,142 (124)1,018 
Total consolidated$— $2,918 $(1,469)$1,449 
A reconciliation of total pre-tax restructuring charges is as follows:
Affected line item in the Condensed Consolidated Statement of Earnings
Six months ended
(In thousands)June 30, 2024
Inventory write-downsCost of product sales$1,394 
Severance, facility closure, and other costsRestructuring expenses2,918 
Total restructuring chargesEarnings before income taxes$4,312 

There were no such comparable charges for the three or six months ended June 30, 2023.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net earnings $ 99,471 $ 80,999 $ 175,966 $ 137,845
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended 6 Months Ended
Jun. 30, 2024
shares
Jun. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the six months ended June 30, 2024, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:

Name
Title
Action
Character of Trading Arrangement(1)
Adoption Date
Earliest Sale Date
Expiration Date(2)
Aggregate # of securities to be purchased or sold(3)
Kevin M. Rayment
Vice President and Chief Operating Officer
Adoption
Rule 10b5-1 Trading Arrangement
March 3, 2024
June 3, 2024
December 31, 2024
Up to 8,415 shares to be sold

1.Except as indicated by footnote, the trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.

2.The Rule 10b5-1 trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales, (b) the date listed in the table, or (c) such date the trading arrangement is otherwise terminated according to its terms. The trading arrangements also provide for automatic expiration in the event of death, dissolution, bankruptcy, or insolvency of the adopting person.

3.The volume of sales is based on pricing triggers outlined in the Rule 10b5-1 trading Arrangement.

The 10b5-1 Trading Arrangement in the above table included a representation from the officer to the broker administering the plan that such individual (i) was not in possession of any material nonpublic information regarding the Company or the securities subject to the plan and (ii) the plan was entered into good faith and not as part of a plan or scheme to evade securities law. A similar representation was made to the Company in connection with the adoption of the plan. Those representations were made as of the date of adoption of the 10b5-1 plan and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer was unaware, or with respect to any
material nonpublic information acquired by the officer or the Company after the date of the representation. Actual sale transactions will be disclosed publicly through Form 144 and Form 4 filings with the SEC, as required.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Kevin M. Rayment [Member]    
Trading Arrangements, by Individual    
Name Kevin M. Rayment  
Title Vice President and Chief Operating Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date March 3, 2024  
Expiration Date December 31, 2024  
Arrangement Duration 211 days  
Aggregate Available 8,415 8,415
v3.24.2.u1
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation along with its subsidiaries ("we," the "Corporation," or the "Company") is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and six months ended June 30, 2024 and 2023, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2023 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
New Accounting Pronouncements Not Yet Adopted
New Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires disclosure of significant reportable segment expenses that are regularly provided to the chief operating decision-maker ("CODM") and included within the Corporation's measure of segment profit or loss. ASU 2023-07 also requires that all disclosures around segment profit or loss and assets be provided on both an annual and interim basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. ASU 2023-07 is required to be applied on a retrospective basis for all periods presented. The Corporation is currently evaluating the impact of adopting this standard on its financial statements, but does not expect it to have a material impact on its consolidated financial position, results of operations, or cash flows.
v3.24.2.u1
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and six months ended June 30, 2024 and 2023:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
Over-time50 %46 %50 %47 %
Point-in-time50 %54 %50 %53 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Aerospace & Defense
Aerospace Defense$154,104 $132,192 $286,178 $232,071 
Ground Defense84,939 70,875 175,700 137,132 
Naval Defense209,847 180,956 387,494 352,912 
Commercial Aerospace93,316 82,033 183,091 152,523 
Total Aerospace & Defense$542,206 $466,056 $1,032,463 $874,638 
Commercial
Power & Process$138,601 $131,000 $262,639 $251,338 
General Industrial103,984 107,340 202,856 209,280 
Total Commercial$242,585 $238,340 $465,495 $460,618 
Total$784,791 $704,396 $1,497,958 $1,335,256 
v3.24.2.u1
ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisition consummated during the six months ended June 30, 2024.

(In thousands)2024
Accounts receivable$3,203 
Other current and non-current assets200 
Intangible assets17,900 
Operating lease right-of-use assets, net1,516 
Current and non-current liabilities(4,918)
Deferred income taxes(4,116)
Net tangible and intangible assets13,785 
Goodwill19,971 
Total purchase price$33,756 
Goodwill deductible for tax purposes$— 
v3.24.2.u1
RECEIVABLES (Table)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)June 30, 2024December 31, 2023
Billed receivables:
Trade and other receivables$474,989 $427,830 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed347,622 309,561 
Less: Progress payments applied
— (687)
Net unbilled receivables347,622 308,874 
Less: Allowance for doubtful accounts
(5,476)(4,026)
Receivables, net$817,135 $732,678 
v3.24.2.u1
INVENTORIES (Table)
 6 Months Ended
Jun. 30, 2024
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:

(In thousands)June 30, 2024December 31, 2023
Raw materials$261,010 $239,313 
Work-in-process120,540 103,750 
Finished goods135,776 126,174 
Inventoried costs related to U.S. Government and other long-term contracts
42,553 43,255 
Inventories, net of reserves559,879 512,492 
Less:  Progress payments applied(737)(2,459)
Inventories, net$559,142 $510,033 
v3.24.2.u1
GOODWILL (Table)
 6 Months Ended
Jun. 30, 2024
Goodwill [Abstract]  
Schedule Of Goodwill
The changes in the carrying amount of goodwill for the six months ended June 30, 2024 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
Acquisitions— — 19,971 19,971 
Foreign currency translation adjustment(764)(4,690)(2,339)(7,793)
June 30, 2024$324,367 $705,688 $540,949 $1,571,004 
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET (Table)
 6 Months Ended
Jun. 30, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:

June 30, 2024December 31, 2023
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$311,884 $(202,231)$109,653 $308,256 $(195,446)$112,810 
Customer related intangibles680,466 (353,942)326,524 670,966 (339,325)331,641 
Programs (1)
144,000 (45,000)99,000 144,000 (41,400)102,600 
Other intangible assets54,879 (44,608)10,271 54,227 (43,666)10,561 
Total$1,191,229 $(645,781)$545,448 $1,177,449 $(619,837)$557,612 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2024$57 
2025$55 
2026$54 
2027$51 
2028$45 
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
June 30, 2024December 31, 2023
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.85% Senior notes due 2025
$90,000 $88,979 $90,000 $88,243 
4.24% Senior notes due 2026
200,000 194,089 200,000 195,556 
4.05% Senior notes due 2028
67,500 64,108 67,500 64,801 
4.11% Senior notes due 2028
90,000 84,874 90,000 85,999 
3.10% Senior notes due 2030
150,000 129,919 150,000 131,942 
3.20% Senior notes due 2032
150,000 124,759 150,000 127,649 
4.49% Senior notes due 2032
200,000 182,491 200,000 187,584 
4.64% Senior notes due 2034
100,000 90,311 100,000 92,961 
Total debt1,047,500 959,530 1,047,500 974,735 
Debt issuance costs, net(1,434)(1,434)(1,541)(1,541)
Unamortized interest rate swap proceeds3,589 3,589 4,403 4,403 
Total debt, net$1,049,655 $961,685 $1,050,362 $977,597 
v3.24.2.u1
PENSION PLANS (Table)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits, Description [Abstract]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost for the three and six months ended June 30, 2024 and 2023 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Service cost$4,270 $4,137 $8,552 $8,264 
Interest cost8,585 8,811 17,178 17,601 
Expected return on plan assets(16,538)(15,858)(33,091)(31,678)
Amortization of prior service cost(7)(33)(15)(66)
Amortization of unrecognized actuarial loss266 76 532 153 
Net periodic pension cost$(3,424)$(2,867)$(6,844)$(5,726)
v3.24.2.u1
EARNINGS PER SHARE (Table)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
 
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Basic weighted-average shares outstanding38,302 38,329 38,273 38,309 
Dilutive effect of deferred stock compensation199 226 187 219 
Diluted weighted-average shares outstanding38,501 38,555 38,460 38,528 
v3.24.2.u1
SEGMENT INFORMATION (Table)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969 
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 6 Months Ended
Jun. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income 37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
Other comprehensive income (loss) before reclassifications (1)
(21,023)363 (20,660)
Amounts reclassified from accumulated other comprehensive income (1)
— 395 395 
Net current period other comprehensive income (loss)(21,023)758 (20,265)
June 30, 2024$(144,311)$(89,177)$(233,488)
(1) All amounts are after tax.
v3.24.2.u1
RESTRUCTURING COSTS (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring Reserve Activities
The following tables summarize the respective balances related to these restructuring activities by both reportable segment as well as on a consolidated basis:

In thousandsRestructuring Liability as of December 31, 2023ProvisionCash PaymentsRestructuring Liability as of June 30, 2024
Aerospace & Industrial
Severance$— $835 $(770)$65 
Facility closure and other costs— 392 (92)300 
Total Aerospace & Industrial$— $1,227 $(862)$365 
Defense Electronics
Severance$— $526 $(368)$158 
Facility closure and other costs— — — — 
Total Defense Electronics$— $526 $(368)$158 
Naval & Power
Severance$— $198 $(198)$— 
Facility closure and other costs— — — — 
Total Naval & Power$— $198 $(198)$— 
Consolidated (including Corporate)
Severance$— $1,776 $(1,345)$431 
Facility closure and other costs— 1,142 (124)1,018 
Total consolidated$— $2,918 $(1,469)$1,449 
Schedule of Pre-tax Restructuring Charges
A reconciliation of total pre-tax restructuring charges is as follows:
Affected line item in the Condensed Consolidated Statement of Earnings
Six months ended
(In thousands)June 30, 2024
Inventory write-downsCost of product sales$1,394 
Severance, facility closure, and other costsRestructuring expenses2,918 
Total restructuring chargesEarnings before income taxes$4,312 
v3.24.2.u1
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256
Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 542,206 466,056 1,032,463 874,638
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 242,585 238,340 465,495 460,618
Aerospace Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 154,104 132,192 286,178 232,071
Ground Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 84,939 70,875 175,700 137,132
Naval Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 209,847 180,956 387,494 352,912
Commercial Aerospace [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 93,316 82,033 183,091 152,523
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 138,601 131,000 262,639 251,338
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 103,984 $ 107,340 $ 202,856 $ 209,280
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 46.00% 50.00% 47.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 54.00% 50.00% 53.00%
v3.24.2.u1
REVENUE (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 71 $ 58 $ 161 $ 147
Revenue, Remaining Performance Obligation, Amount $ 3,200   $ 3,200  
Revenue, Remaining Performance Obligation, Percentage 88.00%   88.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.24.2.u1
ACQUISITIONS (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Business Acquisition [Line Items]    
Goodwill $ 1,571,004 $ 1,558,826
WSC    
Business Acquisition [Line Items]    
Accounts receivable 3,203  
Other current and non-current assets 200  
Intangible assets 17,900  
Operating lease right-of-use assets, net 1,516  
Current and non-current liabilities (4,918)  
Deferred income taxes (4,116)  
Net tangible and intangible assets 13,785  
Goodwill 19,971  
Total purchase price 33,756  
Goodwill deductible for tax purposes $ 0  
v3.24.2.u1
ACQUISITIONS - (Narrative) (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 03, 2024
USD ($)
Apr. 01, 2024
USD ($)
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
NumberAcquisitions
Jun. 30, 2023
USD ($)
Business Acquisition [Line Items]            
Net loss     $ (99,471) $ (80,999) $ (175,966) $ (137,845)
WSC            
Business Acquisition [Line Items]            
Number of Businesses Acquired | NumberAcquisitions         1  
Consideration for acquisition   $ 34,000        
Revenues         $ 2,000  
Net loss         $ 1,000  
Ultra Energy            
Business Acquisition [Line Items]            
Consideration for acquisition $ 200,000          
v3.24.2.u1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Billed receivables:    
Trade and other receivables $ 474,989 $ 427,830
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 347,622 309,561
Less: Progress payments applied 0 (687)
Net unbilled receivables 347,622 308,874
Less: Allowance for doubtful accounts (5,476) (4,026)
Receivables, net $ 817,135 $ 732,678
v3.24.2.u1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 261,010 $ 239,313
Inventory, Work in Process, Net of Reserves 120,540 103,750
Inventory, Finished Goods, Net of Reserves 135,776 126,174
Inventory For Long-term Contracts Or Programs, Net Of Reserves 42,553 43,255
Inventories, Net of Reserves 559,879 512,492
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (737) (2,459)
Inventory, Net, Total $ 559,142 $ 510,033
v3.24.2.u1
GOODWILL (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
December 31, 2023 $ 1,558,826
Acquisitions 19,971
Foreign currency translation adjustment (7,793)
June 30, 2024 1,571,004
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2023 325,131
Acquisitions 0
Foreign currency translation adjustment (764)
June 30, 2024 324,367
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2023 710,378
Acquisitions 0
Foreign currency translation adjustment (4,690)
June 30, 2024 705,688
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2023 523,317
Acquisitions 19,971
Foreign currency translation adjustment (2,339)
June 30, 2024 $ 540,949
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,191,229 $ 1,177,449
Accumulated Amortization (645,781) (619,837)
Net 545,448 557,612
Technology    
Finite Lived Intangible Assets [Line Items]    
Gross 311,884 308,256
Accumulated Amortization (202,231) (195,446)
Net 109,653 112,810
Customer related intangibles    
Finite Lived Intangible Assets [Line Items]    
Gross 680,466 670,966
Accumulated Amortization (353,942) (339,325)
Net 326,524 331,641
Programs (1)    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (45,000) (41,400)
Net 99,000 102,600
Other intangible assets    
Finite Lived Intangible Assets [Line Items]    
Gross 54,879 54,227
Accumulated Amortization (44,608) (43,666)
Net $ 10,271 $ 10,561
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET - Estimated Future Amortization (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 29.0 $ 33.0
Future amortization expense in remainder of fiscal year 57.0  
Future amortization expense in year one 55.0  
Future amortization expense in year two 54.0  
Future amortization expense in year three 51.0  
Future amortization expense in year four $ 45.0  
v3.24.2.u1
OTHER INTANGIBLE ASSETS, NET - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 18
Customer related intangibles  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 12
Finite-Lived Intangible Asset, Useful Life 18 years
Technology  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 5
Finite-Lived Intangible Asset, Useful Life 15 years
Other intangible assets  
Finite Lived Intangible Assets [Line Items]  
Finite-lived Intangible Assets Acquired $ 1
Finite-Lived Intangible Asset, Useful Life 4 years
v3.24.2.u1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,049,655 $ 1,050,362
Long-term Debt, Gross 1,047,500 1,047,500
Debt Issuance Costs, Net (1,434) (1,541)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 3,589 4,403
Estimated Fair Value 961,685 977,597
3.85% Senior notes due 2025    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 90,000 90,000
Estimated Fair Value $ 88,979 88,243
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 194,089 195,556
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 64,108 64,801
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 84,874 85,999
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior notes due 2030    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 129,919 131,942
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 124,759 127,649
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
4.49% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 182,491 187,584
Debt Instrument, Interest Rate, Stated Percentage 4.49%  
4.64% Senior notes due 2034    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 100,000 100,000
Estimated Fair Value $ 90,311 92,961
Debt Instrument, Interest Rate, Stated Percentage 4.64%  
Long-term Debt, Gross    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 959,530 $ 974,735
v3.24.2.u1
PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 4,270 $ 4,137 $ 8,552 $ 8,264
Interest cost 8,585 8,811 17,178 17,601
Expected return on plan assets (16,538) (15,858) (33,091) (31,678)
Amortization of prior service cost (7) (33) (15) (66)
Amortization of unrecognized actuarial loss 266 76 532 153
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ (3,424) $ (2,867) $ (6,844) $ (5,726)
v3.24.2.u1
PENSION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 6.7 $ 6.1 $ 14.3 $ 12.2
v3.24.2.u1
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 38,302 38,329 38,273 38,309
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 199 226 187 219
Diluted weighted-average shares outstanding (shares) 38,501 38,555 38,460 38,528
v3.24.2.u1
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 39,000 20,000 49,000 22,000
v3.24.2.u1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Net sales $ 784,791 $ 704,396 $ 1,497,958 $ 1,335,256  
Operating income (expense) 128,897 112,775 228,858 191,390  
Identifiable assets 4,748,194   4,748,194   $ 4,620,969
Operating Segments | Aerospace & Industrial          
Segment Reporting Information [Line Items]          
Net sales 233,591 226,766 453,138 430,352  
Operating income (expense) 35,246 35,665 62,712 62,210  
Identifiable assets 1,074,812   1,074,812   1,077,808
Operating Segments | Defense Electronics          
Segment Reporting Information [Line Items]          
Net sales 229,210 198,407 441,693 361,477  
Operating income (expense) 58,244 43,180 106,325 66,548  
Identifiable assets 1,534,578   1,534,578   1,517,877
Operating Segments | Naval & Power          
Segment Reporting Information [Line Items]          
Net sales 323,206 280,731 605,419 547,545  
Operating income (expense) 46,283 46,782 81,474 84,719  
Identifiable assets 1,612,588   1,612,588   1,496,063
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales (1,216) (1,508) (2,292) (4,118)  
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (10,876) $ (12,852) (21,653) $ (22,087)  
Identifiable assets $ 526,216   $ 526,216   $ 529,221
v3.24.2.u1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting [Abstract]        
Total operating income $ 128,897 $ 112,775 $ 228,858 $ 191,390
Interest expense (11,216) (14,992) (21,786) (27,936)
Other income, net 8,560 7,954 18,168 15,721
Earnings before income taxes $ 126,241 $ 105,737 $ 225,240 $ 179,175
v3.24.2.u1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (213,223) $ (258,916) $ (258,916)
Other comprehensive income (loss) before reclassifications     (20,660)   45,737
Amounts reclassified from accumulated other comprehensive loss     395   (44)
Other comprehensive income (loss), net of tax $ (5,233) $ 19,067 (20,265) 33,541 45,693
Ending balance (233,488)   (233,488)   (213,223)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (123,288) (160,807) (160,807)
Other comprehensive income (loss) before reclassifications     (21,023)   37,519
Amounts reclassified from accumulated other comprehensive loss     0   0
Other comprehensive income (loss), net of tax     (21,023)   37,519
Ending balance (144,311)   (144,311)   (123,288)
Total Pension and Postretirement Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (89,935) $ (98,109) (98,109)
Other comprehensive income (loss) before reclassifications     363   8,218
Amounts reclassified from accumulated other comprehensive loss     395   (44)
Other comprehensive income (loss), net of tax     758   8,174
Ending balance $ (89,177)   $ (89,177)   $ (89,935)
v3.24.2.u1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Standby Letters Of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit, outstanding $ 18.0 $ 20.0
FinancialStandbyLetterOfCreditMember    
Loss Contingencies [Line Items]    
Letters of credit, outstanding 11.0 $ 16.0
Surety Bond [Member]    
Loss Contingencies [Line Items]    
Surety Bond Outstanding $ 35.0  
v3.24.2.u1
RESTRUCTURING COSTS - Schedule of Restructuring Reserve Activities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   $ 0  
Provision $ 2,918 2,918 $ 0
Cash Payments   (1,469)  
Restructuring Liability, Ending Balance 1,449 1,449  
Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,227  
Cash Payments   (862)  
Restructuring Liability, Ending Balance 365 365  
Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   526  
Cash Payments   (368)  
Restructuring Liability, Ending Balance 158 158  
Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   198  
Cash Payments   (198)  
Restructuring Liability, Ending Balance 0 0  
Severance      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,776  
Cash Payments   (1,345)  
Restructuring Liability, Ending Balance 431 431  
Severance | Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   835  
Cash Payments   (770)  
Restructuring Liability, Ending Balance 65 65  
Severance | Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   526  
Cash Payments   (368)  
Restructuring Liability, Ending Balance 158 158  
Severance | Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   198  
Cash Payments   (198)  
Restructuring Liability, Ending Balance 0 0  
Facility closure and other costs      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   1,142  
Cash Payments   (124)  
Restructuring Liability, Ending Balance 1,018 1,018  
Facility closure and other costs | Aerospace & Industrial      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   392  
Cash Payments   (92)  
Restructuring Liability, Ending Balance 300 300  
Facility closure and other costs | Defense Electronics      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   0  
Cash Payments   0  
Restructuring Liability, Ending Balance 0 0  
Facility closure and other costs | Naval & Power      
Restructuring Reserve [Roll Forward]      
Restructuring Liability, Beginning Balance   0  
Provision   0  
Cash Payments   0  
Restructuring Liability, Ending Balance $ 0 $ 0  
v3.24.2.u1
RESTRUCTURING COSTS - Schedule of Pre-tax Restructuring Charges (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Inventory write-downs $ 1,394
Severance, facility closure, and other costs 2,918
Total restructuring charges $ 4,312
v3.24.2.u1
RESTRUCTURING COSTS - Narrative (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Restructuring and Related Activities [Abstract]  
Total restructuring charges $ 4,312