CURTISS WRIGHT CORP, 10-Q filed on 11/3/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Oct. 31, 2022
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
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   38,307,674
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net Sales        
Sales $ 630,542 $ 620,619 $ 1,799,360 $ 1,839,173
Cost of sales        
Total cost of sales 398,333 383,611 1,137,235 1,167,689
Gross profit 232,209 237,008 662,125 671,484
Research and development expenses 17,387 21,618 61,804 66,675
Selling expenses 31,888 30,067 90,387 89,227
General and administrative expenses 75,351 78,998 239,085 229,608
Loss on divestiture 0   4,651 0
Impairment of assets held for sale 0 8,656 0 8,656
Operating income 107,583 97,669 266,198 277,318
Interest expense (13,997) (9,955) (33,315) (30,094)
Other income, net 3,746 3,627 11,298 8,910
Earnings before income taxes 97,332 91,341 244,181 256,134
Provision for income taxes (23,564) (21,638) (58,856) (65,554)
Net earnings $ 73,768 $ 69,703 $ 185,325 $ 190,580
Basic earnings per share        
Basic earnings per share (usd per share) $ 1.92 $ 1.71 $ 4.82 $ 4.66
Diluted earnings per share        
Diluted earnings per share (usd per share) 1.91 1.70 4.79 4.64
Dividends per share (usd per share) $ 0.19 $ 0.18 $ 0.56 $ 0.53
Weighted average shares outstanding:        
Basic (shares) 38,368 40,769 38,416 40,865
Diluted (shares) 38,647 40,950 38,655 41,040
Product [Member]        
Net Sales        
Sales $ 530,782 $ 528,339 $ 1,489,619 $ 1,552,706
Cost of sales        
Cost of Goods and Services Sold 338,264 328,424 949,180 989,759
Service [Member]        
Net Sales        
Sales 99,760 92,280 309,741 286,467
Cost of sales        
Cost of Goods and Services Sold $ 60,069 $ 55,187 $ 188,055 $ 177,930
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net earnings $ 73,768 $ 69,703 $ 185,325 $ 190,580
Other comprehensive income        
Foreign currency translation, net of tax [1] (50,098) (16,273) (97,259) (12,990)
Pension and postretirement adjustments, net of tax [2] 3,856 4,994 13,610 15,036
Other comprehensive income (loss), net of tax (46,242) (11,279) (83,649) 2,046
Comprehensive income $ 27,526 $ 58,424 $ 101,676 $ 192,626
[1] The tax expense included in foreign currency translation adjustments for the three months ended September 30, 2022 was immaterial. The tax expense included in foreign currency translation adjustments for the nine months ended September 30, 2022 was $1.7 million. The tax benefit included in foreign currency translation adjustments for the three and nine months ended September 30, 2021 was immaterial.
[2] The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2022 was $1.2 million and $3.1 million, respectively. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2021 was $2.0 million and $5.1 million, respectively.
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Tax, Portion Attributable to Parent     $ (1.7)  
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent [1] $ 1.2 $ 2.0 $ 3.1 $ 5.1
[1] The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2022 was $1.2 million and $3.1 million, respectively. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2021 was $2.0 million and $5.1 million, respectively.
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current Assets:    
Cash and cash equivalents $ 113,552 $ 171,004
Receivables, net 713,592 647,148
Inventories, net 503,064 411,567
Assets held for sale 0 10,988
Other current assets 84,468 67,101
Total current assets 1,414,676 1,307,808
Property, plant, and equipment, net 338,549 360,031
Goodwill 1,512,231 1,463,026
Other intangible assets, net 618,563 538,077
Operating lease right-of-use assets, net 145,252 143,613
Prepaid pension asset 267,262 256,422
Other assets 45,629 34,568
Total assets 4,342,162 4,103,545
Current liabilities:    
Current portion of long-term debt 202,500 0
Accounts payable 182,621 211,640
Accrued expenses 139,982 147,701
Deferred revenue 220,259 260,157
Liabilities held for sale 0 12,655
Other current liabilities 95,002 102,714
Total current liabilities 840,364 734,867
Long-term debt 1,141,211 1,050,610
Deferred tax liabilities, net 150,721 147,349
Accrued pension and other postretirement benefit costs 85,865 91,329
Long-term operating lease liability 125,493 127,152
Long-term portion of environmental reserves 13,186 13,656
Other liabilities 101,079 112,092
Total liabilities 2,457,919 2,277,055
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 49,187,378 shares issued as of September 30, 2022 and December 31, 2021; outstanding shares were 38,334,223 as of September 30, 2022 and 38,469,778 as of December 31, 2021 49,187 49,187
Additional paid in capital 131,230 127,104
Retained earnings 3,072,639 2,908,827
Accumulated other comprehensive loss (274,114) (190,465)
Common treasury stock, at cost (10,853,155 shares as of September 30, 2022 and 10,717,600 shares as of December 31, 2021) (1,094,699) (1,068,163)
Total stockholders’ equity 1,884,243 1,826,490
Total liabilities and stockholders’ equity $ 4,342,162 $ 4,103,545
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized 100,000,000 100,000,000
Common Stock, Shares, Issued 49,187,378 49,187,378
Common Stock, Shares, Outstanding 38,334,223 38,469,778
Treasury Stock, Shares 10,853,155 10,717,600
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net earnings $ 185,325 $ 190,580
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 83,520 86,240
Loss on divestiture 4,651 0
Impairment of assets held for sale 0 8,656
Gain on sale/disposal of long-lived assets (4,241) (604)
Deferred income taxes 5,759 4,480
Share-based compensation 12,027 10,861
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (70,548) (81,498)
Inventories, net (89,318) (5,045)
Progress Payments (1,330) (3,960)
Accounts payable and accrued expenses (42,360) (51,702)
Deferred revenue (39,230) 115
Net pension and postretirement liabilities (3,913) 2,406
Other current and long-term assets and liabilities (37,955) (4,768)
Net cash provided by operating activities 2,387 155,761
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 9,110 3,389
Purchases of investments (10,000) 0
Additions to property, plant, and equipment (28,789) (27,858)
Acquisition of business, net of cash acquired (247,215) 0
Additional consideration paid on prior year acquisitions 5,062 5,340
Net cash used for investing activities (281,956) (29,809)
Cash flows from financing activities:    
Borrowings under revolving credit facility 1,332,219 166,771
Payments of revolving credit facilities (1,038,019) (166,771)
Repurchases of common stock (44,434) (79,092)
Proceeds from share-based compensation 9,997 9,705
Dividends paid (14,220) (14,320)
Proceeds from (Payments for) Other Financing Activities (755) (699)
Net cash (used for)/provided by financing activities 244,788 (84,406)
Effect of exchange-rate changes on cash (22,671) (5,378)
Net increase (decrease) in cash and cash equivalents (57,452) 36,168
Cash and cash equivalents at beginning of period   198,248
Cash and cash equivalents at end of period $ 113,552 $ 234,416
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Accumulated Other Comprehensive Loss Member
Treasury Stock Member
Beginning Balance at Dec. 31, 2020   $ 49,187 $ 122,535 $ 2,670,328 $ (310,856) $ (743,620)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 190,580     190,580    
Other Comprehensive Income (Loss), Net of Tax 2,046       2,046  
Dividends paid       (21,614)    
Restricted stock     (9,007)     9,007
Employee stock purchase plan     877     8,828
Share-based compensation     10,724     137
Repurchases of common stock [1]           (79,092)
Other     (597)     597
Ending Balance at Sep. 30, 2021   49,187 124,532 2,839,294 (308,810) (804,143)
Beginning Balance at Jun. 30, 2021   49,187 119,946 2,776,884 (297,531) (753,782)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 69,703     69,703    
Other Comprehensive Income (Loss), Net of Tax (11,279)       (11,279)  
Dividends paid       (7,293)    
Employee stock purchase plan     466     4,320
Share-based compensation     4,120     16
Repurchases of common stock [1]           (54,697)
Ending Balance at Sep. 30, 2021   49,187 124,532 2,839,294 (308,810) (804,143)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 120,391          
Ending Balance at Dec. 31, 2021 1,826,490 49,187 127,104 2,908,827 (190,465) (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 185,325     185,325    
Other Comprehensive Income (Loss), Net of Tax (83,649)       (83,649)  
Dividends paid       (21,513)    
Restricted stock     (8,523)     8,523
Employee stock purchase plan     1,273     8,724
Share-based compensation     11,882     145
Repurchases of common stock [1]           (44,434)
Other     (506)     506
Ending Balance at Sep. 30, 2022 1,884,243 49,187 131,230 3,072,639 (274,114) (1,094,699)
Beginning Balance at Jun. 30, 2022   49,187 126,316 3,006,164 (227,872) (1,086,156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 73,768     73,768    
Other Comprehensive Income (Loss), Net of Tax (46,242)       (46,242)  
Dividends paid       (7,293)    
Employee stock purchase plan     459     4,254
Share-based compensation     4,455     (8)
Repurchases of common stock [1]           (12,789)
Ending Balance at Sep. 30, 2022 $ 1,884,243 $ 49,187 $ 131,230 $ 3,072,639 $ (274,114) $ (1,094,699)
[1] For the three and nine months ended September 30, 2022, the Corporation repurchased approximately 0.1 million and 0.3 million shares of its common stock, respectively. For the three and nine months ended September 30, 2021, the Corporation repurchased approximately 0.4 million and 0.6 million shares of its common stock, respectively.
v3.22.2.2
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired 0.1 0.4 0.3 0.6
v3.22.2.2
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global 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. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2022 and 2021, 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 2021 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.
v3.22.2.2
REVENUE
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Over-time50 %48 %52 %51 %
Point-in-time50 %52 %48 %49 %

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 $2.6 billion as of September 30, 2022, of which the Corporation expects to recognize approximately 90% 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 EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Aerospace & Defense
Aerospace Defense$114,431 $116,853 $306,980 $327,847 
Ground Defense54,890 55,124 138,391 159,090 
Naval Defense174,844 175,800 510,597 531,429 
Commercial Aerospace70,257 67,461 199,341 196,285 
Total Aerospace & Defense$414,422 $415,238 $1,155,309 $1,214,651 
Commercial
Power & Process$110,559 $112,736 $340,702 $343,573 
General Industrial105,561 92,645 303,349 280,949 
Total Commercial$216,120 $205,381 $644,051 $624,522 
Total$630,542 $620,619 $1,799,360 $1,839,173 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and nine months ended September 30, 2022 included in the contract liabilities balance as of January 1, 2022 was approximately $54 million and $189 million, respectively. Revenue recognized during the three and nine months ended September 30, 2021 included in the contract liabilities balance as of January 1, 2021 was approximately $46 million and $188 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.22.2.2
ACQUISITIONS
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
ACQUISITIONS ACQUISITIONSThe 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 nine months ended September 30, 2022, the Corporation acquired one business for an aggregate purchase price of $247 million, which is described in more detail below. The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2022 includes $14 million of total net sales and $6 million of net losses from the Corporation's 2022 acquisition. During the nine months ended September 30, 2021, 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 nine months ended September 30, 2022.

(In thousands)2022
Accounts receivable$9,970 
Inventory22,790 
Property, plant, and equipment1,683 
Other current and non-current assets1,872 
Intangible assets130,500 
Operating lease right-of-use assets, net1,197 
Current and non-current liabilities(9,607)
Net tangible and intangible assets158,405 
Goodwill88,810 
Total purchase price$247,215 
Goodwill deductible for tax purposes$88,810 

2022 Acquisition

Safran Aerosystems Arresting Company ("arresting systems acquisition")

On June 30, 2022, the Corporation completed its arresting systems acquisition for $247 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type. The acquired business is a designer and manufacturer of mission-critical, fixed-wing aircraft emergency arresting system, and operates within the Naval & Power segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.
v3.22.2.2
ASSETS HELD FOR SALE
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE ASSETS HELD FOR SALEIn January 2022, the Corporation completed the sale of its industrial valve business in Germany, which was presented as held for sale in the Corporation's Consolidated Balance Sheet as of December 31, 2021, for gross cash proceeds of $3 million. The Corporation recorded a loss of $5 million upon sale closing during the first quarter of 2022.
v3.22.2.2
RECEIVABLES
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
RECEIVABLES RECEIVABLESReceivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be
billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:

(In thousands)September 30, 2022December 31, 2021
Billed receivables:
Trade and other receivables$403,998 $362,007 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed314,692 291,758 
Less: Progress payments applied
(559)(1,297)
Net unbilled receivables314,133 290,461 
Less: Allowance for doubtful accounts
(4,539)(5,320)
Receivables, net$713,592 $647,148 
v3.22.2.2
INVENTORIES
 9 Months Ended
Sep. 30, 2022
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)September 30, 2022December 31, 2021
Raw materials$249,272 $191,066 
Work-in-process90,288 78,221 
Finished goods126,093 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
41,764 48,619 
Inventories, net of reserves507,417 416,850 
Less:  Progress payments applied(4,353)(5,283)
Inventories, net$503,064 $411,567 

(1) This caption includes capitalized development costs of $18.4 million as of September 30, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2022, capitalized development costs of $11.7 million are not currently supported by existing firm orders.
v3.22.2.2
GOODWILL
 9 Months Ended
Sep. 30, 2022
Goodwill [Abstract]  
GOODWILL GOODWILLThe changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions— — 88,810 88,810 
Adjustments
— 967 — 967 
Foreign currency translation adjustment(10,984)(20,047)(9,541)(40,572)
September 30, 2022$305,163 $694,934 $512,134 $1,512,231 
v3.22.2.2
OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
 
The following tables present the cumulative composition of the Corporation’s intangible assets:

September 30, 2022December 31, 2021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$299,444 $(170,266)$129,178 $274,615 $(164,077)$110,538 
Customer related intangibles650,987 (286,790)364,197 568,720 (270,816)297,904 
Programs (1)
144,000 (32,400)111,600 144,000 (27,000)117,000 
Other intangible assets52,875 (39,287)13,588 49,559 (36,924)12,635 
Total$1,147,306 $(528,743)$618,563 $1,036,894 $(498,817)$538,077 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

During the nine months ended September 30, 2022, the Corporation acquired intangible assets of $130.5 million, which included Customer-related intangibles of $94.6 million, Technology of $31.5 million, and Other intangible assets of $4.4 million. The weighted average amortization periods for these aforementioned intangible assets are 15.9 years, 15.0 years, and 10.0 years, respectively.

Total intangible amortization expense for the nine months ended September 30, 2022 was $46 million, as compared to $45 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)
2022$62 
2023$66 
2024$55 
2025$52 
2026$51 
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Forward Foreign Exchange and Currency Option Contracts
 
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments.
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Effects on Condensed Consolidated Balance Sheets

As of September 30, 2022 and December 31, 2021, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings
 
Undesignated hedges

The gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The losses for the three and nine months ended September 30, 2022 were $6 million and $12 million, respectively. The losses for both the three and nine months ended September 30, 2021 were $2 million, respectively.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of September 30, 2022. Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

September 30, 2022December 31, 2021
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$388,100 $388,100 $93,900 $93,900 
3.70% Senior notes due 2023
202,500 201,714 202,500 208,086 
3.85% Senior notes due 2025
90,000 86,827 90,000 95,246 
4.24% Senior notes due 2026
200,000 190,933 200,000 218,421 
4.05% Senior notes due 2028
67,500 62,919 67,500 73,783 
4.11% Senior notes due 2028
90,000 83,520 90,000 98,854 
3.10% Senior notes due 2030
150,000 126,071 150,000 154,832 
3.20% Senior notes due 2032
150,000 121,677 150,000 154,875 
Total debt1,338,100 1,261,761 1,043,900 1,097,997 
Debt issuance costs, net(827)(827)(949)(949)
Unamortized interest rate swap proceeds6,438 6,438 7,659 7,659 
Total debt, net$1,343,711 $1,267,372 $1,050,610 $1,104,707 

Revolving Credit Agreement

In May 2022, the Corporation terminated its existing credit agreement, which was set to expire in October 2023, and entered into a new credit agreement (“Credit Agreement”) with a syndicate of financial institutions. The Credit Agreement, which is set to expire in May 2027, increases the size of the Corporation’s revolving credit facility to $750 million, and expands the accordion feature to $250 million. The Corporation plans to use the Credit Agreement for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives.

Senior Notes

On October 27, 2022, the Corporation announced that it formally closed its private placement debt offering of $300 million for senior notes, consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034.
v3.22.2.2
PENSION PLANS
 9 Months Ended
Sep. 30, 2022
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 2021 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and nine months ended September 30, 2022 and 2021 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Service cost$5,770 $6,931 $17,803 $20,921 
Interest cost5,442 4,585 16,148 13,402 
Expected return on plan assets(13,525)(15,177)(41,240)(45,548)
Amortization of prior service cost155 (216)(18)(648)
Amortization of unrecognized actuarial loss4,785 6,988 12,636 21,705 
Cost of settlements— 235 1,842 3,310 
Net periodic pension cost$2,627 $3,346 $7,171 $13,142 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during 2021, and does not expect to do so in 2022. Contributions to the foreign benefit plans are not expected to be material in 2022.

During the nine months ended September 30, 2022, as well as during the three and nine months ended September 30, 2021, the Company recognized settlement charges related to the retirement of former executives. The settlement charges represent events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans.

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 nine months ended September 30, 2022, the expense relating to the plan was $5.5 million and $15.8 million, respectively. During the three and nine months ended September 30, 2021, the expense relating to the plan was $4.6 million and $14.2 million, respectively.
v3.22.2.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Basic weighted-average shares outstanding38,368 40,769 38,416 40,865 
Dilutive effect of deferred stock compensation279 181 239 175 
Diluted weighted-average shares outstanding38,647 40,950 38,655 41,040 

For the three and nine months ended September 30, 2022, approximately 49,000 and 37,000 shares, respectively, issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.

There were no anti-dilutive equity-based awards for the three months ended September 30, 2021. For the nine months ended September 30, 2021, approximately 41,000 shares issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period.
v3.22.2.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATIONThe Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Net sales
Aerospace & Industrial$213,656 $197,060 $614,817 $578,452 
Defense Electronics162,233 182,314 456,575 528,080 
Naval & Power256,277 242,891 732,905 737,967 
Less: Intersegment revenues(1,624)(1,646)(4,937)(5,326)
Total consolidated$630,542 $620,619 $1,799,360 $1,839,173 
Operating income (expense)
Aerospace & Industrial$39,080 $30,872 $96,397 $81,874 
Defense Electronics36,588 40,762 84,338 106,656 
Naval & Power41,576 35,483 118,865 116,635 
Corporate and other (1)
(9,661)(9,448)(33,402)(27,847)
Total consolidated$107,583 $97,669 $266,198 $277,318 

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Total operating income$107,583 $97,669 $266,198 $277,318 
Interest expense13,997 9,955 33,315 30,094 
Other income, net3,746 3,627 11,298 8,910 
Earnings before income taxes$97,332 $91,341 $244,181 $256,134 

(In thousands)September 30, 2022December 31, 2021
Identifiable assets
Aerospace & Industrial$994,691 $991,508 
Defense Electronics1,503,767 1,536,369 
Naval & Power1,518,691 1,270,099 
Corporate and Other325,013 294,581 
Assets held for sale— 10,988 
Total consolidated$4,342,162 $4,103,545 
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2022
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, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss)(10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(97,259)2,203 (95,056)
Amounts reclassified from accumulated other comprehensive income (1)
— 11,407 11,407 
Net current period other comprehensive income (loss)(97,259)13,610 (83,649)
September 30, 2022$(196,825)$(77,289)$(274,114)
(1) All amounts are after tax.

Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$18 Other income, net
Amortization of actuarial losses(12,636)Other income, net
Settlements(1,842)Other income, net
(14,460)Earnings before income taxes
3,053 Provision for income taxes
Total reclassifications$(11,407)Net earnings
v3.22.2.2
CONTINGENCIES AND COMMITMENTS
 9 Months Ended
Sep. 30, 2022
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 September 30, 2022 and December 31, 2021, there were $14.7 million and $21.1 million of stand-by letters of credit outstanding, respectively, and $2.4 million and $4.5 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 $35.2 million surety bond.

AP1000 Program

In February 2022, the Corporation and Westinghouse Electric Company (WEC) executed a settlement agreement to resolve all open claims and counterclaims under the AP1000 U.S. and China contracts. Under the terms of the settlement agreement, the Corporation paid WEC $15 million in March 2022 and is required to pay WEC a final amount of $10 million in the first quarter of 2023 in exchange for the Corporation’s full release from all open claims under such contracts, whether known or unknown. Under the settlement, the parties also negotiated and executed a right of first refusal for all future AP1000 projects. As of December 31, 2021, the Corporation was adequately accrued regarding this matter.
v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTSOn October 27, 2022, the Corporation announced that it formally closed its private placement debt offering of $300 million for senior notes, consisting of $200 million 4.49% notes due 2032 and $100 million 4.64% notes due 2034.
v3.22.2.2
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global 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. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements.

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2022 and 2021, 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 2021 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.
v3.22.2.2
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2022 and 2021:
Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
Over-time50 %48 %52 %51 %
Point-in-time50 %52 %48 %49 %
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 EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Aerospace & Defense
Aerospace Defense$114,431 $116,853 $306,980 $327,847 
Ground Defense54,890 55,124 138,391 159,090 
Naval Defense174,844 175,800 510,597 531,429 
Commercial Aerospace70,257 67,461 199,341 196,285 
Total Aerospace & Defense$414,422 $415,238 $1,155,309 $1,214,651 
Commercial
Power & Process$110,559 $112,736 $340,702 $343,573 
General Industrial105,561 92,645 303,349 280,949 
Total Commercial$216,120 $205,381 $644,051 $624,522 
Total$630,542 $620,619 $1,799,360 $1,839,173 
v3.22.2.2
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [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 nine months ended September 30, 2022.

(In thousands)2022
Accounts receivable$9,970 
Inventory22,790 
Property, plant, and equipment1,683 
Other current and non-current assets1,872 
Intangible assets130,500 
Operating lease right-of-use assets, net1,197 
Current and non-current liabilities(9,607)
Net tangible and intangible assets158,405 
Goodwill88,810 
Total purchase price$247,215 
Goodwill deductible for tax purposes$88,810 
v3.22.2.2
RECEIVABLES (Table)
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:

(In thousands)September 30, 2022December 31, 2021
Billed receivables:
Trade and other receivables$403,998 $362,007 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed314,692 291,758 
Less: Progress payments applied
(559)(1,297)
Net unbilled receivables314,133 290,461 
Less: Allowance for doubtful accounts
(4,539)(5,320)
Receivables, net$713,592 $647,148 
v3.22.2.2
INVENTORIES (Table)
 9 Months Ended
Sep. 30, 2022
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:

(In thousands)September 30, 2022December 31, 2021
Raw materials$249,272 $191,066 
Work-in-process90,288 78,221 
Finished goods126,093 98,944 
Inventoried costs related to U.S. Government and other long-term contracts (1)
41,764 48,619 
Inventories, net of reserves507,417 416,850 
Less:  Progress payments applied(4,353)(5,283)
Inventories, net$503,064 $411,567 

(1) This caption includes capitalized development costs of $18.4 million as of September 30, 2022 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2022, capitalized development costs of $11.7 million are not currently supported by existing firm orders.
v3.22.2.2
GOODWILL (Table)
 9 Months Ended
Sep. 30, 2022
Goodwill [Abstract]  
Schedule Of Goodwill The changes in the carrying amount of goodwill for the nine months ended September 30, 2022 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions— — 88,810 88,810 
Adjustments
— 967 — 967 
Foreign currency translation adjustment(10,984)(20,047)(9,541)(40,572)
September 30, 2022$305,163 $694,934 $512,134 $1,512,231 
v3.22.2.2
OTHER INTANGIBLE ASSETS, NET (Table)
 9 Months Ended
Sep. 30, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:

September 30, 2022December 31, 2021
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$299,444 $(170,266)$129,178 $274,615 $(164,077)$110,538 
Customer related intangibles650,987 (286,790)364,197 568,720 (270,816)297,904 
Programs (1)
144,000 (32,400)111,600 144,000 (27,000)117,000 
Other intangible assets52,875 (39,287)13,588 49,559 (36,924)12,635 
Total$1,147,306 $(528,743)$618,563 $1,036,894 $(498,817)$538,077 
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$62 
2023$66 
2024$55 
2025$52 
2026$51 
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
September 30, 2022December 31, 2021
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$388,100 $388,100 $93,900 $93,900 
3.70% Senior notes due 2023
202,500 201,714 202,500 208,086 
3.85% Senior notes due 2025
90,000 86,827 90,000 95,246 
4.24% Senior notes due 2026
200,000 190,933 200,000 218,421 
4.05% Senior notes due 2028
67,500 62,919 67,500 73,783 
4.11% Senior notes due 2028
90,000 83,520 90,000 98,854 
3.10% Senior notes due 2030
150,000 126,071 150,000 154,832 
3.20% Senior notes due 2032
150,000 121,677 150,000 154,875 
Total debt1,338,100 1,261,761 1,043,900 1,097,997 
Debt issuance costs, net(827)(827)(949)(949)
Unamortized interest rate swap proceeds6,438 6,438 7,659 7,659 
Total debt, net$1,343,711 $1,267,372 $1,050,610 $1,104,707 
v3.22.2.2
PENSION PLANS (Table)
 9 Months Ended
Sep. 30, 2022
Pension Plans Defined Benefit [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule Of Defined Benefit Plans Disclosures The components of net periodic pension cost for the three and nine months ended September 30, 2022 and 2021 were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Service cost$5,770 $6,931 $17,803 $20,921 
Interest cost5,442 4,585 16,148 13,402 
Expected return on plan assets(13,525)(15,177)(41,240)(45,548)
Amortization of prior service cost155 (216)(18)(648)
Amortization of unrecognized actuarial loss4,785 6,988 12,636 21,705 
Cost of settlements— 235 1,842 3,310 
Net periodic pension cost$2,627 $3,346 $7,171 $13,142 
v3.22.2.2
EARNINGS PER SHARE (Table)
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Basic weighted-average shares outstanding38,368 40,769 38,416 40,865 
Dilutive effect of deferred stock compensation279 181 239 175 
Diluted weighted-average shares outstanding38,647 40,950 38,655 41,040 
v3.22.2.2
SEGMENT INFORMATION (Table)
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Net sales
Aerospace & Industrial$213,656 $197,060 $614,817 $578,452 
Defense Electronics162,233 182,314 456,575 528,080 
Naval & Power256,277 242,891 732,905 737,967 
Less: Intersegment revenues(1,624)(1,646)(4,937)(5,326)
Total consolidated$630,542 $620,619 $1,799,360 $1,839,173 
Operating income (expense)
Aerospace & Industrial$39,080 $30,872 $96,397 $81,874 
Defense Electronics36,588 40,762 84,338 106,656 
Naval & Power41,576 35,483 118,865 116,635 
Corporate and other (1)
(9,661)(9,448)(33,402)(27,847)
Total consolidated$107,583 $97,669 $266,198 $277,318 

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
Adjustments to reconcile operating income to earnings before income taxes are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2022202120222021
Total operating income$107,583 $97,669 $266,198 $277,318 
Interest expense13,997 9,955 33,315 30,094 
Other income, net3,746 3,627 11,298 8,910 
Earnings before income taxes$97,332 $91,341 $244,181 $256,134 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)September 30, 2022December 31, 2021
Identifiable assets
Aerospace & Industrial$994,691 $991,508 
Defense Electronics1,503,767 1,536,369 
Naval & Power1,518,691 1,270,099 
Corporate and Other325,013 294,581 
Assets held for sale— 10,988 
Total consolidated$4,342,162 $4,103,545 
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 9 Months Ended
Sep. 30, 2022
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, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive income (loss) before reclassifications (1)
(10,829)107,211 96,382 
Amounts reclassified from accumulated other comprehensive income (1)
— 24,009 24,009 
Net current period other comprehensive income (loss)(10,829)131,220 120,391 
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(97,259)2,203 (95,056)
Amounts reclassified from accumulated other comprehensive income (1)
— 11,407 11,407 
Net current period other comprehensive income (loss)(97,259)13,610 (83,649)
September 30, 2022$(196,825)$(77,289)$(274,114)
(1) All amounts are after tax.
Reclassification out of Accumulated Other Comprehensive Income
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$18 Other income, net
Amortization of actuarial losses(12,636)Other income, net
Settlements(1,842)Other income, net
(14,460)Earnings before income taxes
3,053 Provision for income taxes
Total reclassifications$(11,407)Net earnings
v3.22.2.2
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Disaggregation of Revenue [Line Items]        
Sales $ 630,542 $ 620,619 $ 1,799,360 $ 1,839,173
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 216,120 205,381 644,051 624,522
Total Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 414,422 415,238 1,155,309 1,214,651
Aerospace Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 114,431 116,853 306,980 327,847
Ground Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 54,890 55,124 138,391 159,090
Naval Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 174,844 175,800 510,597 531,429
Commercial Aerospace [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 70,257 67,461 199,341 196,285
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 110,559 112,736 340,702 343,573
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 105,561 $ 92,645 $ 303,349 $ 280,949
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 48.00% 52.00% 51.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 50.00% 52.00% 48.00% 49.00%
v3.22.2.2
REVENUE (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 54 $ 46 $ 189 $ 188
Revenue, Remaining Performance Obligation, Amount $ 2,600   $ 2,600  
Revenue, Remaining Performance Obligation, Percentage 90.00%   90.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.22.2.2
ACQUISITIONS (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Business Acquisition [Line Items]    
Goodwill $ 1,512,231 $ 1,463,026
2022 Acquisitions    
Business Acquisition [Line Items]    
Accounts receivable 9,970  
Inventory 22,790  
Property, plant, and equipment 1,683  
Other current and non-current assets 1,872  
Intangible assets 130,500  
Operating lease right-of-use assets, net 1,197  
Current and non-current liabilities 9,607  
Net tangible and intangible assets 158,405  
Goodwill 88,810  
Total purchase price 247,215  
Goodwill deductible for tax purposes $ 88,810  
v3.22.2.2
ACQUISITIONS - (Narrative) (Details)
$ in Thousands
 9 Months Ended
Jun. 30, 2022
USD ($)
Sep. 30, 2022
USD ($)
NumberAcquisitions
Business Acquisition [Line Items]    
Number of Businesses Acquired | NumberAcquisitions   1
2022 Acquisitions    
Business Acquisition [Line Items]    
Net Tangible and Intangible Assets   $ 247,215
Revenue of Acquiree since Acquisition Date, Actual   14,000
Earnings or Loss of Acquiree since Acquisition Date, Actual   $ (6,000)
Naval & Power [Member] | Safran Aerosystems Arresting Company (SAA)    
Business Acquisition [Line Items]    
Net Tangible and Intangible Assets $ 247,000  
Effective Date of Acquisition Jun. 30, 2022  
v3.22.2.2
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 9 Months Ended
Jan. 31, 2022
Sep. 30, 2022
Mar. 31, 2022
Sep. 30, 2022
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]          
Proceeds from Divestiture of Businesses $ 3,000        
Loss on divestiture   $ 0 $ 5,000 $ 4,651 $ 0
v3.22.2.2
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Billed receivables:    
Trade and other receivables $ 403,998 $ 362,007
Less: Allowance for doubtful accounts (4,539) (5,320)
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 314,692 291,758
Less: Progress payments applied (559) (1,297)
Net unbilled receivables 314,133 290,461
Receivables, net $ 713,592 $ 647,148
v3.22.2.2
INVENTORIES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 249,272 $ 191,066
Inventory, Work in Process, Net of Reserves 90,288 78,221
Inventory, Finished Goods, Net of Reserves 126,093 98,944
Inventory For Long-term Contracts Or Programs, Net Of Reserves 41,764 48,619
Inventories, Net of Reserves 507,417 416,850
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (4,353) (5,283)
Inventory, Net, Total $ 503,064 $ 411,567
v3.22.2.2
INVENTORIES (Narrative) (Detail)
$ in Millions
Sep. 30, 2022
USD ($)
Inventory, Net [Abstract]  
Other inventory, capitalized costs $ 18.4
Other inventory capitalized costs not supported by existing firm orders $ 11.7
v3.22.2.2
GOODWILL (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Goodwill [Roll Forward]  
December 31, 2021 $ 1,463,026
Goodwill, Acquired During Period 88,810
Goodwill, Other Increase (Decrease) 967
Foreign currency translation adjustment (40,572)
September 30, 2022 1,512,231
Aerospace & Industrial [Member]  
Goodwill [Roll Forward]  
December 31, 2021 316,147
Foreign currency translation adjustment (10,984)
September 30, 2022 305,163
Defense Electronics [Member]  
Goodwill [Roll Forward]  
December 31, 2021 714,014
Goodwill, Other Increase (Decrease) 967
Foreign currency translation adjustment (20,047)
September 30, 2022 694,934
Naval & Power [Member]  
Goodwill [Roll Forward]  
December 31, 2021 432,865
Goodwill, Acquired During Period 88,810
Foreign currency translation adjustment (9,541)
September 30, 2022 $ 512,134
v3.22.2.2
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,147,306 $ 1,036,894
Accumulated Amortization (528,743) (498,817)
Net 618,563 538,077
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 299,444 274,615
Accumulated Amortization (170,266) (164,077)
Net 129,178 110,538
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 650,987 568,720
Accumulated Amortization (286,790) (270,816)
Net 364,197 297,904
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (32,400) (27,000)
Net 111,600 117,000
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 52,875 49,559
Accumulated Amortization (39,287) (36,924)
Net $ 13,588 $ 12,635
v3.22.2.2
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 130.5  
Amortization expense 46.0 $ 45.0
Future amortization expense in remainder of fiscal year 62.0  
Future amortization expense in year one 66.0  
Future amortization expense in year two 55.0  
Future amortization expense in year three 52.0  
Future amortization expense in year four 51.0  
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 31.5  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 15 years  
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 94.6  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 15 years 10 months 24 days  
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 4.4  
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 10 years  
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
General and Administrative Expense [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (6,000) $ (2,000) $ (12,000) $ (2,000)
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,343,711 $ 1,050,610
Long-term Debt, Gross 1,338,100 1,043,900
Debt Issuance Costs, Net (827) (949)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 6,438 7,659
Estimated Fair Value 1,267,372 1,104,707
Revolving Credit Facility [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 388,100 93,900
Estimated Fair Value 388,100 93,900
3.70% Senior notes due 2023    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 202,500 202,500
Estimated Fair Value $ 201,714 208,086
Debt Instrument, Interest Rate, Stated Percentage 3.70%  
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 $ 86,827 95,246
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 $ 190,933 218,421
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 $ 62,919 73,783
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 $ 83,520 98,854
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 $ 126,071 154,832
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 $ 121,677 154,875
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
Long-term Debt, Gross    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 1,261,761 $ 1,097,997
v3.22.2.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Narrative) (Details) - USD ($)
Oct. 27, 2022
May 31, 2022
Line of Credit | Revolving Credit Facility [Member] | Credit Agreement    
Debt Instrument [Line Items]    
Line of Credit Facility, Maximum Borrowing Capacity   $ 750,000,000
Line of Credit Facility, Accordion Feature, Increase Limit   $ 250,000,000
Senior Notes | Private Placement | Subsequent Event    
Debt Instrument [Line Items]    
Debt $ 300,000,000  
Senior Notes Four Forty Nine [Member] | Subsequent Event    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.49%  
Senior Notes Four Forty Nine [Member] | Private Placement | Subsequent Event    
Debt Instrument [Line Items]    
Debt $ 200,000,000  
Senior Notes Four Sixty Four | Subsequent Event    
Debt Instrument [Line Items]    
Debt Instrument, Interest Rate, Stated Percentage 4.64%  
Senior Notes Four Sixty Four | Private Placement | Subsequent Event    
Debt Instrument [Line Items]    
Debt $ 100,000,000  
v3.22.2.2
PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 5,770 $ 6,931 $ 17,803 $ 20,921
Interest cost 5,442 4,585 16,148 13,402
Expected return on plan assets (13,525) (15,177) (41,240) (45,548)
Amortization of prior service cost 155 (216) (18) (648)
Amortization of unrecognized actuarial loss 4,785 6,988 12,636 21,705
Gain (Loss) Due to Settlement 0 (235) (1,842) (3,310)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 2,627 $ 3,346 $ 7,171 $ 13,142
v3.22.2.2
PENSION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 5.5 $ 4.6 $ 15.8 $ 14.2
v3.22.2.2
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 38,368 40,769 38,416 40,865
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 279 181 239 175
Diluted weighted-average shares outstanding (shares) 38,647 40,950 38,655 41,040
v3.22.2.2
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 49,000 37,000 41,000
v3.22.2.2
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Segment Reporting Information [Line Items]          
Net sales $ 630,542 $ 620,619 $ 1,799,360 $ 1,839,173  
Operating income (expense) 107,583 97,669 266,198 277,318  
Identifiable assets 4,342,162   4,342,162   $ 4,103,545
Aerospace & Industrial [Member]          
Segment Reporting Information [Line Items]          
Net sales 213,656 197,060 614,817 578,452  
Operating income (expense) 39,080 30,872 96,397 81,874  
Identifiable assets 994,691   994,691   991,508
Defense Electronics [Member]          
Segment Reporting Information [Line Items]          
Net sales 162,233 182,314 456,575 528,080  
Operating income (expense) 36,588 40,762 84,338 106,656  
Identifiable assets 1,503,767   1,503,767   1,536,369
Naval & Power [Member]          
Segment Reporting Information [Line Items]          
Net sales 256,277 242,891 732,905 737,967  
Operating income (expense) 41,576 35,483 118,865 116,635  
Identifiable assets 1,518,691   1,518,691   1,270,099
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (9,661) (9,448) (33,402) (27,847)  
Identifiable assets 325,013   325,013   294,581
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales (1,624) $ (1,646) (4,937) $ (5,326)  
Operating Segments | Assets Held for Sale          
Segment Reporting Information [Line Items]          
Identifiable assets $ 0   $ 0   $ 10,988
v3.22.2.2
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting [Abstract]        
Total operating income $ 107,583 $ 97,669 $ 266,198 $ 277,318
Interest expense (13,997) (9,955) (33,315) (30,094)
Other income, net 3,746 3,627 11,298 8,910
Earnings before income taxes $ 97,332 $ 91,341 $ 244,181 $ 256,134
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Dec. 31, 2021
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]            
Beginning balance       $ (190,465) $ (310,856) $ (310,856)
Other comprehensive income (loss) before reclassifications       (95,056)   96,382
Amounts reclassified from accumulated other comprehensive loss       11,407   24,009
Other comprehensive income (loss), net of tax $ (46,242) $ 120,391 $ (11,279) (83,649) 2,046  
Ending balance (274,114) (190,465)   (274,114)   (190,465)
Foreign Currency Translation Adjustments, Net [Member]            
Accumulated Other Comprehensive Income (Loss) [Roll Forward]            
Beginning balance       (99,566) (88,737) (88,737)
Other comprehensive income (loss) before reclassifications       (97,259)   (10,829)
Amounts reclassified from accumulated other comprehensive loss       0   0
Other comprehensive income (loss), net of tax   (10,829)   (97,259)    
Ending balance (196,825) (99,566)   (196,825)   (99,566)
Total Pension and Postretirement Adjustments, Net [Member]            
Accumulated Other Comprehensive Income (Loss) [Roll Forward]            
Beginning balance       (90,899) $ (222,119) (222,119)
Other comprehensive income (loss) before reclassifications       2,203   107,211
Amounts reclassified from accumulated other comprehensive loss       11,407   24,009
Other comprehensive income (loss), net of tax   131,220   13,610    
Ending balance $ (77,289) $ (90,899)   $ (77,289)   $ (90,899)
v3.22.2.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Earnings before income taxes $ 97,332 $ 91,341 $ 244,181 $ 256,134
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirement Adjustments, Net [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amortization of prior service costs     18  
Amortization of actuarial losses     (12,636)  
Settlements     (1,842)  
Earnings before income taxes     (14,460)  
Provision for income taxes     3,053  
Net earnings     $ (11,407)  
v3.22.2.2
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Mar. 31, 2023
Sep. 30, 2022
Dec. 31, 2021
Standby Letters Of Credit [Member]      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   $ 14.7 $ 21.1
FinancialStandbyLetterOfCreditMember      
Loss Contingencies [Line Items]      
Letters of credit, outstanding   2.4 $ 4.5
Surety Bond [Member]      
Loss Contingencies [Line Items]      
Surety Bond Outstanding   35.2  
AP1000      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party   $ 15.0  
AP1000 | Forecast [Member]      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party $ 10.0    
v3.22.2.2
SUBSEQUENT EVENTS (Details) - Subsequent Event
$ in Millions
Oct. 27, 2022
USD ($)
Senior Notes | Private Placement  
Subsequent Event [Line Items]  
Debt $ 300
Senior Notes Four Forty Nine [Member]  
Subsequent Event [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 4.49%
Senior Notes Four Forty Nine [Member] | Private Placement  
Subsequent Event [Line Items]  
Debt $ 200
Senior Notes Four Sixty Four  
Subsequent Event [Line Items]  
Debt Instrument, Interest Rate, Stated Percentage 4.64%
Senior Notes Four Sixty Four | Private Placement  
Subsequent Event [Line Items]  
Debt $ 100