CURTISS WRIGHT CORP, 10-Q filed on 8/3/2023
Quarterly Report
v3.23.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2023
Jul. 31, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
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   38,305,442
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net Sales        
Sales $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818
Cost of sales        
Total cost of sales 444,823 380,843 854,275 738,902
Gross profit 259,573 228,514 480,981 429,916
Research and development expenses 20,210 23,868 42,234 44,417
Selling expenses 34,273 30,407 66,698 58,499
General and administrative expenses 92,315 76,134 180,659 163,734
Loss on divestiture 0 0 0 4,651
Operating income 112,775 98,105 191,390 158,615
Interest expense (14,992) (9,788) (27,936) (19,318)
Other income, net 7,954 4,555 15,721 7,552
Earnings before income taxes 105,737 92,872 179,175 146,849
Provision for income taxes (24,738) (22,000) (41,330) (35,292)
Net earnings $ 80,999 $ 70,872 $ 137,845 $ 111,557
Basic earnings per share        
Basic earnings per share (usd per share) $ 2.11 $ 1.84 $ 3.60 $ 2.90
Diluted earnings per share        
Diluted earnings per share (usd per share) 2.10 1.83 3.58 2.89
Dividends per share $ 0.20 $ 0.19 $ 0.39 $ 0.37
Weighted average shares outstanding:        
Basic (shares) 38,329 38,429 38,309 38,438
Diluted (shares) 38,555 38,654 38,528 38,657
Retained Earnings        
Cost of sales        
Net earnings $ 80,999 $ 70,872 $ 137,845 $ 111,557
Product [Member]        
Net Sales        
Sales 583,036 505,416 1,107,917 958,837
Cost of sales        
Cost of Goods and Services Sold 369,549 316,389 713,306 610,916
Service [Member]        
Net Sales        
Sales 121,360 103,941 227,339 209,981
Cost of sales        
Cost of Goods and Services Sold $ 75,274 $ 64,454 $ 140,969 $ 127,986
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net earnings $ 80,999 $ 70,872 $ 137,845 $ 111,557
Other comprehensive income        
Foreign currency translation, net of tax [1] 19,298 (40,336) 33,964 (47,161)
Pension and postretirement adjustments, net of tax [1] (231) 3,988 (423) 9,754
Other comprehensive income (loss), net of tax 19,067 (36,348) 33,541 (37,407)
Comprehensive income $ 100,066 $ 34,524 $ 171,386 $ 74,150
[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, 2023 and June 30, 2022 was immaterial.
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 158,737 $ 256,974
Receivables, net 751,532 724,603
Inventories, net 545,596 483,113
Other current assets 67,693 52,623
Total current assets 1,523,558 1,517,313
Property, plant, and equipment, net 340,857 342,708
Goodwill 1,555,908 1,544,635
Other intangible assets, net 589,932 620,897
Operating lease right-of-use assets, net 143,814 153,855
Prepaid pension asset 232,557 222,627
Other assets 54,472 47,567
Total assets 4,441,098 4,449,602
Current liabilities:    
Current portion of long-term debt 0 202,500
Accounts payable 233,602 266,525
Accrued expenses 144,073 177,536
Deferred revenue 264,766 242,483
Other current liabilities 78,486 82,395
Total current liabilities 720,927 971,439
Long-term debt 1,176,066 1,051,900
Deferred tax liabilities, net 117,882 123,001
Accrued pension and other postretirement benefit costs 58,267 58,348
Long-term operating lease liability 122,939 132,275
Long-term portion of environmental reserves 13,497 12,547
Other liabilities 93,256 107,973
Total liabilities 2,302,834 2,457,483
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 49,187,378 shares issued as of June 30, 2023 and December 31, 2022; outstanding shares were 38,292,332 as of June 30, 2023 and 38,259,722 as of December 31, 2022 49,187 49,187
Additional paid in capital 130,846 134,553
Retained earnings 3,297,281 3,174,396
Accumulated other comprehensive loss (225,375) (258,916)
Common treasury stock, at cost (10,895,046 shares as of June 30, 2023 and 10,927,656 shares as of December 31, 2022) (1,113,675) (1,107,101)
Total stockholders’ equity 2,138,264 1,992,119
Total liabilities and stockholders’ equity $ 4,441,098 $ 4,449,602
v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Jun. 30, 2023
Dec. 31, 2022
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) 38,292,332 38,259,722
Treasury Stock, Common, Shares (in shares) 10,895,046 10,927,656
v3.23.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net earnings $ 137,845 $ 111,557
Adjustments to reconcile net earnings to net cash provided by (used for) operating activities    
Depreciation and amortization 57,975 53,645
Loss on divestiture 0 4,651
Loss/(gain) on sale/disposal of long-lived assets 16 (3,004)
Deferred income taxes (6,553) (4,516)
Share-based compensation 8,859 7,580
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (22,370) (47,826)
Inventories, net (57,557) (58,620)
Progress Payments 1,830 (954)
Accounts payable and accrued expenses (72,019) (55,406)
Deferred revenue 21,586 (45,397)
Net pension and postretirement liabilities (9,392) (4,376)
Other current and long-term assets and liabilities (40,867) (50,605)
Net cash provided by (used for) operating activities 19,353 (93,271)
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 473 6,319
Additions to property, plant, and equipment (22,664) (19,492)
Payments for Previous Acquisition 0 5,062
Net cash used for investing activities (22,191) (18,235)
Cash flows from financing activities:    
Borrowings under revolving credit facility 481,099 653,547
Payments of revolving credit facilities (356,099) (494,347)
Principal payments on debt (202,500) 0
Repurchases of common stock (24,365) (31,645)
Proceeds from share-based compensation 5,225 5,284
Dividends paid (7,290) (14,220)
Proceeds from (Payments for) Other Financing Activities (537) (499)
Net cash (used for)/provided by financing activities (104,467) 118,120
Effect of exchange-rate changes on cash 9,068 (6,204)
Net increase (decrease) in cash and cash equivalents (98,237) 410
Cash and cash equivalents at beginning of period 256,974 171,004
Cash and cash equivalents at end of period $ 158,737 $ 171,414
v3.23.2
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, 2021   $ 49,187 $ 127,104 $ 2,908,827 $ (190,465) $ (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 111,557     111,557    
Other Comprehensive Income (Loss), Net of Tax (37,407)       (37,407)  
Dividends paid       (14,220)    
Restricted stock     (8,523)     8,523
Employee stock purchase plan     814     4,470
Share-based compensation     7,427     153
Repurchases of common stock [1]           (31,645)
Other     (506)     506
Ending Balance at Jun. 30, 2022   49,187 126,316 3,006,164 (227,872) (1,086,156)
Beginning Balance at Dec. 31, 2021   49,187 127,104 2,908,827 (190,465) (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax (68,451)          
Ending Balance at Dec. 31, 2022 1,992,119 49,187 134,553 3,174,396 (258,916) (1,107,101)
Beginning Balance at Mar. 31, 2022   49,187 122,603 2,942,580 (191,524) (1,073,426)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 70,872     70,872    
Other Comprehensive Income (Loss), Net of Tax (36,348)       (36,348)  
Dividends paid       (7,288)    
Share-based compensation     3,713     58
Repurchases of common stock [1]           (12,788)
Ending Balance at Jun. 30, 2022   49,187 126,316 3,006,164 (227,872) (1,086,156)
Beginning Balance at Dec. 31, 2022 1,992,119 49,187 134,553 3,174,396 (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           (24,365)
Other     (261)     261
Ending Balance at Jun. 30, 2023 2,138,264 49,187 130,846 3,297,281 (225,375) (1,113,675)
Beginning Balance at Mar. 31, 2023   49,187 126,909 3,223,944 (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           (11,979)
Ending Balance at Jun. 30, 2023 $ 2,138,264 $ 49,187 $ 130,846 $ 3,297,281 $ (225,375) $ (1,113,675)
[1] For the three and six months ended June 30, 2023, the Corporation repurchased approximately 0.1 million and 0.1 million shares of its common stock, respectively. For the three and six months ended June 30, 2022, the Corporation repurchased approximately 0.1 million and 0.2 million shares of its common stock, respectively.
v3.23.2
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired 0.1 0.1 0.1 0.2
v3.23.2
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2023
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. 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 six months ended June 30, 2023 and 2022, 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 2022 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.
v3.23.2
REVENUE
 6 Months Ended
Jun. 30, 2023
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, 2023 and 2022:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
Over-time46 %53 %47 %53 %
Point-in-time54 %47 %53 %47 %

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 $2.8 billion as of June 30, 2023, 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 EndedSix Months Ended
June 30,June 30,
(In thousands)2023202220232022
Aerospace & Defense
Aerospace Defense$132,192 $94,545 $232,071 $192,549 
Ground Defense70,875 44,393 137,132 83,501 
Naval Defense180,956 172,786 352,912 335,753 
Commercial Aerospace82,033 68,192 152,523 129,084 
Total Aerospace & Defense$466,056 $379,916 $874,638 $740,887 
Commercial
Power & Process$131,000 $125,355 $251,338 $230,143 
General Industrial107,340 104,086 209,280 197,788 
Total Commercial$238,340 $229,441 $460,618 $427,931 
Total$704,396 $609,357 $1,335,256 $1,168,818 

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, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $58 million and $147 million, respectively. Revenue recognized during the three and six months ended June 30, 2022 included in the contract liabilities balance as of January 1, 2022 was approximately $56 million and $135 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.23.2
ASSETS HELD FOR SALE
 6 Months Ended
Jun. 30, 2023
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 for gross cash proceeds of $3 million. The Corporation recorded a loss of $5 million upon sale closing during the first quarter of 2022.
v3.23.2
RECEIVABLES
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Billed receivables:
Trade and other receivables$434,557 $412,682 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed322,025 316,682 
Less: Progress payments applied
(435)(67)
Net unbilled receivables321,590 316,615 
Less: Allowance for doubtful accounts
(4,615)(4,694)
Receivables, net$751,532 $724,603 
v3.23.2
INVENTORIES
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
Raw materials$252,666 $242,116 
Work-in-process102,339 76,328 
Finished goods148,493 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
44,872 39,685 
Inventories, net of reserves548,370 486,219 
Less:  Progress payments applied(2,774)(3,106)
Inventories, net$545,596 $483,113 

(1) This caption includes capitalized development costs of $15.5 million as of June 30, 2023 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of June 30, 2023, capitalized development costs of $8.3 million are not currently supported by existing firm orders.
v3.23.2
GOODWILL
 6 Months Ended
Jun. 30, 2023
Goodwill [Abstract]  
GOODWILL GOODWILLThe changes in the carrying amount of goodwill for the six months ended June 30, 2023 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment3,070 5,473 2,730 11,273 
June 30, 2023$324,620 $708,259 $523,029 $1,555,908 
v3.23.2
OTHER INTANGIBLE ASSETS, NET
 6 Months Ended
Jun. 30, 2023
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:

June 30, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$309,627 $(188,261)$121,366 $306,160 $(176,675)$129,485 
Customer related intangibles670,523 (320,041)350,482 666,638 (298,160)368,478 
Programs (1)
144,000 (37,800)106,200 144,000 (34,200)109,800 
Other intangible assets54,187 (42,303)11,884 53,879 (40,745)13,134 
Total$1,178,337 $(588,405)$589,932 $1,170,677 $(549,780)$620,897 
(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. 

Total intangible amortization expense for the six months ended June 30, 2023 was $33 million, as compared to $28 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)
2023$65 
2024$57 
2025$54 
2026$53 
2027$50 
v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 and December 31, 2022, 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 gains for the three and six months ended June 30, 2023 were $3 million and $6 million, respectively. The losses for the three and six months ended June 30, 2022 were $5 million and $6 million, respectfully.
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, 2023. 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, 2023December 31, 2022
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$125,000 $125,000 $— $— 
3.70% Senior notes due 2023
— — 202,500 202,082 
3.85% Senior notes due 2025
90,000 86,918 90,000 87,298 
4.24% Senior notes due 2026
200,000 192,590 200,000 191,760 
4.05% Senior notes due 2028
67,500 63,748 67,500 63,300 
4.11% Senior notes due 2028
90,000 84,628 90,000 83,955 
3.10% Senior notes due 2030
150,000 128,742 150,000 127,429 
3.20% Senior notes due 2032
150,000 124,306 150,000 123,656 
4.49% Senior notes due 2032
200,000 183,150 200,000 183,007 
4.64% Senior notes due 2034
100,000 90,700 100,000 90,341 
Total debt1,172,500 1,079,782 1,250,000 1,152,828 
Debt issuance costs, net(1,651)(1,651)(1,631)(1,631)
Unamortized interest rate swap proceeds5,217 5,217 6,031 6,031 
Total debt, net$1,176,066 $1,083,348 $1,254,400 $1,157,228 
v3.23.2
PENSION PLANS
 6 Months Ended
Jun. 30, 2023
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 2022 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and six months ended June 30, 2023 and 2022 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2023202220232022
Service cost$4,137 $5,970 $8,264 $12,033 
Interest cost8,811 5,418 17,601 10,706 
Expected return on plan assets(15,858)(13,858)(31,678)(27,715)
Amortization of prior service cost(33)(87)(66)(173)
Amortization of unrecognized actuarial loss76 3,845 153 7,851 
Cost of settlements— — — 1,842 
Net periodic pension cost$(2,867)$1,288 $(5,726)$4,544 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the six months ended June 30, 2023, 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 2023.
During the six months ended June 30, 2022, 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 six months ended June 30, 2023, the expense relating to the plan was $6.1 million and $12.2 million, respectively. During the three and six months ended June 30, 2022, the expense relating to the plan was $4.6 million and $10.3 million, respectively.
v3.23.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2023
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)2023202220232022
Basic weighted-average shares outstanding38,329 38,429 38,309 38,438 
Dilutive effect of deferred stock compensation226 225 219 219 
Diluted weighted-average shares outstanding38,555 38,654 38,528 38,657 

For the three and six months ended June 30, 2023, approximately 20,000 and 22,000 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 approximately 37,000 and 31,000 anti-dilutive equity-based awards for the three and six months ended June 30, 2022, respectively.
v3.23.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2023
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)2023202220232022
Net sales
Aerospace & Industrial$226,766 $209,311 $430,352 $401,161 
Defense Electronics198,407 150,404 361,477 294,342 
Naval & Power280,731 251,313 547,545 476,628 
Less: Intersegment revenues(1,508)(1,671)(4,118)(3,313)
Total consolidated$704,396 $609,357 $1,335,256 $1,168,818 
Operating income (expense)
Aerospace & Industrial$35,665 $32,464 $62,210 $57,317 
Defense Electronics43,180 24,460 66,548 47,750 
Naval & Power46,782 50,001 84,719 77,289 
Corporate and other (1)
(12,852)(8,820)(22,087)(23,741)
Total consolidated$112,775 $98,105 $191,390 $158,615 
(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 EndedSix Months Ended
June 30,June 30,
(In thousands)2023202220232022
Total operating income$112,775 $98,105 $191,390 $158,615 
Interest expense14,992 9,788 27,936 19,318 
Other income, net7,954 4,555 15,721 7,552 
Earnings before income taxes$105,737 $92,872 $179,175 $146,849 

(In thousands)June 30, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,064,442 $1,041,562 
Defense Electronics1,567,053 1,546,331 
Naval & Power1,517,090 1,488,867 
Corporate and Other292,513 372,842 
Total consolidated$4,441,098 $4,449,602 
v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 6 Months Ended
Jun. 30, 2023
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, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
33,964 (485)33,479 
Amounts reclassified from accumulated other comprehensive income (1)
— 62 62 
Net current period other comprehensive income (loss)33,964 (423)33,541 
June 30, 2023$(126,843)$(98,532)$(225,375)
(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$66 Other income, net
Amortization of actuarial losses(153)Other income, net
(87)Earnings before income taxes
25 Provision for income taxes
Total reclassifications$(62)Net earnings
v3.23.2
CONTINGENCIES AND COMMITMENTS
 6 Months Ended
Jun. 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 June 30, 2023 and December 31, 2022, there were $21 million and $17 million of stand-by letters of credit outstanding, respectively, and $14 million and $3 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.

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 the first quarter of 2022 and 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, as well as negotiating and executing a right of first refusal for all future AP1000 projects.


******
v3.23.2
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2023
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. 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 six months ended June 30, 2023 and 2022, 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 2022 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.
v3.23.2
REVENUE (Tables)
 6 Months Ended
Jun. 30, 2023
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, 2023 and 2022:
Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
Over-time46 %53 %47 %53 %
Point-in-time54 %47 %53 %47 %
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)2023202220232022
Aerospace & Defense
Aerospace Defense$132,192 $94,545 $232,071 $192,549 
Ground Defense70,875 44,393 137,132 83,501 
Naval Defense180,956 172,786 352,912 335,753 
Commercial Aerospace82,033 68,192 152,523 129,084 
Total Aerospace & Defense$466,056 $379,916 $874,638 $740,887 
Commercial
Power & Process$131,000 $125,355 $251,338 $230,143 
General Industrial107,340 104,086 209,280 197,788 
Total Commercial$238,340 $229,441 $460,618 $427,931 
Total$704,396 $609,357 $1,335,256 $1,168,818 
v3.23.2
RECEIVABLES (Table)
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)June 30, 2023December 31, 2022
Billed receivables:
Trade and other receivables$434,557 $412,682 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed322,025 316,682 
Less: Progress payments applied
(435)(67)
Net unbilled receivables321,590 316,615 
Less: Allowance for doubtful accounts
(4,615)(4,694)
Receivables, net$751,532 $724,603 
v3.23.2
INVENTORIES (Table)
 6 Months Ended
Jun. 30, 2023
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:

(In thousands)June 30, 2023December 31, 2022
Raw materials$252,666 $242,116 
Work-in-process102,339 76,328 
Finished goods148,493 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
44,872 39,685 
Inventories, net of reserves548,370 486,219 
Less:  Progress payments applied(2,774)(3,106)
Inventories, net$545,596 $483,113 
v3.23.2
GOODWILL (Table)
 6 Months Ended
Jun. 30, 2023
Goodwill [Abstract]  
Schedule Of Goodwill The changes in the carrying amount of goodwill for the six months ended June 30, 2023 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment3,070 5,473 2,730 11,273 
June 30, 2023$324,620 $708,259 $523,029 $1,555,908 
v3.23.2
OTHER INTANGIBLE ASSETS, NET (Table)
 6 Months Ended
Jun. 30, 2023
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, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$309,627 $(188,261)$121,366 $306,160 $(176,675)$129,485 
Customer related intangibles670,523 (320,041)350,482 666,638 (298,160)368,478 
Programs (1)
144,000 (37,800)106,200 144,000 (34,200)109,800 
Other intangible assets54,187 (42,303)11,884 53,879 (40,745)13,134 
Total$1,178,337 $(588,405)$589,932 $1,170,677 $(549,780)$620,897 
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)
2023$65 
2024$57 
2025$54 
2026$53 
2027$50 
v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
June 30, 2023December 31, 2022
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
Revolving credit agreement, due 2027$125,000 $125,000 $— $— 
3.70% Senior notes due 2023
— — 202,500 202,082 
3.85% Senior notes due 2025
90,000 86,918 90,000 87,298 
4.24% Senior notes due 2026
200,000 192,590 200,000 191,760 
4.05% Senior notes due 2028
67,500 63,748 67,500 63,300 
4.11% Senior notes due 2028
90,000 84,628 90,000 83,955 
3.10% Senior notes due 2030
150,000 128,742 150,000 127,429 
3.20% Senior notes due 2032
150,000 124,306 150,000 123,656 
4.49% Senior notes due 2032
200,000 183,150 200,000 183,007 
4.64% Senior notes due 2034
100,000 90,700 100,000 90,341 
Total debt1,172,500 1,079,782 1,250,000 1,152,828 
Debt issuance costs, net(1,651)(1,651)(1,631)(1,631)
Unamortized interest rate swap proceeds5,217 5,217 6,031 6,031 
Total debt, net$1,176,066 $1,083,348 $1,254,400 $1,157,228 
v3.23.2
PENSION PLANS (Table)
 6 Months Ended
Jun. 30, 2023
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 six months ended June 30, 2023 and 2022 were as follows:

Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2023202220232022
Service cost$4,137 $5,970 $8,264 $12,033 
Interest cost8,811 5,418 17,601 10,706 
Expected return on plan assets(15,858)(13,858)(31,678)(27,715)
Amortization of prior service cost(33)(87)(66)(173)
Amortization of unrecognized actuarial loss76 3,845 153 7,851 
Cost of settlements— — — 1,842 
Net periodic pension cost$(2,867)$1,288 $(5,726)$4,544 
v3.23.2
EARNINGS PER SHARE (Table)
 6 Months Ended
Jun. 30, 2023
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)2023202220232022
Basic weighted-average shares outstanding38,329 38,429 38,309 38,438 
Dilutive effect of deferred stock compensation226 225 219 219 
Diluted weighted-average shares outstanding38,555 38,654 38,528 38,657 
v3.23.2
SEGMENT INFORMATION (Table)
 6 Months Ended
Jun. 30, 2023
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)2023202220232022
Net sales
Aerospace & Industrial$226,766 $209,311 $430,352 $401,161 
Defense Electronics198,407 150,404 361,477 294,342 
Naval & Power280,731 251,313 547,545 476,628 
Less: Intersegment revenues(1,508)(1,671)(4,118)(3,313)
Total consolidated$704,396 $609,357 $1,335,256 $1,168,818 
Operating income (expense)
Aerospace & Industrial$35,665 $32,464 $62,210 $57,317 
Defense Electronics43,180 24,460 66,548 47,750 
Naval & Power46,782 50,001 84,719 77,289 
Corporate and other (1)
(12,852)(8,820)(22,087)(23,741)
Total consolidated$112,775 $98,105 $191,390 $158,615 
(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 EndedSix Months Ended
June 30,June 30,
(In thousands)2023202220232022
Total operating income$112,775 $98,105 $191,390 $158,615 
Interest expense14,992 9,788 27,936 19,318 
Other income, net7,954 4,555 15,721 7,552 
Earnings before income taxes$105,737 $92,872 $179,175 $146,849 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)June 30, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,064,442 $1,041,562 
Defense Electronics1,567,053 1,546,331 
Naval & Power1,517,090 1,488,867 
Corporate and Other292,513 372,842 
Total consolidated$4,441,098 $4,449,602 
v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 6 Months Ended
Jun. 30, 2023
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, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
33,964 (485)33,479 
Amounts reclassified from accumulated other comprehensive income (1)
— 62 62 
Net current period other comprehensive income (loss)33,964 (423)33,541 
June 30, 2023$(126,843)$(98,532)$(225,375)
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$66 Other income, net
Amortization of actuarial losses(153)Other income, net
(87)Earnings before income taxes
25 Provision for income taxes
Total reclassifications$(62)Net earnings
v3.23.2
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Sales $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818
Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 466,056 379,916 874,638 740,887
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 238,340 229,441 460,618 427,931
Aerospace Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 132,192 94,545 232,071 192,549
Ground Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 70,875 44,393 137,132 83,501
Naval Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 180,956 172,786 352,912 335,753
Commercial Aerospace [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 82,033 68,192 152,523 129,084
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 131,000 125,355 251,338 230,143
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 107,340 $ 104,086 $ 209,280 $ 197,788
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 46.00% 53.00% 47.00% 53.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 54.00% 47.00% 53.00% 47.00%
v3.23.2
REVENUE (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 58 $ 56 $ 147 $ 135
Revenue, Remaining Performance Obligation, Amount $ 2,800   $ 2,800  
Revenue, Remaining Performance Obligation, Percentage 90.00%   90.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.23.2
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($)
$ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended
Jan. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Mar. 31, 2022
Jun. 30, 2023
Jun. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]            
Proceeds from Divestiture of Businesses $ 3,000          
Loss on divestiture   $ 0 $ 0 $ 5,000 $ 0 $ 4,651
v3.23.2
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Billed receivables:    
Trade and other receivables $ 434,557 $ 412,682
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 322,025 316,682
Less: Progress payments applied (435) (67)
Net unbilled receivables 321,590 316,615
Less: Allowance for doubtful accounts (4,615) (4,694)
Receivables, net $ 751,532 $ 724,603
v3.23.2
INVENTORIES (Detail) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 252,666 $ 242,116
Inventory, Work in Process, Net of Reserves 102,339 76,328
Inventory, Finished Goods, Net of Reserves 148,493 128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves 44,872 39,685
Inventories, Net of Reserves 548,370 486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (2,774) (3,106)
Inventory, Net, Total $ 545,596 $ 483,113
v3.23.2
INVENTORIES (Narrative) (Detail)
$ in Millions
Jun. 30, 2023
USD ($)
Inventory, Net [Abstract]  
Other inventory, capitalized costs $ 15.5
Other inventory capitalized costs not supported by existing firm orders $ 8.3
v3.23.2
GOODWILL (Detail)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Goodwill [Roll Forward]  
December 31, 2022 $ 1,544,635
Foreign currency translation adjustment 11,273
June 30, 2023 1,555,908
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2022 321,550
Foreign currency translation adjustment 3,070
June 30, 2023 324,620
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2022 702,786
Foreign currency translation adjustment 5,473
June 30, 2023 708,259
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2022 520,299
Foreign currency translation adjustment 2,730
June 30, 2023 $ 523,029
v3.23.2
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,178,337 $ 1,170,677
Accumulated Amortization (588,405) (549,780)
Net 589,932 620,897
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 309,627 306,160
Accumulated Amortization (188,261) (176,675)
Net 121,366 129,485
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 670,523 666,638
Accumulated Amortization (320,041) (298,160)
Net 350,482 368,478
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (37,800) (34,200)
Net 106,200 109,800
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 54,187 53,879
Accumulated Amortization (42,303) (40,745)
Net $ 11,884 $ 13,134
v3.23.2
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 33.0 $ 28.0
Future amortization expense in remainder of fiscal year 65.0  
Future amortization expense in year one 57.0  
Future amortization expense in year two 54.0  
Future amortization expense in year three 53.0  
Future amortization expense in year four $ 50.0  
v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
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 $ 3,000 $ (5,000) $ 6,000 $ (6,000)
v3.23.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,176,066 $ 1,254,400
Long-term Debt, Gross 1,172,500 1,250,000
Debt Issuance Costs, Net (1,651) (1,631)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 5,217 6,031
Estimated Fair Value 1,083,348 1,157,228
Revolving Credit Facility [Member]    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 125,000 0
Estimated Fair Value 125,000 0
3.70% Senior notes due 2023    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 0 202,500
Estimated Fair Value $ 0 202,082
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 $ 86,918 87,298
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 $ 192,590 191,760
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 $ 63,748 63,300
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 $ 84,628 83,955
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 $ 128,742 127,429
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 $ 124,306 123,656
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 $ 183,150 183,007
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 $ 90,700 90,341
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 $ 1,079,782 $ 1,152,828
v3.23.2
PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 4,137 $ 5,970 $ 8,264 $ 12,033
Interest cost 8,811 5,418 17,601 10,706
Expected return on plan assets (15,858) (13,858) (31,678) (27,715)
Amortization of prior service cost (33) (87) (66) (173)
Amortization of unrecognized actuarial loss 76 3,845 153 7,851
Gain (Loss) Due to Settlement 0 0 0 (1,842)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ (2,867) $ 1,288 $ (5,726) $ 4,544
v3.23.2
PENSION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 6.1 $ 4.6 $ 12.2 $ 10.3
v3.23.2
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 38,329 38,429 38,309 38,438
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 226 225 219 219
Diluted weighted-average shares outstanding (shares) 38,555 38,654 38,528 38,657
v3.23.2
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 20,000 37,000 22,000 31,000
v3.23.2
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Net sales $ 704,396 $ 609,357 $ 1,335,256 $ 1,168,818  
Operating income (expense) 112,775 98,105 191,390 158,615  
Identifiable assets 4,441,098   4,441,098   $ 4,449,602
Aerospace & Industrial          
Segment Reporting Information [Line Items]          
Net sales 226,766 209,311 430,352 401,161  
Operating income (expense) 35,665 32,464 62,210 57,317  
Identifiable assets 1,064,442   1,064,442   1,041,562
Defense Electronics          
Segment Reporting Information [Line Items]          
Net sales 198,407 150,404 361,477 294,342  
Operating income (expense) 43,180 24,460 66,548 47,750  
Identifiable assets 1,567,053   1,567,053   1,546,331
Naval & Power          
Segment Reporting Information [Line Items]          
Net sales 280,731 251,313 547,545 476,628  
Operating income (expense) 46,782 50,001 84,719 77,289  
Identifiable assets 1,517,090   1,517,090   1,488,867
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (12,852) (8,820) (22,087) (23,741)  
Identifiable assets 292,513   292,513   $ 372,842
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales $ (1,508) $ (1,671) $ (4,118) $ (3,313)  
v3.23.2
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting [Abstract]        
Total operating income $ 112,775 $ 98,105 $ 191,390 $ 158,615
Interest expense (14,992) (9,788) (27,936) (19,318)
Other income, net 7,954 4,555 15,721 7,552
Earnings before income taxes $ 105,737 $ 92,872 $ 179,175 $ 146,849
v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (258,916) $ (190,465) $ (190,465)
Other comprehensive income (loss) before reclassifications     33,479   (84,688)
Amounts reclassified from accumulated other comprehensive loss     62   16,237
Other comprehensive income (loss), net of tax $ 19,067 $ (36,348) 33,541 (37,407) (68,451)
Ending balance (225,375)   (225,375)   (258,916)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (160,807) (99,566) (99,566)
Other comprehensive income (loss) before reclassifications     33,964   (61,241)
Amounts reclassified from accumulated other comprehensive loss     0   0
Other comprehensive income (loss), net of tax     33,964   (61,241)
Ending balance (126,843)   (126,843)   (160,807)
Total Pension and Postretirement Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (98,109) $ (90,899) (90,899)
Other comprehensive income (loss) before reclassifications     (485)   (23,447)
Amounts reclassified from accumulated other comprehensive loss     62   16,237
Other comprehensive income (loss), net of tax     (423)   (7,210)
Ending balance $ (98,532)   $ (98,532)   $ (98,109)
v3.23.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Earnings before income taxes $ 105,737 $ 92,872 $ 179,175 $ 146,849
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     66  
Amortization of actuarial losses     (153)  
Earnings before income taxes     (87)  
Provision for income taxes     25  
Net earnings     $ (62)  
v3.23.2
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Standby Letters Of Credit [Member]      
Loss Contingencies [Line Items]      
Letters of credit, outstanding $ 21.0   $ 17.0
FinancialStandbyLetterOfCreditMember      
Loss Contingencies [Line Items]      
Letters of credit, outstanding 14.0   $ 3.0
Surety Bond [Member]      
Loss Contingencies [Line Items]      
Surety Bond Outstanding 35.0    
AP1000      
Loss Contingencies [Line Items]      
Litigation Settlement, Amount Awarded to Other Party $ 10.0 $ 15.0