CURTISS WRIGHT CORP, 10-Q filed on 11/4/2021
Quarterly Report
v3.21.2
Document and Entity Information - shares
 9 Months Ended
Sep. 30, 2021
Oct. 31, 2021
Cover [Abstract]    
Security Exchange Name NYSE  
Title of 12(b) Security Common Stock  
Entity Interactive Data Current Yes  
City Area Code 704  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
Entity Incorporation, State or Country Code DE  
Entity File Number 1-134  
Entity Registrant Name CURTISS WRIGHT CORP  
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Entity Filer Category Large Accelerated Filer  
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2021  
Document Transition Report false  
Document Fiscal Year Focus 2021  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity common stock shares outstanding   39,239,706
Trading Symbol CW  
Entity Current Reporting Status Yes  
Emerging Company false  
Small Business false  
Entity Tax Identification Number 13-0612970  
Local Phone Number 869-4600  
Entity Shell Company false  
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Net Sales        
Sales $ 620,619 $ 571,614 $ 1,839,173 $ 1,722,892
Cost of sales        
Total cost of sales 383,611 358,793 1,167,689 1,123,466
Gross profit 237,008 212,821 671,484 599,426
Research and development expenses 21,618 17,587 66,675 54,163
Selling expenses 30,067 24,869 89,227 81,650
General and administrative expenses 78,998 77,251 229,608 230,515
Impairment of assets held for sale 8,656 0 8,656 0
Restructuring Charges 0 8,541 0 20,730
Operating income 97,669 84,573 277,318 212,368
Interest expense (9,955) (9,055) (30,094) (25,059)
Other income, net 3,627 5,417 8,910 6,844
Earnings before income taxes 91,341 80,935 256,134 194,153
Provision for income taxes (21,638) (16,315) (65,554) (46,754)
Net earnings $ 69,703 $ 64,620 $ 190,580 $ 147,399
Basic earnings per share        
Basic earnings per share (usd per share) $ 1.71 $ 1.56 $ 4.66 $ 3.52
Diluted earnings per share        
Diluted earnings per share (usd per share) 1.70 1.55 4.64 3.49
Dividends per share $ 0.18 $ 0.17 $ 0.53 $ 0.51
Weighted average shares outstanding:        
Basic (shares) 40,769 41,545 40,865 41,926
Diluted (shares) 40,950 41,797 41,040 42,190
Product [Member]        
Net Sales        
Sales $ 528,339 $ 493,398 $ 1,552,706 $ 1,457,772
Cost of sales        
Cost of Goods and Services Sold 328,424 305,921 989,759 945,886
Service [Member]        
Net Sales        
Sales 92,280 78,216 286,467 265,120
Cost of sales        
Cost of Goods and Services Sold $ 55,187 $ 52,872 $ 177,930 $ 177,580
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]        
Net earnings $ 69,703 $ 64,620 $ 190,580 $ 147,399
Other comprehensive income        
Foreign currency translation, net of tax [1] (16,273) 28,229 (12,990) 2,139
Pension and postretirement adjustments, net of tax [2] 4,994 3,561 15,036 12,244
Other comprehensive income (loss), net of tax (11,279) 31,790 2,046 14,383
Comprehensive income $ 58,424 $ 96,410 $ 192,626 $ 161,782
[1] The tax benefit included in foreign currency translation adjustments for the three and nine months ended September 30, 2021 and September 30, 2020 was immaterial.
[2] 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. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2020 was $1.3 million and $4.0 million, respectively.
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Comprehensive Income [Abstract]        
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent [1] $ 2.0 $ 1.3 $ 5.1 $ 4.0
[1] 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. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2020 was $1.3 million and $4.0 million, respectively.
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Current Assets:    
Cash and cash equivalents $ 234,416 $ 198,248
Receivables, net 670,867 588,718
Inventories, net 433,140 428,879
Assets held for sale 20,215 27,584
Other current assets 65,171 57,395
Total current assets 1,423,809 1,300,824
Property, plant, and equipment, net 360,314 378,200
Goodwill 1,461,313 1,455,137
Other intangible assets, net 552,514 609,630
Operating lease right-of-use assets, net 140,524 150,898
Prepaid pension asset 111,906 92,531
Other assets 32,921 34,114
Total assets 4,083,301 4,021,334
Current liabilities:    
Current portion of long-term debt 100,000 100,000
Accounts payable 158,196 201,237
Accrued expenses 142,169 146,833
Deferred revenue 249,671 253,411
Liabilities held for sale 13,215 10,141
Other current liabilities 101,892 98,755
Total current liabilities 765,143 810,377
Long-term debt 957,101 958,292
Deferred tax liabilities, net 121,491 115,007
Accrued pension and other postretirement benefit costs 98,122 98,345
Long-term operating lease liability 124,362 133,069
Long-term portion of environmental reserves 15,096 15,422
Other liabilities 101,926 103,248
Total liabilities 2,183,241 2,233,760
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of September 30, 2021 and December 31, 2020; 49,187,378 shares issued as of September 30, 2021 and December 31, 2020; outstanding shares were 40,473,516 as of September 30, 2021 and 40,916,429 as of December 31, 2020 49,187 49,187
Additional paid in capital 124,532 122,535
Retained earnings 2,839,294 2,670,328
Accumulated other comprehensive loss (308,810) (310,856)
Common treasury stock, at cost (8,713,862 shares as of September 30, 2021 and 8,270,949 shares as of December 31, 2020) (804,143) (743,620)
Total stockholders’ equity 1,900,060 1,787,574
Total liabilities and stockholders’ equity $ 4,083,301 $ 4,021,334
v3.21.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2021
Dec. 31, 2020
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 40,473,516 40,916,429
Treasury Stock, Shares 8,713,862 8,270,949
v3.21.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities:    
Net earnings $ 190,580 $ 147,399
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 86,240 84,769
Gain on sale/disposal of long-lived assets (604) (370)
Deferred income taxes 4,480 4,258
Share-based compensation 10,861 11,777
Impairment of assets held for sale 8,656 0
Foreign exchange loss on substantial liquidation of subsidiary 0 9,498
Restructuring Costs   10,254
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (81,498) 1,987
Inventories, net (5,045) (33,322)
Progress Payments (3,960) (3,036)
Accounts payable and accrued expenses (51,702) (81,535)
Deferred revenue 115 (8,841)
Net pension and postretirement liabilities 2,406 (150,674)
Other current and long-term assets and liabilities (4,768) 11,620
Net cash provided by operating activities 155,761 3,784
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 3,389 2,476
Additions to property, plant, and equipment (27,858) (36,341)
Acquisition of businesses, net of cash acquired 0 82,053
Payments for Previous Acquisition 5,340 0
Net cash used for investing activities (29,809) (115,918)
Cash flows from financing activities:    
Borrowings under revolving credit facility 166,771 389,398
Payment of revolving credit facility (166,771) (389,398)
Borrowings on debt 0 300,000
Repurchases of common stock (79,092) (137,155)
Proceeds from share-based compensation 9,705 9,908
Dividends paid (14,320) (14,160)
Proceeds from (Payments for) Other Financing Activities (699) (648)
Net cash (used for)/provided by financing activities (84,406) 157,945
Effect of exchange-rate changes on cash (5,378) (10,023)
Net increase in cash and cash equivalents 36,168 35,788
Cash and cash equivalents at beginning of period 198,248 391,033
Cash and cash equivalents at end of period $ 234,416 $ 426,821
v3.21.2
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, 2019   $ 49,187 $ 116,070 $ 2,497,111 $ (325,274) $ (562,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings $ 147,399     147,399    
Other Comprehensive Income (Loss), Net of Tax 14,383       14,383  
Dividends paid       (21,221)    
Restricted stock     (4,115)     4,115
Employee stock purchase plan and stock options exercised     (1,364)     11,272
Other     (517)     517
Share-based compensation     11,723     54
Repurchases of common stock [1]           (137,155)
Ending Balance at Sep. 30, 2020   49,187 121,797 2,623,289 (310,891) (683,919)
Beginning Balance at Dec. 31, 2019   49,187 116,070 2,497,111 (325,274) (562,722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Other Comprehensive Income (Loss), Net of Tax 14,418          
Ending Balance at Dec. 31, 2020 1,787,574 49,187 122,535 2,670,328 (310,856) (743,620)
Beginning Balance at Jun. 30, 2020   49,187 118,467 2,565,727 (342,681) (677,405)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net earnings 64,620     64,620    
Other Comprehensive Income (Loss), Net of Tax 31,790       31,790  
Dividends paid       (7,058)    
Employee stock purchase plan and stock options exercised     (1,470)     6,191
Share-based compensation     4,800     (163)
Repurchases of common stock [1]           (12,542)
Ending Balance at Sep. 30, 2020   49,187 121,797 2,623,289 (310,891) (683,919)
Beginning Balance at Dec. 31, 2020 1,787,574 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 and stock options exercised     877     8,828
Other     (597)     597
Share-based compensation     10,724     137
Repurchases of common stock           (79,092)
Ending Balance at Sep. 30, 2021 1,900,060 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 and stock options exercised     466     4,320
Share-based compensation     4,120     16
Repurchases of common stock           (54,697)
Ending Balance at Sep. 30, 2021 $ 1,900,060 $ 49,187 $ 124,532 $ 2,839,294 $ (308,810) $ (804,143)
[1] 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. For the three and nine months ended September 30, 2020, the Corporation repurchased approximately 0.1 million and 1.4 million shares of its common stock, respectively.
v3.21.2
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired 0.4 0.1 0.6 1.4
v3.21.2
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete 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, 2021 and 2020, 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 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
v3.21.2
REVENUE
 9 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

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

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date
relative to total estimated costs. 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, 2021 and 2020:

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Over-time48 %50 %51 %52 %
Point-in-time52 %50 %49 %48 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.2 billion as of September 30, 2021, of which the Corporation expects to recognize approximately 84% 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)2021202020212020
Aerospace & Defense
Aerospace Defense$116,853 $121,987 $327,846 $333,120 
Ground Defense55,124 20,519 159,091 63,205 
Naval Defense175,800 165,524 531,429 496,157 
Commercial Aerospace67,461 70,943 196,285 242,708 
Total Aerospace & Defense$415,238 $378,973 $1,214,651 $1,135,190 
Commercial
Power & Process$112,736 $113,919 $343,573 $350,632 
General Industrial92,645 78,722 280,949 237,070 
Total Commercial$205,381 $192,641 $624,522 $587,702 
Total$620,619 $571,614 $1,839,173 $1,722,892 

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, 2021 included in the contract liabilities balance as of January 1, 2021 was approximately $46 million and $188 million, respectively. Revenue recognized during the three and nine months ended September 30, 2020 included in the contract liabilities balance as of January 1, 2020 was approximately $37 million and $197 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.21.2
ACQUISITIONS
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
ACQUISITIONS ACQUISITIONS
The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets. The Corporation has completed 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, 2021, the Corporation did not complete any acquisitions. However, the Corporation paid $5 million during the nine months ended September 30, 2021 in regard to prior period acquisitions, which included a working capital adjustment on the acquisition of Pacific Star Communications, Inc. (PacStar), as well as a portion of the purchase price on the acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back as security for potential indemnification claims against the seller in accordance with the terms of the Purchase Agreement.

During the nine months ended September 30, 2020, the Corporation acquired two businesses for an aggregate purchase price of $90 million, which are described in more detail below. The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2020 included $12 million of total net sales and $1 million of net losses from the Corporation's 2020 acquisitions.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisitions consummated during the nine months ended September 30, 2020.

(In thousands)2020
Accounts receivable$3,204 
Inventory10,233 
Property, plant, and equipment1,332 
Other current and non-current assets188 
Intangible assets39,384 
Operating lease right-of-use assets, net1,992 
Current and non-current liabilities(10,590)
Net tangible and intangible assets45,743 
Goodwill43,912 
Total purchase price$89,655 
Goodwill deductible for tax purposes$38,519 

2020 Acquisitions

PacStar

On October 30, 2020, the Corporation acquired 100% of the issued and outstanding stock of PacStar for $406 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. PacStar is a provider of tactical communications solutions for battlefield network management. The
acquired business operates within the Defense Electronics segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete.

IADS

On April 20, 2020, the Corporation acquired the IADS product line for approximately $29 million. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type. IADS is a real-time display and post-test analysis product for flight tests. The acquired product line operates within the Defense Electronics segment.

Dyna-Flo
On February 28, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for $60 million, net of cash acquired. The Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Dyna-Flo specializes in control valves, actuators, and control systems for the chemical, petrochemical, and oil and gas markets. The acquired business operates within the Naval & Power segment.
v3.21.2
ASSETS HELD FOR SALE
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
ASSETS HELD FOR SALE ASSETS HELD FOR SALE
During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Condensed Consolidated Balance Sheet. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in an impairment loss of $33 million in the fourth quarter of 2020. An additional impairment loss of $9 million was recorded during the three and nine months ended September 30, 2021.
The aggregate components of assets and liabilities classified as held for sale are as follows:
(In thousands)September 30, 2021December 31, 2020
Assets held for sale:
Receivables, net$9,632 $9,902 
Inventories, net18,141 16,401 
Other current assets1,663 1,798 
Property, plant, and equipment, net4,357 4,821 
Reserve for assets held for sale(13,578)(5,338)
Total assets held for sale, current$20,215 $27,584 
Liabilities held for sale:
Accounts payable$(3,046)$(2,654)
Accrued expenses(1,208)(1,375)
Other current liabilities(3,975)(748)
Accrued pension and other postretirement benefit costs(4,986)(5,364)
Total liabilities held for sale, current$(13,215)$(10,141)
v3.21.2
RECEIVABLES
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)September 30, 2021December 31, 2020
Billed receivables:
Trade and other receivables$381,628 $361,460 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed296,500 238,309 
Less: Progress payments applied
(734)(3,291)
Net unbilled receivables295,766 235,018 
Less: Allowance for doubtful accounts
(6,527)(7,760)
Receivables, net$670,867 $588,718 
v3.21.2
INVENTORIES
 9 Months Ended
Sep. 30, 2021
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, 2021December 31, 2020
Raw materials$194,887 $177,828 
Work-in-process81,781 80,729 
Finished goods111,914 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
50,086 56,599 
Inventories, net of reserves438,668 435,923 
Less:  Progress payments applied(5,528)(7,044)
Inventories, net$433,140 $428,879 

(1) As of September 30, 2021 and December 31, 2020, this caption also includes capitalized development costs of $26.3 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2021 and December 31, 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.
v3.21.2
GOODWILL
 9 Months Ended
Sep. 30, 2021
Goodwill [Abstract]  
GOODWILL GOODWILL
In connection with the change in reportable segments on January 1, 2021, the Corporation recast its previously reported goodwill balances as of December 31, 2020 on a relative fair value basis. As a result, the Corporation performed an interim quantitative impairment assessment as of March 31, 2021 on each of its reporting units, and concluded that no impairment exists. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information on the Corporation’s reportable segments.

The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 11,608 — 11,608 
Foreign currency translation adjustment(967)(3,293)(1,172)(5,432)
September 30, 2021$315,954 $712,230 $433,129 $1,461,313 
(1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
v3.21.2
OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2021
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, 2021December 31, 2020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$274,522 $(160,020)$114,502 $280,595 $(148,064)$132,531 
Customer related intangibles568,566 (263,098)305,468 573,722 (239,798)333,924 
Programs (1)
144,000 (25,200)118,800 144,000 (19,800)124,200 
Other intangible assets49,543 (35,799)13,744 51,493 (32,518)18,975 
Total$1,036,631 $(484,117)$552,514 $1,049,810 $(440,180)$609,630 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 

Total intangible amortization expense for the nine months ended September 30, 2021 was $45 million, as compared to $43 million in the comparable prior year period.  The estimated amortization expense for the five years ending December 31, 2021 through 2025 is $59 million, $55 million, $51 million, $48 million, and $45 million, respectively.
v3.21.2
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020, 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, 2021 were ($2.2) million and ($1.7) million, respectively. The gains and (losses) for the three and nine months ended September 30, 2020 were $1.7 million and ($5.7) 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, 2021. 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, 2021December 31, 2020
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
$100,000 $100,473 $100,000 $102,173 
3.70% Senior notes due 2023
202,500 209,499 202,500 211,790 
3.85% Senior notes due 2025
90,000 96,193 90,000 97,429 
4.24% Senior notes due 2026
200,000 219,908 200,000 224,390 
4.05% Senior notes due 2028
67,500 73,903 67,500 75,440 
4.11% Senior notes due 2028
90,000 98,723 90,000 101,047 
3.10% Senior notes due 2030
150,000 153,306 150,000 155,805 
3.20% Senior notes due 2032
150,000 152,240 150,000 155,048 
Total debt1,050,000 1,104,245 1,050,000 1,123,122 
Debt issuance costs, net(993)(993)(1,147)(1,147)
Unamortized interest rate swap proceeds8,094 8,094 9,439 9,439 
Total debt, net$1,057,101 $1,111,346 $1,058,292 $1,131,414 
v3.21.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 9 Months Ended
Sep. 30, 2021
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2020 Annual Report on Form 10-K.  

The components of net periodic pension cost for the three and nine months ended September 30, 2021 and 2020 were as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Service cost$6,931 $6,285 $20,921 $19,507 
Interest cost4,585 5,772 13,402 17,888 
Expected return on plan assets(15,177)(16,602)(45,548)(50,394)
Amortization of prior service cost(216)178 (648)36 
Amortization of unrecognized actuarial loss6,988 5,539 21,705 17,038 
Cost of settlements235 — 3,310 — 
Net periodic pension cost$3,346 $1,172 $13,142 $4,075 

The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the nine months ended September 30, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan.

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, 2021, the expense relating to the plan was $4.6 million and $14.2 million, respectively. During the three and nine months ended September 30, 2020, the expense relating to the plan was $4.5 million and $14.8 million,
respectively. The Corporation made $16.4 million in contributions to the plan during the nine months ended September 30, 2021, and expects to make total contributions of approximately $19.0 million in 2021.
v3.21.2
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2021
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)2021202020212020
Basic weighted-average shares outstanding40,769 41,545 40,865 41,926 
Dilutive effect of stock options and deferred stock compensation181 252 175 264 
Diluted weighted-average shares outstanding40,950 41,797 41,040 42,190 

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. There were no anti-dilutive equity-based awards for three and nine months ended September 30, 2020.
v3.21.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.

The 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)2021202020212020
Net sales
Aerospace & Industrial$197,060 $189,021 $578,452 $593,654 
Defense Electronics182,314 148,674 528,080 428,912 
Naval & Power242,891 234,613 737,967 702,662 
Less: Intersegment revenues(1,646)(694)(5,326)(2,336)
Total consolidated$620,619 $571,614 $1,839,173 $1,722,892 
Operating income (expense)
Aerospace & Industrial$30,872 $23,880 $81,874 $65,635 
Defense Electronics40,762 35,103 106,656 83,902 
Naval & Power35,483 33,367 116,635 90,623 
Corporate and other (1)
(9,448)(7,777)(27,847)(27,792)
Total consolidated$97,669 $84,573 $277,318 $212,368 
(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)2021202020212020
Total operating income$97,669 $84,573 $277,318 $212,368 
Interest expense9,955 9,055 30,094 25,059 
Other income, net3,627 5,417 8,910 6,844 
Earnings before income taxes$91,341 $80,935 $256,134 $194,153 

(In thousands)September 30, 2021December 31, 2020
Identifiable assets
Aerospace & Industrial$1,013,184 $1,020,294 
Defense Electronics1,560,252 1,542,686 
Naval & Power1,281,365 1,255,325 
Corporate and Other208,285 175,445 
Assets held for sale20,215 27,584 
Total consolidated$4,083,301 $4,021,334 
v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2021
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, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive income (loss) before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive loss (1)
— 17,649 17,649 
Net current period other comprehensive loss41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(12,990)(3,442)(16,432)
Amounts reclassified from accumulated other comprehensive loss (1)
— 18,478 18,478 
Net current period other comprehensive income (loss)(12,990)15,036 2,046 
September 30, 2021$(101,727)$(207,083)$(308,810)
(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$648 Other income, net
Amortization of actuarial losses(21,705)Other income, net
Settlements(3,310)Other income, net
(24,367)Earnings before income taxes
5,889 Provision for income taxes
Total reclassifications$(18,478)Net earnings
v3.21.2
CONTINGENCIES AND COMMITMENTS
 9 Months Ended
Sep. 30, 2021
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, 2021 and December 31, 2020, there were $22.3 million and $21.1 million of stand-by letters of credit outstanding, respectively, and $4.8 million and $5.6 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $45.6 million surety bond.

AP1000 Program

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

In June 2021, the Corporation and WEC participated in non-binding mediation in an effort to settle all open disputes under the U.S. and China contracts. The mediation efforts were ultimately unsuccessful. WEC has filed a notice of arbitration in regard to the China contract, asserting that it is entitled to liquidated damages of $25 million. Additionally, WEC has also filed claims in Georgia claiming damages on the U.S. contract. The Corporation believes that it has adequate legal defenses and intends to vigorously defend these matters. The Corporation is also aggressively pursuing a counterclaim against WEC.
As it relates to the U.S. contract, the range of possible loss is $0 to $31 million. The Corporation believes that the likelihood of any potential liability stemming from liquidated damages on the U.S. contract is remote. As it relates to the China contract, the range of possible loss is $0 to $25 million. As of September 30, 2021, the Corporation believes that it is adequately accrued regarding this matter, and that the ultimate resolution will not have a significant impact on its condensed consolidated financial statements.
v3.21.2
RESTRUCTURING COSTS
 9 Months Ended
Sep. 30, 2021
Restructuring and Related Activities [Abstract]  
Restructuring and Related Activities Disclosure RESTRUCTURING COSTSDuring the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which included workforce reductions and consolidation of facilities, were substantially completed as of December 31, 2020. As of September 30, 2021 and December 31, 2020, the restructuring liability associated with these restructuring activities was $1.1 million and $6.9 million, respectively, with such liability expected to be substantially settled as of December 31, 2021. These balances are reported within Other Current Liabilities on the Condensed Consolidated Balance Sheet.
v3.21.2
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete 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, 2021 and 2020, 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 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
v3.21.2
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2021
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, 2021 and 2020:

Three Months EndedNine Months Ended
September 30,September 30,
2021202020212020
Over-time48 %50 %51 %52 %
Point-in-time52 %50 %49 %48 %
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)2021202020212020
Aerospace & Defense
Aerospace Defense$116,853 $121,987 $327,846 $333,120 
Ground Defense55,124 20,519 159,091 63,205 
Naval Defense175,800 165,524 531,429 496,157 
Commercial Aerospace67,461 70,943 196,285 242,708 
Total Aerospace & Defense$415,238 $378,973 $1,214,651 $1,135,190 
Commercial
Power & Process$112,736 $113,919 $343,573 $350,632 
General Industrial92,645 78,722 280,949 237,070 
Total Commercial$205,381 $192,641 $624,522 $587,702 
Total$620,619 $571,614 $1,839,173 $1,722,892 
v3.21.2
ACQUISITIONS (Tables)
 9 Months Ended
Sep. 30, 2021
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block]
(In thousands)2020
Accounts receivable$3,204 
Inventory10,233 
Property, plant, and equipment1,332 
Other current and non-current assets188 
Intangible assets39,384 
Operating lease right-of-use assets, net1,992 
Current and non-current liabilities(10,590)
Net tangible and intangible assets45,743 
Goodwill43,912 
Total purchase price$89,655 
Goodwill deductible for tax purposes$38,519 
v3.21.2
ASSETS HELD FOR SALE (Tables)
 9 Months Ended
Sep. 30, 2021
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Aggregate Components of Assets and Liabilities Held for Sale
The aggregate components of assets and liabilities classified as held for sale are as follows:
(In thousands)September 30, 2021December 31, 2020
Assets held for sale:
Receivables, net$9,632 $9,902 
Inventories, net18,141 16,401 
Other current assets1,663 1,798 
Property, plant, and equipment, net4,357 4,821 
Reserve for assets held for sale(13,578)(5,338)
Total assets held for sale, current$20,215 $27,584 
Liabilities held for sale:
Accounts payable$(3,046)$(2,654)
Accrued expenses(1,208)(1,375)
Other current liabilities(3,975)(748)
Accrued pension and other postretirement benefit costs(4,986)(5,364)
Total liabilities held for sale, current$(13,215)$(10,141)
v3.21.2
RECEIVABLES (Table)
 9 Months Ended
Sep. 30, 2021
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable The composition of receivables is as follows:
(In thousands)September 30, 2021December 31, 2020
Billed receivables:
Trade and other receivables$381,628 $361,460 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed296,500 238,309 
Less: Progress payments applied
(734)(3,291)
Net unbilled receivables295,766 235,018 
Less: Allowance for doubtful accounts
(6,527)(7,760)
Receivables, net$670,867 $588,718 
v3.21.2
INVENTORIES (Table)
 9 Months Ended
Sep. 30, 2021
Inventory, Net [Abstract]  
Schedule Of Inventory
(In thousands)September 30, 2021December 31, 2020
Raw materials$194,887 $177,828 
Work-in-process81,781 80,729 
Finished goods111,914 120,767 
Inventoried costs related to U.S. Government and other long-term contracts (1)
50,086 56,599 
Inventories, net of reserves438,668 435,923 
Less:  Progress payments applied(5,528)(7,044)
Inventories, net$433,140 $428,879 
v3.21.2
GOODWILL (Table)
 9 Months Ended
Sep. 30, 2021
Goodwill [Abstract]  
Schedule Of Goodwill The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2020$316,921 $703,915 $434,301 $1,455,137 
Adjustments (1)
— 11,608 — 11,608 
Foreign currency translation adjustment(967)(3,293)(1,172)(5,432)
September 30, 2021$315,954 $712,230 $433,129 $1,461,313 
(1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
v3.21.2
OTHER INTANGIBLE ASSETS, NET (Table)
 9 Months Ended
Sep. 30, 2021
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, 2021December 31, 2020
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$274,522 $(160,020)$114,502 $280,595 $(148,064)$132,531 
Customer related intangibles568,566 (263,098)305,468 573,722 (239,798)333,924 
Programs (1)
144,000 (25,200)118,800 144,000 (19,800)124,200 
Other intangible assets49,543 (35,799)13,744 51,493 (32,518)18,975 
Total$1,036,631 $(484,117)$552,514 $1,049,810 $(440,180)$609,630 
v3.21.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
September 30, 2021December 31, 2020
(In thousands)Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.84% Senior notes due 2021
$100,000 $100,473 $100,000 $102,173 
3.70% Senior notes due 2023
202,500 209,499 202,500 211,790 
3.85% Senior notes due 2025
90,000 96,193 90,000 97,429 
4.24% Senior notes due 2026
200,000 219,908 200,000 224,390 
4.05% Senior notes due 2028
67,500 73,903 67,500 75,440 
4.11% Senior notes due 2028
90,000 98,723 90,000 101,047 
3.10% Senior notes due 2030
150,000 153,306 150,000 155,805 
3.20% Senior notes due 2032
150,000 152,240 150,000 155,048 
Total debt1,050,000 1,104,245 1,050,000 1,123,122 
Debt issuance costs, net(993)(993)(1,147)(1,147)
Unamortized interest rate swap proceeds8,094 8,094 9,439 9,439 
Total debt, net$1,057,101 $1,111,346 $1,058,292 $1,131,414 
v3.21.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 9 Months Ended
Sep. 30, 2021
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, 2021 and 2020 were as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Service cost$6,931 $6,285 $20,921 $19,507 
Interest cost4,585 5,772 13,402 17,888 
Expected return on plan assets(15,177)(16,602)(45,548)(50,394)
Amortization of prior service cost(216)178 (648)36 
Amortization of unrecognized actuarial loss6,988 5,539 21,705 17,038 
Cost of settlements235 — 3,310 — 
Net periodic pension cost$3,346 $1,172 $13,142 $4,075 
v3.21.2
EARNINGS PER SHARE (Table)
 9 Months Ended
Sep. 30, 2021
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)2021202020212020
Basic weighted-average shares outstanding40,769 41,545 40,865 41,926 
Dilutive effect of stock options and deferred stock compensation181 252 175 264 
Diluted weighted-average shares outstanding40,950 41,797 41,040 42,190 
v3.21.2
SEGMENT INFORMATION (Table)
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Net sales
Aerospace & Industrial$197,060 $189,021 $578,452 $593,654 
Defense Electronics182,314 148,674 528,080 428,912 
Naval & Power242,891 234,613 737,967 702,662 
Less: Intersegment revenues(1,646)(694)(5,326)(2,336)
Total consolidated$620,619 $571,614 $1,839,173 $1,722,892 
Operating income (expense)
Aerospace & Industrial$30,872 $23,880 $81,874 $65,635 
Defense Electronics40,762 35,103 106,656 83,902 
Naval & Power35,483 33,367 116,635 90,623 
Corporate and other (1)
(9,448)(7,777)(27,847)(27,792)
Total consolidated$97,669 $84,573 $277,318 $212,368 
(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
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Total operating income$97,669 $84,573 $277,318 $212,368 
Interest expense9,955 9,055 30,094 25,059 
Other income, net3,627 5,417 8,910 6,844 
Earnings before income taxes$91,341 $80,935 $256,134 $194,153 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)September 30, 2021December 31, 2020
Identifiable assets
Aerospace & Industrial$1,013,184 $1,020,294 
Defense Electronics1,560,252 1,542,686 
Naval & Power1,281,365 1,255,325 
Corporate and Other208,285 175,445 
Assets held for sale20,215 27,584 
Total consolidated$4,083,301 $4,021,334 
v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 9 Months Ended
Sep. 30, 2021
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, 2019$(130,019)$(195,255)$(325,274)
Other comprehensive income (loss) before reclassifications (1)
41,282 (44,513)(3,231)
Amounts reclassified from accumulated other comprehensive loss (1)
— 17,649 17,649 
Net current period other comprehensive loss41,282 (26,864)14,418 
December 31, 2020$(88,737)$(222,119)$(310,856)
Other comprehensive loss before reclassifications (1)
(12,990)(3,442)(16,432)
Amounts reclassified from accumulated other comprehensive loss (1)
— 18,478 18,478 
Net current period other comprehensive income (loss)(12,990)15,036 2,046 
September 30, 2021$(101,727)$(207,083)$(308,810)
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$648 Other income, net
Amortization of actuarial losses(21,705)Other income, net
Settlements(3,310)Other income, net
(24,367)Earnings before income taxes
5,889 Provision for income taxes
Total reclassifications$(18,478)Net earnings
v3.21.2
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Disaggregation of Revenue [Line Items]        
Sales $ 620,619 $ 571,614 $ 1,839,173 $ 1,722,892
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 205,381 192,641 624,522 587,702
Total Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 415,238 378,973 1,214,651 1,135,190
Aerospace Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 116,853 121,987 327,846 333,120
Ground Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 55,124 20,519 159,091 63,205
Naval Defense [Member] | Defense [Member]        
Disaggregation of Revenue [Line Items]        
Sales 175,800 165,524 531,429 496,157
Commercial Aerospace [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 67,461 70,943 196,285 242,708
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 112,736 113,919 343,573 350,632
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 92,645 $ 78,722 $ 280,949 $ 237,070
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 48.00% 50.00% 51.00% 52.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 52.00% 50.00% 49.00% 48.00%
v3.21.2
REVENUE ADDITIONAL DETAILS (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 46 $ 37 $ 188 $ 197
Revenue, Remaining Performance Obligation, Amount $ 2,200   $ 2,200  
Revenue, Remaining Performance Obligation, Percentage 84.00%   84.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.21.2
ACQUISITIONS (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Business Acquisition [Line Items]      
Goodwill $ 1,461,313 $ 1,455,137  
Defense Electronics [Member]      
Business Acquisition [Line Items]      
Goodwill $ 712,230 $ 703,915  
2020 acquisitions [Member]      
Business Acquisition [Line Items]      
Accounts Receivable     $ 3,204
Inventory     10,233
Property, Plant, and Equipment     1,332
Other Current and Non-current Assets     188
Intangible Assets, Other than Goodwill     39,384
Right of Use Assets     1,992
Current and Non-current Liabilities     (10,590)
Net Tangible Assets Acquired (Liabilities) Assumed     45,743
Goodwill     43,912
Net Tangible and Intangible Assets     89,655
Goodwill, Expected Tax Deductible Amount     $ 38,519
v3.21.2
ACQUISITIONS Narrative (Details)
$ in Millions
 9 Months Ended
Oct. 30, 2020
USD ($)
Apr. 20, 2020
USD ($)
Feb. 28, 2020
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
NumberAcquisitions
Business Acquisition [Line Items]          
Number of Businesses Acquired | NumberAcquisitions         2
Revenue of Acquiree since Acquisition Date, Actual         $ 12
Earnings or Loss of Acquiree since Acquisition Date, Actual         $ (1)
Payments for (Proceeds from) Previous Acquisition       $ 5  
Defense Electronics [Member] | Pacific Star Communications, Inc. (PacStar)          
Business Acquisition [Line Items]          
Effective Date of Acquisition Oct. 30, 2020        
Acquisition of businesses, net of cash acquired $ 406        
Defense Electronics [Member] | Integrated Air Defense System (IADS) [Member]          
Business Acquisition [Line Items]          
Effective Date of Acquisition   Apr. 20, 2020      
Acquisition of businesses, net of cash acquired   $ 29      
Naval & Power [Member] | Dyna-Flo Valve Services Ltd. (Dyna-Flo) [Member]          
Business Acquisition [Line Items]          
Effective Date of Acquisition     Feb. 28, 2020    
Acquisition of businesses, net of cash acquired     $ 60    
v3.21.2
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Impairment Loss $ 9.0 $ 33.0
v3.21.2
ASSETS HELD FOR SALE (Details) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]    
Receivable, Net $ 9,632 $ 9,902
Inventories, Net 18,141 16,401
Other Current Assets 1,663 1,798
Property, plant and equipment, net 4,357 4,821
Reserve for assets held for sale 13,578 5,338
Total assets held for sale, current 20,215 27,584
Accounts payable 3,046 2,654
Accrued expenses 1,208 1,375
Other current liabilities 3,975 748
Accrued pension and other postretirement benefit costs 4,986 5,364
Liabilities held for sale $ 13,215 $ 10,141
v3.21.2
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Billed receivables:    
Trade and other receivables $ 381,628 $ 361,460
Less: Allowance for doubtful accounts (6,527) (7,760)
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 296,500 238,309
Less: Progress payments applied (734) (3,291)
Net unbilled receivables 295,766 235,018
Receivables, net $ 670,867 $ 588,718
v3.21.2
INVENTORIES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 194,887 $ 177,828
Inventory, Work in Process, Net of Reserves 81,781 80,729
Inventory, Finished Goods, Net of Reserves 111,914 120,767
Inventory For Long-term Contracts Or Programs, Net Of Reserves 50,086 56,599
Inventories, Net of Reserves 438,668 435,923
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (5,528) (7,044)
Inventory, Net, Total $ 433,140 $ 428,879
v3.21.2
INVENTORIES (Narrative) (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Inventory, Net [Abstract]    
Other inventory, capitalized costs $ 26.3 $ 29.7
Other inventory capitalized costs not supported by existing firm orders $ 12.1 $ 13.0
v3.21.2
GOODWILL (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
USD ($)
Goodwill [Roll Forward]  
December 31, 2020 $ 1,455,137
Goodwill, Other Increase (Decrease) 11,608
Foreign currency translation adjustment (5,432)
September 30, 2021 1,461,313
Aerospace & Industrial [Member]  
Goodwill [Roll Forward]  
December 31, 2020 316,921
Foreign currency translation adjustment (967)
September 30, 2021 315,954
Defense Electronics [Member]  
Goodwill [Roll Forward]  
December 31, 2020 703,915
Goodwill, Other Increase (Decrease) 11,608
Foreign currency translation adjustment (3,293)
September 30, 2021 712,230
Naval & Power [Member]  
Goodwill [Roll Forward]  
December 31, 2020 434,301
Foreign currency translation adjustment (1,172)
September 30, 2021 $ 433,129
v3.21.2
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,036,631 $ 1,049,810
Accumulated Amortization (484,117) (440,180)
Net 552,514 609,630
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 274,522 280,595
Accumulated Amortization (160,020) (148,064)
Net 114,502 132,531
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 568,566 573,722
Accumulated Amortization (263,098) (239,798)
Net 305,468 333,924
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (25,200) (19,800)
Net 118,800 124,200
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 49,543 51,493
Accumulated Amortization (35,799) (32,518)
Net $ 13,744 $ 18,975
v3.21.2
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 45.0 $ 43.0
Future amortization expense in remainder of fiscal year 59.0  
Future amortization expense in year one 55.0  
Future amortization expense in year two 51.0  
Future amortization expense in year three 48.0  
Future amortization expense in year four $ 45.0  
v3.21.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
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 $ (2,200) $ 1,700 $ (1,700) $ (5,700)
v3.21.2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Sep. 30, 2021
Dec. 31, 2020
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Long-term Debt, Gross $ 1,050,000 $ 1,050,000
Debt Issuance Costs, Net (993) (1,147)
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge 8,094 9,439
Carrying Value 1,057,101 1,058,292
Estimated Fair Value 1,111,346 1,131,414
3.84% Senior notes due 2021    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 100,000 100,000
Estimated Fair Value $ 100,473 102,173
Debt Instrument, Interest Rate, Stated Percentage 3.84%  
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 $ 209,499 211,790
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 $ 96,193 97,429
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 $ 219,908 224,390
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 $ 73,903 75,440
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 $ 98,723 101,047
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 $ 153,306 155,805
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 $ 152,240 155,048
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 $ 1,104,245 $ 1,123,122
v3.21.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 6,931 $ 6,285 $ 20,921 $ 19,507
Interest cost 4,585 5,772 13,402 17,888
Expected return on plan assets (15,177) (16,602) (45,548) (50,394)
Amortization of prior service cost (216) 178 (648) 36
Amortization of unrecognized actuarial loss 6,988 5,539 21,705 17,038
Gain (Loss) Due to Settlement (235) 0 (3,310) 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ 3,346 $ 1,172 $ 13,142 4,075
Defined Benefit Plan, Plan Assets, Contributions by Employer       $ 150,000
v3.21.2
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 4.6 $ 4.5 $ 14.2 $ 14.8
Defined Contribution Plan, Employer Discretionary Contribution Amount     16.4  
Defined Contribution Plan, Expected Future Employer Contributions, Remainder of Fiscal Year     $ 19.0  
v3.21.2
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 40,769 41,545 40,865 41,926
Dilutive effect of stock options and deferred stock compensation (shares) 181 252 175 264
Diluted weighted-average shares outstanding (shares) 40,950 41,797 41,040 42,190
v3.21.2
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details)
 9 Months Ended
Sep. 30, 2021
shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 41,000
v3.21.2
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Segment Reporting Information [Line Items]          
Net sales $ 620,619 $ 571,614 $ 1,839,173 $ 1,722,892  
Operating income (expense) 97,669 84,573 277,318 212,368  
Identifiable assets 4,083,301   4,083,301   $ 4,021,334
Aerospace & Industrial [Member]          
Segment Reporting Information [Line Items]          
Net sales 197,060 189,021 578,452 593,654  
Operating income (expense) 30,872 23,880 81,874 65,635  
Identifiable assets 1,013,184   1,013,184   1,020,294
Defense Electronics [Member]          
Segment Reporting Information [Line Items]          
Net sales 182,314 148,674 528,080 428,912  
Operating income (expense) 40,762 35,103 106,656 83,902  
Identifiable assets 1,560,252   1,560,252   1,542,686
Naval & Power [Member]          
Segment Reporting Information [Line Items]          
Net sales 242,891 234,613 737,967 702,662  
Operating income (expense) 35,483 33,367 116,635 90,623  
Identifiable assets 1,281,365   1,281,365   1,255,325
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (9,448) (7,777) (27,847) (27,792)  
Identifiable assets 208,285   208,285   175,445
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales (1,646) $ (694) (5,326) $ (2,336)  
Operating Segments | Assets Held for Sale          
Segment Reporting Information [Line Items]          
Identifiable assets $ 20,215   $ 20,215   $ 27,584
v3.21.2
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting [Abstract]        
Total operating income $ 97,669 $ 84,573 $ 277,318 $ 212,368
Interest expense (9,955) (9,055) (30,094) (25,059)
Other income, net 3,627 5,417 8,910 6,844
Earnings before income taxes $ 91,341 $ 80,935 $ 256,134 $ 194,153
v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (310,856) $ (325,274) $ (325,274)
Other comprehensive income (loss) before reclassifications     (16,432)   (3,231)
Amounts reclassified from accumulated other comprehensive loss     18,478   17,649
Other comprehensive income (loss), net of tax $ (11,279) $ 31,790 2,046 14,383 14,418
Ending balance (308,810)   (308,810)   (310,856)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (88,737) (130,019) (130,019)
Other comprehensive income (loss) before reclassifications     (12,990)   41,282
Amounts reclassified from accumulated other comprehensive loss     0    
Other comprehensive income (loss), net of tax     (12,990)   41,282
Ending balance (101,727)   (101,727)   (88,737)
Total Pension and Postretirment Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (222,119) $ (195,255) (195,255)
Other comprehensive income (loss) before reclassifications     (3,442)   (44,513)
Amounts reclassified from accumulated other comprehensive loss     18,478   17,649
Other comprehensive income (loss), net of tax     15,036   (26,864)
Ending balance $ (207,083)   $ (207,083)   $ (222,119)
v3.21.2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Earnings before income taxes $ 91,341 $ 80,935 $ 256,134 $ 194,153
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amortization of prior service costs     648  
Amortization of actuarial losses     (21,705)  
Settlements     (3,310)  
Earnings before income taxes     (24,367)  
Provision for income taxes     5,889  
Net earnings     $ (18,478)  
v3.21.2
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
 9 Months Ended
Sep. 30, 2021
Dec. 31, 2020
Standby Letters Of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit, outstanding $ 22,300,000 $ 21,100,000
FinancialStandbyLetterOfCreditMember    
Loss Contingencies [Line Items]    
Letters of credit, outstanding 4,800,000 $ 5,600,000
Surety Bond [Member]    
Loss Contingencies [Line Items]    
Surety Bond Outstanding 45,600,000  
AP1000 US [Member] | Minimum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 0  
AP1000 US [Member] | Maximum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 31,000,000  
AP1000 China    
Loss Contingencies [Line Items]    
Damages sought 25,000,000  
AP1000 China | Minimum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss 0  
AP1000 China | Maximum [Member]    
Loss Contingencies [Line Items]    
Range of possible loss $ 25,000,000  
v3.21.2
RESTRUCTURING COSTS - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Dec. 31, 2020
Restructuring Cost and Reserve [Line Items]    
Restructuring Reserve $ 1.1 $ 6.9