CURTISS WRIGHT CORP, 10-K filed on 2/20/2024
Annual Report
v3.24.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2023
Jan. 31, 2024
Jun. 30, 2023
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2023    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 1-134    
Entity Registrant Name CURTISS-WRIGHT CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 13-0612970    
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300    
Entity Address, City or Town Davidson,    
Entity Address, State or Province NC    
Entity Address, Postal Zip Code 28036    
City Area Code 704    
Local Phone Number 869-4600    
Title of 12(b) Security Common Stock    
Trading Symbol CW    
Security Exchange Name NYSE    
Entity Current Reporting Status Yes    
Entity Voluntary Filers No    
Entity Well-known Seasoned Issuer Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] true    
Document Financial Statement Restatement Recovery Analysis [Flag] true    
Entity Shell Company false    
Entity Public Float     $ 6.2
Entity Common Stock, Shares Outstanding   38,213,391  
Documents Incorporated by Reference
Portions of the Proxy Statement of the Registrant with respect to the 2024 Annual Meeting of Stockholders to be held on May 2, 2024 are incorporated by reference into Part III of this Form 10-K, except for Item 402(w) of Regulation S-K that is included in Part III, Item 11 herein.
    
Entity Central Index Key 0000026324    
Document Fiscal Year Focus 2023    
Document Fiscal Period Focus FY    
Amendment Flag false    
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Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Morristown, New Jersey
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CONSOLIDATED STATEMENTS OF EARNINGS - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Net Sales      
Sales $ 2,845,373 $ 2,557,025 $ 2,500,761
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,778,195 1,602,416 1,572,959
Gross profit 1,067,178 954,609 927,802
Research and development expenses 85,764 80,836 88,489
Selling expenses 137,088 121,586 116,956
General and administrative expenses 359,724 324,093 326,140
Loss on divestiture 0 4,651 0
Impairment of assets held for sale 0 0 19,088
Operating income 484,602 423,443 377,129
Interest expense 51,393 46,980 40,240
Other income, net 29,861 12,732 12,067
Earnings before income taxes 463,070 389,195 348,956
Provision for income taxes (108,561) (94,847) (86,127)
Net earnings $ 354,509 $ 294,348 $ 262,829
Basic earnings per share      
Basic earnings per share (in shares) $ 9.26 $ 7.67 $ 6.50
Diluted earnings per share      
Diluted earnings per share (in shares) 9.20 7.62 6.47
Dividends per share $ 0.79 $ 0.75 $ 0.71
Weighted average shares outstanding:      
Basic 38,283 38,386 40,417
Diluted 38,529 38,649 40,602
Product      
Net Sales      
Sales $ 2,389,711 $ 2,135,882 $ 2,104,447
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold 1,507,480 1,348,569 1,330,575
Service [Member]      
Net Sales      
Sales 455,662 421,143 396,314
Cost of Revenue [Abstract]      
Cost of Goods and Services Sold $ 270,715 $ 253,847 $ 242,384
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Net earnings $ 354,509 $ 294,348 $ 262,829
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent [Abstract]      
Foreign currency translation, net of tax [1] 37,519 (61,241) (10,829)
Pension and postretirement adjustments, net of tax [2] 8,174 (7,210) 131,220
Other Comprehensive Income (Loss), Net of Tax 45,693 (68,451) 120,391
Comprehensive Income $ 400,202 $ 225,897 $ 383,220
[1] The tax benefit (expense) included in other comprehensive income for foreign currency translation adjustments for 2023, 2022, and 2021 was immaterial.
[2] The tax benefit (expense) included in other comprehensive income for pension and postretirement adjustments for 2023, 2022, and 2021 was ($3.0) million, $3.1 million, and ($42.3) million, respectively.
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Comprehensive Income [Abstract]      
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Tax $ (3.0) $ 3.1 $ (42.3)
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CONSOLIDATED BALANCE SHEET - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 406,867 $ 256,974
Receivables, net 732,678 723,304
Inventories, net 510,033 483,113
Other current assets 67,502 52,623
Total current assets 1,717,080 1,516,014
Property, plant, and equipment, net 332,796 342,708
Goodwill 1,558,826 1,544,635
Other intangible assets, net 557,612 620,897
Operating lease right-of-use assets, net 141,435 153,855
Prepaid pension asset 261,869 222,627
Other assets 51,351 47,567
Total assets 4,620,969 4,448,303
Current liabilities:    
Current portion of long-term and short-term debt 0 202,500
Accounts payable 243,833 266,525
Accrued expenses 188,039 174,440
Deferred revenue 303,872 254,801
Other current liabilities 70,800 82,779
Total current liabilities 806,544 981,045
Long-term debt 1,050,362 1,051,900
Deferred tax liabilities 132,319 123,001
Accrued pension and other postretirement benefit costs 66,875 58,348
Long-term operating lease liability 118,611 132,275
Long-term portion of environmental reserves 12,784 12,547
Other liabilities 105,061 107,973
Total liabilities 2,292,556 2,467,089
Contingencies and Commitments (Notes 10, 14, and 19)
STOCKHOLDERS’ EQUITY    
Common stock, $1 par value, 100,000,000 shares authorized as of December 31, 2023 and December 31, 2022; 49,187,378 shares issued as of December 31, 2023 and December 31, 2022; outstanding shares were 38,202,754 as of December 31, 2023 and 38,259,722 as of December 31, 2022 49,187 49,187
Additional paid in capital 140,182 134,553
Retained earnings 3,487,751 3,163,491
Accumulated other comprehensive loss (213,223) (258,916)
Common treasury stock, at cost (10,984,624 shares as of December 31, 2023 and 10,927,656 shares as of December 31, 2022) (1,135,484) (1,107,101)
Total stockholders' equity 2,328,413 1,981,214
Total liabilities and stockholders' equity $ 4,620,969 $ 4,448,303
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common Stock Par Value $ 1 $ 1
CommonStockSharesIssued 49,187,378 49,187,378
CommonStockSharesOutstanding 38,202,754 38,259,722
Common stock authorized 100,000,000 100,000,000
Common treasury stock 10,984,624 10,927,656
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net earnings $ 354,509 $ 294,348 $ 262,829
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 116,172 112,027 114,384
Loss on divestiture 0 4,651 0
Impairment of assets held for sale 0 0 19,088
(Gain) on sale/disposal of long-lived assets (2,883) (4,671) (568)
Deferred income taxes 2,908 (23,635) (10,200)
Share-based compensation 16,803 15,384 13,450
Changes in operating assets and liabilities, net of businesses acquired and disposed of:      
Receivables, net (2,394) (75,955) (61,172)
Inventories, net (21,568) (62,562) 13,554
Accounts payable and accrued expenses 11,571 42,493 17,713
Deferred revenue 47,914 (17,646) 14,649
Income taxes (27,350) 55,847 (14,212)
Pension and postretirement, net (18,307) (15,049) (1,236)
Other 29,286 30,456 (19,389)
Net cash provided by operating activities 448,089 294,776 387,668
Cash flows from investing activities:      
Proceeds from sales and disposals of long-lived assets 9,147 9,841 4,045
Purchases of investments 0 (10,000) 0
Additions to property, plant, and equipment (44,666) (38,217) (41,108)
Acquisition of businesses, net of cash acquired 0 (282,429) 0
Payments for Previous Acquisition 0 (5,062) (5,340)
Net cash used for investing activities (35,519) (325,867) (42,403)
Cash flows from financing activities:      
Borrowings under revolving credit facilities 638,116 1,697,647 455,950
Payment of revolving credit facilities (638,116) (1,791,547) (362,050)
Borrowings of debt 0 300,000 0
Principal payments on debt (202,500) 0 (100,000)
Repurchases of company stock (50,141) (56,870) (343,129)
Proceeds from share-based compensation plans 10,584 9,997 9,705
Dividends paid (30,249) (28,779) (28,660)
Other (1,097) (1,020) (945)
Net cash provided by (used for) financing activities (273,403) 129,428 (369,129)
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Continuing Operations 10,726 (12,367) (3,380)
Net increase (decrease) in cash and cash equivalents 149,893 85,970 (27,244)
Cash and cash equivalents at beginning of period 256,974 171,004 198,248
Cash and cash equivalents at end of period $ 406,867 $ 256,974 $ 171,004
v3.24.0.1
STATEMENT OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Previously Reported
Revision of Prior Period, Error Correction, Adjustment
Common Stock Member
Additional Paid In Capital Member
Retained Earnings Member
Retained Earnings Member
Previously Reported
Retained Earnings Member
Revision of Prior Period, Error Correction, Adjustment
Accumulated Other Comprehensive Income Member
Treasury Stock
Beginning Balance at Dec. 31, 2020     $ (7,000) $ 49,187 $ 122,535 $ 2,663,753 $ 2,670,328 $ (6,575) $ (310,856) $ (743,620)
Net earnings $ 262,829 $ 267,159 (4,330)     262,829        
Other Comprehensive Income (Loss), Net of Tax 120,391               120,391  
Dividends paid           (28,660)        
Restricted Stock         (9,007)         9,007
Stock options exercised, net         877         8,828
Share-based compensation         13,296         154
Repurchase of common stock [1]                   (343,129)
Other         (597) 0       597
Ending Balance at Dec. 31, 2021       49,187 127,104 2,897,922     (190,465) (1,068,163)
Net earnings 294,348         294,348        
Other Comprehensive Income (Loss), Net of Tax (68,451)               (68,451)  
Dividends paid           (28,779)        
Restricted Stock         (8,523)         8,523
Stock options exercised, net         1,273         8,724
Share-based compensation         15,205         179
Repurchase of common stock [1]                   (56,870)
Other         (506)         506
Ending Balance at Dec. 31, 2022 1,981,214 $ 1,992,119 $ (10,905) 49,187 134,553 3,163,491     (258,916) (1,107,101)
Net earnings 354,509                  
Other Comprehensive Income (Loss), Net of Tax 45,693               45,693  
Dividends paid           (30,249)        
Restricted Stock         (13,878)         13,878
Stock Issued During Period, Value, Employee Stock Purchase Plan         3,312         7,272
Share-based compensation         16,456         347
Repurchase of common stock [1]                   (50,141)
Other         (261)         261
Ending Balance at Dec. 31, 2023 $ 2,328,413     $ 49,187 $ 140,182 $ 3,487,751     $ (213,223) $ (1,135,484)
[1] For the years ended December 31, 2023, 2022, and 2021, the Corporation repurchased approximately 0.3 million, 0.4 million, and 2.7 million shares of its common stock, respectively.
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STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]      
Treasury Stock, Shares, Acquired 0.3 0.4 2.7
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
Significant Accounting Policies
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Operations

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

Principles of Consolidation

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

Use of Estimates

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

Cash and Cash Equivalents

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

Inventory

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

Progress Payments

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

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

Property, Plant, and Equipment

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

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

Intangible Assets

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

Impairment of Long-Lived Assets

The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2023, 2022, and 2021.

Goodwill

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

Fair Value of Financial Instruments

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

Research and Development

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

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

Accounting for Share-Based Payments

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

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

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

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

Derivatives

Interest Rate Risks and Related Strategies

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

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

Recently Issued Accounting Standards

Recently issued accounting standards to be adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. This ASU enhances disclosures required for reportable segments in both annual and interim consolidated financial statements. The ASU, which requires retrospective application, is effective for annual reporting periods beginning with the year ending December 31, 2024, and interim periods beginning with the three months ending March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.
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CORRECTION OF PRIOR PERIOD ERROR
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
CORRECTION OF PRIOR PERIOD ERROR
2. CORRECTION OF PRIOR PERIOD ERROR

During the third quarter of 2023, the Corporation identified an error related to a single long-term contract within a subsidiary of its Naval & Power segment. The error primarily impacts 2020 and 2021, whereby certain events occurring during the pandemic, including constructive changes to the contract as well as labor inefficiencies and hiring delays due to a facility relocation, were not reflected in the contract’s estimated costs of completion.

In accordance with Staff Accounting Bulletin (SAB) Nos. 99 and 108, the Corporation evaluated this error and, based on an analysis of quantitative and qualitative factors, determined that it was not material to any one of the prior reporting periods affected and, therefore, amendment of previously filed reports with the Securities and Exchange Commission is not required. However, the Corporation concluded that the cumulative misstatement could not be corrected in the three and nine months ended September 30, 2023, without materially misstating those respective periods. Therefore, the Corporation revised the accompanying prior period financial statements and related notes hereto included within this filing, as summarized below.
The net impact of the error resulted in an overstatement of previously reported total net sales and net earnings of approximately $5 million and $4 million, respectively, for the year ended December 31, 2021 and an overstatement of previously reported total net sales and net earnings of approximately $8 million and $7 million, respectively, for the year ended December 31, 2020. The net impact of the error for the year ended December 31, 2020 of approximately $7 million has been corrected as an adjustment to the beginning balance as of January 1, 2021 in the accompanying consolidated statement of stockholders’ equity for the year ended December 31, 2021. The error did not impact previously reported total net sales or net earnings for the year ended December 31, 2022.

The following tables summarize the net impact of the error in the accompanying consolidated financial statements:

Consolidated Balance Sheet as of December 31, 2022:

(In thousands)As previously reportedCorrectionsAs revised
Receivables, net$724,603 $(1,299)$723,304 
Total current assets1,517,313 (1,299)1,516,014 
Total assets4,449,602 (1,299)4,448,303 
Accrued expenses177,536 (3,096)174,440 
Deferred revenue242,483 12,318 254,801 
Other current liabilities82,395 384 82,779 
Total current liabilities971,439 9,606 981,045 
Total liabilities2,457,483 9,606 2,467,089 
Retained earnings3,174,396 (10,905)3,163,491 
Total stockholders' equity1,992,119 (10,905)1,981,214 
Total liabilities and stockholders' equity4,449,602 (1,299)4,448,303 

Consolidated Statement of Earnings for the year ended December 31, 2021:

(In thousands)As previously reportedCorrectionsAs revised
Product sales$2,109,617 $(5,170)$2,104,447 
Total net sales2,505,931 (5,170)2,500,761 
Cost of product sales1,330,191 384 1,330,575 
Total cost of sales1,572,575 384 1,572,959 
Gross profit933,356 (5,554)927,802 
Operating income382,683 (5,554)377,129 
Earnings before income taxes354,510 (5,554)348,956 
Provision for income taxes(87,351)1,224 (86,127)
Net earnings267,159 (4,330)262,829 
Basic earnings per share$6.61 $(0.11)$6.50 
Diluted earnings per share$6.58 $(0.11)$6.47 

Consolidated Statement of Comprehensive Income for the year ended December 31, 2021:

(In thousands)As previously reportedCorrectionsAs revised
Net earnings$267,159 $(4,330)$262,829 
Comprehensive income387,550 (4,330)383,220 

Consolidated Statement of Cash Flows for the year ended December 31, 2021:
(In thousands)As previously reportedCorrectionsAs revised
Net earnings$267,159 $(4,330)$262,829 
Receivables, net(61,277)105 (61,172)
Deferred revenue9,584 5,065 14,649 
Income taxes(12,988)(1,224)(14,212)
Other19,005 384 19,389 
Net cash provided by operating activities387,668 — 387,668 
v3.24.0.1
REVENUE
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
3. REVENUE

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

Performance Obligations

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

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. Changes in total estimated costs are recognized using the cumulative catch-up method of accounting which recognizes the cumulative effect of the changes on current and prior periods in the current period. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. A significant change in an estimate on one or more contracts could have a material effect on the Corporation's consolidated financial position, results or operations, or cash flows. There were no significant changes in estimated contract costs during 2023, 2022, or 2021. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2023, 2022, and 2021:
Year Ended
December 31,
202320222021
Over-time47 %51 %50 %
Point-in-time53 %49 %50 %

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 $2.9 billion as of December 31, 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 Type
Year Ended December 31,
(In thousands)202320222021
Aerospace & Defense
Aerospace Defense$551,622 $479,743 $452,661 
Ground Defense308,008 219,739 220,290 
Naval Defense720,013 694,015 705,518 
Commercial Aerospace324,949 276,519 267,722 
Total Aerospace & Defense Customers$1,904,592 $1,670,016 $1,646,191 
Commercial
Power & Process$509,998 $472,300 $473,489 
General Industrial430,783 414,709 381,081 
Total Commercial Customers$940,781 $887,009 $854,570 
Total$2,845,373 $2,557,025 $2,500,761 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenues recognized for the years ended December 31, 2023, 2022, and 2021 included in the contract liabilities balance at the beginning of the respective years were approximately $195 million, $219 million, and $210 million, respectively. Changes in contract assets and contract liabilities as of December 31, 2023 were not materially impacted by any other factors. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Consolidated Balance Sheet.
v3.24.0.1
ACQUISITIONS
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
ACQUISITIONS
4. ACQUISITIONS

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

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

For the year ended December 31, 2023, the Corporation did not complete any acquisitions.

For the year ended December 31, 2022, the Corporation acquired two businesses for an aggregate purchase price of $282 million, net of cash acquired. Such acquisitions contributed $45 million of total net sales and $1 million of net losses for the year ended December 31, 2022 which are included in the Consolidated Statement of Earnings. Also, the Corporation paid $5
million during the year ended December 31, 2022 for the final 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.

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated:

(In thousands)2022
Accounts receivable$10,567 
Inventory24,088 
Property, plant, and equipment4,190 
Intangible assets147,074 
Operating lease right-of-use assets, net5,103 
Other current and non-current assets2,078 
Current and non-current liabilities(17,264)
Net tangible and intangible assets175,836 
Goodwill106,593 
Total Purchase price$282,429 
Goodwill deductible for tax purposes$106,593 
v3.24.0.1
RECEIVABLES
 12 Months Ended
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
RECEIVABLES
5. RECEIVABLES
Receivables include current notes, amounts billed to customers, claims, other receivables, and unbilled revenue on long-term contracts, which consists of amounts recognized as sales but not billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. An immaterial amount of billed receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances is immaterial.
The Corporation is either a prime contractor or subcontractor to various agencies of the U.S. Government. Revenues derived directly and indirectly from government sources (primarily the U.S. Government) were 56% and 54% of total net sales in 2023 and 2022, respectively. Total receivables due from government sources (primarily the U.S Government) were $482.5 million and $473.2 million as of December 31, 2023 and 2022, respectively. Government (primarily the U.S. Government) unbilled receivables, net of progress payments, were $266.9 million and $279.3 million as of December 31, 2023 and 2022, respectively.
The composition of receivables as of December 31 is as follows:
(In thousands)20232022
Billed receivables:
Trade and other receivables$427,830 $412,682 
Unbilled receivables:
Recoverable costs and estimated earnings not billed309,561 315,383 
Less: Progress payments applied(687)(67)
Net unbilled receivables308,874 315,316 
Less: Allowance for doubtful accounts(4,026)(4,694)
Receivables, net$732,678 $723,304 
v3.24.0.1
INVENTORIES
 12 Months Ended
Dec. 31, 2023
Inventory, Net [Abstract]  
INVENTORIES
6. INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. The caption "Inventoried costs related to U.S. Government and other long-term contracts" includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.
The composition of inventories as of December 31 is as follows:
(In thousands)20232022
Raw materials$239,313 $242,116 
Work-in-process103,750 76,328 
Finished goods126,174 128,090 
Inventoried costs related to U.S. Government and other long-term contracts(1)
43,255 39,685 
Inventories, net of reserves512,492 486,219 
Less: Progress payments applied(2,459)(3,106)
Inventories, net$510,033 $483,113 
(1) As of December 31, 2023, this caption also includes capitalized development costs of $13.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2023, capitalized development costs of $8.8 million are not currently supported by existing firm orders.
v3.24.0.1
PROPERTY, PLANT, AND EQUIPMENT
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT, AND EQUIPMENT
7. PROPERTY, PLANT, AND EQUIPMENT
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20232022
Land$16,173 $16,880 
Buildings and improvements253,408 252,713 
Machinery, equipment, and other905,409 866,761 
Property, plant, and equipment, at cost1,174,990 1,136,354 
Less: Accumulated depreciation(842,194)(793,646)
Property, plant, and equipment, net$332,796 $342,708 
Depreciation expense for the years ended December 31, 2023, 2022, and 2021 was $51 million, $51 million, and $55 million, respectively.
v3.24.0.1
GOODWILL
 12 Months Ended
Dec. 31, 2023
Goodwill [Abstract]  
GOODWILL
8. GOODWILL
The changes in the carrying amount of goodwill for 2023 and 2022 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions12,445 — 94,148 106,593 
Adjustments — 967 — 967 
Foreign currency translation adjustment(7,042)(12,195)(6,714)(25,951)
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment3,581 7,592 3,018 14,191 
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 

The purchase price allocations relating to the businesses acquired are initially based on estimates. The Corporation adjusts these estimates based upon final analysis, including input from third party appraisals, when deemed appropriate. The determination of fair value is finalized no later than twelve months from acquisition. Goodwill adjustments represent subsequent adjustments to the purchase price allocation for acquisitions.

The Corporation completed its annual goodwill impairment testing as of October 31, 2023, 2022, and 2021 and concluded that there was no impairment of goodwill.
v3.24.0.1
OTHER INTANGIBLE ASSETS, NET
 12 Months Ended
Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET
9. OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, and trademarks. Intangible assets are amortized over useful lives that generally range between 1 and 20 years.
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2023 and December 31, 2022, respectively.
20232022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology
$308,256 $(195,446)$112,810 $306,160 $(176,675)$129,485 
Customer-related intangibles
670,966 (339,325)331,641 666,638 (298,160)368,478 
Programs (1)
144,000 (41,400)102,600 144,000 (34,200)109,800 
Other intangible assets
54,227 (43,666)10,561 53,879 (40,745)13,134 
Total$1,177,449 $(619,837)$557,612 $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.
During the year ended December 31, 2023, the Corporation did not acquire any intangible assets. During the year ended December 31, 2022, the Corporation acquired intangible assets of $147 million as a result of the Corporation's Keronite and arresting systems acquisitions, which included Customer-related intangibles of $106 million, Technology of $36 million, and Other intangible assets of $5 million. The weighted average amortization periods for these aforementioned intangible assets upon acquisition were 16.1, 14.9, and 10.0 years, respectively.
Amortization expense for the years ended December 31, 2023, 2022, and 2021 was $65 million, $61 million, and $60 million, respectively. The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2024$56 
2025$54 
2026$53 
2027$50 
2028$44 
v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Leases, Operating
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $44 million, $42 million, and $42 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Operating lease cost $44,322 $42,125 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 347 390 
Total finance lease cost$1,384 $1,427 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Cash used for operating activities:
Operating cash flows used for operating leases$(36,294)$(34,186)
Operating cash flows used for finance leases(347)(390)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$14,361 $17,740 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20232022
Operating Leases
Operating lease right-of-use assets, net$141,435 $153,855 
Other current liabilities$30,629 $29,910 
Long-term operating lease liability118,611 132,275 
Total operating lease liabilities$149,240 $162,185 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(9,682)(8,645)
Property, plant, and equipment, net$5,879 $6,916 
Other current liabilities$1,181 $1,098 
Other liabilities6,742 7,924 
Total finance lease liabilities$7,923 $9,022 
Weighted average remaining lease term
Operating leases7.2 years7.5 years
Finance leases5.7 years6.7 years
Weighted average discount rate
Operating leases3.99 %3.80 %
Finance leases4.05 %4.05 %
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923 
Leases, Finance
10. LEASES

The Corporation conducts a portion of its operations from leased facilities, which include manufacturing and service facilities, administrative offices, and warehouses. In addition, the Corporation leases machinery and office equipment under operating leases. Our leases have remaining lease terms ranging from approximately 1 year to 15 years, some of which include options for renewals, escalations, or terminations. Rental expenses for all operating leases amounted to $44 million, $42 million, and $42 million for the years ended December 31, 2023, 2022, and 2021, respectively.

Generally, the Corporation's lease contracts do not provide a readily determinable interest rate. Accordingly, the Corporation determines the incremental borrowing rate as of the lease commencement date in order to calculate the present value of its lease payments. The incremental borrowing rate is determined based on information available at the lease commencement date, including the lease term, market rates for the Corporation’s outstanding debt, as well as market rates for debt of companies with similar credit ratings.
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Operating lease cost $44,322 $42,125 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 347 390 
Total finance lease cost$1,384 $1,427 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Cash used for operating activities:
Operating cash flows used for operating leases$(36,294)$(34,186)
Operating cash flows used for finance leases(347)(390)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$14,361 $17,740 

Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20232022
Operating Leases
Operating lease right-of-use assets, net$141,435 $153,855 
Other current liabilities$30,629 $29,910 
Long-term operating lease liability118,611 132,275 
Total operating lease liabilities$149,240 $162,185 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(9,682)(8,645)
Property, plant, and equipment, net$5,879 $6,916 
Other current liabilities$1,181 $1,098 
Other liabilities6,742 7,924 
Total finance lease liabilities$7,923 $9,022 
Weighted average remaining lease term
Operating leases7.2 years7.5 years
Finance leases5.7 years6.7 years
Weighted average discount rate
Operating leases3.99 %3.80 %
Finance leases4.05 %4.05 %
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923 
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2023
Fair Value Of Financial Instruments [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS
11. FAIR VALUE OF FINANCIAL INSTRUMENTS
Interest Rate Risks and Related Strategies
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.
Debt
The estimated fair value amounts were determined by the Corporation using available market information, which is primarily based on quoted market prices for the same or similar issues as of December 31, 2023. The fair values of our debt instruments are characterized as Level 2 measurements which are based on market-based inputs or unobservable inputs and corroborated by market data such as quoted prices, interest rates, or yield curves. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2023, net of debt issuance costs, totaled $973 million compared to a carrying value, net of debt issuance costs, of $1,046 million. The estimated fair values of the Corporation’s fixed rate debt instruments as of December 31, 2022, net of debt issuance costs, totaled $1,151 million compared to a carrying value, net of debt issuance costs, of $1,248 million.

The fair values described above may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
v3.24.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities, Current [Abstract]  
Accrued Expenses And Other Current Liabilities
12. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses consist of the following as of December 31:
(In thousands)20232022
Accrued compensation$130,471 $87,835 
Accrued interest13,150 16,412 
Accrued commissions8,421 6,807 
Accrued insurance5,988 6,418 
Income taxes payable10,352 35,091 
Other19,657 21,877 
Total accrued expenses$188,039 $174,440 
Other current liabilities consist of the following as of December 31:
(In thousands)20232022
Short-term operating lease liabilities$30,629 $29,910 
Warranty reserves15,207 18,147 
WEC legal reserve— 10,000 
Pension and other postretirement liabilities4,981 5,013 
Other19,983 19,709 
Total other current liabilities$70,800 $82,779 
v3.24.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES
13. INCOME TAXES
2017 Tax Cuts and Jobs Act

In conjunction with the enactment of the 2017 Tax Cuts and Jobs Act (the Tax Act), the Corporation recorded provisional income tax expense of $18.2 million for the year ended December 31, 2017 related to the one-time transition tax on certain foreign earnings. The finalized transition tax of $23.6 million was to be paid over 8 years pursuant to the Tax Act. The transition tax liability, which is expected to be paid in 2024 and 2025, was $7.8 million and $7.4 million as of December 31, 2023 and December 31, 2022, respectively.

As of December 31, 2023, the Corporation reassessed its assertion around whether foreign undistributed earnings should continue to no longer be considered permanently reinvested. Consistent with the prior year findings, the Corporation remained no longer permanently reinvested with the exception of one foreign subsidiary. The Corporation has recorded a liability for withholding taxes that would arise upon distribution of the Corporation’s foreign undistributed earnings.

Except as noted above, the Corporation remains permanently reinvested to the extent of any outside basis differences in its foreign subsidiaries in excess of the amount of undistributed earnings, as it is not practicable to determine the provision impact, if any, due to the complexities associated with this calculation.
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202320222021
Domestic$300,200 $239,356 $266,140 
Foreign(1)
162,870 149,839 82,816 
$463,070 $389,195 $348,956 
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million in 2021.
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202320222021
Current:
Federal$58,629 $65,047 $56,804 
State13,098 12,717 15,359 
Foreign36,791 34,520 22,034 
Total current108,518 112,284 94,197 
Deferred:
Federal(180)(11,413)(7,167)
State507 (4,442)(477)
Foreign(284)(1,582)(426)
Total deferred43 (17,437)(8,070)
Provision for income taxes$108,561 $94,847 $86,127 
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202320222021
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit2.3 1.7 3.7 
Foreign earnings(1)
1.3 0.7 0.2 
Foreign loss on sale— 0.2 — 
Foreign asset impairment (held for sale)— — 1.6 
Valuation allowance for foreign assets held for sale— — 0.2 
R&D tax credits(1.1)(1.1)(1.3)
Foreign-derived intangible income(1.2)(1.2)(1.4)
All other, net1.1 3.1 0.7 
Effective tax rate23.4 %24.4 %24.7 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets that were classified as held for sale in 2021.
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20232022
Deferred tax assets:
Capitalized R&D expenses $39,463 $23,785 
Operating lease liabilities32,041 34,977 
Inventories, net24,282 21,992 
Incentive compensation9,314 8,531 
Environmental reserves8,949 8,677 
Net operating loss8,348 9,096 
Legal reserves287 2,864 
Other30,130 40,965 
Total deferred tax assets152,814 150,887 
Deferred tax liabilities:
Goodwill amortization110,543 103,174 
Other intangible amortization53,551 59,966 
Pension and other postretirement assets37,870 29,053 
Operating lease right-of-use assets, net30,327 32,651 
Withholding taxes16,120 13,200 
Depreciation15,339 15,433 
Other8,160 7,256 
Total deferred tax liabilities271,910 260,733 
Valuation allowance4,892 5,664 
Net deferred tax liabilities$123,988 $115,510 
Deferred tax assets and liabilities are reflected on the Corporation’s Consolidated Balance Sheets as of December 31 as follows:
(In thousands)20232022
Net noncurrent deferred tax assets(1)
$8,331 $7,491 
Net noncurrent deferred tax liabilities132,319 123,001 
Net deferred tax liabilities$123,988 $115,510 
(1)Amount is classified within the "Other Assets" caption in the Corporation's Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022, respectively.
The Corporation has income tax net operating loss carryforwards related to international operations of $20.1 million, of which $18.4 million have an indefinite life and $1.7 million which expire through 2029. The Corporation has federal and state income tax net loss carryforwards of $47.9 million, all of which are net operating losses that expire through 2041. The Corporation has recorded a deferred tax asset of $8.3 million, reflecting the benefit of the loss carryforwards related to international and domestic operations.
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. As of December 31, 2023 the Corporation decreased its valuation allowance by $0.8 million to $4.9 million, in order to measure only the portion of deferred tax assets that more likely than not will be realized. As of December 31, 2023, $2.0 million of the total valuation allowance relates to foreign tax credits arising from branch operations that the Corporation believes it will be unable to utilize. The Corporation recorded a tax benefit of $1.4 million in the current year as compared to a provision of $2.7 million in prior year related to the valuation allowance on branch foreign tax credits. The amount of the deferred tax asset considered realizable, however, could be adjusted if estimates of future taxable income during the carryforward period are reduced or if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as projections for growth.
Income tax payments, net of refunds, of $136.4 million, $61.1 million, and $107.1 million were made in 2023, 2022, and 2021, respectively.
The Corporation has recorded a liability in Other liabilities for interest of $4.2 million and penalties of $2.5 million as of December 31, 2023.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202320222021
Balance as of January 1,$17,371 $17,018 $15,585 
Additions for tax positions of prior periods2,387 3,004 2,877 
Reductions for tax positions of prior periods(2,419)(1,732)(1,861)
Additions for tax positions related to the current year1,744 1,068 655 
Settlements(1,195)(1,987)(238)
Balance as of December 31,$17,888 $17,371 $17,018 
In many cases, the Corporation’s uncertain tax positions are related to tax years that remain subject to examination by tax authorities.
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2023:
United States (Federal)2020-present
United States (Various states)2012-present
United Kingdom2022-present
Canada2020-present
The Corporation does not expect any significant changes to the estimated amount of liability associated with its uncertain tax positions through the next twelve months. Included in total unrecognized tax benefits as of December 31, 2023, 2022, and 2021 is $15.3 million, $15.1 million, and $14.1 million, respectively, which if recognized, would favorably impact the effective income tax rate.
v3.24.0.1
DEBT
 12 Months Ended
Dec. 31, 2023
Debt Instruments [Abstract]  
DEBT
14. DEBT
Debt consists of the following as of December 31:
(In thousands)2023202320222022
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.70% Senior notes due 2023
$— $— $202,500 $202,082 
3.85% Senior notes due 2025
90,000 88,243 90,000 87,298 
4.24% Senior notes due 2026
200,000 195,556 200,000 191,760 
4.05% Senior notes due 2028
67,500 64,801 67,500 63,300 
4.11% Senior notes due 2028
90,000 85,999 90,000 83,955 
3.10% Senior notes due 2030
150,000 131,942 150,000 127,429 
3.20% Senior notes due 2032
150,000 127,649 150,000 123,656 
4.49% Senior notes due 2032
200,000 187,584 200,000 183,007 
4.64% Senior notes due 2034
100,000 92,961 100,000 90,341 
Total debt1,047,500 974,735 1,250,000 1,152,828 
Debt issuance costs, net(1,541)(1,541)(1,631)(1,631)
Unamortized interest rate swap proceeds (1)
4,403 4,403 6,031 6,031 
Total debt, net1,050,362 977,597 1,254,400 1,157,228 
Less: current portion of long-term debt— — 202,500 202,082 
Total long-term debt$1,050,362 $977,597 $1,051,900 $955,146 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.

The Corporation's total debt outstanding had a weighted-average interest rate of 3.9% in 2023 and 3.4% in 2022.

Aggregate maturities of debt are as follows:
(In thousands)
2024$— 
202590,000 
2026200,000 
2027— 
2028157,500 
Thereafter600,000 
Total$1,047,500 
Interest payments of $52 million, $42 million, and $40 million were made in 2023, 2022, and 2021, respectively.
Revolving Credit Agreement
In May 2022, the Corporation terminated its existing credit agreement, which was set to expire in October 2023, and entered into a new credit agreement (Credit Agreement) with a syndicate of financial institutions. The Credit Agreement, which is set to expire in May 2027, increased the size of the Corporation’s revolving credit facility to $750 million, and expanded the accordion feature to $250 million. The Corporation plans to use the Credit Agreement for general corporate purposes, which may include the funding of possible future acquisitions or supporting internal growth initiatives. As of December 31, 2023, the Corporation had $20 million in letters of credit supported by the Credit Agreement and no outstanding borrowings under the Credit Agreement. The unused credit available under the Credit Agreement as of December 31, 2023 was $730 million, which the Corporation had the ability to borrow in full without violating its debt to capitalization covenant.
The Credit Agreement contains covenants that the Corporation considers usual and customary for an agreement of this type for comparable commercial borrowers, including a maximum consolidated debt to capitalization ratio of 60% (65% for four consecutive quarters following an acquisition greater than $100 million). The Credit Agreement has customary events of default, such as non-payment of principal when due; nonpayment of interest, fees, or other amounts; cross-payment default and cross-acceleration.
Borrowings under the credit agreement accrue interest based on (i) the Secured Overnight Financing Rate (SOFR) or (ii) a base rate of the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Daily Term SOFR Rate. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.
Senior Notes
On October 27, 2022, the Corporation issued $300 million of Senior Notes (the 2022 Notes), consisting of $200 million of 4.49% notes that mature on October 27, 2032 and $100 million of 4.64% notes that mature on October 27, 2034. The 2022 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2022 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2022 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2022 Notes. Under the terms of the Note Purchase Agreements, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio not to be less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2022 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On August 13, 2020, the Corporation issued $300 million of Senior Notes (the 2020 Notes), consisting of $150 million of 3.10% Senior Notes that mature on August 13, 2030 and $150 million of 3.20% Senior Notes that mature on August 13, 2032. The 2020 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2020 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2020 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2020 Notes. Under the terms of the Note Purchase Agreements, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio not to be less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2020 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On February 26, 2013, the Corporation issued $500 million of Senior Notes (the 2013 Notes). The 2013 Notes consisted of $225 million of 3.70% Senior Notes that matured on February 26, 2023, $100 million of 3.85% Senior Notes that mature on February 26, 2025, and $75 million of 4.05% Senior Notes that mature on February 26, 2028. $100 million of additional 4.11% Senior Notes were deferred and subsequently issued on September 26, 2013 that mature on September 26, 2028. On October 15, 2018, the Corporation made a discretionary $50 million prepayment on the $500 million 2013 Notes. The 2013 Notes are senior unsecured obligations, equal in right of payment to the Corporation’s existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of the 2013 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the issuance of the 2013 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2013 Notes. Under the terms of the Note Purchase Agreement, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which are a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100 million) and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2013 Notes also contain a cross default provision with respect to the Corporation’s other senior indebtedness.

On December 8, 2011, the Corporation issued $300 million of Senior Notes (the 2011 Notes). The 2011 Notes consist of $100 million of 3.84% Senior Notes that matured on December 1, 2021 and $200 million of 4.24% Senior Series Notes that mature on December 1, 2026. The 2011 Notes are senior unsecured obligations, equal in right of payment to our existing senior indebtedness. The Corporation, at its option, can prepay at any time all or any part of our 2011 Notes, subject to a make-whole payment in accordance with the terms of the Note Purchase Agreement. In connection with the 2011 Notes, the Corporation paid customary fees that have been deferred and are being amortized over the term of the 2011 Notes. Under the terms of the Note Purchase Agreement, as amended, the Corporation is required to maintain certain financial ratios, the most restrictive of which is a debt to capitalization limit of 60% (65% for four consecutive quarters following an acquisition greater than $100
million) and an interest coverage ratio of less than 3 to 1. The debt to capitalization ratio (as defined per the Notes Purchase Agreement and Credit Agreement) is calculated using the same formula for all of the Corporation’s debt agreements and is a measure of the Corporation’s indebtedness to capitalization, where capitalization equals debt plus equity. The 2011 Notes also contain a cross default provision with our other senior indebtedness.

As of December 31, 2023, the Corporation had the ability to borrow additional debt of $2.3 billion without violating our debt to capitalization covenant.
v3.24.0.1
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
15. EARNINGS PER SHARE
The Corporation is required to report both basic earnings per share (EPS), based on the weighted-average number of common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.
As of December 31, 2023, 2022 and 2021, there were no anti-dilutive equity-based awards excluded from the calculation of diluted earnings per share.
Earnings per share calculations for the years ended December 31, 2023, 2022, and 2021, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2023
Basic earnings per share $354,509 38,283 $9.26 
Dilutive effect of deferred stock compensation246 
Diluted earnings per share$354,509 38,529 $9.20 
2022
Basic earnings per share$294,348 38,386 $7.67 
Dilutive effect of deferred stock compensation263 
Diluted earnings per share$294,348 38,649 $7.62 
2021
Basic earnings per share$262,829 40,417 $6.50 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$262,829 40,602 $6.47 
v3.24.0.1
SHARE-BASED COMPENSATION PLANS
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
SHARE-BASED COMPENSATION PLANS 16. SHARE-BASED COMPENSATION PLANS
In May 2014, the Corporation adopted the Curtiss-Wright 2014 Omnibus Incentive Plan (the 2014 Omnibus Plan). The plan replaced the Corporation's existing 2005 Long Term Incentive Plan and the 2005 Stock Plan for Non-Employee Directors (collectively the 2005 Stock Plans). Beginning in May 2014, all awards were granted under the 2014 Omnibus Plan. The maximum aggregate number of shares of common stock that may be issued under the 2014 Omnibus Plan are 2,400,000 less one share of common stock for every one share of common stock granted under any prior plan after December 31, 2013 and prior to the effective date of the 2014 Omnibus Plan. In addition, any awards that were previously granted under any prior plan that terminate without issuance of shares shall be eligible for issuance under the 2014 Omnibus Plan. Awards under the 2014 Omnibus Plan may be in the form of stock options, stock appreciation rights, restricted stock units (RSU), other stock-based awards, performance share units (PSU), or cash-based performance units (PU).

During 2023, the Corporation granted share-based awards in the form of RSUs and PSUs. Previous grants under the 2005 Stock Plans included non-qualified stock options. Under our employee benefit program, the Corporation also provides an Employee Stock Purchase Plan (ESPP) to most active employees. Certain awards provide for accelerated vesting if there is a change in control.
The compensation cost for employee and non-employee director share-based compensation programs during 2023, 2022, and 2021 is as follows:
(In thousands)202320222021
Employee Stock Purchase Plan$1,869 $1,764 $1,710 
Performance Share Units5,109 5,069 4,850 
Restricted Share Units8,032 6,725 5,661 
Other share-based payments1,793 1,826 1,229 
Total share-based compensation expense before income taxes$16,803 $15,384 $13,450 

Other share-based grants include service-based restricted stock awards to non-employee directors, who are treated as employees as prescribed by the accounting guidance on share-based payments. The compensation cost recognized follows the cost of the employee, which is primarily reflected as general and administrative expense in the Consolidated Statement of Earnings. No share-based compensation costs were capitalized during 2023, 2022, or 2021.

The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202320222021
Cash received from share-based awards$10,584 $9,997 $9,705 

Performance Share Units

The Corporation has granted performance share units to certain employees, whose three year cliff vesting is contingent upon the Corporation's total shareholder return over the three-year term beginning at the start of the fiscal year following the date of grant. Performance is measured by determining the percentile rank of the total shareholder return of the Corporation's common stock in relation to the total shareholder return of a self-constructed peer group (for awards granted in 2022 and 2023) or compared to the S&P Midcap 400 Index (for awards granted in 2021). The non-vested shares are subject to forfeiture if established performance goals are not met or employment is terminated other than due to death, disability, or retirement. Share plans are denominated in share-based units based on the fair market value of the Corporation’s common stock on the date of grant. The performance share unit’s compensation cost is amortized to expense on a straight-line basis over the three-year requisite service period.

Restricted Share Units

Restricted share units cliff vest at the end of the awards’ vesting period. The restricted share units are service-based and thus compensation cost is amortized to expense on a straight-line basis over the requisite service period, which is typically three years. The non-vested restricted units are subject to forfeiture if employment is terminated other than due to death, disability, or retirement.

A summary of the Corporation’s 2023 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2022105 $143.69 212 $114.15 
Granted36 172.89 58 174.33 
Vested(57)103.86 (78)83.43 
Forfeited— — (6)146.84 
Nonvested as of December 31, 202384 $183.09 186 $144.59 
Expected to vest as of December 31, 202384 $183.09 186 $144.59 

Nonvested PSUs had an intrinsic value of $18.7 million and unrecognized compensation costs of $5.1 million as of December 31, 2023. Nonvested RSUs had an intrinsic value of $41.4 million and unrecognized compensation costs of $12.1 million as of December 31, 2023. Unrecognized compensation costs related to PSUs and RSUs are expected to be recognized over 1.7 years and 2.1 years, respectively.
Employee Stock Purchase Plan

The Corporation’s ESPP enables eligible employees to purchase the Corporation’s common stock at a price per share equal to 85% of the fair market value at the end of each offering period. Each offering period of the ESPP lasts six months, commencing on January 1st and July 1st of each year. Compensation cost is recognized on a straight-line basis over the six-month vesting period during which employees perform related services.
v3.24.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
 12 Months Ended
Dec. 31, 2023
Retirement Benefits, Description [Abstract]  
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
17. PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS
The Corporation maintains separate and distinct pension and other post-retirement defined benefit plans, consisting of three domestic plans and six separate foreign pension plans. The domestic plans include a qualified pension plan, a non-qualified pension plan, and a postretirement health-benefits plan. The foreign plans consist of one defined benefit pension plan each in the United Kingdom, France, Canada, and Switzerland, and two in Mexico.
Domestic Plans
Qualified Pension Plan
The Corporation maintains a defined benefit pension plan (the CW Pension Plan) covering certain employee populations under six benefit formulas: a non-contributory non-union and union formula for certain Curtiss-Wright (CW) employees, a contributory union and non-union benefit formula for employees at the EMD business unit, and two benefit formulas providing annuity benefits for participants in the former Williams Controls salaried and union plans.
CW non-union employees hired prior to February 1, 2010 receive a final average pay benefit based on years of credited service, using the five highest consecutive years’ compensation during the last ten years of service. These employees became participants under the CW Pension Plan after one year of service and were vested after three years of service. CW non-union employees hired on or after the effective date were eligible for a cash balance benefit through December 31, 2013, and were transitioned to the new defined contribution plan, further described below. CW union employees who have negotiated a benefit under the CW Pension Plan are entitled to a benefit based on years of service multiplied by a monthly pension rate.
The formula for EMD employees is based on a career average pay benefit and covers both union and non-union employees and is designed to satisfy the requirements of relevant collective bargaining agreements. Employee contributions are withheld each pay period and are equal to 1.5% of salary. The benefits for the EMD employees are based on years of service and compensation. On December 31, 2012, the Corporation amended the CW Pension Plan to close the benefit to EMD employees hired after January 1, 2014.
Participants of the former Williams Controls UAW Local 492 Plan for union employees are entitled to a benefit based on years of service multiplied by a monthly pension rate, and may be eligible for supplemental benefits based upon attainment of certain age and service requirements.
Effective January 1, 2014, all active non-union employees participating in the final and career average pay formulas in the defined benefit plan will cease accruals 15 years from the effective date of the amendment. In addition to the sunset provision, cash balance benefit accruals for non-union participants ceased as of January 1, 2014. Non-union employees who were not currently receiving final or career average pay benefits became eligible to participate in a new defined contribution plan which provides both employer match and non-elective contribution components. Subsequent to the original amendment, the Corporation successfully negotiated the sunset provision into the bargaining agreements for all represented employees that received benefits through this plan.
As of December 31, 2023, and 2022, the Corporation had a noncurrent pension asset of $244.1 million and $209.9 million, respectively. The change in balance was primarily due to a higher return on plan assets during 2023.
Nonqualified Pension Plan
The Corporation also maintains a non-qualified restoration plan (the CW Restoration Plan) covering those employees of CW and EMD whose compensation or benefits exceed the IRS limitation for pension benefits. Benefits under the CW Restoration Plan are not funded, and, as such, the Corporation had an accrued pension liability of $44.8 million and $40.4 million as of December 31, 2023 and 2022, respectively. The Corporation’s contributions to the CW Restoration Plan are expected to be $3.2 million in 2024.
Other Post-Employment Benefits (OPEB) Plan
The Corporation provides post-employment benefits consisting of retiree health and life insurance to three distinct groups of employees/retirees: the CW Grandfathered plan, and plans assumed in the acquisitions of EMD and Williams Controls.
The Corporation also provides retiree health and life insurance benefits for substantially all Curtiss-Wright EMD employees. The plan provides basic health and welfare coverage for pre-65 participants based on years of service and are subject to certain caps. Effective January 1, 2011, the Corporation modified the benefit design for post-65 retirees by introducing Retiree Reimbursement Accounts (RRAs) to participants in lieu of the traditional benefit delivery. Participant accounts are funded a set amount annually that can be used to purchase supplemental coverage on the open market, effectively capping the benefit.
The plan also provides retiree health and life insurance benefits for certain retirees of the Williams Controls salaried and union pension plans. Effective August 31, 2013, the Corporation modified the benefit design for post-65 retirees by introducing RRAs to align with the EMD delivery model.
The Corporation had an accrued postretirement benefit liability $20.0 million as of both December 31, 2023 and 2022, respectively. The Corporation expects to contribute $1.7 million to the plan during 2024. Activity associated with the postretirement benefit liability for the years ended December 31, 2023 and 2022 was immaterial.
Foreign Plans
As of December 31, 2023 and 2022, the total projected benefit obligation related to all foreign plans was $80.8 million and $69.6 million, respectively. As of December 31, 2023 and December 31, 2022, the Corporation had a net pension asset of $10.7 million and $9.8 million, respectively. The Corporation's contributions to the foreign plans are expected to be $1.2 million in 2024.
Components of net periodic benefit expense
The net pension and net postretirement benefit costs consisted of the following:
Pension Benefits
(In thousands)202320222021
Service cost$16,224 $23,217 $26,735 
Interest cost34,085 20,923 17,419 
Expected return on plan assets(63,013)(54,855)(60,286)
Amortization of prior service cost(106)(318)(251)
Recognized net actuarial loss139 17,198 28,905 
Cost of settlements/curtailments— 4,499 3,310 
Special termination benefits— — 52 
Net periodic benefit cost$(12,671)$10,664 $15,884 
The cost of settlements/curtailments indicated above represents events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. In 2022 and 2021, the Company recognized settlement charges related to the retirement of former executives.
The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2023 measurement date.
Pension Benefits
(In thousands)20232022
Change in benefit obligation:
Beginning of year$733,434 $979,070 
Service cost16,224 23,217 
Interest cost34,085 20,923 
Plan participants’ contributions1,200 1,229 
Actuarial (gain) loss17,312 (201,592)
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Acquisitions— 496 
Divestitures— (4,341)
Currency translation adjustments5,340 (8,117)
End of year$753,370 $733,434 
Change in plan assets:
Beginning of year$912,702 $1,156,616 
Actual return on plan assets93,488 (182,519)
Employer contribution4,601 24,865 
Plan participants’ contributions1,200 1,229 
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Currency translation adjustments5,598 (10,038)
End of year$963,364 $912,702 
Funded status$209,994 $179,268 
Pension Benefits
(In thousands)20232022
Amounts recognized on the balance sheet
Noncurrent assets$261,869 $222,627 
Current liabilities(3,280)(3,272)
Noncurrent liabilities(48,595)(40,087)
Total$209,994 $179,268 
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss $121,557 $133,813 
Prior service cost(163)(239)
Total$121,394 $133,574 
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$77,189 $64,669 
Accumulated benefit obligation68,257 61,368 
Fair value of plan assets25,314 21,311 
Plan Assumptions
Pension Benefits
20232022
Weighted-average assumptions in determination of benefit obligation:
Discount rate4.71 %4.95 %
Rate of compensation increase3.33 %3.34 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate4.95 %2.72 %
Expected return on plan assets6.41 %5.47 %
Rate of compensation increase3.34 %3.40 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
The Corporation applies the spot rate, or full yield curve, approach for developing discount rates. The discount rate for each plan's past service liabilities and service cost is determined by discounting the plan’s expected future benefit payments using a yield curve developed from high quality bonds that are rated Aa or better by Moody’s as of the measurement date. The yield curve calculation matches the notional cash inflows of the hypothetical bond portfolio with the expected benefit payments to arrive at one effective rate for these components. Interest cost is determined by applying the spot rate from the full yield curve to each anticipated benefit payment, based on the anticipated optional form elections.
The overall expected return on assets assumption is based on a combination of historical performance of the pension fund and expectations of future performance. Expected future performance is determined by weighting the expected returns for each asset class by the plan’s asset allocation. The expected returns are based on long-term capital market assumptions utilizing a ten-year time horizon through consultation with investment advisors. While consideration is given to recent performance and historical returns, the assumption represents a long-term prospective return.
Pension Plan Assets
The overall objective for plan assets is to earn a rate of return over time to meet anticipated benefit payments in accordance with plan provisions. The long-term investment objective of the domestic retirement plan is to achieve a total rate of return, net of fees, which exceeds the actuarial overall expected return on asset assumptions used for funding purposes and which provides an appropriate premium over inflation. The intermediate-term objective of the domestic retirement plan, defined as three to five years, is to outperform each of the capital markets in which assets are invested, net of fees. During periods of extreme market volatility, preservation of capital takes a higher precedence than outperforming the capital markets.
The Finance Committee of the Corporation’s Board of Directors is responsible for formulating investment policies, developing investment manager guidelines and objectives, and approving and managing qualified advisors and investment managers. The guidelines established define permitted investments within each asset class and apply certain restrictions such as limits on concentrated holdings, and prohibits selling securities short, buying on margin, and the purchase of any securities issued by the Corporation.

The Corporation maintains the funds of the CW Pension Plan under a trust that is diversified across investment classes and among investment managers to achieve an optimal balance between risk and return. In the first quarter of 2022, the Corporation implemented an asset de-risking strategy in recognition of the strong funded status of the plan and a desire to reduce volatility as the plan approaches the cessation of accruals in 2028. As a part of its strategy shift, the Corporation transitioned to an Outsourced Chief Investment Officer model that introduces asset allocation constraints that increase the fixed income allocation over time and with changes in the funded status. Accordingly, our established target allocations for each of the following asset classes: domestic equity securities, international equity securities, and debt securities have changed. Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 90% of consolidated assets:
As of December 31,TargetExpected
20232022ExposureRange
Asset class
Domestic equities29%33%29%
24%-34%
International equities10%11%11%
7%-15%
Total equity39%44%40%
30%-50%
Fixed income61%56%60%
50%-70%
As of December 31, 2023 and 2022, cash funds in the CW Pension Plan represented approximately 2% and 4% of portfolio assets, respectively.
Foreign plan assets represent 10% of consolidated plan assets, with most of the assets supporting the U.K. plan. Generally, the foreign plans follow a similar asset allocation strategy and are more heavily weighted in fixed income resulting in a weighted expected return on assets assumption of 5% for all foreign plans.
The Corporation may from time to time require the reallocation of assets in order to bring the retirement plans into conformity with these ranges. The Corporation may also authorize alterations or deviations from these ranges where appropriate for achieving the objectives of the retirement plans.
Fair Value Measurements
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2023.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$33,272 $730 $32,542 $— 
Equity securities (1)
388,343 370,028 18,315 — 
Fixed Income (2)
481,169 373,963 107,206 — 
Other (3)
9,918 4,167 — 5,751 
December 31, 2022$912,702 $748,888 $158,063 $5,751 
Cash and cash equivalents$16,105 $16,105 $— $— 
Equity securities (1)
358,082 341,575 16,507 — 
Fixed Income (2)
578,797 9,316 569,481 — 
Other (3)
10,380 3,672 — 6,708 
December 31, 2023$963,364 $370,668 $585,988 $6,708 

(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and a balanced fund associated with the Canadian based pension plan.

(2)This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.

(3)This category consists of a domestic real estate exchange-traded fund and real estate investment trusts in Switzerland.
Valuation
Equity securities and exchange-traded equity and bond mutual funds are valued using a market approach based on the quoted market prices of identical instruments. Pooled institutional funds are valued at their net asset values and are calculated by the sponsor of the fund.
Fixed income securities are primarily valued using a market approach utilizing various underlying pricing sources and methodologies. Real estate investment trusts are priced at net asset value based on valuations of the underlying real estate holdings using inputs such as discounted cash flows, independent appraisals, and market-based comparable data.
Cash balances in the United States are held in money market funds and classified as a Level 1 asset. Non-U.S. cash is valued using a market approach based on quoted market prices of identical instruments.
Activity associated with Level 3 assets held during the years ended December 31, 2023 and 2022 was immaterial.
Benefit Payments
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans
2024$50,025 
202552,823 
202654,281 
202755,157 
202857,403 
2029 - 2033274,696 
Defined Contribution Retirement Plans
The Corporation offers all of its full-time domestic employees the opportunity to participate in a defined contribution plan. Effective January 1, 2014, all non-union employees who were not currently receiving final or career average pay benefits became eligible to receive employer contributions in the Corporation's sponsored 401(k) plan. The employer contributions include both employer match and non-elective contribution components, up to a maximum employer contribution of 7% of eligible compensation. During the year ended December 31, 2023, the expense relating to the plan was $23.5 million, consisting of $12.2 million in matching contributions to the plan in 2023, and $11.3 million in non-elective contributions, primarily paid in January 2024. Cumulative contributions of approximately $123 million are expected to be made from 2024 through 2028.
v3.24.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. SEGMENT INFORMATION

The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, as described below in further detail.

The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices, joysticks, power management electronics, traction inverters and transmission shifters, electro-mechanical actuation control components, and surface technology services such as shot peening, laser peening, and engineered coatings.

The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, tactical communications solutions for battlefield network management, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

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

The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202320222021
Net sales
Aerospace & Industrial$889,744 $838,885 $789,054 
Defense Electronics818,547 693,709 727,828 
Naval & Power1,142,590 1,030,918 990,339 
Less: Intersegment Revenues(5,508)(6,487)(6,460)
Total Consolidated$2,845,373 $2,557,025 $2,500,761 
Operating income (expense)
Aerospace & Industrial$145,278 $136,996 $121,817 
Defense Electronics191,775 154,568 159,089 
Naval & Power189,227 177,582 136,106 
Corporate and Eliminations (1)
(41,678)(45,703)(39,883)
Total Consolidated$484,602 $423,443 $377,129 
Depreciation and amortization expense
Aerospace & Industrial$33,994 $34,336 $36,999 
Defense Electronics33,347 35,120 38,136 
Naval & Power46,165 39,712 35,937 
Corporate2,666 2,859 3,312 
Total Consolidated$116,172 $112,027 $114,384 
Capital expenditures
Aerospace & Industrial$17,067 $18,554 $16,799 
Defense Electronics5,573 3,504 3,922 
Naval & Power18,112 13,652 18,106 
Corporate3,914 2,507 2,281 
Total Consolidated$44,666 $38,217 $41,108 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
As of December 31,
(In thousands)20232022
Segment assets
Aerospace & Industrial$1,077,808 $1,041,562 
Defense Electronics1,517,877 1,546,331 
Naval & Power1,496,063 1,487,568 
Corporate529,221 372,842 
Total Consolidated$4,620,969 $4,448,303 
Reconciliations
Year Ended December 31,
(In thousands)202320222021
Earnings before taxes:
Total reportable segment operating income$526,280 $469,146 $417,012 
Corporate and Eliminations(41,678)(45,703)(39,883)
Interest expense51,393 46,980 40,240 
Other income, net29,861 12,732 12,067 
Earnings before income taxes$463,070 $389,195 $348,956 
As of December 31,
(In thousands)20232022
Assets:
Total assets for reportable segments$4,091,748 $4,075,461 
Non-segment cash228,930 122,198 
Other assets300,291 250,644 
Total consolidated assets$4,620,969 $4,448,303 
Geographic Information
Year Ended December 31,
(In thousands)202320222021
Revenues
United States of America$2,060,986 $1,879,001 $1,851,827 
United Kingdom115,078 102,965 93,154 
Other foreign countries669,309 575,059 555,780 
Consolidated total$2,845,373 $2,557,025 $2,500,761 
As of December 31,
(In thousands)20232022
Long-Lived Assets - Property, plant, and equipment, net
United States of America$243,542 $254,317 
United Kingdom25,898 27,049 
Other foreign countries63,356 61,342 
Consolidated total$332,796 $342,708 
v3.24.0.1
CONTINGENCIES AND COMMITMENTS
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS
19. CONTINGENCIES AND COMMITMENTS

From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not believe that the disposition of any of these matters, individually or in the aggregate, will have a material adverse effect on its consolidated financial condition, results of operations, and cash flows.

Legal Proceedings

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

Letters of Credit and Other Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of December 31, 2023 and 2022, there were $20 million and $17 million of stand-by letters of credit outstanding, respectively, and $16 million and $3 million of bank guarantees outstanding, respectively.

The Corporation, through its Electro-Mechanical Division (EMD) business unit, has three Pennsylvania Department of Environmental Protection (PADEP) radioactive materials licenses that are utilized in the continued operation of the EMD business. In connection with these licenses, the Corporation has known conditional asset retirement obligations related to asset decommissioning activities to be performed in the future, when the Corporation terminates these licenses. As of December 31, 2023, the Corporation has recorded an asset retirement obligation of approximately $8 million for two of the three licenses. For its third license, the Corporation has not recorded an asset retirement obligation as it is not reasonably estimable due to insufficient information about the timing and method of settlement of the obligation. Accordingly, this obligation has not been recorded in the Consolidated Financial Statements. A liability for this obligation will be recorded in the period when sufficient information regarding timing and method of settlement becomes available to make a reasonable estimate of the liability’s fair value. The Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond.
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
 12 Months Ended
Dec. 31, 2023
Comprehensive Income [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS
20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive 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 loss(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive loss before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20232022
Defined benefit pension and postretirement plans
Amortization of prior service costs$133 $345 Other income, net
Recognized net actuarial losses(85)(17,198)Other income, net
Settlements— (4,499)Other income, net
48 (21,352)Earnings before income taxes
(4)5,115 Provision for income taxes
Total reclassifications$44 $(16,237)Net earnings
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS
CURTISS-WRIGHT CORPORATION and SUBSIDIARIES
SCHEDULE II – VALUATION and QUALIFYING ACCOUNTS
for the years ended December 31, 2023, 2022, and 2021
(In thousands)
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2023
Tax valuation allowance5,664 1,471 63 
(1)
2,306 4,892 
Total$5,664 $1,471 $63 $2,306 $4,892 
December 31, 2022
Tax valuation allowance2,625 3,920 1 
(1)
882 5,664 
Total$2,625 $3,920 $1 $882 $5,664 
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 

(1) Primarily foreign currency translation adjustments.
v3.24.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Pay vs Performance Disclosure      
Net earnings $ 354,509 $ 294,348 $ 262,829
v3.24.0.1
Recovery of Erroneously Awarded Compensation - Restatement Determination Date:: 2023-09-30 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2021
Dec. 31, 2020
Erroneously Awarded Compensation Recovery      
Restatement Determination Date Sep. 30, 2023    
Erroneous Compensation Analysis
Therefore, in accordance with SAB 108, the Company revised the applicable prior period financial statements included within its quarterly report on Form 10-Q for the third quarter ended September 30, 2023, as summarized below. The net impact of the error resulted in an overstatement of previously reported total net sales and net earnings of approximately $5 million and $4 million, respectively, for the year ended December 31, 2021, and an overstatement of previously reported total net sales and net earnings of approximately $8 million and $7 million, respectively, for the year ended December 31, 2020. The impact of the error on previously reported total net sales and net earnings was inconsequential for the year ended December 31, 2022. The Company revised its consolidated financial statements as of December 31, 2022 and for the year ended December 31, 2021 in this Form 10-K.
    
Restatement does not require Recovery
The Committee, the Company’s outside legal counsel, and the Committee’s independent compensation consultant Frederic W. Cook & Co., Inc. (“FW Cook”) performed an analysis of the impact that the immaterial restatement discussed immediately above (the “Immaterial Restatement”) had on the Company’s past and future payouts under its incentive compensation plans, and whether recovery of such incentive compensation payouts is required under its Dodd-Frank Clawback Policy. Because the Dodd-Frank Clawback Policy only applied to incentive compensation payments received after December 1, 2023, any incentive
compensation received prior to such date would not be subject to recoupment under the policy. Accordingly, only annual and long-term incentive compensation received in early 2024 under the Company’s incentive compensation plan (ICP) and long-term incentive compensation plan (LTIP) for financial performance of the Company against pre-established financial performance measures for the 2023 performance period (ICP) and 2021 – 2023 performance period (LTIP), would be subject to the policy. As noted above, the Committee determined that since the Immaterial Restatement did not impact the 2023 performance period (only impacting prior year periods 2020 through 2022), the receipt of annual incentive compensation under the ICP in early 2024 was not required to be recovered under the Dodd-Frank Clawback Policy. With respect to the receipt of LTIP, the payment of cash-based performance units (PUPs) in early 2024 was based on Company performance against pre-established financial performance measures for the 2021 – 2023 performance period. Based on Company financial performance resulting from the Immaterial Restatement against its performance targets during such performance period, it was determined that Company performance would have resulted in a maximum payout against target with or without the Immaterial Restatement. Therefore, because payment of PUPs was at maximum with giving effect to the Immaterial Restatement, no excess incentive compensation was received by the Section 16 executive officers based on the Immaterial Restatement, and therefore, no recovery was required under the Dodd-Frank Clawback Policy.

The receipt of performance share units (PSUs) under the LTIP in early 2024 was based on Company total shareholder return (TSR) relative to its peer group for the 2021 – 2023 performance period. The Company performed an analysis assessing the impact of the Immaterial Restatement on its TSR and the payouts associated with its TSR. After reviewing the relatively minor financial impacts to 2021 and 2022 performance the Committee reasonably estimated that the Immaterial Restatement was immaterial to the overall financial results of the Company during this period, and reasonably concluded that the restated financials resulting from the Immaterial Restatement would not have impacted the Company’s TSR and PSU payouts. Additionally, the Committee, after advice from the Company’s outside legal counsel and FW Cook, determined that the payouts would have been 200% of target regardless due to the high levels of Company financial performance even as restated. Therefore, because payment of PSUs was 200% of target without giving effect to the Immaterial Restatement, no excess PSUs were received by the Section 16 executive officers based on the Immaterial Restatement, and therefore, no recovery was required under the Dodd-Frank Clawback Policy.

Finally, a recovery analysis was also performed under the Company’s general employee incentive compensation recoupment policy discussed above, which has a one-year look back period. Because the general policy only mandates a clawback in the event of a full restatement of financials and the overall Company financial performance was nominally impacted for the 2022 performance period under the ICP and 2020 – 2022 performance period under the LTIP, the Committee determined that no excess incentive compensation was received by the Section 16 executive officers in early 2023 based on the Immaterial Restatement, and therefore no recovery was required under the Company’s general employee incentive compensation recoupment policy.
    
Restatement Adjustment, Decrease To Revenues   $ 5 $ 8
Restatement Adjustment, Decrease To Net Earnings   $ 4 $ 7
v3.24.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2023
shares
Dec. 31, 2023
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three-months ended December 31, 2023, none of our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K, except as described in the table below:
NameTitleAction
Character of Trading Arrangement(1)
Adoption DateEarliest Sale Date
Expiration Date(2)
Aggregate # of securities to be purchased or sold(3)
K. Christopher FarkasVice President and Chief Financial OfficerAdoptionRule 10b5-1 Trading ArrangementDecember 14, 2023March 14, 2024September 14, 2024(4)
Paul J. FerdenziVice President, General Counsel, and Corporate SecretaryAdoptionRule 10b5-1 Trading ArrangementDecember 13, 2023March 12, 2024December 31, 2024
Up to 5000 shares to be sold

1.Except as indicated by footnote, each trading arrangement marked as a “Rule 10b5-1 Trading Arrangement” is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended.
2.The Rule 10b5-1 trading arrangements permits transactions through and including the earlier to occur of (a) the completion of all purchases or sales, (b) the date listed in the table, or (c) such date the trading arrangement is otherwise terminated according to its terms. The trading arrangements also provide for automatic expiration in the event of death, dissolution, bankruptcy, or insolvency of the adopting person.
3.The volume of sales is based on pricing triggers outlined in the Rule 10b5-1 Trading Arrangement.
4.The aggregate number of shares of common stock to be sold pursuant to Mr. Farkas's Rule 10b5-1 Trading Arrangement include: (a) 100% of the net after-tax shares received upon the vesting of 1,805 time-based restricted stock units on March 18, 2024; and (b) 100% of the net after-tax shares of common stock received upon the vesting of 2,371 performance-based restricted stock units (PSUs), which were granted March 18, 2021. The number of shares granted is at target and the number of shares that will be earned will depend on Company total shareholder return relative to its peer group for the 2021 – 2023 performance period. PSUs may be earned up to 200% of grant. PSUs will be earned as common stock in early 2024. For more information, see the “Compensation Discussion and Analysis” section in our most recent proxy statement, which was filed with the SEC on March 24, 2023. In addition, the actual number of shares that will be released to Mr. Farkas in connection with the PSUs and sold under the Rule 10b5-1 Trading Arrangement will be net of the number of shares withheld to satisfy tax withholding obligations arising from the vesting of such shares and is not yet determinable.

Each of the 10b5-1 Trading Arrangements in the above table included a representation from the officer to the broker administering the plan that such individual (i) was not in possession of any material nonpublic information regarding the Company or the securities subject to the plan and (ii) the plan was entered into good faith and not as part of a plan or scheme to evade securities law. A similar representation was made to the Company in connection with the adoption of the plan. Those representations were made as of the date of adoption of the 10b5-1 plan and speak only as of that date. In making those representations, there is no assurance with respect to any material nonpublic information of which the officer was unaware, or with respect to any material nonpublic information acquired by the officer or the Company after the date of the representation. Actual sale transactions will be disclosed publicly through Form 144 and Form 4 filings with the SEC, as required.
Rule 10b5-1 Arrangement Adopted false  
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
K. Christopher Farkas [Member]    
Trading Arrangements, by Individual    
Name K. Christopher Farkas  
Title Vice President and Chief Financial Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 14, 2023  
Arrangement Duration 184 days  
Paul J. Ferdenzi [Member]    
Trading Arrangements, by Individual    
Name Paul J. Ferdenzi  
Title Vice President, General Counsel, and Corporate Secretary  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date December 13, 2023  
Arrangement Duration 294 days  
Aggregate Available 5,000 5,000
Time-based Restricted Stock Units [Member] | K. Christopher Farkas [Member]    
Trading Arrangements, by Individual    
Aggregate Available 1,805 1,805
Performance-based Restricted Stock Units [Member] | K. Christopher Farkas [Member]    
Trading Arrangements, by Individual    
Aggregate Available 2,371 2,371
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2023
Accounting Policies [Abstract]  
ConsolidationPolicy
Principles of Consolidation

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

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

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

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

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

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

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

Intangible assets are generally the result of acquisitions and consist primarily of purchased technology, customer related intangibles, trademarks, and technology licenses. Intangible assets are amortized on a straight-line basis over their estimated useful lives, which range from 1 to 20 years. See Note 9 to the Consolidated Financial Statements for further information on other intangible assets.
ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock
Impairment of Long-Lived Assets
The Corporation reviews the recoverability of all long-lived assets, including the related useful lives, whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset might not be recoverable. If required, the Corporation compares the estimated fair value determined by either the undiscounted future net cash flows or appraised value to the related asset’s carrying value to determine whether there has been an impairment. If an asset is considered impaired, the asset is written down to fair value in the period in which the impairment becomes known. The Corporation recognized no significant impairment charges on assets held in use during the years ended December 31, 2023, 2022, and 2021.
Goodwill and Intangible Assets, Goodwill
Goodwill

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

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

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

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

Compensation expense for performance shares and time-based restricted stock is recognized over the requisite service period for the entire award based on the grant date fair value.
New Accounting Pronouncements, Policy [Policy Text Block]
Recently Issued Accounting Standards

Recently issued accounting standards to be adopted

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740), Improvement to Income Tax Disclosures, which requires enhanced income tax disclosures, including disaggregation of information in the rate reconciliation table and disaggregated information related to income taxes paid. The ASU is effective for annual reporting periods beginning with the year ending December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvement to Reportable Segment Disclosures. This ASU enhances disclosures required for reportable segments in both annual and interim consolidated financial statements. The ASU, which requires retrospective application, is effective for annual reporting periods beginning with the year ending December 31, 2024, and interim periods beginning with the three months ending March 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of adopting this standard on its Consolidated Financial Statements.
IncomeTaxPolicyTextBlock
Income Taxes
The Corporation accounts for income taxes using the asset and liability method. Under the asset and liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The effect on deferred tax assets and liabilities of a change in tax laws is recognized in the results of operations in the period the new laws are enacted. A valuation allowance is recorded to reduce the carrying amounts of deferred tax assets unless it is more likely than not that such assets will be realized.

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

Interest Rate Risks and Related Strategies

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

For interest rate swaps designated as fair value hedges (i.e., hedges against the exposure to changes in the fair value of an asset or a liability or an identified portion thereof that is attributable to a particular risk), changes in the fair value of the interest rate swaps offset changes in the fair value of the fixed rate debt due to changes in market interest rates.
v3.24.0.1
CORRECTION OF PRIOR PERIOD ERROR (Tables)
 12 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments
Consolidated Balance Sheet as of December 31, 2022:

(In thousands)As previously reportedCorrectionsAs revised
Receivables, net$724,603 $(1,299)$723,304 
Total current assets1,517,313 (1,299)1,516,014 
Total assets4,449,602 (1,299)4,448,303 
Accrued expenses177,536 (3,096)174,440 
Deferred revenue242,483 12,318 254,801 
Other current liabilities82,395 384 82,779 
Total current liabilities971,439 9,606 981,045 
Total liabilities2,457,483 9,606 2,467,089 
Retained earnings3,174,396 (10,905)3,163,491 
Total stockholders' equity1,992,119 (10,905)1,981,214 
Total liabilities and stockholders' equity4,449,602 (1,299)4,448,303 

Consolidated Statement of Earnings for the year ended December 31, 2021:

(In thousands)As previously reportedCorrectionsAs revised
Product sales$2,109,617 $(5,170)$2,104,447 
Total net sales2,505,931 (5,170)2,500,761 
Cost of product sales1,330,191 384 1,330,575 
Total cost of sales1,572,575 384 1,572,959 
Gross profit933,356 (5,554)927,802 
Operating income382,683 (5,554)377,129 
Earnings before income taxes354,510 (5,554)348,956 
Provision for income taxes(87,351)1,224 (86,127)
Net earnings267,159 (4,330)262,829 
Basic earnings per share$6.61 $(0.11)$6.50 
Diluted earnings per share$6.58 $(0.11)$6.47 

Consolidated Statement of Comprehensive Income for the year ended December 31, 2021:

(In thousands)As previously reportedCorrectionsAs revised
Net earnings$267,159 $(4,330)$262,829 
Comprehensive income387,550 (4,330)383,220 

Consolidated Statement of Cash Flows for the year ended December 31, 2021:
(In thousands)As previously reportedCorrectionsAs revised
Net earnings$267,159 $(4,330)$262,829 
Receivables, net(61,277)105 (61,172)
Deferred revenue9,584 5,065 14,649 
Income taxes(12,988)(1,224)(14,212)
Other19,005 384 19,389 
Net cash provided by operating activities387,668 — 387,668 
v3.24.0.1
REVENUE (Table)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue [Table Text Block]
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the years ended December 31, 2023, 2022, and 2021:
Year Ended
December 31,
202320222021
Over-time47 %51 %50 %
Point-in-time53 %49 %50 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
Total Net Sales by End Market and Customer Type
Year Ended December 31,
(In thousands)202320222021
Aerospace & Defense
Aerospace Defense$551,622 $479,743 $452,661 
Ground Defense308,008 219,739 220,290 
Naval Defense720,013 694,015 705,518 
Commercial Aerospace324,949 276,519 267,722 
Total Aerospace & Defense Customers$1,904,592 $1,670,016 $1,646,191 
Commercial
Power & Process$509,998 $472,300 $473,489 
General Industrial430,783 414,709 381,081 
Total Commercial Customers$940,781 $887,009 $854,570 
Total$2,845,373 $2,557,025 $2,500,761 
v3.24.0.1
ACQUISITIONS (Table)
 12 Months Ended
Dec. 31, 2023
Business Combinations [Abstract]  
ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for all acquisitions consummated:

(In thousands)2022
Accounts receivable$10,567 
Inventory24,088 
Property, plant, and equipment4,190 
Intangible assets147,074 
Operating lease right-of-use assets, net5,103 
Other current and non-current assets2,078 
Current and non-current liabilities(17,264)
Net tangible and intangible assets175,836 
Goodwill106,593 
Total Purchase price$282,429 
Goodwill deductible for tax purposes$106,593 
v3.24.0.1
RECEIVABLES (Table)
 12 Months Ended
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable [Text Block]
The composition of receivables as of December 31 is as follows:
(In thousands)20232022
Billed receivables:
Trade and other receivables$427,830 $412,682 
Unbilled receivables:
Recoverable costs and estimated earnings not billed309,561 315,383 
Less: Progress payments applied(687)(67)
Net unbilled receivables308,874 315,316 
Less: Allowance for doubtful accounts(4,026)(4,694)
Receivables, net$732,678 $723,304 
v3.24.0.1
INVENTORIES (Table)
 12 Months Ended
Dec. 31, 2023
Inventory, Net [Abstract]  
Schedule Of Inventory [Text Block]
The composition of inventories as of December 31 is as follows:
(In thousands)20232022
Raw materials$239,313 $242,116 
Work-in-process103,750 76,328 
Finished goods126,174 128,090 
Inventoried costs related to U.S. Government and other long-term contracts(1)
43,255 39,685 
Inventories, net of reserves512,492 486,219 
Less: Progress payments applied(2,459)(3,106)
Inventories, net$510,033 $483,113 
(1) As of December 31, 2023, this caption also includes capitalized development costs of $13.8 million related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced and sold under contract. As of December 31, 2023, capitalized development costs of $8.8 million are not currently supported by existing firm orders.
v3.24.0.1
PROPERTY, PLANT, AND EQUIPMENT (Table)
 12 Months Ended
Dec. 31, 2023
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment [Table Text Block]
The composition of property, plant, and equipment as of December 31 is as follows:
(In thousands)20232022
Land$16,173 $16,880 
Buildings and improvements253,408 252,713 
Machinery, equipment, and other905,409 866,761 
Property, plant, and equipment, at cost1,174,990 1,136,354 
Less: Accumulated depreciation(842,194)(793,646)
Property, plant, and equipment, net$332,796 $342,708 
v3.24.0.1
GOODWILL (Table)
 12 Months Ended
Dec. 31, 2023
Goodwill [Abstract]  
Schedule Of Goodwill [Text Block]
The changes in the carrying amount of goodwill for 2023 and 2022 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2021$316,147 $714,014 $432,865 $1,463,026 
Acquisitions12,445 — 94,148 106,593 
Adjustments — 967 — 967 
Foreign currency translation adjustment(7,042)(12,195)(6,714)(25,951)
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment3,581 7,592 3,018 14,191 
December 31, 2023$325,131 $710,378 $523,317 $1,558,826 
v3.24.0.1
OTHER INTANGIBLE ASSETS, NET (Table)
 12 Months Ended
Dec. 31, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule of Finite-Lived Intangible Assets [Table Text Block]
The following tables present the cumulative composition of the Corporation’s intangible assets as of December 31, 2023 and December 31, 2022, respectively.
20232022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology
$308,256 $(195,446)$112,810 $306,160 $(176,675)$129,485 
Customer-related intangibles
670,966 (339,325)331,641 666,638 (298,160)368,478 
Programs (1)
144,000 (41,400)102,600 144,000 (34,200)109,800 
Other intangible assets
54,227 (43,666)10,561 53,879 (40,745)13,134 
Total$1,177,449 $(619,837)$557,612 $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.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2024$56 
2025$54 
2026$53 
2027$50 
2028$44 
v3.24.0.1
LEASES (Tables)
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
Lease, Cost
The components of lease expense were as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Operating lease cost $44,322 $42,125 
Finance lease cost:
Depreciation of finance leases$1,037 $1,037 
Interest on lease liabilities 347 390 
Total finance lease cost$1,384 $1,427 

Supplemental cash flow information related to leases was as follows:
Year Ended
(In thousands)December 31, 2023December 31, 2022
Cash used for operating activities:
Operating cash flows used for operating leases$(36,294)$(34,186)
Operating cash flows used for finance leases(347)(390)
Non-cash activity:
Right-of-use assets obtained in exchange for operating lease obligations$14,361 $17,740 
Assets And Liabilities, Lessee
Supplemental balance sheet information related to leases was as follows:
As of December 31,
(In thousands, except lease term and discount rate)20232022
Operating Leases
Operating lease right-of-use assets, net$141,435 $153,855 
Other current liabilities$30,629 $29,910 
Long-term operating lease liability118,611 132,275 
Total operating lease liabilities$149,240 $162,185 
Finance Leases
Property, plant, and equipment$15,561 $15,561 
Accumulated depreciation(9,682)(8,645)
Property, plant, and equipment, net$5,879 $6,916 
Other current liabilities$1,181 $1,098 
Other liabilities6,742 7,924 
Total finance lease liabilities$7,923 $9,022 
Weighted average remaining lease term
Operating leases7.2 years7.5 years
Finance leases5.7 years6.7 years
Weighted average discount rate
Operating leases3.99 %3.80 %
Finance leases4.05 %4.05 %
Lessee, Operating Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923 
Finance Lease, Liability, Maturity
Maturities of lease liabilities were as follows:
As of December 31, 2023
(In thousands)Operating LeasesFinance Leases
2024$35,623 $1,481 
202529,043 1,518 
202624,115 1,556 
202718,438 1,595 
202815,429 1,635 
Thereafter49,883 1,107 
Total lease payments172,531 8,892 
Less: imputed interest(23,291)(969)
Total$149,240 $7,923 
v3.24.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Table)
 12 Months Ended
Dec. 31, 2023
Accrued Liabilities, Current [Abstract]  
ScheduleOfAccruedLiabilitiesTableTextBlock
Accrued expenses consist of the following as of December 31:
(In thousands)20232022
Accrued compensation$130,471 $87,835 
Accrued interest13,150 16,412 
Accrued commissions8,421 6,807 
Accrued insurance5,988 6,418 
Income taxes payable10,352 35,091 
Other19,657 21,877 
Total accrued expenses$188,039 $174,440 
Schedule Of Other Liabilities [Table Text Block]
Other current liabilities consist of the following as of December 31:
(In thousands)20232022
Short-term operating lease liabilities$30,629 $29,910 
Warranty reserves15,207 18,147 
WEC legal reserve— 10,000 
Pension and other postretirement liabilities4,981 5,013 
Other19,983 19,709 
Total other current liabilities$70,800 $82,779 
v3.24.0.1
INCOME TAXES (Table)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule Of Income Before Income Tax, Domestic and Foreign [Table Text Block]
Earnings before income taxes for the years ended December 31 consist of:
(In thousands)202320222021
Domestic$300,200 $239,356 $266,140 
Foreign(1)
162,870 149,839 82,816 
$463,070 $389,195 $348,956 
(1) The Corporation recognized a pre-tax loss of $5 million during the first quarter of 2022 pertaining to the sale of its industrial valve business in Germany, as well as pre-tax impairment losses of $19 million in 2021.
Schedule Of Provision For Income Taxes [Table Text Block]
The provision for income taxes for the years ended December 31 consists of:
(In thousands)202320222021
Current:
Federal$58,629 $65,047 $56,804 
State13,098 12,717 15,359 
Foreign36,791 34,520 22,034 
Total current108,518 112,284 94,197 
Deferred:
Federal(180)(11,413)(7,167)
State507 (4,442)(477)
Foreign(284)(1,582)(426)
Total deferred43 (17,437)(8,070)
Provision for income taxes$108,561 $94,847 $86,127 
Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]
The effective tax rate varies from the U.S. federal statutory tax rate for the years ended December 31, principally:
202320222021
U.S. federal statutory tax rate21.0 %21.0 %21.0 %
Add (deduct):
State and local taxes, net of federal benefit2.3 1.7 3.7 
Foreign earnings(1)
1.3 0.7 0.2 
Foreign loss on sale— 0.2 — 
Foreign asset impairment (held for sale)— — 1.6 
Valuation allowance for foreign assets held for sale— — 0.2 
R&D tax credits(1.1)(1.1)(1.3)
Foreign-derived intangible income(1.2)(1.2)(1.4)
All other, net1.1 3.1 0.7 
Effective tax rate23.4 %24.4 %24.7 %
(1) Foreign earnings primarily include the net impact of differences between local statutory rates and the U.S. Federal statutory rate, the cost of repatriating foreign earnings, and the impact of changes to foreign valuation allowances, excluding items related to foreign assets that were classified as held for sale in 2021.
Schedule Of Deferred Tax Assets And Liabilities [Table Text Block]
The components of the Corporation’s deferred tax assets and liabilities as of December 31 are as follows:
(In thousands)20232022
Deferred tax assets:
Capitalized R&D expenses $39,463 $23,785 
Operating lease liabilities32,041 34,977 
Inventories, net24,282 21,992 
Incentive compensation9,314 8,531 
Environmental reserves8,949 8,677 
Net operating loss8,348 9,096 
Legal reserves287 2,864 
Other30,130 40,965 
Total deferred tax assets152,814 150,887 
Deferred tax liabilities:
Goodwill amortization110,543 103,174 
Other intangible amortization53,551 59,966 
Pension and other postretirement assets37,870 29,053 
Operating lease right-of-use assets, net30,327 32,651 
Withholding taxes16,120 13,200 
Depreciation15,339 15,433 
Other8,160 7,256 
Total deferred tax liabilities271,910 260,733 
Valuation allowance4,892 5,664 
Net deferred tax liabilities$123,988 $115,510 
Deferred tax assets and liabilities are reflected on the Corporation’s Consolidated Balance Sheets as of December 31 as follows:
(In thousands)20232022
Net noncurrent deferred tax assets(1)
$8,331 $7,491 
Net noncurrent deferred tax liabilities132,319 123,001 
Net deferred tax liabilities$123,988 $115,510 
Summary Of Unrecognized Tax Benefits [Table Text Block]
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(In thousands)202320222021
Balance as of January 1,$17,371 $17,018 $15,585 
Additions for tax positions of prior periods2,387 3,004 2,877 
Reductions for tax positions of prior periods(2,419)(1,732)(1,861)
Additions for tax positions related to the current year1,744 1,068 655 
Settlements(1,195)(1,987)(238)
Balance as of December 31,$17,888 $17,371 $17,018 
Summary Of Open Tax Years [Table Text Block]
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2023:
United States (Federal)2020-present
United States (Various states)2012-present
United Kingdom2022-present
Canada2020-present
v3.24.0.1
DEBT (Table)
 12 Months Ended
Dec. 31, 2023
Debt Instruments [Abstract]  
Summary of Debt
Debt consists of the following as of December 31:
(In thousands)2023202320222022
Carrying ValueEstimated Fair ValueCarrying ValueEstimated Fair Value
3.70% Senior notes due 2023
$— $— $202,500 $202,082 
3.85% Senior notes due 2025
90,000 88,243 90,000 87,298 
4.24% Senior notes due 2026
200,000 195,556 200,000 191,760 
4.05% Senior notes due 2028
67,500 64,801 67,500 63,300 
4.11% Senior notes due 2028
90,000 85,999 90,000 83,955 
3.10% Senior notes due 2030
150,000 131,942 150,000 127,429 
3.20% Senior notes due 2032
150,000 127,649 150,000 123,656 
4.49% Senior notes due 2032
200,000 187,584 200,000 183,007 
4.64% Senior notes due 2034
100,000 92,961 100,000 90,341 
Total debt1,047,500 974,735 1,250,000 1,152,828 
Debt issuance costs, net(1,541)(1,541)(1,631)(1,631)
Unamortized interest rate swap proceeds (1)
4,403 4,403 6,031 6,031 
Total debt, net1,050,362 977,597 1,254,400 1,157,228 
Less: current portion of long-term debt— — 202,500 202,082 
Total long-term debt$1,050,362 $977,597 $1,051,900 $955,146 
(1) Represents the gain from termination of the Corporation's interest rate swap agreements on its 3.85% and 4.24% Senior Notes in February 2016, which will be amortized into interest expense over the remaining terms of the respective notes.
Aggregate Maturities of Debt
Aggregate maturities of debt are as follows:
(In thousands)
2024$— 
202590,000 
2026200,000 
2027— 
2028157,500 
Thereafter600,000 
Total$1,047,500 
v3.24.0.1
EARNINGS PER SHARE (Table)
 12 Months Ended
Dec. 31, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation [Table Text Block]
Earnings per share calculations for the years ended December 31, 2023, 2022, and 2021, were as follows:
(In thousands, except per share data)Net EarningsWeighted-
Average Shares
Outstanding		Earnings per Share
2023
Basic earnings per share $354,509 38,283 $9.26 
Dilutive effect of deferred stock compensation246 
Diluted earnings per share$354,509 38,529 $9.20 
2022
Basic earnings per share$294,348 38,386 $7.67 
Dilutive effect of deferred stock compensation263 
Diluted earnings per share$294,348 38,649 $7.62 
2021
Basic earnings per share$262,829 40,417 $6.50 
Dilutive effect of deferred stock compensation185 
Diluted earnings per share$262,829 40,602 $6.47 
v3.24.0.1
SHARE-BASED COMPENSATION PLANS (Table)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Schedule Of Compensation Cost For Share Based Payment Arrangements Allocation Of Share Based Compensation Costs By Plan [Table Text Block]
The compensation cost for employee and non-employee director share-based compensation programs during 2023, 2022, and 2021 is as follows:
(In thousands)202320222021
Employee Stock Purchase Plan$1,869 $1,764 $1,710 
Performance Share Units5,109 5,069 4,850 
Restricted Share Units8,032 6,725 5,661 
Other share-based payments1,793 1,826 1,229 
Total share-based compensation expense before income taxes$16,803 $15,384 $13,450 
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block]
The following table summarizes the cash received from share-based awards on share-based compensation:
(In thousands)202320222021
Cash received from share-based awards$10,584 $9,997 $9,705 
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]
A summary of the Corporation’s 2023 activity related to performance share units and restricted share units are as follows:
Performance Share Units (PSUs)Restricted Share Units (RSUs)
Shares/Units
(000’s)		Weighted-
Average
Fair Value		Shares/Units
(000’s)		Weighted-
Average
Fair Value
Nonvested as of December 31, 2022105 $143.69 212 $114.15 
Granted36 172.89 58 174.33 
Vested(57)103.86 (78)83.43 
Forfeited— — (6)146.84 
Nonvested as of December 31, 202384 $183.09 186 $144.59 
Expected to vest as of December 31, 202384 $183.09 186 $144.59 
v3.24.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits, Description [Abstract]  
Schedule of Net Benefit Costs [Table Text Block]
The net pension and net postretirement benefit costs consisted of the following:
Pension Benefits
(In thousands)202320222021
Service cost$16,224 $23,217 $26,735 
Interest cost34,085 20,923 17,419 
Expected return on plan assets(63,013)(54,855)(60,286)
Amortization of prior service cost(106)(318)(251)
Recognized net actuarial loss139 17,198 28,905 
Cost of settlements/curtailments— 4,499 3,310 
Special termination benefits— — 52 
Net periodic benefit cost$(12,671)$10,664 $15,884 
ScheduleOfChangesInProjectedBenefitObligationsTableTextBlock
The following table outlines the Corporation's consolidated disclosure of the pension benefits information described previously. The Corporation had no foreign postretirement plans. All plans were valued using a December 31, 2023 measurement date.
Pension Benefits
(In thousands)20232022
Change in benefit obligation:
Beginning of year$733,434 $979,070 
Service cost16,224 23,217 
Interest cost34,085 20,923 
Plan participants’ contributions1,200 1,229 
Actuarial (gain) loss17,312 (201,592)
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Acquisitions— 496 
Divestitures— (4,341)
Currency translation adjustments5,340 (8,117)
End of year$753,370 $733,434 
Change in plan assets:
Beginning of year$912,702 $1,156,616 
Actual return on plan assets93,488 (182,519)
Employer contribution4,601 24,865 
Plan participants’ contributions1,200 1,229 
Benefits paid(52,228)(75,770)
Actual expenses(1,997)(1,681)
Currency translation adjustments5,598 (10,038)
End of year$963,364 $912,702 
Funded status$209,994 $179,268 
Pension Benefits
(In thousands)20232022
Amounts recognized on the balance sheet
Noncurrent assets$261,869 $222,627 
Current liabilities(3,280)(3,272)
Noncurrent liabilities(48,595)(40,087)
Total$209,994 $179,268 
Amounts recognized in accumulated other comprehensive income (AOCI)
Net actuarial loss $121,557 $133,813 
Prior service cost(163)(239)
Total$121,394 $133,574 
Information for plans with an accumulated benefit obligation in excess of plan assets:
Projected benefit obligation$77,189 $64,669 
Accumulated benefit obligation68,257 61,368 
Fair value of plan assets25,314 21,311 
ScheduleOfAssumptionsUsedTableTextBlock
Plan Assumptions
Pension Benefits
20232022
Weighted-average assumptions in determination of benefit obligation:
Discount rate4.71 %4.95 %
Rate of compensation increase3.33 %3.34 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
Weighted-average assumptions in determination of net periodic benefit cost:
Discount rate4.95 %2.72 %
Expected return on plan assets6.41 %5.47 %
Rate of compensation increase3.34 %3.40 %
Health care cost trends:
Rate assumed for subsequent yearN/AN/A
Ultimate rate reached in 2032
N/AN/A
ScheduleOfAllocationOfPlanAssetsTableTextBlock Below are the Corporation’s actual and current target allocations for the CW Pension Plan, representing 90% of consolidated assets:
As of December 31,TargetExpected
20232022ExposureRange
Asset class
Domestic equities29%33%29%
24%-34%
International equities10%11%11%
7%-15%
Total equity39%44%40%
30%-50%
Fixed income61%56%60%
50%-70%
ScheduleOfChangesInFairValueOfPlanAssetsTableTextBlock
The following table presents consolidated plan assets (in thousands) using the fair value hierarchy as of December 31, 2023.
Asset CategoryTotalQuoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
Cash and cash equivalents$33,272 $730 $32,542 $— 
Equity securities (1)
388,343 370,028 18,315 — 
Fixed Income (2)
481,169 373,963 107,206 — 
Other (3)
9,918 4,167 — 5,751 
December 31, 2022$912,702 $748,888 $158,063 $5,751 
Cash and cash equivalents$16,105 $16,105 $— $— 
Equity securities (1)
358,082 341,575 16,507 — 
Fixed Income (2)
578,797 9,316 569,481 — 
Other (3)
10,380 3,672 — 6,708 
December 31, 2023$963,364 $370,668 $585,988 $6,708 

(1)This category consists of domestic and international equity securities. It is comprised of individual U.S. securities and exchange-traded funds benchmarked against the S&P 500 index and Russell Mid Cap and Russell 2000 indices, international securities and exchange-traded funds benchmarked against the MSCI EAFE and EM indices, global equity index mutual funds associated with our U.K. based pension plans, and a balanced fund associated with the Canadian based pension plan.

(2)This category consists of domestic and international bonds. The domestic fixed income securities consist of a portfolio of investment grade corporate debt, below investment-grade issues, fixed income exchange traded funds, and U.S. Treasury securities of intermediate and long-term duration for liability matching fixed income. International bonds consist of bond mutual funds for institutional investors associated with the Switzerland and U.K. based pension plans.

(3)This category consists of a domestic real estate exchange-traded fund and real estate investment trusts in Switzerland.
ScheduleOfExpectedBenefitPaymentsTableTextBlock
The following benefit payments, which reflect expected future service, as appropriate, are expected to be paid from the plans:
(In thousands)Pension
Plans
2024$50,025 
202552,823 
202654,281 
202755,157 
202857,403 
2029 - 2033274,696 
v3.24.0.1
SEGMENT INFORMATION (Table)
 12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment [Text Block]
Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202320222021
Net sales
Aerospace & Industrial$889,744 $838,885 $789,054 
Defense Electronics818,547 693,709 727,828 
Naval & Power1,142,590 1,030,918 990,339 
Less: Intersegment Revenues(5,508)(6,487)(6,460)
Total Consolidated$2,845,373 $2,557,025 $2,500,761 
Depreciation and amortization expense
Aerospace & Industrial$33,994 $34,336 $36,999 
Defense Electronics33,347 35,120 38,136 
Naval & Power46,165 39,712 35,937 
Corporate2,666 2,859 3,312 
Total Consolidated$116,172 $112,027 $114,384 
Capital expenditures
Aerospace & Industrial$17,067 $18,554 $16,799 
Defense Electronics5,573 3,504 3,922 
Naval & Power18,112 13,652 18,106 
Corporate3,914 2,507 2,281 
Total Consolidated$44,666 $38,217 $41,108 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
As of December 31,
(In thousands)20232022
Segment assets
Aerospace & Industrial$1,077,808 $1,041,562 
Defense Electronics1,517,877 1,546,331 
Naval & Power1,496,063 1,487,568 
Corporate529,221 372,842 
Total Consolidated$4,620,969 $4,448,303 
Year Ended December 31,
(In thousands)202320222021
Earnings before taxes:
Total reportable segment operating income$526,280 $469,146 $417,012 
Corporate and Eliminations(41,678)(45,703)(39,883)
Interest expense51,393 46,980 40,240 
Other income, net29,861 12,732 12,067 
Earnings before income taxes$463,070 $389,195 $348,956 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]
Operating income (expense)
Aerospace & Industrial$145,278 $136,996 $121,817 
Defense Electronics191,775 154,568 159,089 
Naval & Power189,227 177,582 136,106 
Corporate and Eliminations (1)
(41,678)(45,703)(39,883)
Total Consolidated$484,602 $423,443 $377,129 
Reconciliation Of Assets From Segment To Consolidated [Text Block]
As of December 31,
(In thousands)20232022
Assets:
Total assets for reportable segments$4,091,748 $4,075,461 
Non-segment cash228,930 122,198 
Other assets300,291 250,644 
Total consolidated assets$4,620,969 $4,448,303 
ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock
Year Ended December 31,
(In thousands)202320222021
Revenues
United States of America$2,060,986 $1,879,001 $1,851,827 
United Kingdom115,078 102,965 93,154 
Other foreign countries669,309 575,059 555,780 
Consolidated total$2,845,373 $2,557,025 $2,500,761 
ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock
As of December 31,
(In thousands)20232022
Long-Lived Assets - Property, plant, and equipment, net
United States of America$243,542 $254,317 
United Kingdom25,898 27,049 
Other foreign countries63,356 61,342 
Consolidated total$332,796 $342,708 
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Table)
 12 Months Ended
Dec. 31, 2023
Comprehensive Income [Abstract]  
Schedule of Comprehensive Income (Loss) [Table Text Block]
The total cumulative balance of each component of accumulated other comprehensive income (loss), net of tax, is as follows:
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive 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 loss(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive loss before reclassifications (1)
37,519 8,218 45,737 
Amounts reclassified from accumulated other comprehensive income (1)
— (44)(44)
Net current period other comprehensive income37,519 8,174 45,693 
December 31, 2023$(123,288)$(89,935)$(213,223)
(1)All amounts are after tax.
Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
Amount reclassified from Accumulated other comprehensive income (loss)Affected line item in the Consolidated Statement of Earnings
(In thousands)20232022
Defined benefit pension and postretirement plans
Amortization of prior service costs$133 $345 Other income, net
Recognized net actuarial losses(85)(17,198)Other income, net
Settlements— (4,499)Other income, net
48 (21,352)Earnings before income taxes
(4)5,115 Provision for income taxes
Total reclassifications$44 $(16,237)Net earnings
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Table)
 12 Months Ended
Dec. 31, 2023
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]  
SummaryOfValuationAllowanceTextBlock
Additions
DescriptionBalance at
Beginning of
Period		Charged to
Costs and
Expenses		Charged to Other
Accounts		DeductionsBalance at
End of Period
Deducted from assets to which they apply:
December 31, 2023
Tax valuation allowance5,664 1,471 63 
(1)
2,306 4,892 
Total$5,664 $1,471 $63 $2,306 $4,892 
December 31, 2022
Tax valuation allowance2,625 3,920 1 
(1)
882 5,664 
Total$2,625 $3,920 $1 $882 $5,664 
December 31, 2021
Tax valuation allowance1,240 1,864 (22)
(1)
457 2,625 
Total$1,240 $1,864 $(22)$457 $2,625 
(1) Primarily foreign currency translation adjustments.
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Property Plant And Equipment) (Details)
Dec. 31, 2023
Building [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 5 years
Building [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 40 years
Equipment [Member] | Minimum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 3 years
Equipment [Member] | Maximum  
Property, Plant and Equipment [Line Items]  
Property, Plant and Equipment, Useful Life 15 years
v3.24.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Intangible Assets) (Details)
Dec. 31, 2023
Minimum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 1 year
Maximum  
Finite-Lived Intangible Assets [Line Items]  
Finite-Lived Intangible Asset, Useful Life 20 years
v3.24.0.1
CORRECTION OF PRIOR PERIOD ERROR (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Receivables, net $ 732,678 $ 723,304    
Total current assets 1,717,080 1,516,014    
Total assets 4,620,969 4,448,303    
Accrued expenses 188,039 174,440    
Deferred revenue 303,872 254,801    
Other current liabilities 70,800 82,779    
Total current liabilities 806,544 981,045    
Total liabilities 2,292,556 2,467,089    
Retained earnings 3,487,751 3,163,491    
Total stockholders' equity 2,328,413 1,981,214    
Total liabilities and stockholders' equity 4,620,969 4,448,303    
Sales 2,845,373 2,557,025 $ 2,500,761  
Cost of Goods and Services Sold 1,778,195 1,602,416 1,572,959  
Gross profit 1,067,178 954,609 927,802  
Operating income 484,602 423,443 377,129  
Earnings before income taxes 463,070 389,195 348,956  
Provision for income taxes (108,561) (94,847) (86,127)  
Net earnings $ 354,509 $ 294,348 $ 262,829  
Basic earnings per share (in shares) $ 9.26 $ 7.67 $ 6.50  
Diluted earnings per share (in shares) $ 9.20 $ 7.62 $ 6.47  
Comprehensive income $ 400,202 $ 225,897 $ 383,220  
Receivables, net (2,394) (75,955) (61,172)  
Deferred revenue 47,914 (17,646) 14,649  
Income taxes (27,350) 55,847 (14,212)  
Other (29,286) (30,456) 19,389  
Net cash provided by operating activities 448,089 294,776 387,668  
Product        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Sales 2,389,711 2,135,882 2,104,447  
Cost of Goods and Services Sold $ 1,507,480 1,348,569 1,330,575  
Previously Reported        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Receivables, net   724,603    
Total current assets   1,517,313    
Total assets   4,449,602    
Accrued expenses   177,536    
Deferred revenue   242,483    
Other current liabilities   82,395    
Total current liabilities   971,439    
Total liabilities   2,457,483    
Retained earnings   3,174,396    
Total stockholders' equity   1,992,119    
Total liabilities and stockholders' equity   4,449,602    
Sales     2,505,931  
Cost of Goods and Services Sold     1,572,575  
Gross profit     933,356  
Operating income     382,683  
Earnings before income taxes     354,510  
Provision for income taxes     (87,351)  
Net earnings     $ 267,159  
Basic earnings per share (in shares)     $ 6.61  
Diluted earnings per share (in shares)     $ 6.58  
Comprehensive income     $ 387,550  
Receivables, net     (61,277)  
Deferred revenue     9,584  
Income taxes     (12,988)  
Other     19,005  
Net cash provided by operating activities     387,668  
Previously Reported | Product        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Sales     2,109,617  
Cost of Goods and Services Sold     1,330,191  
Revision of Prior Period, Error Correction, Adjustment        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Receivables, net   (1,299)    
Total current assets   (1,299)    
Total assets   (1,299)    
Accrued expenses   (3,096)    
Deferred revenue   12,318    
Other current liabilities   384    
Total current liabilities   9,606    
Total liabilities   9,606    
Retained earnings   (10,905)    
Total stockholders' equity   (10,905)   $ (7,000)
Total liabilities and stockholders' equity   $ (1,299)    
Sales     (5,170) (8,000)
Cost of Goods and Services Sold     384  
Gross profit     (5,554)  
Operating income     (5,554)  
Earnings before income taxes     (5,554)  
Provision for income taxes     1,224  
Net earnings     $ (4,330) $ (7,000)
Basic earnings per share (in shares)     $ (0.11)  
Diluted earnings per share (in shares)     $ (0.11)  
Comprehensive income     $ (4,330)  
Receivables, net     105  
Deferred revenue     5,065  
Income taxes     (1,224)  
Other     384  
Net cash provided by operating activities     0  
Revision of Prior Period, Error Correction, Adjustment | Product        
Error Corrections and Prior Period Adjustments Restatement [Line Items]        
Sales     (5,170)  
Cost of Goods and Services Sold     $ 384  
v3.24.0.1
REVENUE DISAGGREGATION OF REVENUE (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Disaggregation of Revenue [Line Items]      
Sales $ 2,845,373 $ 2,557,025 $ 2,500,761
Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Sales 940,781 887,009 854,570
Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Sales 1,904,592 1,670,016 1,646,191
Aerospace Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Sales 551,622 479,743 452,661
Ground Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Sales 308,008 219,739 220,290
Naval Defense [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Sales 720,013 694,015 705,518
Commercial Aerospace [Member] | Aerospace & Defense      
Disaggregation of Revenue [Line Items]      
Sales 324,949 276,519 267,722
Power & Process [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Sales 509,998 472,300 473,489
General Industrial [Member] | Commercial [Member]      
Disaggregation of Revenue [Line Items]      
Sales $ 430,783 $ 414,709 $ 381,081
Transferred over Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 47.00% 51.00% 50.00%
Transferred at Point in Time [Member]      
Disaggregation of Revenue [Line Items]      
Revenue, Net, Percent 53.00% 49.00% 50.00%
v3.24.0.1
REVENUE ADDTIONAL DETAILS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]      
Revenue, Remaining Performance Obligation, Amount $ 2,900.0    
Revenue, Remaining Performance Obligation, Percentage 90.00%    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation 36 months    
Contract with Customer, Liability, Revenue Recognized $ 195.0 $ 219.0 $ 210.0
v3.24.0.1
ACQUISITIONS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Goodwill $ 1,558,826 $ 1,544,635 $ 1,463,026
Total Purchase price $ 0 282,429 $ 0
2022 acquisitions      
Business Acquisition [Line Items]      
Accounts receivable   10,567  
Inventory   24,088  
Property, plant, and equipment   4,190  
Intangible assets   147,074  
Operating lease right-of-use assets, net   5,103  
Other current and non-current assets   2,078  
Current and non-current liabilities   (17,264)  
Net tangible and intangible assets   175,836  
Goodwill   106,593  
Total Purchase price   282,429  
Goodwill deductible for tax purposes   $ 106,593  
v3.24.0.1
ACQUISITIONS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
NumberAcquisitions
Dec. 31, 2021
USD ($)
Business Acquisition [Line Items]      
Number of Businesses Acquired | NumberAcquisitions   2  
Total Purchase price $ 0 $ 282,429 $ 0
Payments for Previous Acquisition $ 0 (5,062) $ (5,340)
2022 acquisitions      
Business Acquisition [Line Items]      
Total Purchase price   282,429  
Revenue of Acquiree since Acquisition Date, Actual   45,000  
Earnings or Loss of Acquiree since Acquisition Date, Actual   (1,000)  
Dyna-Flo Valve Services Ltd. (Dyna-Flo)      
Business Acquisition [Line Items]      
Payments for Previous Acquisition   $ (5,000)  
v3.24.0.1
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Contracts Receivable [Abstract]    
Trade and other receivables $ 427,830 $ 412,682
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 309,561 315,383
Less: Progress payments applied (687) (67)
Net unbilled receivables 308,874 315,316
Less: Allowance for doubtful accounts (4,026) (4,694)
Receivables, net $ 732,678 $ 723,304
v3.24.0.1
RECEIVABLES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
ConcentrationRiskLineItems    
Net unbilled receivables $ 308,874 $ 315,316
GovernmentContractsConcentrationRiskMember    
ConcentrationRiskLineItems    
Accounts Receivable, before Allowance for Credit Loss 482,500 473,200
Net unbilled receivables $ 266,900 $ 279,300
GovernmentContractsConcentrationRiskMember | Revenue Benchmark | Concentration Risk Threshold Percentage    
ConcentrationRiskLineItems    
ConcentrationRiskPercentage 56.00% 54.00%
v3.24.0.1
INVENTORIES (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Inventory Disclosure [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 239,313 $ 242,116
Inventory, Work in Process, Net of Reserves 103,750 76,328
Inventory, Finished Goods, Net of Reserves 126,174 128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves 43,255 39,685
Inventories, Net of Reserves 512,492 486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (2,459) (3,106)
Inventories, net $ 510,033 $ 483,113
v3.24.0.1
INVENTORIES (Narrative) (Detail)
$ in Millions
Dec. 31, 2023
USD ($)
Inventory, Net [Abstract]  
Other Inventory, Capitalized Costs $ 13.8
Other Inventory Capitalized Costs Not Supported By Existing Firm Orders $ 8.8
v3.24.0.1
PROPERTY, PLANT, AND EQUIPMENT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Line Items]    
land $ 16,173 $ 16,880
BuildingsAndImprovementsGross 253,408 252,713
MachineryAndEquipmentGross 905,409 866,761
Property, Plant and Equipment, Gross, Total 1,174,990 1,136,354
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment (842,194) (793,646)
Property, plant, and equipment, net $ 332,796 $ 342,708
v3.24.0.1
PROPERTY, PLANT, AND EQUIPMENT (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Property, Plant and Equipment [Abstract]      
Depreciation $ 51.0 $ 51.0 $ 55.0
v3.24.0.1
GOODWILL (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Goodwill [Line Items]    
Goodwill $ 1,544,635 $ 1,463,026
Acquisitions   106,593
Adjustments   967
Foreign Currency Translation Adjustments 14,191 (25,951)
Goodwill 1,558,826 1,544,635
Aerospace & Industrial    
Goodwill [Line Items]    
Goodwill 321,550 316,147
Acquisitions   12,445
Adjustments   0
Foreign Currency Translation Adjustments 3,581 (7,042)
Goodwill 325,131 321,550
Defense Electronics    
Goodwill [Line Items]    
Goodwill 702,786 714,014
Acquisitions   0
Adjustments   967
Foreign Currency Translation Adjustments 7,592 (12,195)
Goodwill 710,378 702,786
Naval & Power    
Goodwill [Line Items]    
Goodwill 520,299 432,865
Acquisitions   94,148
Adjustments   0
Foreign Currency Translation Adjustments 3,018 (6,714)
Goodwill $ 523,317 $ 520,299
v3.24.0.1
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2023
Keronite And Arresting Systems Acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 147  
Minimum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life   1 year
Maximum    
Finite-Lived Intangible Assets [Line Items]    
Finite-Lived Intangible Asset, Useful Life   20 years
Customer-related intangibles    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 106  
Customer-related intangibles | Keronite And Arresting Systems Acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 16 years 1 month 6 days  
Technology    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 36  
Technology | Keronite And Arresting Systems Acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 14 years 10 months 24 days  
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Finite-lived Intangible Assets Acquired $ 5  
Other intangible assets | Keronite And Arresting Systems Acquisitions    
Finite-Lived Intangible Assets [Line Items]    
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life 10 years  
v3.24.0.1
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,177,449 $ 1,170,677
Accumulated Amortization (619,837) (549,780)
Other intangible assets, net 557,612 620,897
Technology    
Finite-Lived Intangible Assets [Line Items]    
Gross 308,256 306,160
Accumulated Amortization (195,446) (176,675)
Other intangible assets, net 112,810 129,485
Customer-related intangibles    
Finite-Lived Intangible Assets [Line Items]    
Gross 670,966 666,638
Accumulated Amortization (339,325) (298,160)
Other intangible assets, net 331,641 368,478
Programs (1)    
Finite-Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (41,400) (34,200)
Other intangible assets, net 102,600 109,800
Other intangible assets    
Finite-Lived Intangible Assets [Line Items]    
Gross 54,227 53,879
Accumulated Amortization (43,666) (40,745)
Other intangible assets, net $ 10,561 $ 13,134
v3.24.0.1
OTHER INTANGIBLE ASSETS, NET (Amort) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]      
Amortization of Intangible Assets $ 65,000 $ 61,000 $ 60,000
2024 56,000    
2025 54,000    
2026 53,000    
2027 50,000    
2028 $ 44,000    
v3.24.0.1
LEASES - Narrative (Details)
Dec. 31, 2023
Minimum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 1 year
Maximum  
Operating Leased Assets [Line Items]  
Lessee, Operating Lease, Term of Contract 15 years
v3.24.0.1
LEASES - Schedule of Lease Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Leases [Abstract]      
Operating lease cost $ 44,322 $ 42,125 $ 42,000
Depreciation of finance leases 1,037 1,037  
Interest on lease liabilities 347 390  
Total finance lease cost $ 1,384 $ 1,427  
v3.24.0.1
LEASES - Supplemental Cash Flows (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating cash flows used for operating leases $ (36,294) $ (34,186)
Operating cash flows used for finance leases (347) (390)
Right-of-use assets obtained in exchange for operating lease obligations $ 14,361 $ 17,740
v3.24.0.1
LEASES - Supplemental Balance Sheet (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Leases [Abstract]    
Operating lease right-of-use assets, net $ 141,435 $ 153,855
Current operating lease liabilities 30,629 29,910
Long-term operating lease liability 118,611 132,275
Total operating lease liabilities 149,240 162,185
Property, plant, and equipment 15,561 15,561
Finance Lease, Right-Of-Use Asset, Accumulated Depreciation (9,682) (8,645)
Property, plant, and equipment, net 5,879 6,916
Finance lease, Other current liabilities 1,181 1,098
Finance lease, Other liabilities 6,742 7,924
Total finance lease liabilities $ 7,923 $ 9,022
Weighted average remaining lease term, Operating lease 7 years 2 months 12 days 7 years 6 months
Weighted average remaining lease term, Finance leases 5 years 8 months 12 days 6 years 8 months 12 days
Weighted average discount rate, Operating leases 3.99% 3.80%
Weighted average discount rate, Finance leases 4.05% 4.05%
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Property, plant, and equipment, net Property, plant, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other liabilities Other liabilities
v3.24.0.1
LEASES - Schedule of Maturities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Operating Lease [Abstract]    
Year One $ 35,623  
Year Two 29,043  
Year Three 24,115  
Year Four 18,438  
Year Five 15,429  
Thereafter 49,883  
Total operating lease payments 172,531  
Less: imputed interest 23,291  
Total operating lease liabilities 149,240 $ 162,185
Finance Lease [Abstract]    
Year One 1,481  
Year Two 1,518  
Year Three 1,556  
Year Four 1,595  
Year Five 1,635  
Thereafter 1,107  
Total finance lease payments 8,892  
Less: imputed interest 969  
Total finance lease liabilities $ 7,923 $ 9,022
v3.24.0.1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt Narrative) (Detail) - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Carrying Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 1,046 $ 1,248
Estimated Fair Value    
Debt Instrument [Line Items]    
Long-term Debt, Percentage Bearing Fixed Interest, Amount $ 973 $ 1,151
v3.24.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Accrued Expenses) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued Liabilities, Current [Abstract]    
Accrued compensation $ 130,471 $ 87,835
Accrued interest 13,150 16,412
Accrued commissions 8,421 6,807
Accrued insurance 5,988 6,418
Income taxes payable 10,352 35,091
Accrued other liabilities 19,657 21,877
Accrued expenses $ 188,039 $ 174,440
v3.24.0.1
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Other Current Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Accrued Liabilities, Current [Abstract]    
Current operating lease liabilities $ 30,629 $ 29,910
Warranty 15,207 18,147
Estimated Litigation Liability 0 10,000
Pension and other postretirement liabilities 4,981 5,013
Other sundry liabilities 19,983 19,709
Other current liabilities $ 70,800 $ 82,779
v3.24.0.1
INCOME TAXES INCOME TAXES (Tax Cuts and Jobs Act) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2017
USD ($)
numberOfTransitionTaxYears
Income Tax Disclosure [Abstract]      
Transition tax on foreign earnings     $ 18.2
Finalized transition tax due to TCJA     $ 23.6
Period of finalized transition tax | numberOfTransitionTaxYears     8
Transition tax liability due to operating loss carryforward $ 7.8 $ 7.4  
v3.24.0.1
INCOME TAXES (Income Before Income Tax) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Domestic $ 300,200 $ 239,356 $ 266,140
Foreign 162,870 149,839 82,816
Earnings before income taxes $ 463,070 389,195 348,956
Loss on Sale of Assets and Asset Impairment Charges   $ 5,000 $ 19,000
v3.24.0.1
INCOME TAXES (Provision for Income Taxes) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
Federal $ 58,629 $ 65,047 $ 56,804
State 13,098 12,717 15,359
Foreign 36,791 34,520 22,034
Current Income Tax Expense (Benefit), Total 108,518 112,284 94,197
Federal (180) (11,413) (7,167)
State 507 (4,442) (477)
Foreign (284) (1,582) (426)
Deferred Income Tax Expense (Benefit), Total 43 (17,437) (8,070)
Provision for income taxes $ 108,561 $ 94,847 $ 86,127
v3.24.0.1
INCOME TAXES (Effective Income Tax Rate Reconciliation) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]      
U.S. federal statutory tax rate 21.00% 21.00% 21.00%
State and local taxes, net of federal benefit 2.30% 1.70% 3.70%
Foreign earnings 1.30% 0.70% 0.20%
Foreign loss on sale 0.00% 0.20% 0.00%
Foreign asset impairment (held for sale) 0.00% 0.00% 1.60%
Valuation allowance for foreign assets held for sale 0.00% 0.00% 0.20%
R&D tax credits (1.10%) (1.10%) (1.30%)
Foreign-derived intangible income (1.20%) (1.20%) (1.40%)
All other, net 1.10% 3.10% 0.70%
Effective tax rate 23.40% 24.40% 24.70%
v3.24.0.1
INCOME TAXES (Deferred Tax Assets and Liabilties) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Deferred tax assets:    
Capitalized R&D $ 39,463 $ 23,785
Operating lease liabilities 32,041 34,977
Inventories, net 24,282 21,992
Incentive compensation 9,314 8,531
Environmental reserves 8,949 8,677
Net operating loss 8,348 9,096
Legal reserves 287 2,864
Other 30,130 40,965
Total deferred tax assets 152,814 150,887
Deferred tax liabilities:    
Goodwill 110,543 103,174
Intangible Assets 53,551 59,966
Net pension (liability)/asset 37,870 29,053
Operating lease right-of-use assets, net 30,327 32,651
Withholding Taxes 16,120 13,200
Depreciation 15,339 15,433
Other 8,160 7,256
Total deferred tax liabilities 271,910 260,733
Valuation allowance 4,892 5,664
Deferred Tax Liabilities, Net $ 123,988 $ 115,510
v3.24.0.1
INCOME TAXES (Net Deferred Tax Assets and Liabilities) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]    
Net noncurrent deferred tax assets(1) $ 8,331 $ 7,491
Net noncurrent deferred tax liabilities 132,319 123,001
Deferred Tax Liabilities, Net $ 123,988 $ 115,510
v3.24.0.1
INCOME TAXES (Unrecognized Tax Benefits) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Unrecognized tax benefits (beginning balance) $ 17,371 $ 17,018 $ 15,585
Additions for tax positions of prior periods 2,387 3,004 2,877
Reductions for tax positions of prior periods (2,419) (1,732) (1,861)
Additions for tax positions related to the current year 1,744 1,068 655
Settlements (1,195) (1,987) (238)
Unrecognized tax benefits (ending balance) $ 17,888 $ 17,371 $ 17,018
v3.24.0.1
INCOME TAXES (Open Tax Years) (Detail)
 12 Months Ended
Dec. 31, 2023
United States (Various states)  
IncomeTaxContingencyLineItems  
Open Tax Year 2012
Internal Revenue Service (IRS) | United States (Federal)  
IncomeTaxContingencyLineItems  
Open Tax Year 2020
United Kingdom | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2022
Canada | Foreign Tax Authority  
IncomeTaxContingencyLineItems  
Open Tax Year 2020
v3.24.0.1
INCOME TAXES (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OperatingLossCarryforwardsLineItems      
Deferred tax assets, other tax carryforwards $ 8,300    
Valuation allowance increase (800)    
Valuation allowance 4,892 $ 5,664  
Provision for income taxes (108,561) (94,847) $ (86,127)
Deferred tax asset, operating loss 8,348 9,096  
Income tax payments 136,400 61,100 107,100
Unrecognized tax benefits that would affect the effective income tax rate 15,300 15,100 $ 14,100
Foreign tax credits      
OperatingLossCarryforwardsLineItems      
Valuation allowance 2,000    
Provision for income taxes 1,400 $ (2,700)  
Foreign Tax Authority      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards related to international operations 20,100    
Indefinite lived operating loss carryforwards, 18,400    
Operating loss carryforwards subject to expiration $ 1,700    
Operating loss carryforward, expiration date Dec. 31, 2029    
State And Local Jurisdiction [Member]      
OperatingLossCarryforwardsLineItems      
Operating loss carryforwards state and local $ 47,900    
Operating loss carryforward, expiration date Dec. 31, 2041    
Other Liabilities [Member]      
OperatingLossCarryforwardsLineItems      
Interest on income taxes accrued $ 4,200    
Income tax penalties accrued $ 2,500    
v3.24.0.1
DEBT (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Oct. 27, 2022
Aug. 13, 2020
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Carrying Value              
Debt Instrument [Line Items]              
Less: current portion of long-term debt $ 0 $ 202,500          
Long-term debt 1,050,362 1,051,900          
Estimated Fair Value              
Debt Instrument [Line Items]              
Less: current portion of long-term debt 0 202,082          
Long-term debt 977,597 955,146          
Long-term Debt 1,050,362 1,254,400          
Long Term Debt Fair Value 977,597 1,157,228          
Long-term Debt, Gross 1,047,500 1,250,000          
Debt issuance costs, net (1,541) (1,631)          
Unamortized interest rate swap proceeds (1) 4,403 6,031          
Less: current portion of long-term debt 0 202,500          
Long-term debt 1,050,362 1,051,900          
3.70% Senior notes due 2023 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt 0 202,500          
3.70% Senior notes due 2023 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 0 202,082          
3.70% Senior notes due 2023              
Debt Instrument [Line Items]              
Stated interest rate 3.70%         3.70%  
3.85% Senior notes due 2025 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 90,000 90,000          
3.85% Senior notes due 2025 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 88,243 87,298          
3.85% Senior notes due 2025              
Debt Instrument [Line Items]              
Stated interest rate 3.85%         3.85%  
4.24% Senior notes due 2026 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 200,000 200,000          
4.24% Senior notes due 2026 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 195,556 191,760          
4.24% Senior notes due 2026              
Debt Instrument [Line Items]              
Stated interest rate 4.24%           4.24%
4.05% Senior notes due 2028 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 67,500 67,500          
4.05% Senior notes due 2028 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 64,801 63,300          
4.05% Senior notes due 2028              
Debt Instrument [Line Items]              
Stated interest rate 4.05%         4.05%  
4.11% Senior notes due 2028 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 90,000 90,000          
4.11% Senior notes due 2028 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 85,999 83,955          
4.11% Senior notes due 2028              
Debt Instrument [Line Items]              
Stated interest rate 4.11%       4.11%    
3.10% Senior notes due 2030 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 150,000 150,000          
3.10% Senior notes due 2030 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 131,942 127,429          
3.10% Senior notes due 2030              
Debt Instrument [Line Items]              
Stated interest rate 3.10%     3.10%      
3.20% Senior notes due 2032 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 150,000 150,000          
3.20% Senior notes due 2032 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 127,649 123,656          
3.20% Senior notes due 2032              
Debt Instrument [Line Items]              
Stated interest rate 3.20%     3.20%      
4.49% Senior notes due 2032 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 200,000 200,000          
4.49% Senior notes due 2032 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 187,584 183,007          
4.49% Senior notes due 2032              
Debt Instrument [Line Items]              
Stated interest rate 4.49%   4.49%        
4.64% Senior notes due 2034 | Carrying Value              
Debt Instrument [Line Items]              
Long-term Debt $ 100,000 100,000          
4.64% Senior notes due 2034 | Estimated Fair Value              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 92,961 90,341          
4.64% Senior notes due 2034              
Debt Instrument [Line Items]              
Stated interest rate 4.64%   4.64%        
Long-term Debt, gross [Member]              
Debt Instrument [Line Items]              
Long Term Debt Fair Value $ 974,735 $ 1,152,828          
v3.24.0.1
DEBT (Maturity) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Debt Instruments [Abstract]    
2024 $ 0  
2025 90,000  
2026 200,000  
2027 0  
2028 157,500  
Thereafter 600,000  
Total $ 1,047,500 $ 1,250,000
v3.24.0.1
DEBT (Narrative) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Oct. 15, 2018
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Oct. 27, 2022
May 31, 2022
Aug. 13, 2020
Sep. 26, 2013
Feb. 26, 2013
Dec. 08, 2011
Debt Instrument [Line Items]                    
Interest payments made   $ 52,000 $ 42,000 $ 40,000            
Long-term Debt   $ 1,050,362 1,254,400              
Interest rate description   Borrowings under the credit agreement accrue interest based on (i) the Secured Overnight Financing Rate (SOFR) or (ii) a base rate of the highest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Adjusted Daily Term SOFR Rate. The interest rate and level of facility fees are dependent on certain financial ratios, as defined in the Credit Agreement. The Credit Agreement also provides customary fees, including administrative agent and commitment fees. In connection with the Credit Agreement, the Corporation paid customary transaction fees that have been deferred and are being amortized over the term of the Credit Agreement.                
Debt to capitalization limit   60.00%                
Covenant Ratio, Debt To Capitalization Limit Following Acquisition   65.00%                
3.84% Senior notes due 2021                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 100,000
Date of maturity   Dec. 01, 2021                
Stated interest rate                   3.84%
3.70% Senior notes due 2023                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 225,000  
Date of maturity   Feb. 26, 2023                
Stated interest rate   3.70%             3.70%  
3.85% Senior notes due 2025                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 100,000  
Date of maturity   Feb. 26, 2025                
Stated interest rate   3.85%             3.85%  
4.24% Senior notes due 2026                    
Debt Instrument [Line Items]                    
Issued amount of debt                   $ 200,000
Date of maturity   Dec. 01, 2026                
Stated interest rate   4.24%               4.24%
4.05% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Issued amount of debt                 $ 75,000  
Date of maturity   Feb. 26, 2028                
Stated interest rate   4.05%             4.05%  
4.11% Senior notes due 2028                    
Debt Instrument [Line Items]                    
Date of issuance   Sep. 26, 2013                
Issued amount of debt               $ 100,000    
Date of maturity   Sep. 26, 2028                
Stated interest rate   4.11%           4.11%    
3.10% Senior notes due 2030                    
Debt Instrument [Line Items]                    
Issued amount of debt             $ 150,000      
Date of maturity   Aug. 13, 2030                
Stated interest rate   3.10%         3.10%      
3.20% Senior notes due 2032                    
Debt Instrument [Line Items]                    
Issued amount of debt             $ 150,000      
Date of maturity   Aug. 13, 2032                
Stated interest rate   3.20%         3.20%      
4.49% Senior notes due 2032                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 200,000          
Date of maturity   Oct. 27, 2032                
Stated interest rate   4.49%     4.49%          
4.64% Senior notes due 2034                    
Debt Instrument [Line Items]                    
Issued amount of debt         $ 100,000          
Date of maturity   Oct. 27, 2034                
Stated interest rate   4.64%     4.64%          
2022 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Oct. 27, 2022                
Issued amount of debt         $ 300,000          
2020 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Aug. 13, 2020                
Issued amount of debt             $ 300,000      
2013 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Feb. 26, 2013                
Issued amount of debt                 $ 500,000  
Repayments of Long-term Debt $ 50,000                  
2011 Senior Notes                    
Debt Instrument [Line Items]                    
Date of issuance   Dec. 08, 2011                
Issued amount of debt                   $ 300,000
Revolving credit facility                    
Debt Instrument [Line Items]                    
Line of Credit Facility, Maximum Borrowing Capacity           $ 750,000        
Line Of Credit Facility Additional Borrowing Capacity           $ 250,000        
Standby letters of credit                    
Debt Instrument [Line Items]                    
Letters of credit   $ 20,000 $ 17,000              
Revolving credit facility                    
Debt Instrument [Line Items]                    
Unused credit available under the credit facility   $ 730,000                
Long-term debt                    
Debt Instrument [Line Items]                    
Weighted-average interest rate   3.90% 3.40%              
Unused credit available under the credit facility   $ 2,300,000                
v3.24.0.1
EARNINGS PER SHARE (Detail) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]      
Basic 38,283 38,386 40,417
Dilutive effect of stock options and deferred stock compensation 246 263 185
Diluted 38,529 38,649 40,602
Net earnings $ 354,509 $ 294,348 $ 262,829
Diluted earnings per share (in shares) $ 9.20 $ 7.62 $ 6.47
Basic earnings per share (in shares) $ 9.26 $ 7.67 $ 6.50
v3.24.0.1
EARNINGS PER SHARE (AntiDilutive) (Detail) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount 0 0 0
v3.24.0.1
SHARE-BASED COMPENSATION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock authorized 100,000,000 100,000,000
2014 Omnibus Plan [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Common stock authorized 2,400,000  
Performance Shares [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Requisite service period 3 years  
Aggregate Intrinsic Value, Outstanding $ 18.7  
Unrecognized compensation cost $ 5.1  
Unrecognized compensation expense, period of recognition 1 year 8 months 12 days  
Restricted Stock Units (RSUs) [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Requisite service period 3 years  
Aggregate Intrinsic Value, Outstanding $ 41.4  
Unrecognized compensation cost $ 12.1  
Unrecognized compensation expense, period of recognition 2 years 1 month 6 days  
Employee Stock [Member]    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Purchase price percentage of fair market value 85.00%  
v3.24.0.1
SHARE-BASED COMPENSATION PLANS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Employee Stock Purchase Plan $ 1,869 $ 1,764 $ 1,710
Performance Share Units 5,109 5,069 4,850
Restricted Share Units 8,032 6,725 5,661
Other share-based payments 1,793 1,826 1,229
Total share-based compensation expense before income taxes $ 16,803 $ 15,384 $ 13,450
v3.24.0.1
SHARE-BASED COMPENSATION PLANS (Cash Proceeds and Tax Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Share-Based Payment Arrangement, Noncash Expense [Abstract]      
Cash received from share-based awards $ 10,584 $ 9,997 $ 9,705
v3.24.0.1
SHARE-BASED COMPENSATION PLANS (Restricted Units) (Detail)
shares in Thousands
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 105
Granted (in shares) | shares 36
Vested (in shares) | shares (57)
Forfeited (in shares) | shares 0
Outstanding (in shares) | shares 84
Expected to vest (in shares) | shares 84
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 143.69
Granted (in dollars per share) | $ / shares 172.89
Vested (in dollars per share) | $ / shares 103.86
Forfeited (in dollars per share) | $ / shares 0
Outstanding (in dollars per share) | $ / shares 183.09
Expected to vest (in dollars per share) | $ / shares $ 183.09
Restricted Stock Units (RSUs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]  
Outstanding (in shares) | shares 212
Granted (in shares) | shares 58
Vested (in shares) | shares (78)
Forfeited (in shares) | shares (6)
Outstanding (in shares) | shares 186
Expected to vest (in shares) | shares 186
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]  
Outstanding (in dollars per share) | $ / shares $ 114.15
Granted (in dollars per share) | $ / shares 174.33
Vested (in dollars per share) | $ / shares 83.43
Forfeited (in dollars per share) | $ / shares 146.84
Outstanding (in dollars per share) | $ / shares 144.59
Expected to vest (in dollars per share) | $ / shares $ 144.59
v3.24.0.1
PENSION AND POSTRETIREMENT BENEFITS (Narrative) (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
pension_plan
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Defined Benefit Plan Disclosure [Line Items]      
Domestic plans | pension_plan 3    
Foreign plans | pension_plan 6    
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total projected benefit obligation $ 753,370 $ 733,434 $ 979,070
Net pension (liability)/asset $ 209,994 $ 179,268  
Expected return on assets assumption 6.41% 5.47%  
Pension Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 10.00%    
Expected return on assets assumption 5.00%    
Pension Plan [Member] | United Kingdom      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Canada [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Switzerland [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | France [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 1    
Pension Plan [Member] | Mexico [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of pension and other post retirement defined benefit plans | pension_plan 2    
Pension Plan [Member] | United States of America | Cash And Cash Equivalents [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Plan assets as a percentage of consolidated assets 2.00% 4.00%  
Parent Company's Retirement Benefit Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Number of years of service 1 year    
Vesting period 3 years    
Period after which accruals will cease 15 years    
Parent Company's Retirement Benefit Plan [Member] | United States of America      
Defined Benefit Plan Disclosure [Line Items]      
Net pension (liability)/asset $ (20,000) $ (20,000)  
Expected employer contributions 1,700    
Parent Company's Retirement Benefit Plan [Member] | Pension Plan [Member] | United States of America      
Defined Benefit Plan Disclosure [Line Items]      
Net pension (liability)/asset 244,100 209,900  
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States of America      
Defined Benefit Plan Disclosure [Line Items]      
Expense relating to the defined contribution plan 23,500    
Defined Contribution Plan, Employer Discretionary Contribution Amount 12,200    
Defined Contribution Plans, Non-Elective Estimated Future Employer Contributions in Next Fiscal Year 11,300    
Defined Contribution Plans, Estimated Future Employer Contributions Over Next Five Fiscal Years $ 123,000    
Parent Company's Retirement Benefit Plan [Member] | Other Pension, Postretirement and Supplemental Plans [Member] | United States of America | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Maximum employer contribution match percentage 7.00%    
Parent Company's Retirement Benefit Plan [Member] | Other Pension Plan [Member] | United States of America      
Defined Benefit Plan Disclosure [Line Items]      
Net pension (liability)/asset $ (44,800) (40,400)  
Expected employer contributions $ 3,200    
EMD [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Percent of employees' gross pay withheld 1.50%    
Foreign Company's Retirement Benefit Plan [Member] | Foreign Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Total projected benefit obligation $ 80,800 69,600  
Net pension (liability)/asset 10,700 $ 9,800  
Expected employer contributions $ 1,200    
v3.24.0.1
PENSION PLANS (Detail) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]      
Service cost $ 16,224 $ 23,217 $ 26,735
Interest cost 34,085 20,923 17,419
Expected return on plan assets (63,013) (54,855) (60,286)
Prior service cost (106) (318) (251)
Defined Benefit Plan, Amortization of Loss (Gain) 139 17,198 28,905
Cost of Settlement/Curtailment 0 4,499 3,310
Special Termination Benefits 0 0 52
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) $ (12,671) $ 10,664 $ 15,884
v3.24.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plan [Member] - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
DefinedBenefitPlanChangeInBenefitObligationRollForward      
Defined Benefit Plan, Benefit Obligation, Beginning Balance $ 733,434 $ 979,070  
Service cost 16,224 23,217 $ 26,735
Interest cost 34,085 20,923 17,419
DefinedBenefitPlanContributionsByPlanParticipants 1,200 1,229  
Defined Benefit Plan, Benefit Obligation, Actuarial Gain (Loss) (17,312) 201,592  
DefinedBenefitPlanBenefitsPaid (52,228) (75,770)  
Defined Benefit Plan, Actual Expense (1,997) (1,681)  
Defined Benefit Plan, Plan Assets, Business Combination 0 496  
Defined Benefit Plan, Plan Assets, Divestiture 0 (4,341)  
DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation 5,340 (8,117)  
Defined Benefit Plan, Benefit Obligation, Ending Balance $ 753,370 $ 733,434 $ 979,070
v3.24.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Asset) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance $ 912,702  
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 963,364 $ 912,702
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Prepaid pension asset 261,869 222,627
Pension and other postretirement liabilities (4,981) (5,013)
Accrued pension and other postretirement benefit costs (66,875) (58,348)
Pension Plan [Member]    
DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward    
Defined Benefit Plan, Plan Assets, Amount, Beginning Balance 912,702 1,156,616
Defined Benefit Plan, Plan Assets, Increase (Decrease) for Actual Return (Loss) 93,488 (182,519)
Contributions made by employer 4,601 24,865
DefinedBenefitPlanContributionsByPlanParticipants 1,200 1,229
DefinedBenefitPlanBenefitsPaid (52,228) (75,770)
Defined Benefit Plan, Plan Assets, Administration Expense (1,997) (1,681)
DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets 5,598 (10,038)
Defined Benefit Plan, Fair Value of Plan Assets, Ending Balance 963,364 912,702
DefinedBenefitPlanFundedStatusOfPlan 209,994 179,268
DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract    
Prepaid pension asset 261,869 222,627
Pension and other postretirement liabilities (3,280) (3,272)
Accrued pension and other postretirement benefit costs (48,595) (40,087)
DefinedBenefitPlanAmountsRecognizedInBalanceSheet 209,994 179,268
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract    
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetGainsLossesBeforeTax 121,557 133,813
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeNetPriorServiceCostCreditBeforeTax (163) (239)
DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax 121,394 133,574
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract    
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateProjectedBenefitObligation 77,189 64,669
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation 68,257 61,368
DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets $ 25,314 $ 21,311
v3.24.0.1
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Plan Assumptions) (Detail)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Pension Plan [Member]    
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract    
Discount rate 4.71% 4.95%
Rate Of Compensation Increase 3.33% 3.34%
DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract    
Discount Rate 4.95% 2.72%
Expected return on assets assumption 6.41% 5.47%
Net Periodic Benefit Cost Rate Of Compensation Increase 3.34% 3.40%
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Year That Rate Reaches Ultimate Trend Rate 2032 2032
v3.24.0.1
PENSION (Asset Class) (Detail)
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]    
Funded percentage 90.00%  
Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 29.00% 33.00%
Target Plan Asset Allocations 29.00%  
International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 10.00% 11.00%
Target Plan Asset Allocations 11.00%  
EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 39.00% 44.00%
Target Plan Asset Allocations 40.00%  
FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Weighted Average Asset Allocations 61.00% 56.00%
Target Plan Asset Allocations 60.00%  
Minimum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 24.00%  
Minimum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 7.00%  
Minimum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 30.00%  
Minimum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 50.00%  
Maximum | Domestic Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 34.00%  
Maximum | International Equities [Member]    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 15.00%  
Maximum | EquitySecuritiesMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 50.00%  
Maximum | FixedIncomeFundsMember    
Defined Benefit Plan Disclosure [Line Items]    
Target Plan Asset Allocations 70.00%  
v3.24.0.1
PENSION (Fair Value) (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets $ 963,364 $ 912,702
Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 16,105 33,272
EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 358,082 388,343
DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 578,797 481,169
Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 10,380 9,918
FairValueInputsLevel1Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 370,668 748,888
FairValueInputsLevel1Member | Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 16,105 730
FairValueInputsLevel1Member | EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 341,575 370,028
FairValueInputsLevel1Member | DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 9,316 373,963
FairValueInputsLevel1Member | Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 3,672 4,167
FairValueInputsLevel2Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 585,988 158,063
FairValueInputsLevel2Member | Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 0 32,542
FairValueInputsLevel2Member | EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 16,507 18,315
FairValueInputsLevel2Member | DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 569,481 107,206
FairValueInputsLevel2Member | Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 0 0
FairValueInputsLevel3Member    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 6,708 5,751
FairValueInputsLevel3Member | Cash And Cash Equivalents [Member]    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 0 0
FairValueInputsLevel3Member | EquitySecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 0 0
FairValueInputsLevel3Member | DebtSecuritiesMember    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets 0 0
FairValueInputsLevel3Member | Other Plan Assets    
Defined Benefit Plan Fair Value Disclosure [Line Items]    
DefinedBenefitPlanFairValueOfPlanAssets $ 6,708 $ 5,751
v3.24.0.1
PENSION (Future Service) (Detail) - Pension Plan [Member]
$ in Thousands
Dec. 31, 2023
USD ($)
Defined Benefit Plan Disclosure [Line Items]  
Expected Future Benefit Payment, Next Twelve Months $ 50,025
Expected Future Benefit Payment, Year Two 52,823
Expected Future Benefit Payment, Year Three 54,281
Expected Future Benefit Payment, Year Four 55,157
Expected Future Benefit Payment, Year Five 57,403
Expected Future Benefit Payment, Five Fiscal Years Thereafter $ 274,696
v3.24.0.1
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Sales $ 2,845,373 $ 2,557,025 $ 2,500,761
Operating income 484,602 423,443 377,129
Depreciation and amortization 116,172 112,027 114,384
Total Consolidated 44,666 38,217 41,108
Total assets 4,620,969 4,448,303  
Naval & Power      
Segment Reporting Information [Line Items]      
Total assets 1,496,063 1,487,568  
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 526,280 469,146 417,012
Total assets 4,091,748 4,075,461  
Operating Segments [Member] | Aerospace & Industrial      
Segment Reporting Information [Line Items]      
Sales 889,744 838,885 789,054
Operating income 145,278 136,996 121,817
Depreciation and amortization 33,994 34,336 36,999
Segment assets 17,067 18,554 16,799
Total assets 1,077,808 1,041,562  
Operating Segments [Member] | Defense Electronics      
Segment Reporting Information [Line Items]      
Sales 818,547 693,709 727,828
Operating income 191,775 154,568 159,089
Depreciation and amortization 33,347 35,120 38,136
Segment assets 5,573 3,504 3,922
Total assets 1,517,877 1,546,331  
Operating Segments [Member] | Naval & Power      
Segment Reporting Information [Line Items]      
Sales 1,142,590 1,030,918 990,339
Operating income 189,227 177,582 136,106
Depreciation and amortization 46,165 39,712 35,937
Segment assets 18,112 13,652 18,106
Operating Segments [Member] | Corporate and Eliminations (1)      
Segment Reporting Information [Line Items]      
Operating income (41,678) (45,703) (39,883)
Depreciation and amortization 2,666 2,859 3,312
Segment assets 3,914 2,507 2,281
Total assets 529,221 372,842  
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Sales (5,508) (6,487) (6,460)
Operating income $ (41,678) $ (45,703) $ (39,883)
v3.24.0.1
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Segment Reporting Information [Line Items]      
Operating income $ 484,602 $ 423,443 $ 377,129
Interest expense (51,393) (46,980) (40,240)
Other income, net 29,861 12,732 12,067
Earnings before income taxes 463,070 389,195 348,956
Total assets 4,620,969 4,448,303  
Operating Segments [Member]      
Segment Reporting Information [Line Items]      
Operating income 526,280 469,146 417,012
Total assets 4,091,748 4,075,461  
Intersegment Eliminations [Member]      
Segment Reporting Information [Line Items]      
Operating income (41,678) (45,703) $ (39,883)
Non-Segment | Cash      
Segment Reporting Information [Line Items]      
Total assets 228,930 122,198  
Non-Segment | Other Assets [Member]      
Segment Reporting Information [Line Items]      
Total assets $ 300,291 $ 250,644  
v3.24.0.1
SEGMENT INFORMATION (Geographic) (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Sales $ 2,845,373 $ 2,557,025 $ 2,500,761
Property, plant, and equipment, net 332,796 342,708  
United States of America      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Sales 2,060,986 1,879,001 1,851,827
Property, plant, and equipment, net 243,542 254,317  
United Kingdom      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Sales 115,078 102,965 93,154
Property, plant, and equipment, net 25,898 27,049  
Other foreign countries      
RevenuesFromExternalCustomersAndLongLivedAssetsLineItems      
Sales 669,309 575,059 $ 555,780
Property, plant, and equipment, net $ 63,356 $ 61,342  
v3.24.0.1
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Loss Contingencies [Line Items]    
Asset Retirement Obligation $ 8,000  
Surety Bond Outstanding 35,000  
Standby letters of credit    
Loss Contingencies [Line Items]    
Letters of credit 20,000 $ 17,000
Financial Standby Letter of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit $ 16,000 $ 3,000
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (258,916) $ (190,465)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 45,737 (84,688)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax (44) 16,237  
Other Comprehensive Income (Loss), Net of Tax 45,693 (68,451) $ 120,391
Accumulated Other Comprehensive Income (Loss), Net of Tax (213,223) (258,916) (190,465)
Accumulated Translation Adjustment [Member]      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (160,807) (99,566)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 37,519 (61,241)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax 0 0  
Other Comprehensive Income (Loss), Net of Tax 37,519 (61,241)  
Accumulated Other Comprehensive Income (Loss), Net of Tax (123,288) (160,807) (99,566)
Total reclassifications      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Accumulated Other Comprehensive Income (Loss), Net of Tax (98,109) (90,899)  
Other Comprehensive Income (Loss), before Reclassifications, Net of Tax 8,218 (23,447)  
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax (44) 16,237  
Other Comprehensive Income (Loss), Net of Tax 8,174 (7,210)  
Accumulated Other Comprehensive Income (Loss), Net of Tax $ (89,935) $ (98,109) $ (90,899)
v3.24.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME LOSS ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income, net $ 29,861 $ 12,732 $ 12,067
Earnings before income taxes 463,070 389,195 348,956
Provision for income taxes (108,561) (94,847) (86,127)
Net earnings 354,509 294,348 $ 262,829
Reclassification out of Accumulated Other Comprehensive Income [Member] | Amortization of prior service costs      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income, net 133 345  
Reclassification out of Accumulated Other Comprehensive Income [Member] | Recognized net actuarial losses      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income, net (85) (17,198)  
Reclassification out of Accumulated Other Comprehensive Income [Member] | Settlements      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Other income, net 0 (4,499)  
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total reclassifications      
Accumulated Other Comprehensive Income (Loss) [Line Items]      
Earnings before income taxes 48 (21,352)  
Provision for income taxes (4) 5,115  
Net earnings $ 44 $ (16,237)  
v3.24.0.1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance $ 5,664 $ 2,625 $ 1,240
ValuationAllowancesAndReservesChargedToCostAndExpense 1,471 3,920 1,864
ValuationAllowancesAndReservesChargedToOtherAccounts 63 1 (22)
ValuationAllowancesAndReservesDeductions 2,306 882 457
Valuation Allowances and Reserves, Balance, Ending Balance 4,892 5,664 2,625
Net operating loss 8,348 9,096  
ValuationAllowanceOfDeferredTaxAssetsMember      
ValuationAndQualifyingAccountsDisclosureLineItems      
Valuation Allowances and Reserves, Balance, Beginning Balance 5,664 2,625 1,240
ValuationAllowancesAndReservesChargedToCostAndExpense 1,471 3,920 1,864
ValuationAllowancesAndReservesChargedToOtherAccounts 63 1 (22)
ValuationAllowancesAndReservesDeductions 2,306 882 457
Valuation Allowances and Reserves, Balance, Ending Balance $ 4,892 $ 5,664 $ 2,625