CURTISS WRIGHT CORP, 10-Q filed on 11/2/2023
Quarterly Report
v3.23.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2023
Oct. 31, 2023
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2023  
Document Transition Report false  
Entity File Number 1-134  
Entity Registrant Name CURTISS-WRIGHT CORPORATION  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-0612970  
Entity Address, Address Line One 130 Harbour Place Drive, Suite 300  
Entity Address, City or Town Davidson,  
Entity Address, State or Province NC  
Entity Address, Postal Zip Code 28036  
City Area Code 704  
Local Phone Number 869-4600  
Title of 12(b) Security Common Stock  
Trading Symbol CW  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Company false  
Entity Shell Company false  
Entity common stock shares outstanding   38,241,218
Entity Central Index Key 0000026324  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q3  
Amendment Flag false  
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net Sales        
Sales $ 724,326 $ 630,542 $ 2,059,582 $ 1,799,360
Cost of sales        
Total cost of sales 442,858 398,333 1,297,133 1,137,235
Gross profit 281,468 232,209 762,449 662,125
Research and development expenses 23,464 17,387 65,698 61,804
Selling expenses 34,084 31,888 100,782 90,387
General and administrative expenses 91,401 75,351 272,060 239,085
Loss on divestiture 0 0 0 4,651
Operating income 132,519 107,583 323,909 266,198
Interest expense (12,496) (13,997) (40,432) (33,315)
Other income, net 7,023 3,746 22,744 11,298
Earnings before income taxes 127,046 97,332 306,221 244,181
Provision for income taxes (30,268) (23,564) (71,598) (58,856)
Net earnings $ 96,778 $ 73,768 $ 234,623 $ 185,325
Basic earnings per share        
Basic earnings per share (usd per share) $ 2.53 $ 1.92 $ 6.13 $ 4.82
Diluted earnings per share        
Diluted earnings per share (usd per share) 2.51 1.91 6.09 4.79
Dividends per share $ 0.20 $ 0.19 $ 0.59 $ 0.56
Weighted average shares outstanding:        
Basic (shares) 38,285 38,368 38,301 38,416
Diluted (shares) 38,558 38,647 38,538 38,655
Product [Member]        
Net Sales        
Sales $ 613,915 $ 530,782 $ 1,721,832 $ 1,489,619
Cost of sales        
Cost of Goods and Services Sold 380,163 338,264 1,093,469 949,180
Service [Member]        
Net Sales        
Sales 110,411 99,760 337,750 309,741
Cost of sales        
Cost of Goods and Services Sold $ 62,695 $ 60,069 $ 203,664 $ 188,055
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net earnings $ 96,778 $ 73,768 $ 234,623 $ 185,325
Other Comprehensive Income (Loss)        
Foreign currency translation, net of tax (28,276) (50,098) 5,688 (97,259)
Pension and postretirement adjustments, net of tax [1] 235 3,856 (188) 13,610
Other comprehensive income (loss), net of tax (28,041) (46,242) 5,500 (83,649)
Comprehensive income $ 68,737 $ 27,526 $ 240,123 $ 101,676
[1] The tax expense/(benefit) included in pension and postretirement adjustments for the three and nine months ended September 30, 2023 were immaterial. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2022 was $1.2 million and $3.1 million, respectively.
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]    
Pension and postretirement adjustments, tax benefit (expense) [1] $ 1.2 $ 3.1
[1] The tax expense/(benefit) included in pension and postretirement adjustments for the three and nine months ended September 30, 2023 were immaterial. The tax expense included in pension and postretirement adjustments for the three and nine months ended September 30, 2022 was $1.2 million and $3.1 million, respectively.
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Current Assets:    
Cash and cash equivalents $ 148,809 $ 256,974
Receivables, net 790,334 723,304
Inventories, net 540,180 483,113
Other current assets 65,794 52,623
Total current assets 1,545,117 1,516,014
Property, plant, and equipment, net 334,864 342,708
Goodwill 1,546,669 1,544,635
Other intangible assets, net 572,348 620,897
Operating lease right-of-use assets, net 138,809 153,855
Prepaid pension asset 236,089 222,627
Other assets 40,059 47,567
Total assets 4,413,955 4,448,303
Current liabilities:    
Current portion of long-term debt 0 202,500
Accounts payable 213,662 266,525
Accrued expenses 188,504 174,440
Deferred revenue 292,514 254,801
Other current liabilities 80,699 82,779
Total current liabilities 775,379 981,045
Long-term debt 1,050,713 1,051,900
Deferred tax liabilities, net 117,113 123,001
Accrued pension and other postretirement benefit costs 57,808 58,348
Long-term operating lease liability 117,320 132,275
Long-term portion of environmental reserves 14,031 12,547
Other liabilities 96,436 107,973
Total liabilities 2,228,800 2,467,089
Stockholders' Equity    
Common stock, $1 par value, 100,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 49,187,378 shares issued as of September 30, 2023 and December 31, 2022; outstanding shares were 38,263,012 as of September 30, 2023 and 38,259,722 as of December 31, 2022 49,187 49,187
Additional paid in capital 136,610 134,553
Retained earnings 3,375,502 3,163,491
Accumulated other comprehensive loss (253,416) (258,916)
Common treasury stock, at cost (10,924,366 shares as of September 30, 2023 and 10,927,656 shares as of December 31, 2022) (1,122,728) (1,107,101)
Total stockholders’ equity 2,185,155 1,981,214
Total liabilities and stockholders’ equity $ 4,413,955 $ 4,448,303
v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Common stock, par value (usd per share) $ 1 $ 1
Common Stock, Shares Authorized (in shares) 100,000,000 100,000,000
Common Stock, Shares, Issued (in shares) 49,187,378 49,187,378
Common Stock, Shares, Outstanding (in shares) 38,263,012 38,259,722
Treasury Stock, Common, Shares (in shares) 10,924,366 10,927,656
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net earnings $ 234,623 $ 185,325
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 86,836 83,520
Loss on divestiture 0 4,651
Loss/(gain) on sale/disposal of long-lived assets 157 (4,241)
Deferred income taxes (6,392) 5,759
Share-based compensation 13,213 12,027
Change in operating assets and liabilities, net of businesses acquired and divested:    
Accounts receivable, net (56,138) (70,548)
Inventories, net (56,753) (89,318)
Progress Payments 64 (1,330)
Accounts payable and accrued expenses (42,020) (42,360)
Deferred revenue 37,598 (39,230)
Net pension and postretirement liabilities (14,128) (3,913)
Other current and long-term assets and liabilities (31,343) (37,955)
Net cash provided by operating activities 165,717 2,387
Cash flows from investing activities:    
Proceeds from sale/disposal of long-lived assets 464 9,110
Purchases of investments 0 (10,000)
Additions to property, plant, and equipment (32,037) (28,789)
Acquisition of business, net of cash acquired 0 (247,215)
Additional consideration paid on prior year acquisitions 0 5,062
Net cash used for investing activities (31,573) (281,956)
Cash flows from financing activities:    
Borrowings under revolving credit facility 586,230 1,332,219
Payments of revolving credit facilities (586,230) (1,038,019)
Principal payments on debt (202,500) 0
Repurchases of common stock (37,366) (44,434)
Proceeds from share-based compensation 10,583 9,997
Dividends paid (14,950) (14,220)
Proceeds from (Payments for) Other Financing Activities (813) (755)
Net cash (used for)/provided by financing activities (245,046) 244,788
Effect of exchange-rate changes on cash 2,737 (22,671)
Net decrease in cash and cash equivalents (108,165) (57,452)
Cash and cash equivalents at beginning of period 256,974 171,004
Cash and cash equivalents at end of period $ 148,809 $ 113,552
v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Previously Reported
Revision of Prior Period, Error Correction, Adjustment
Common Stock
Common Stock
Previously Reported
Additional Paid in Capital
Additional Paid in Capital
Previously Reported
Retained Earnings
Retained Earnings
Previously Reported
Retained Earnings
Revision of Prior Period, Error Correction, Adjustment
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Previously Reported
Treasury Stock
Treasury Stock
Previously Reported
Beginning Balance at Dec. 31, 2021       $ 49,187 $ 49,187 $ 127,104 $ 127,104 $ 2,897,922 $ 2,908,827 $ (10,905) $ (190,465) $ (190,465) $ (1,068,163) $ (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net earnings $ 185,325             185,325            
Other comprehensive income, net of tax (83,649)                   (83,649)      
Dividends paid               (21,513)            
Restricted stock           (8,523)             8,523  
Employee stock purchase plan           1,273             8,724  
Share-based compensation           11,882             145  
Repurchases of common stock [1]                         (44,434)  
Other           (506)             506  
Ending Balance at Sep. 30, 2022       49,187   131,230   3,061,734     (274,114)   (1,094,699)  
Beginning Balance at Dec. 31, 2021       49,187 49,187 127,104 127,104 2,897,922 2,908,827 (10,905) (190,465) (190,465) (1,068,163) (1,068,163)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Other comprehensive income, net of tax (68,451)                          
Ending Balance at Dec. 31, 2022 1,981,214 $ 1,992,119 $ (10,905) 49,187 49,187 134,553 134,553 3,163,491 3,174,396 (10,905) (258,916) (258,916) (1,107,101) (1,107,101)
Beginning Balance at Jun. 30, 2022       49,187 49,187 126,316 126,316 2,995,259 3,006,164 (10,905) (227,872) (227,872) (1,086,156) (1,086,156)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net earnings 73,768             73,768            
Other comprehensive income, net of tax (46,242)                   (46,242)      
Dividends paid               (7,293)            
Employee stock purchase plan           459             4,254  
Share-based compensation           4,455             (8)  
Repurchases of common stock [1]                         (12,789)  
Ending Balance at Sep. 30, 2022       49,187   131,230   3,061,734     (274,114)   (1,094,699)  
Beginning Balance at Dec. 31, 2022 1,981,214 $ 1,992,119 $ (10,905) 49,187 49,187 134,553 134,553 3,163,491 3,174,396 (10,905) (258,916) (258,916) (1,107,101) (1,107,101)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net earnings 234,623             234,623            
Other comprehensive income, net of tax 5,500                   5,500      
Dividends paid               (22,612)            
Restricted stock           (13,878)             13,878  
Employee stock purchase plan           3,312             7,271  
Share-based compensation           12,884             329  
Repurchases of common stock                         (37,366)  
Other           (261)             261  
Ending Balance at Sep. 30, 2023 2,185,155     49,187   136,610   3,375,502     (253,416)   (1,122,728)  
Beginning Balance at Jun. 30, 2023       49,187 $ 49,187 130,846 $ 130,846 3,286,376 $ 3,297,281 $ (10,905) (225,375) $ (225,375) (1,113,675) $ (1,113,675)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Net earnings 96,778             96,778            
Other comprehensive income, net of tax (28,041)                   (28,041)      
Dividends paid               (7,652)            
Employee stock purchase plan           1,829             3,529  
Share-based compensation           3,935             419  
Repurchases of common stock                         (13,001)  
Ending Balance at Sep. 30, 2023 $ 2,185,155     $ 49,187   $ 136,610   $ 3,375,502     $ (253,416)   $ (1,122,728)  
[1] For the three and nine months ended September 30, 2023, the Corporation repurchased approximately 0.1 million and 0.2 million shares of its common stock, respectively. For the three and nine months ended September 30, 2022, the Corporation repurchased approximately 0.1 million and 0.3 million shares of its common stock, respectively.
v3.23.3
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]        
Treasury Stock, Shares, Acquired [1] 0.1 0.1 0.2 0.3
[1] For the three and nine months ended September 30, 2023, the Corporation repurchased approximately 0.1 million and 0.2 million shares of its common stock, respectively. For the three and nine months ended September 30, 2022, the Corporation repurchased approximately 0.1 million and 0.3 million shares of its common stock, respectively.
v3.23.3
BASIS OF PRESENTATION
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2023 and 2022, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2022 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.23.3
CORRECTION OF PRIOR PERIOD ERROR
 9 Months Ended
Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
CORRECTION OF PRIOR PERIOD ERROR 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, if the adjustment to correct the cumulative effect of the aforementioned error had been recorded in the three and nine months ended September 30, 2023, the impact would have been qualitatively material to the Condensed Consolidated Statements of Earnings for those respective periods. Therefore, in accordance with SAB 108, the Corporation has revised the applicable prior period financial statements 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 impact of the error on previously reported total net sales and net earnings was inconsequential for the year ended December 31, 2022. The Company will revise its consolidated financial statements as of and for the year ended December 31, 2021 in conjunction with the issuance of the 2023 Form 10-K. The error did not impact net cash provided by operating activities within the Condensed Consolidated Statements of Cash Flows in any prior period.

The Condensed Consolidated Balance Sheet as of December 31, 2022 has been revised as follows:
(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 
v3.23.3
REVENUE
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service.

Performance Obligations

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

The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery.

The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2023 and 2022:

Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Over-time47 %50 %47 %52 %
Point-in-time53 %50 %53 %48 %

Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.9 billion as of September 30, 2023, of which the Corporation expects to recognize approximately 89% as net sales over the next 36 months. The remainder will be recognized thereafter.

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

Total Net Sales by End Market and Customer TypeThree Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Aerospace & Defense
Aerospace Defense$148,023 $114,431 $380,095 $306,980 
Ground Defense83,185 54,890 220,317 138,391 
Naval Defense179,862 174,844 532,773 510,597 
Commercial Aerospace79,703 70,257 232,226 199,341 
Total Aerospace & Defense$490,773 $414,422 $1,365,411 $1,155,309 
Commercial
Power & Process$122,118 $110,559 $373,457 $340,702 
General Industrial111,435 105,561 320,714 303,349 
Total Commercial$233,553 $216,120 $694,171 $644,051 
Total$724,326 $630,542 $2,059,582 $1,799,360 

Contract Balances

Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and nine months ended September 30, 2023 included in the contract liabilities balance as of January 1, 2023 was approximately $38 million and $185 million, respectively. Revenue recognized during the three and nine months ended September 30, 2022 included in the contract liabilities balance as of January 1, 2022 was approximately $54 million and $189 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
v3.23.3
RECEIVABLES
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
RECEIVABLES RECEIVABLES
Receivables primarily include amounts billed to customers, unbilled charges on long-term contracts consisting of amounts recognized as sales but not billed, and other receivables. Substantially all amounts of unbilled receivables are expected to be billed and collected within one year. An immaterial amount of unbilled receivables are subject to retainage provisions. The amount of claims and unapproved change orders within our receivables balances are immaterial.

The composition of receivables is as follows:
(In thousands)September 30, 2023December 31, 2022
Billed receivables:
Trade and other receivables$465,138 $412,682 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed329,439 315,383 
Less: Progress payments applied
(10)(67)
Net unbilled receivables329,429 315,316 
Less: Allowance for doubtful accounts
(4,233)(4,694)
Receivables, net$790,334 $723,304 
v3.23.3
INVENTORIES
 9 Months Ended
Sep. 30, 2023
Inventory, Net [Abstract]  
INVENTORIES INVENTORIES
Inventoried costs contain amounts relating to long-term contracts and programs with long production cycles, a portion of which will not be realized within one year. Long-term contract inventory includes an immaterial amount of claims or other similar items subject to uncertainty concerning their determination or realization. Inventories are valued at the lower of cost or net realizable value.

The composition of inventories is as follows:

(In thousands)September 30, 2023December 31, 2022
Raw materials$248,932 $242,116 
Work-in-process108,304 76,328 
Finished goods141,884 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
43,735 39,685 
Inventories, net of reserves542,855 486,219 
Less:  Progress payments applied(2,675)(3,106)
Inventories, net$540,180 $483,113 

(1) This caption includes capitalized development costs of $14.5 million as of September 30, 2023 related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2023, capitalized development costs of $7.7 million are not currently supported by existing firm orders.
v3.23.3
GOODWILL
 9 Months Ended
Sep. 30, 2023
Goodwill [Abstract]  
GOODWILL GOODWILL
The Corporation accounts for acquisitions by assigning the purchase price to acquired tangible and intangible assets and liabilities assumed. Assets acquired and liabilities assumed are recorded at their fair values, and the excess of the purchase price over the amounts assigned is recorded as goodwill.

The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment716 923 395 2,034 
September 30, 2023$322,266 $703,709 $520,694 $1,546,669 
v3.23.3
OTHER INTANGIBLE ASSETS, NET
 9 Months Ended
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
OTHER INTANGIBLE ASSETS, NET OTHER INTANGIBLE ASSETS, NET
Intangible assets are generally the result of acquisitions and consist primarily of purchased technology and customer related
intangibles. Intangible assets are amortized over useful lives that range between 1 to 20 years.
 
The following tables present the cumulative composition of the Corporation’s intangible assets:

September 30, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$307,852 $(191,018)$116,834 $306,160 $(176,675)$129,485 
Customer related intangibles667,427 (327,490)339,937 666,638 (298,160)368,478 
Programs (1)
144,000 (39,600)104,400 144,000 (34,200)109,800 
Other intangible assets53,924 (42,747)11,177 53,879 (40,745)13,134 
Total$1,173,203 $(600,855)$572,348 $1,170,677 $(549,780)$620,897 
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. 
Total intangible amortization expense for the nine months ended September 30, 2023 was $49 million, as compared to $46 million in the comparable prior year period. The estimated future amortization expense of intangible assets over the next five years is as follows:

(In millions)
2023$65 
2024$56 
2025$54 
2026$53 
2027$50 
v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
FAIR VALUE OF FINANCIAL INSTRUMENTS FAIR VALUE OF FINANCIAL INSTRUMENTS
 
Forward Foreign Exchange and Currency Option Contracts
 
The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments.
 
Interest Rate Risks and Related Strategies
 
The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt.

Effects on Condensed Consolidated Balance Sheets

As of September 30, 2023 and December 31, 2022, the fair values of the asset and liability derivative instruments were immaterial.

Effects on Condensed Consolidated Statements of Earnings
 
Undesignated hedges

The gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The gains and (losses) for the three and nine months ended September 30, 2023 were ($5) million and $2 million, respectively. The losses for the three and nine months ended September 30, 2022 were $6 million and $12 million, respectively.

Debt

The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of September 30, 2023. Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
September 30, 2023December 31, 2022
(In thousands)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 87,108 90,000 87,298 
4.24% Senior notes due 2026
200,000 190,364 200,000 191,760 
4.05% Senior notes due 2028
67,500 62,555 67,500 63,300 
4.11% Senior notes due 2028
90,000 82,716 90,000 83,955 
3.10% Senior notes due 2030
150,000 124,941 150,000 127,429 
3.20% Senior notes due 2032
150,000 119,769 150,000 123,656 
4.49% Senior notes due 2032
200,000 176,107 200,000 183,007 
4.64% Senior notes due 2034
100,000 86,470 100,000 90,341 
Total debt1,047,500 930,030 1,250,000 1,152,828 
Debt issuance costs, net(1,597)(1,597)(1,631)(1,631)
Unamortized interest rate swap proceeds4,810 4,810 6,031 6,031 
Total debt, net$1,050,713 $933,243 $1,254,400 $1,157,228 
v3.23.3
PENSION PLANS
 9 Months Ended
Sep. 30, 2023
Retirement Benefits, Description [Abstract]  
PENSION PLANS PENSION PLANS
Defined Benefit Pension Plans

The following table is a consolidated disclosure of all domestic and foreign defined benefit pension plans as described in the Corporation’s 2022 Annual Report on Form 10-K.  

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

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Service cost$4,167 $5,770 $12,431 $17,803 
Interest cost8,665 5,442 26,266 16,148 
Expected return on plan assets(15,582)(13,525)(47,260)(41,240)
Amortization of prior service cost(34)155 (100)(18)
Amortization of unrecognized actuarial loss(89)4,785 64 12,636 
Cost of settlements— — — 1,842 
Net periodic pension cost$(2,873)$2,627 $(8,599)$7,171 

The Corporation did not make any contributions to the Curtiss-Wright Pension Plan during the nine months ended September 30, 2023, and does not expect to do so throughout the remainder of the year. Contributions to the foreign benefit plans are not expected to be material in 2023.

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

Defined Contribution Retirement Plan

The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and nine months ended September 30, 2023, the expense relating to the plan was $5.2 million and $17.4 million, respectively. During the
three and nine months ended September 30, 2022, the expense relating to the plan was $5.5 million and $15.8 million, respectively.
v3.23.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
 
Diluted earnings per share was computed based on the weighted-average number of shares outstanding plus all potentially dilutive common shares. A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:

 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Basic weighted-average shares outstanding38,285 38,368 38,301 38,416 
Dilutive effect of deferred stock compensation273 279 237 239 
Diluted weighted-average shares outstanding38,558 38,647 38,538 38,655 

For the three and nine months ended September 30, 2023, approximately 5,000 and 16,000 shares, respectively, issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were approximately 49,000 and 37,000 anti-dilutive equity-based awards for the three and nine months ended September 30, 2022, respectively.
v3.23.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Net sales
Aerospace & Industrial$220,700 $213,656 $651,052 $614,817 
Defense Electronics216,775 162,233 578,252 456,575 
Naval & Power288,002 256,277 835,547 732,905 
Less: Intersegment revenues(1,151)(1,624)(5,269)(4,937)
Total consolidated$724,326 $630,542 $2,059,582 $1,799,360 
Operating income (expense)
Aerospace & Industrial$39,014 $39,080 $101,224 $96,397 
Defense Electronics56,212 36,588 122,760 84,338 
Naval & Power47,663 41,576 132,382 118,865 
Corporate and other (1)
(10,370)(9,661)(32,457)(33,402)
Total consolidated$132,519 $107,583 $323,909 $266,198 

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

Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Total operating income$132,519 $107,583 $323,909 $266,198 
Interest expense12,496 13,997 40,432 33,315 
Other income, net7,023 3,746 22,744 11,298 
Earnings before income taxes$127,046 $97,332 $306,221 $244,181 

(In thousands)September 30, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,043,750 $1,041,562 
Defense Electronics1,551,148 1,546,331 
Naval & Power1,517,694 1,487,568 
Corporate and Other301,363 372,842 
Total consolidated$4,413,955 $4,448,303 
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
 
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
5,688 (155)5,533 
Amounts reclassified from accumulated other comprehensive income (1)
— (33)(33)
Net current period other comprehensive income (loss)5,688 (188)5,500 
September 30, 2023$(155,119)$(98,297)$(253,416)
(1) All amounts are after tax.

Details of amounts reclassified from accumulated other comprehensive income (loss) are below: 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$100 Other income, net
Amortization of actuarial losses(64)Other income, net
36 Earnings before income taxes
(3)Provision for income taxes
Total reclassifications$33 Net earnings
v3.23.3
CONTINGENCIES AND COMMITMENTS
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]  
CONTINGENCIES AND COMMITMENTS CONTINGENCIES AND COMMITMENTS
From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements.

Legal Proceedings

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

Letters of Credit and Other Financial Arrangements

The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of September 30, 2023 and December 31, 2022, there were $22 million and $17 million of stand-by letters of credit outstanding, respectively, and $14 million and $3 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $35 million surety bond.


******
v3.23.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net earnings $ 96,778 $ 73,768 $ 234,623 $ 185,325
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
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
v3.23.3
BASIS OF PRESENTATION (Policies)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis Of Accounting
Curtiss-Wright Corporation along with its subsidiaries (we, the Corporation, or the Company) is a global integrated business that provides highly engineered products, solutions, and services mainly to aerospace & defense (A&D) markets, as well as critical technologies in demanding commercial power, process, and industrial markets.

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

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

Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2023 and 2022, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements.
The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2022 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year.
v3.23.3
CORRECTION OF PRIOR PERIOD ERROR (Tables)
 9 Months Ended
Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract]  
Schedule of Error Corrections and Prior Period Adjustments The Condensed Consolidated Balance Sheet as of December 31, 2022 has been revised as follows:
(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 
v3.23.3
REVENUE (Tables)
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2023 and 2022:

Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
Over-time47 %50 %47 %52 %
Point-in-time53 %50 %53 %48 %
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:

Total Net Sales by End Market and Customer TypeThree Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Aerospace & Defense
Aerospace Defense$148,023 $114,431 $380,095 $306,980 
Ground Defense83,185 54,890 220,317 138,391 
Naval Defense179,862 174,844 532,773 510,597 
Commercial Aerospace79,703 70,257 232,226 199,341 
Total Aerospace & Defense$490,773 $414,422 $1,365,411 $1,155,309 
Commercial
Power & Process$122,118 $110,559 $373,457 $340,702 
General Industrial111,435 105,561 320,714 303,349 
Total Commercial$233,553 $216,120 $694,171 $644,051 
Total$724,326 $630,542 $2,059,582 $1,799,360 
v3.23.3
RECEIVABLES (Table)
 9 Months Ended
Sep. 30, 2023
Receivables [Abstract]  
Schedule Of Accounts Notes Loans And Financing Receivable
The composition of receivables is as follows:
(In thousands)September 30, 2023December 31, 2022
Billed receivables:
Trade and other receivables$465,138 $412,682 
Unbilled receivables (contract assets):
Recoverable costs and estimated earnings not billed329,439 315,383 
Less: Progress payments applied
(10)(67)
Net unbilled receivables329,429 315,316 
Less: Allowance for doubtful accounts
(4,233)(4,694)
Receivables, net$790,334 $723,304 
v3.23.3
INVENTORIES (Table)
 9 Months Ended
Sep. 30, 2023
Inventory, Net [Abstract]  
Schedule Of Inventory
The composition of inventories is as follows:

(In thousands)September 30, 2023December 31, 2022
Raw materials$248,932 $242,116 
Work-in-process108,304 76,328 
Finished goods141,884 128,090 
Inventoried costs related to U.S. Government and other long-term contracts (1)
43,735 39,685 
Inventories, net of reserves542,855 486,219 
Less:  Progress payments applied(2,675)(3,106)
Inventories, net$540,180 $483,113 
v3.23.3
GOODWILL (Table)
 9 Months Ended
Sep. 30, 2023
Goodwill [Abstract]  
Schedule Of Goodwill The changes in the carrying amount of goodwill for the nine months ended September 30, 2023 are as follows:
(In thousands)Aerospace & IndustrialDefense ElectronicsNaval & PowerConsolidated
December 31, 2022$321,550 $702,786 $520,299 $1,544,635 
Foreign currency translation adjustment716 923 395 2,034 
September 30, 2023$322,266 $703,709 $520,694 $1,546,669 
v3.23.3
OTHER INTANGIBLE ASSETS, NET (Table)
 9 Months Ended
Sep. 30, 2023
Intangible Assets, Net (Excluding Goodwill) [Abstract]  
Schedule Of Intangible Assets By Major Class
The following tables present the cumulative composition of the Corporation’s intangible assets:

September 30, 2023December 31, 2022
(In thousands)GrossAccumulated AmortizationNetGrossAccumulated AmortizationNet
Technology$307,852 $(191,018)$116,834 $306,160 $(176,675)$129,485 
Customer related intangibles667,427 (327,490)339,937 666,638 (298,160)368,478 
Programs (1)
144,000 (39,600)104,400 144,000 (34,200)109,800 
Other intangible assets53,924 (42,747)11,177 53,879 (40,745)13,134 
Total$1,173,203 $(600,855)$572,348 $1,170,677 $(549,780)$620,897 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] The estimated future amortization expense of intangible assets over the next five years is as follows:
(In millions)
2023$65 
2024$56 
2025$54 
2026$53 
2027$50 
v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
September 30, 2023December 31, 2022
(In thousands)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 87,108 90,000 87,298 
4.24% Senior notes due 2026
200,000 190,364 200,000 191,760 
4.05% Senior notes due 2028
67,500 62,555 67,500 63,300 
4.11% Senior notes due 2028
90,000 82,716 90,000 83,955 
3.10% Senior notes due 2030
150,000 124,941 150,000 127,429 
3.20% Senior notes due 2032
150,000 119,769 150,000 123,656 
4.49% Senior notes due 2032
200,000 176,107 200,000 183,007 
4.64% Senior notes due 2034
100,000 86,470 100,000 90,341 
Total debt1,047,500 930,030 1,250,000 1,152,828 
Debt issuance costs, net(1,597)(1,597)(1,631)(1,631)
Unamortized interest rate swap proceeds4,810 4,810 6,031 6,031 
Total debt, net$1,050,713 $933,243 $1,254,400 $1,157,228 
v3.23.3
PENSION PLANS (Table)
 9 Months Ended
Sep. 30, 2023
Pension Plans Defined Benefit [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule Of Defined Benefit Plans Disclosures
The components of net periodic pension cost for the three and nine months ended September 30, 2023 and 2022 were as follows:

Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Service cost$4,167 $5,770 $12,431 $17,803 
Interest cost8,665 5,442 26,266 16,148 
Expected return on plan assets(15,582)(13,525)(47,260)(41,240)
Amortization of prior service cost(34)155 (100)(18)
Amortization of unrecognized actuarial loss(89)4,785 64 12,636 
Cost of settlements— — — 1,842 
Net periodic pension cost$(2,873)$2,627 $(8,599)$7,171 
v3.23.3
EARNINGS PER SHARE (Table)
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share Reconciliation A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows: 
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Basic weighted-average shares outstanding38,285 38,368 38,301 38,416 
Dilutive effect of deferred stock compensation273 279 237 239 
Diluted weighted-average shares outstanding38,558 38,647 38,538 38,655 
v3.23.3
SEGMENT INFORMATION (Table)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Schedule Of Segment Reporting Information By Segment
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Net sales
Aerospace & Industrial$220,700 $213,656 $651,052 $614,817 
Defense Electronics216,775 162,233 578,252 456,575 
Naval & Power288,002 256,277 835,547 732,905 
Less: Intersegment revenues(1,151)(1,624)(5,269)(4,937)
Total consolidated$724,326 $630,542 $2,059,582 $1,799,360 
Operating income (expense)
Aerospace & Industrial$39,014 $39,080 $101,224 $96,397 
Defense Electronics56,212 36,588 122,760 84,338 
Naval & Power47,663 41,576 132,382 118,865 
Corporate and other (1)
(10,370)(9,661)(32,457)(33,402)
Total consolidated$132,519 $107,583 $323,909 $266,198 

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Reconciliation of Operating Profit (Loss) from Segments to Consolidated Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2023202220232022
Total operating income$132,519 $107,583 $323,909 $266,198 
Interest expense12,496 13,997 40,432 33,315 
Other income, net7,023 3,746 22,744 11,298 
Earnings before income taxes$127,046 $97,332 $306,221 $244,181 
Reconciliation Of Assets From Segment To Consolidated
(In thousands)September 30, 2023December 31, 2022
Identifiable assets
Aerospace & Industrial$1,043,750 $1,041,562 
Defense Electronics1,551,148 1,546,331 
Naval & Power1,517,694 1,487,568 
Corporate and Other301,363 372,842 
Total consolidated$4,413,955 $4,448,303 
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table)
 9 Months Ended
Sep. 30, 2023
Stockholders' Equity Note [Abstract]  
Schedule of Comprehensive Income (Loss)
The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
 
(In thousands)Foreign currency translation adjustments, netTotal pension and postretirement adjustments, netAccumulated other comprehensive income (loss)
December 31, 2021$(99,566)$(90,899)$(190,465)
Other comprehensive income (loss) before reclassifications (1)
(61,241)(23,447)(84,688)
Amounts reclassified from accumulated other comprehensive income (1)
— 16,237 16,237 
Net current period other comprehensive income (loss)(61,241)(7,210)(68,451)
December 31, 2022$(160,807)$(98,109)$(258,916)
Other comprehensive income (loss) before reclassifications (1)
5,688 (155)5,533 
Amounts reclassified from accumulated other comprehensive income (1)
— (33)(33)
Net current period other comprehensive income (loss)5,688 (188)5,500 
September 30, 2023$(155,119)$(98,297)$(253,416)
Reclassification out of Accumulated Other Comprehensive Income
Details of amounts reclassified from accumulated other comprehensive income (loss) are below: 
(In thousands)Amount reclassified from AOCIAffected line item in the statement where net earnings is presented
Defined benefit pension and other postretirement benefit plans
Amortization of prior service costs$100 Other income, net
Amortization of actuarial losses(64)Other income, net
36 Earnings before income taxes
(3)Provision for income taxes
Total reclassifications$33 Net earnings
v3.23.3
CORRECTION OF PRIOR PERIOD ERROR (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]              
Sales $ 724,326 $ 630,542 $ 2,059,582 $ 1,799,360      
Net earnings 96,778 $ 73,768 234,623 $ 185,325      
Receivables, net 790,334   790,334       $ 723,304
Total current assets 1,545,117   1,545,117       1,516,014
Total assets 4,413,955   4,413,955       4,448,303
Accrued expenses 188,504   188,504       174,440
Deferred revenue 292,514   292,514       254,801
Other current liabilities 80,699   80,699       82,779
Total current liabilities 775,379   775,379       981,045
Total liabilities 2,228,800   2,228,800       2,467,089
Retained earnings 3,375,502   3,375,502       3,163,491
Total stockholders' equity 2,185,155   2,185,155       1,981,214
Total liabilities and stockholders' equity $ 4,413,955   $ 4,413,955       4,448,303
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
Revision of Prior Period, Error Correction, Adjustment              
Error Corrections and Prior Period Adjustments Restatement [Line Items]              
Sales         $ (5,000) $ (8,000)  
Net earnings         $ (4,000) $ (7,000)  
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
Total stockholders' equity             (10,905)
Total liabilities and stockholders' equity             $ (1,299)
v3.23.3
REVENUE (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Disaggregation of Revenue [Line Items]        
Sales $ 724,326 $ 630,542 $ 2,059,582 $ 1,799,360
Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 490,773 414,422 1,365,411 1,155,309
Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 233,553 216,120 694,171 644,051
Aerospace Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 148,023 114,431 380,095 306,980
Ground Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 83,185 54,890 220,317 138,391
Naval Defense [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 179,862 174,844 532,773 510,597
Commercial Aerospace [Member] | Aerospace & Defense        
Disaggregation of Revenue [Line Items]        
Sales 79,703 70,257 232,226 199,341
Power & Process [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales 122,118 110,559 373,457 340,702
General Industrial [Member] | Commercial [Member]        
Disaggregation of Revenue [Line Items]        
Sales $ 111,435 $ 105,561 $ 320,714 $ 303,349
Transferred over Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 47.00% 50.00% 47.00% 52.00%
Transferred at Point in Time [Member]        
Disaggregation of Revenue [Line Items]        
Net Sales, Net, Percent 53.00% 50.00% 53.00% 48.00%
v3.23.3
REVENUE (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]        
Contract with Customer, Liability, Revenue Recognized $ 38 $ 54 $ 185 $ 189
Revenue, Remaining Performance Obligation, Amount $ 2,900   $ 2,900  
Revenue, Remaining Performance Obligation, Percentage 89.00%   89.00%  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation     36 months  
v3.23.3
RECEIVABLES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Billed receivables:    
Trade and other receivables $ 465,138 $ 412,682
Unbilled receivables:    
Recoverable costs and estimated earnings not billed 329,439 315,383
Less: Progress payments applied (10) (67)
Net unbilled receivables 329,429 315,316
Less: Allowance for doubtful accounts (4,233) (4,694)
Receivables, net $ 790,334 $ 723,304
v3.23.3
INVENTORIES (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Inventory, Net [Abstract]    
Inventory, Raw Materials, Net of Reserves $ 248,932 $ 242,116
Inventory, Work in Process, Net of Reserves 108,304 76,328
Inventory, Finished Goods, Net of Reserves 141,884 128,090
Inventory For Long-term Contracts Or Programs, Net Of Reserves 43,735 39,685
Inventories, Net of Reserves 542,855 486,219
Progress Payments Netted Against Inventory for Long-term Contracts or Programs (2,675) (3,106)
Inventory, Net, Total $ 540,180 $ 483,113
v3.23.3
INVENTORIES (Narrative) (Detail)
$ in Millions
Sep. 30, 2023
USD ($)
Inventory, Net [Abstract]  
Other inventory, capitalized costs $ 14.5
Other inventory capitalized costs not supported by existing firm orders $ 7.7
v3.23.3
GOODWILL (Detail)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
USD ($)
Goodwill [Roll Forward]  
December 31, 2022 $ 1,544,635
Foreign currency translation adjustment 2,034
September 30, 2023 1,546,669
Aerospace & Industrial  
Goodwill [Roll Forward]  
December 31, 2022 321,550
Foreign currency translation adjustment 716
September 30, 2023 322,266
Defense Electronics  
Goodwill [Roll Forward]  
December 31, 2022 702,786
Foreign currency translation adjustment 923
September 30, 2023 703,709
Naval & Power  
Goodwill [Roll Forward]  
December 31, 2022 520,299
Foreign currency translation adjustment 395
September 30, 2023 $ 520,694
v3.23.3
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]    
Gross $ 1,173,203 $ 1,170,677
Accumulated Amortization (600,855) (549,780)
Net 572,348 620,897
Technology [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 307,852 306,160
Accumulated Amortization (191,018) (176,675)
Net 116,834 129,485
Customer Relationships [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 667,427 666,638
Accumulated Amortization (327,490) (298,160)
Net 339,937 368,478
Contract and Program Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 144,000 144,000
Accumulated Amortization (39,600) (34,200)
Net 104,400 109,800
Other Intangible Assets [Member]    
Finite Lived Intangible Assets [Line Items]    
Gross 53,924 53,879
Accumulated Amortization (42,747) (40,745)
Net $ 11,177 $ 13,134
v3.23.3
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Finite Lived Intangible Assets [Line Items]    
Amortization expense $ 49.0 $ 46.0
Future amortization expense in remainder of fiscal year 65.0  
Future amortization expense in year one 56.0  
Future amortization expense in year two 54.0  
Future amortization expense in year three 53.0  
Future amortization expense in year four $ 50.0  
v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
General and Administrative Expense [Member]        
Derivative Instruments and Hedging Activities Disclosures [Line Items]        
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments $ (5) $ (6) $ 2 $ (12)
v3.23.3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Debt) (Detail) - USD ($)
$ in Thousands
Sep. 30, 2023
Dec. 31, 2022
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 1,050,713 $ 1,254,400
Total debt 1,047,500 1,250,000
Debt issuance costs, net (1,597) (1,631)
Unamortized interest rate swap proceeds 4,810 6,031
Estimated Fair Value 933,243 1,157,228
3.70% Senior notes due 2023    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value 0 202,500
Estimated Fair Value $ 0 202,082
Debt Instrument, Interest Rate, Stated Percentage 3.70%  
3.85% Senior notes due 2025    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 87,108 87,298
Debt Instrument, Interest Rate, Stated Percentage 3.85%  
4.24% Senior notes due 2026    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 190,364 191,760
Debt Instrument, Interest Rate, Stated Percentage 4.24%  
4.05% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 67,500 67,500
Estimated Fair Value $ 62,555 63,300
Debt Instrument, Interest Rate, Stated Percentage 4.05%  
4.11% Senior notes due 2028    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 90,000 90,000
Estimated Fair Value $ 82,716 83,955
Debt Instrument, Interest Rate, Stated Percentage 4.11%  
3.10% Senior notes due 2030    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 124,941 127,429
Debt Instrument, Interest Rate, Stated Percentage 3.10%  
3.20% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 150,000 150,000
Estimated Fair Value $ 119,769 123,656
Debt Instrument, Interest Rate, Stated Percentage 3.20%  
4.49% Senior notes due 2032    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 200,000 200,000
Estimated Fair Value $ 176,107 183,007
Debt Instrument, Interest Rate, Stated Percentage 4.49%  
4.64% Senior notes due 2034    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Carrying Value $ 100,000 100,000
Estimated Fair Value $ 86,470 90,341
Debt Instrument, Interest Rate, Stated Percentage 4.64%  
Long-term Debt, Gross    
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]    
Estimated Fair Value $ 930,030 $ 1,152,828
v3.23.3
PENSION PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 4,167 $ 5,770 $ 12,431 $ 17,803
Interest cost 8,665 5,442 26,266 16,148
Expected return on plan assets (15,582) (13,525) (47,260) (41,240)
Amortization of prior service cost (34) 155 (100) (18)
Amortization of unrecognized actuarial loss (89) 4,785 64 12,636
Gain (Loss) Due to Settlement 0 0 0 (1,842)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total $ (2,873) $ 2,627 $ (8,599) $ 7,171
v3.23.3
PENSION PLANS (Narrative) (Detail) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Defined Contribution Plan Disclosure [Line Items]        
Defined Contribution Plan, Employer Contribution, Percentage, Maximum     7.00%  
Defined Contribution Plan, Cost $ 5.2 $ 5.5 $ 17.4 $ 15.8
v3.23.3
EARNINGS PER SHARE (Detail) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Earnings Per Share Reconciliation [Abstract]        
Basic weighted-average shares outstanding (shares) 38,285 38,368 38,301 38,416
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements 273 279 237 239
Diluted weighted-average shares outstanding (shares) 38,558 38,647 38,538 38,655
v3.23.3
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 5,000 49,000 16,000 37,000
v3.23.3
SEGMENT INFORMATION (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Net sales $ 724,326 $ 630,542 $ 2,059,582 $ 1,799,360  
Operating income (expense) 132,519 107,583 323,909 266,198  
Identifiable assets 4,413,955   4,413,955   $ 4,448,303
Operating Segments | Aerospace & Industrial          
Segment Reporting Information [Line Items]          
Net sales 220,700 213,656 651,052 614,817  
Operating income (expense) 39,014 39,080 101,224 96,397  
Identifiable assets 1,043,750   1,043,750   1,041,562
Operating Segments | Defense Electronics          
Segment Reporting Information [Line Items]          
Net sales 216,775 162,233 578,252 456,575  
Operating income (expense) 56,212 36,588 122,760 84,338  
Identifiable assets 1,551,148   1,551,148   1,546,331
Operating Segments | Naval & Power          
Segment Reporting Information [Line Items]          
Net sales 288,002 256,277 835,547 732,905  
Operating income (expense) 47,663 41,576 132,382 118,865  
Identifiable assets 1,517,694   1,517,694   1,487,568
Corporate, Non-Segment [Member]          
Segment Reporting Information [Line Items]          
Operating income (expense) (10,370) (9,661) (32,457) (33,402)  
Identifiable assets 301,363   301,363   $ 372,842
Intersegment Eliminations [Member]          
Segment Reporting Information [Line Items]          
Net sales $ (1,151) $ (1,624) $ (5,269) $ (4,937)  
v3.23.3
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting [Abstract]        
Total operating income $ 132,519 $ 107,583 $ 323,909 $ 266,198
Interest expense (12,496) (13,997) (40,432) (33,315)
Other income, net 7,023 3,746 22,744 11,298
Earnings before income taxes $ 127,046 $ 97,332 $ 306,221 $ 244,181
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     $ (258,916) $ (190,465) $ (190,465)
Other comprehensive income (loss) before reclassifications     5,533   (84,688)
Amounts reclassified from accumulated other comprehensive loss     (33)   16,237
Other comprehensive income (loss), net of tax $ (28,041) $ (46,242) 5,500 (83,649) (68,451)
Ending balance (253,416)   (253,416)   (258,916)
Foreign Currency Translation Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (160,807) (99,566) (99,566)
Other comprehensive income (loss) before reclassifications     5,688   (61,241)
Amounts reclassified from accumulated other comprehensive loss     0   0
Other comprehensive income (loss), net of tax     5,688   (61,241)
Ending balance (155,119)   (155,119)   (160,807)
Total Pension and Postretirement Adjustments, Net [Member]          
Accumulated Other Comprehensive Income (Loss) [Roll Forward]          
Beginning balance     (98,109) $ (90,899) (90,899)
Other comprehensive income (loss) before reclassifications     (155)   (23,447)
Amounts reclassified from accumulated other comprehensive loss     (33)   16,237
Other comprehensive income (loss), net of tax     (188)   (7,210)
Ending balance $ (98,297)   $ (98,297)   $ (98,109)
v3.23.3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Earnings before income taxes $ 127,046 $ 97,332 $ 306,221 $ 244,181
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirement Adjustments, Net [Member]        
Accumulated Other Comprehensive Income (Loss) [Line Items]        
Amortization of prior service costs     100  
Amortization of actuarial losses     (64)  
Earnings before income taxes     36  
Provision for income taxes     (3)  
Net earnings     $ 33  
v3.23.3
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Standby Letters Of Credit [Member]    
Loss Contingencies [Line Items]    
Letters of credit, outstanding $ 22.0 $ 17.0
FinancialStandbyLetterOfCreditMember    
Loss Contingencies [Line Items]    
Letters of credit, outstanding 14.0 $ 3.0
Surety Bond [Member]    
Loss Contingencies [Line Items]    
Surety Bond Outstanding $ 35.0