(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| |||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ☐ |
PART I – FINANCIAL INFORMATION | PAGE | ||||||||||
Item 1. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
PART II – OTHER INFORMATION | |||||||||||
Item 1. | |||||||||||
Item 1A. | |||||||||||
Item 2. | |||||||||||
Item 3. | |||||||||||
Item 4. | |||||||||||
Item 5. | |||||||||||
Item 6. | |||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Product sales | $ | $ | $ | $ | |||||||||||||||||||
Service sales | |||||||||||||||||||||||
Total net sales | |||||||||||||||||||||||
Cost of sales | |||||||||||||||||||||||
Cost of product sales | |||||||||||||||||||||||
Cost of service sales | |||||||||||||||||||||||
Total cost of sales | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Research and development expenses | |||||||||||||||||||||||
Selling expenses | |||||||||||||||||||||||
General and administrative expenses | |||||||||||||||||||||||
Impairment of assets held for sale | |||||||||||||||||||||||
Restructuring expenses | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Earnings before income taxes | |||||||||||||||||||||||
Provision for income taxes | ( | ( | ( | ( | |||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Net earnings per share: | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ | |||||||||||||||||||
Dividends per share | |||||||||||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted | |||||||||||||||||||||||
See notes to condensed consolidated financial statements |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net earnings | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income (loss) | |||||||||||||||||||||||
Foreign currency translation adjustments, net of tax (1) | $ | ( | $ | $ | ( | $ | |||||||||||||||||
Pension and postretirement adjustments, net of tax (2) | |||||||||||||||||||||||
Other comprehensive income (loss), net of tax | ( | ||||||||||||||||||||||
Comprehensive income | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Receivables, net | |||||||||||
Inventories, net | |||||||||||
Assets held for sale | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Goodwill | |||||||||||
Other intangible assets, net | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Prepaid pension asset | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities | |||||||||||
Current liabilities: | |||||||||||
Current portion of long-term debt | |||||||||||
Accounts payable | |||||||||||
Accrued expenses | |||||||||||
Deferred revenue | |||||||||||
Liabilities held for sale | |||||||||||
Other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Deferred tax liabilities, net | |||||||||||
Accrued pension and other postretirement benefit costs | |||||||||||
Long-term operating lease liability | |||||||||||
Long-term portion of environmental reserves | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Contingencies and commitments (Note 14) | |||||||||||
Stockholders’ equity | |||||||||||
Common stock, $ | |||||||||||
Additional paid in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Common treasury stock, at cost ( | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ | |||||||||
See notes to condensed consolidated financial statements |
Nine Months Ended | |||||||||||
September 30, | |||||||||||
(In thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | $ | |||||||||
Adjustments to reconcile net earnings to net cash provided by operating activities | |||||||||||
Depreciation and amortization | |||||||||||
Gain on sale/disposal of long-lived assets | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Share-based compensation | |||||||||||
Impairment of assets held for sale | |||||||||||
Foreign exchange loss on substantial liquidation of subsidiary | |||||||||||
Non-cash restructuring charges | — | ||||||||||
Change in operating assets and liabilities, net of businesses acquired: | |||||||||||
Receivables, net | ( | ||||||||||
Inventories, net | ( | ( | |||||||||
Progress payments | ( | ( | |||||||||
Accounts payable and accrued expenses | ( | ( | |||||||||
Deferred revenue | ( | ||||||||||
Pension and postretirement liabilities, net | ( | ||||||||||
Other current and long-term assets and liabilities | ( | ||||||||||
Net cash provided by operating activities | |||||||||||
Cash flows from investing activities: | |||||||||||
Proceeds from sale/disposal of long-lived assets | |||||||||||
Additions to property, plant, and equipment | ( | ( | |||||||||
Acquisition of businesses, net of cash acquired | ( | ||||||||||
Additional consideration paid on prior year acquisitions | ( | ||||||||||
Net cash used for investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Borrowings under revolving credit facility | |||||||||||
Payment of revolving credit facility | ( | ( | |||||||||
Borrowings on debt | |||||||||||
Repurchases of common stock | ( | ( | |||||||||
Proceeds from share-based compensation | |||||||||||
Dividends paid | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash (used for)/provided by financing activities | ( | ||||||||||
Effect of exchange-rate changes on cash | ( | ( | |||||||||
Net increase in cash and cash equivalents | |||||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
See notes to condensed consolidated financial statements |
For the nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |||||||||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Net earnings | — | — | — | — | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||
Dividends declared | — | — | ( | — | — | ||||||||||||||||||||||||
Restricted stock | — | ( | — | — | |||||||||||||||||||||||||
Employee stock purchase plan and stock options exercised | — | — | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | ( | ||||||||||||||||||||||||
Other | — | ( | — | — | |||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | ( | $ | ( |
For the three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |||||||||||||||||||||||||
June 30, 2021 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Net earnings | — | — | — | — | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | ( | — | ||||||||||||||||||||||||
Dividends declared | — | — | ( | — | — | ||||||||||||||||||||||||
Employee stock purchase plan | — | — | — | ||||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | ( | ||||||||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ | ( | $ | ( |
For the nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |||||||||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Net earnings | — | — | — | — | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||
Dividends declared | — | — | ( | — | — | ||||||||||||||||||||||||
Restricted stock | — | ( | — | — | |||||||||||||||||||||||||
Employee stock purchase plan and stock options exercised | — | ( | — | — | |||||||||||||||||||||||||
Share-based compensation | — | — | — | ||||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | ( | ||||||||||||||||||||||||
Other | — | ( | — | — | |||||||||||||||||||||||||
September 30, 2020 | $ | $ | $ | $ | ( | $ | ( |
For the three months ended September 30, 2020 | |||||||||||||||||||||||||||||
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | |||||||||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||
Net earnings | — | — | — | — | |||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||
Dividends declared | — | — | ( | — | — | ||||||||||||||||||||||||
Employee stock purchase plan and stock options exercised | — | ( | — | — | |||||||||||||||||||||||||
Share-based compensation | — | — | — | ( | |||||||||||||||||||||||||
Repurchase of common stock (1) | — | — | — | — | ( | ||||||||||||||||||||||||
September 30, 2020 | $ | $ | $ | $ | ( | $ | ( | ||||||||||||||||||||||
See notes to condensed consolidated financial statements |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Over-time | % | % | % | % | |||||||||||||||||||
Point-in-time | % | % | % | % |
Total Net Sales by End Market and Customer Type | Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Aerospace & Defense | |||||||||||||||||||||||
Aerospace Defense | $ | $ | $ | $ | |||||||||||||||||||
Ground Defense | |||||||||||||||||||||||
Naval Defense | |||||||||||||||||||||||
Commercial Aerospace | |||||||||||||||||||||||
Total Aerospace & Defense | $ | $ | $ | $ | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Power & Process | $ | $ | $ | $ | |||||||||||||||||||
General Industrial | |||||||||||||||||||||||
Total Commercial | $ | $ | $ | $ | |||||||||||||||||||
Total | $ | $ | $ | $ |
(In thousands) | 2020 | |||||||
Accounts receivable | $ | |||||||
Inventory | ||||||||
Property, plant, and equipment | ||||||||
Other current and non-current assets | ||||||||
Intangible assets | ||||||||
Operating lease right-of-use assets, net | ||||||||
Current and non-current liabilities | ( | |||||||
Net tangible and intangible assets | ||||||||
Goodwill | ||||||||
Total purchase price | $ | |||||||
Goodwill deductible for tax purposes | $ |
(In thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Assets held for sale: | |||||||||||
Receivables, net | $ | $ | |||||||||
Inventories, net | |||||||||||
Other current assets | |||||||||||
Property, plant, and equipment, net | |||||||||||
Reserve for assets held for sale | ( | ( | |||||||||
Total assets held for sale, current | $ | $ | |||||||||
Liabilities held for sale: | |||||||||||
Accounts payable | $ | ( | $ | ( | |||||||
Accrued expenses | ( | ( | |||||||||
Other current liabilities | ( | ( | |||||||||
Accrued pension and other postretirement benefit costs | ( | ( | |||||||||
Total liabilities held for sale, current | $ | ( | $ | ( |
(In thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Billed receivables: | |||||||||||
Trade and other receivables | $ | $ | |||||||||
Unbilled receivables (contract assets): | |||||||||||
Recoverable costs and estimated earnings not billed | |||||||||||
Less: Progress payments applied | ( | ( | |||||||||
Net unbilled receivables | |||||||||||
Less: Allowance for doubtful accounts | ( | ( | |||||||||
Receivables, net | $ | $ |
(In thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Raw materials | $ | $ | |||||||||
Work-in-process | |||||||||||
Finished goods | |||||||||||
Inventoried costs related to U.S. Government and other long-term contracts (1) | |||||||||||
Inventories, net of reserves | |||||||||||
Less: Progress payments applied | ( | ( | |||||||||
Inventories, net | $ | $ |
(In thousands) | Aerospace & Industrial | Defense Electronics | Naval & Power | Consolidated | |||||||||||||||||||
December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||
Adjustments (1) | — | — | |||||||||||||||||||||
Foreign currency translation adjustment | ( | ( | ( | ( | |||||||||||||||||||
September 30, 2021 | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||
(In thousands) | Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||||||||||||||
Technology | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
Customer related intangibles | ( | ( | ||||||||||||||||||||||||||||||||||||
Programs (1) | ( | ( | ||||||||||||||||||||||||||||||||||||
Other intangible assets | ( | ( | ||||||||||||||||||||||||||||||||||||
Total | $ | $ | ( | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
(In thousands) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Total debt | |||||||||||||||||||||||
Debt issuance costs, net | ( | ( | ( | ( | |||||||||||||||||||
Unamortized interest rate swap proceeds | |||||||||||||||||||||||
Total debt, net | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of prior service cost | ( | ( | |||||||||||||||||||||
Amortization of unrecognized actuarial loss | |||||||||||||||||||||||
Cost of settlements | |||||||||||||||||||||||
Net periodic pension cost | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Basic weighted-average shares outstanding | |||||||||||||||||||||||
Dilutive effect of stock options and deferred stock compensation | |||||||||||||||||||||||
Diluted weighted-average shares outstanding |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Net sales | |||||||||||||||||||||||
Aerospace & Industrial | $ | $ | $ | $ | |||||||||||||||||||
Defense Electronics | |||||||||||||||||||||||
Naval & Power | |||||||||||||||||||||||
Less: Intersegment revenues | ( | ( | ( | ( | |||||||||||||||||||
Total consolidated | $ | $ | $ | $ | |||||||||||||||||||
Operating income (expense) | |||||||||||||||||||||||
Aerospace & Industrial | $ | $ | $ | $ | |||||||||||||||||||
Defense Electronics | |||||||||||||||||||||||
Naval & Power | |||||||||||||||||||||||
Corporate and other (1) | ( | ( | ( | ( | |||||||||||||||||||
Total consolidated | $ | $ | $ | $ |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Total operating income | $ | $ | $ | $ | |||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Other income, net | |||||||||||||||||||||||
Earnings before income taxes | $ | $ | $ | $ |
(In thousands) | September 30, 2021 | December 31, 2020 | |||||||||
Identifiable assets | |||||||||||
Aerospace & Industrial | $ | $ | |||||||||
Defense Electronics | |||||||||||
Naval & Power | |||||||||||
Corporate and Other | |||||||||||
Assets held for sale | |||||||||||
Total consolidated | $ | $ |
(In thousands) | Foreign currency translation adjustments, net | Total pension and postretirement adjustments, net | Accumulated other comprehensive income (loss) | ||||||||||||||
December 31, 2019 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive income (loss) before reclassifications (1) | ( | ( | |||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | — | ||||||||||||||||
Net current period other comprehensive loss | ( | ||||||||||||||||
December 31, 2020 | $ | ( | $ | ( | $ | ( | |||||||||||
Other comprehensive loss before reclassifications (1) | ( | ( | ( | ||||||||||||||
Amounts reclassified from accumulated other comprehensive loss (1) | |||||||||||||||||
Net current period other comprehensive income (loss) | ( | ||||||||||||||||
September 30, 2021 | $ | ( | $ | ( | $ | ( |
(In thousands) | Amount reclassified from AOCI | Affected line item in the statement where net earnings is presented | |||||||||
Defined benefit pension and other postretirement benefit plans | |||||||||||
Amortization of prior service costs | $ | Other income, net | |||||||||
Amortization of actuarial losses | ( | Other income, net | |||||||||
Settlements | ( | Other income, net | |||||||||
( | Earnings before income taxes | ||||||||||
Provision for income taxes | |||||||||||
Total reclassifications | $ | ( | Net earnings |
Condensed Consolidated Statements of Earnings | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||||
Sales | |||||||||||||||||||||||||||||||||||
Aerospace & Industrial | $ | 196,296 | $ | 188,768 | 4 | % | $ | 576,340 | $ | 592,907 | (3 | %) | |||||||||||||||||||||||
Defense Electronics | 181,504 | 148,324 | 22 | % | 525,067 | 427,518 | 23 | % | |||||||||||||||||||||||||||
Naval & Power | 242,819 | 234,522 | 4 | % | 737,766 | 702,467 | 5 | % | |||||||||||||||||||||||||||
Total sales | $ | 620,619 | $ | 571,614 | 9 | % | $ | 1,839,173 | $ | 1,722,892 | 7 | % | |||||||||||||||||||||||
Operating income | |||||||||||||||||||||||||||||||||||
Aerospace & Industrial | $ | 30,872 | $ | 23,880 | 29 | % | $ | 81,874 | $ | 65,635 | 25 | % | |||||||||||||||||||||||
Defense Electronics | 40,762 | 35,103 | 16 | % | 106,656 | 83,902 | 27 | % | |||||||||||||||||||||||||||
Naval & Power | 35,483 | 33,367 | 6 | % | 116,635 | 90,623 | 29 | % | |||||||||||||||||||||||||||
Corporate and other | (9,448) | (7,777) | (21 | %) | (27,847) | (27,792) | — | % | |||||||||||||||||||||||||||
Total operating income | $ | 97,669 | $ | 84,573 | 15 | % | $ | 277,318 | $ | 212,368 | 31 | % | |||||||||||||||||||||||
Interest expense | 9,955 | 9,055 | (10 | %) | 30,094 | 25,059 | (20 | %) | |||||||||||||||||||||||||||
Other income, net | 3,627 | 5,417 | (33 | %) | 8,910 | 6,844 | 30 | % | |||||||||||||||||||||||||||
Earnings before income taxes | 91,341 | 80,935 | 13 | % | 256,134 | 194,153 | 32 | % | |||||||||||||||||||||||||||
Provision for income taxes | (21,638) | (16,315) | (33 | %) | (65,554) | (46,754) | (40 | %) | |||||||||||||||||||||||||||
Net earnings | $ | 69,703 | $ | 64,620 | $ | 190,580 | $ | 147,399 | |||||||||||||||||||||||||||
Restructuring-related expenses | $ | — | $ | 11,166 | NM | $ | — | 28,545 | NM | ||||||||||||||||||||||||||
New orders | $ | 627,015 | $ | 558,899 | 12 | % | $ | 1,896,190 | $ | 1,748,949 | 8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 vs. 2020 | 2021 vs. 2020 | ||||||||||||||||||||||
Sales | Operating Income | Sales | Operating Income | ||||||||||||||||||||
Organic | 1 | % | 7 | % | — | % | 19 | % | |||||||||||||||
Acquisitions | 7 | % | 9 | % | 6 | % | 6 | % | |||||||||||||||
Impairment of assets held for sale | — | % | (10 | %) | — | % | (4 | %) | |||||||||||||||
Restructuring | — | % | 13 | % | — | % | 13 | % | |||||||||||||||
Foreign currency | 1 | % | (4 | %) | 1 | % | (3 | %) | |||||||||||||||
Total | 9 | % | 15 | % | 7 | % | 31 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||||
Sales | $ | 196,296 | $ | 188,768 | 4% | $ | 576,340 | $ | 592,907 | (3%) | |||||||||||||||||||||||||
Operating income | 30,872 | 23,880 | 29% | 81,874 | 65,635 | 25% | |||||||||||||||||||||||||||||
Operating margin | 15.7 | % | 12.7 | % | 300 bps | 14.2 | % | 11.1 | % | 310 bps | |||||||||||||||||||||||||
Restructuring-related expenses | $ | — | $ | 3,183 | NM | $ | — | $ | 9,052 | NM | |||||||||||||||||||||||||
New orders | $ | 206,066 | $ | 170,038 | 21% | $ | 628,006 | $ | 495,445 | 27% |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 vs. 2020 | 2021 vs. 2020 | ||||||||||||||||||||||
Sales | Operating Income | Sales | Operating Income | ||||||||||||||||||||
Organic | 3 | % | 19 | % | (5 | %) | 12 | % | |||||||||||||||
Restructuring | — | % | 13 | % | — | % | 14 | % | |||||||||||||||
Foreign currency | 1 | % | (3 | %) | 2 | % | (1 | %) | |||||||||||||||
Total | 4 | % | 29 | % | (3 | %) | 25 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||||
Sales | $ | 181,504 | $ | 148,324 | 22% | $ | 525,067 | $ | 427,518 | 23% | |||||||||||||||||||||||||
Operating income | 40,762 | 35,103 | 16% | 106,656 | 83,902 | 27% | |||||||||||||||||||||||||||||
Operating margin | 22.5 | % | 23.7 | % | (120 bps) | 20.3 | % | 19.6 | % | 70 bps | |||||||||||||||||||||||||
Restructuring-related expenses | $ | — | $ | 586 | NM | $ | — | $ | 3,056 | NM | |||||||||||||||||||||||||
New orders | $ | 170,771 | $ | 144,883 | 18% | $ | 527,862 | $ | 458,779 | 15 % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 vs. 2020 | 2021 vs. 2020 | ||||||||||||||||||||||
Sales | Operating Income | Sales | Operating Income | ||||||||||||||||||||
Organic | (3 | %) | (2 | %) | (2 | %) | 14 | % | |||||||||||||||
Acquisitions | 25 | % | 21 | % | 25 | % | 16 | % | |||||||||||||||
Restructuring | — | % | 1 | % | — | % | 4 | % | |||||||||||||||
Foreign currency | — | % | (4 | %) | — | % | (7 | %) | |||||||||||||||
Total | 22 | % | 16 | % | 23 | % | 27 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||||
Sales | $ | 242,819 | $ | 234,522 | 4% | $ | 737,766 | $ | 702,467 | 5% | |||||||||||||||||||||||||
Operating income | 35,483 | 33,367 | 6% | 116,635 | 90,623 | 29% | |||||||||||||||||||||||||||||
Operating margin | 14.6 | % | 14.2 | % | 40 bps | 15.8 | % | 12.9 | % | 290 bps | |||||||||||||||||||||||||
Restructuring-related expenses | $ | — | $ | 7,397 | NM | $ | — | $ | 16,437 | NM | |||||||||||||||||||||||||
New orders | $ | 250,178 | $ | 243,978 | 3% | $ | 740,322 | $ | 794,725 | (7%) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
2021 vs. 2020 | 2021 vs. 2020 | ||||||||||||||||||||||
Sales | Operating Income | Sales | Operating Income | ||||||||||||||||||||
Organic | 3 | % | 11 | % | 4 | % | 22 | % | |||||||||||||||
Impairment of assets held for sale | — | % | (26 | %) | — | % | (10 | %) | |||||||||||||||
Restructuring | — | % | 22 | % | — | % | 18 | % | |||||||||||||||
Foreign currency | 1 | % | (1 | %) | 1 | % | (1 | %) | |||||||||||||||
Total | 4 | % | 6 | % | 5 | % | 29 | % |
Total Net Sales by End Market and Customer Type | Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | % change | 2021 | 2020 | % change | |||||||||||||||||||||||||||||
Aerospace & Defense markets: | |||||||||||||||||||||||||||||||||||
Aerospace Defense | $ | 116,853 | $ | 121,987 | (4 | %) | $ | 327,846 | $ | 333,120 | (2 | %) | |||||||||||||||||||||||
Ground Defense | 55,124 | 20,519 | 169 | % | 159,091 | 63,205 | 152 | % | |||||||||||||||||||||||||||
Naval Defense | 175,800 | 165,524 | 6 | % | 531,429 | 496,157 | 7 | % | |||||||||||||||||||||||||||
Commercial Aerospace | 67,461 | 70,943 | (5 | %) | 196,285 | 242,708 | (19 | %) | |||||||||||||||||||||||||||
Total Aerospace & Defense | $ | 415,238 | $ | 378,973 | 10 | % | $ | 1,214,651 | $ | 1,135,190 | 7 | % | |||||||||||||||||||||||
Commercial markets: | |||||||||||||||||||||||||||||||||||
Power & Process | $ | 112,736 | $ | 113,919 | (1 | %) | $ | 343,573 | $ | 350,632 | (2 | %) | |||||||||||||||||||||||
General Industrial | 92,645 | 78,722 | 18 | % | 280,949 | 237,070 | 19 | % | |||||||||||||||||||||||||||
Total Commercial | $ | 205,381 | $ | 192,641 | 7 | % | $ | 624,522 | $ | 587,702 | 6 | % | |||||||||||||||||||||||
Total Curtiss-Wright | $ | 620,619 | $ | 571,614 | 9 | % | $ | 1,839,173 | $ | 1,722,892 | 7 | % |
Condensed Consolidated Statements of Cash Flows | Nine Months Ended | ||||||||||
(In thousands) | September 30, 2021 | September 30, 2020 | |||||||||
Cash provided by (used for): | |||||||||||
Operating activities | $ | 155,761 | $ | 3,784 | |||||||
Investing activities | (29,809) | (115,918) | |||||||||
Financing activities | (84,406) | 157,945 | |||||||||
Effect of exchange-rate changes on cash | (5,378) | (10,023) | |||||||||
Net increase in cash and cash equivalents | 36,168 | 35,788 |
Total Number of shares purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of a Publicly Announced Program | Maximum Dollar amount of shares that may yet be Purchased Under the Program | |||||||||||||||||||||||
July 1 - July 31 | 35,522 | 118.23 | 238,368 | $ | 171,542,074 | |||||||||||||||||||||
August 1 - August 31 | 36,793 | 119.58 | 275,161 | 167,142,412 | ||||||||||||||||||||||
September 1 - September 30 | 373,690 | 123.36 | 648,851 | 521,045,368 | ||||||||||||||||||||||
For the quarter ended September 30, 2021 | 446,005 | 122.64 | 648,851 | $ | 521,045,368 |
Incorporated by Reference | Filed | ||||||||||||||||
Exhibit No. | Exhibit Description | Form | Filing Date | Herewith | |||||||||||||
3.1 | 8-A12B/A | May 24, 2005 | |||||||||||||||
3.2 | 8-K | May 18, 2015 | |||||||||||||||
31.1 | X | ||||||||||||||||
31.2 | X | ||||||||||||||||
32 | X | ||||||||||||||||
101.INS | XBRL Instance Document | X | |||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | X | |||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | X | |||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | X | |||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | X | |||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | X | |||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Net Sales | ||||
Sales | $ 620,619 | $ 571,614 | $ 1,839,173 | $ 1,722,892 |
Cost of sales | ||||
Total cost of sales | 383,611 | 358,793 | 1,167,689 | 1,123,466 |
Gross profit | 237,008 | 212,821 | 671,484 | 599,426 |
Research and development expenses | 21,618 | 17,587 | 66,675 | 54,163 |
Selling expenses | 30,067 | 24,869 | 89,227 | 81,650 |
General and administrative expenses | 78,998 | 77,251 | 229,608 | 230,515 |
Impairment of assets held for sale | 8,656 | 0 | 8,656 | 0 |
Restructuring Charges | 0 | 8,541 | 0 | 20,730 |
Operating income | 97,669 | 84,573 | 277,318 | 212,368 |
Interest expense | (9,955) | (9,055) | (30,094) | (25,059) |
Other income, net | 3,627 | 5,417 | 8,910 | 6,844 |
Earnings before income taxes | 91,341 | 80,935 | 256,134 | 194,153 |
Provision for income taxes | (21,638) | (16,315) | (65,554) | (46,754) |
Net earnings | $ 69,703 | $ 64,620 | $ 190,580 | $ 147,399 |
Basic earnings per share | ||||
Basic earnings per share (usd per share) | $ 1.71 | $ 1.56 | $ 4.66 | $ 3.52 |
Diluted earnings per share | ||||
Diluted earnings per share (usd per share) | 1.70 | 1.55 | 4.64 | 3.49 |
Dividends per share | $ 0.18 | $ 0.17 | $ 0.53 | $ 0.51 |
Weighted average shares outstanding: | ||||
Basic (shares) | 40,769 | 41,545 | 40,865 | 41,926 |
Diluted (shares) | 40,950 | 41,797 | 41,040 | 42,190 |
Product [Member] | ||||
Net Sales | ||||
Sales | $ 528,339 | $ 493,398 | $ 1,552,706 | $ 1,457,772 |
Cost of sales | ||||
Cost of Goods and Services Sold | 328,424 | 305,921 | 989,759 | 945,886 |
Service [Member] | ||||
Net Sales | ||||
Sales | 92,280 | 78,216 | 286,467 | 265,120 |
Cost of sales | ||||
Cost of Goods and Services Sold | $ 55,187 | $ 52,872 | $ 177,930 | $ 177,580 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net earnings | $ 69,703 | $ 64,620 | $ 190,580 | $ 147,399 | ||||
Other comprehensive income | ||||||||
Foreign currency translation, net of tax | [1] | (16,273) | 28,229 | (12,990) | 2,139 | |||
Pension and postretirement adjustments, net of tax | [2] | 4,994 | 3,561 | 15,036 | 12,244 | |||
Other comprehensive income (loss), net of tax | (11,279) | 31,790 | 2,046 | 14,383 | ||||
Comprehensive income | $ 58,424 | $ 96,410 | $ 192,626 | $ 161,782 | ||||
|
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parentheticals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|||
Statement of Comprehensive Income [Abstract] | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, Tax, Attributable to Parent | [1] | $ 2.0 | $ 1.3 | $ 5.1 | $ 4.0 | |
|
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 |
Common Stock, Shares, Issued | 49,187,378 | 49,187,378 |
Common Stock, Shares, Outstanding | 40,473,516 | 40,916,429 |
Treasury Stock, Shares | 8,713,862 | 8,270,949 |
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands |
Total |
Common Stock Member |
Additional Paid In Capital Member |
Retained Earnings Member |
Accumulated Other Comprehensive Loss Member |
Treasury Stock Member |
||
---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2019 | $ 49,187 | $ 116,070 | $ 2,497,111 | $ (325,274) | $ (562,722) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | $ 147,399 | 147,399 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 14,383 | 14,383 | ||||||
Dividends paid | (21,221) | |||||||
Restricted stock | (4,115) | 4,115 | ||||||
Employee stock purchase plan and stock options exercised | (1,364) | 11,272 | ||||||
Other | (517) | 517 | ||||||
Share-based compensation | 11,723 | 54 | ||||||
Repurchases of common stock | [1] | (137,155) | ||||||
Ending Balance at Sep. 30, 2020 | 49,187 | 121,797 | 2,623,289 | (310,891) | (683,919) | |||
Beginning Balance at Dec. 31, 2019 | 49,187 | 116,070 | 2,497,111 | (325,274) | (562,722) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 14,418 | |||||||
Ending Balance at Dec. 31, 2020 | 1,787,574 | 49,187 | 122,535 | 2,670,328 | (310,856) | (743,620) | ||
Beginning Balance at Jun. 30, 2020 | 49,187 | 118,467 | 2,565,727 | (342,681) | (677,405) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 64,620 | 64,620 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 31,790 | 31,790 | ||||||
Dividends paid | (7,058) | |||||||
Employee stock purchase plan and stock options exercised | (1,470) | 6,191 | ||||||
Share-based compensation | 4,800 | (163) | ||||||
Repurchases of common stock | [1] | (12,542) | ||||||
Ending Balance at Sep. 30, 2020 | 49,187 | 121,797 | 2,623,289 | (310,891) | (683,919) | |||
Beginning Balance at Dec. 31, 2020 | 1,787,574 | 49,187 | 122,535 | 2,670,328 | (310,856) | (743,620) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 190,580 | 190,580 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 2,046 | 2,046 | ||||||
Dividends paid | (21,614) | |||||||
Restricted stock | (9,007) | 9,007 | ||||||
Employee stock purchase plan and stock options exercised | 877 | 8,828 | ||||||
Other | (597) | 597 | ||||||
Share-based compensation | 10,724 | 137 | ||||||
Repurchases of common stock | (79,092) | |||||||
Ending Balance at Sep. 30, 2021 | 1,900,060 | 49,187 | 124,532 | 2,839,294 | (308,810) | (804,143) | ||
Beginning Balance at Jun. 30, 2021 | 49,187 | 119,946 | 2,776,884 | (297,531) | (753,782) | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net earnings | 69,703 | 69,703 | ||||||
Other Comprehensive Income (Loss), Net of Tax | (11,279) | (11,279) | ||||||
Dividends paid | (7,293) | |||||||
Employee stock purchase plan and stock options exercised | 466 | 4,320 | ||||||
Share-based compensation | 4,120 | 16 | ||||||
Repurchases of common stock | (54,697) | |||||||
Ending Balance at Sep. 30, 2021 | $ 1,900,060 | $ 49,187 | $ 124,532 | $ 2,839,294 | $ (308,810) | $ (804,143) | ||
|
STATEMENT OF STOCKHOLDERS' EQUITY (Parenthetical) - shares shares in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Treasury Stock, Shares, Acquired | 0.4 | 0.1 | 0.6 | 1.4 |
BASIS OF PRESENTATION |
9 Months Ended |
---|---|
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
BASIS OF PRESENTATION | BASIS OF PRESENTATION Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2021 and 2020, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
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REVENUE |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] | REVENUE The Corporation recognizes revenue when control of a promised good and/or service is transferred to a customer in an amount that reflects the consideration that the Corporation expects to be entitled to in exchange for that good and/or service. Performance Obligations The Corporation identifies a performance obligation for each promise in a contract to transfer a distinct good or service to the customer. As part of its assessment, the Corporation considers all goods and/or services promised in the contract, regardless of whether they are explicitly stated or implied by customary business practices. The Corporation’s contracts may contain either a single performance obligation, including the promise to transfer individual goods or services that are not separately distinct within the context of the respective contracts, or multiple performance obligations. For contracts with multiple performance obligations, the Corporation allocates the overall transaction price to each performance obligation using standalone selling prices, where available, or utilizes estimates for each distinct good or service in the contract where standalone prices are not available. The Corporation’s performance obligations are satisfied either at a point-in-time or on an over-time basis. Typically, over-time revenue recognition is based on the utilization of an input measure used to measure progress, such as costs incurred to date relative to total estimated costs. If a performance obligation does not qualify for over-time revenue recognition, revenue is then recognized at the point-in-time in which control of the distinct good or service is transferred to the customer, typically based upon the terms of delivery. The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2021 and 2020:
Contract backlog represents the remaining performance obligations that have not yet been recognized as revenue. Backlog includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods. Total backlog was approximately $2.2 billion as of September 30, 2021, of which the Corporation expects to recognize approximately 84% as net sales over the next 36 months. The remainder will be recognized thereafter. Disaggregation of Revenue The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
Contract Balances Timing of revenue recognition and cash collection may result in billed receivables, unbilled receivables (contract assets), and deferred revenue (contract liabilities) on the Condensed Consolidated Balance Sheet. The Corporation’s contract assets primarily relate to its rights to consideration for work completed but not billed as of the reporting date. Contract assets are transferred to billed receivables when the rights to consideration become unconditional. This is typical in situations where amounts are billed as work progresses in accordance with agreed-upon contractual terms or upon achievement of contractual milestones. The Corporation’s contract liabilities primarily consist of customer advances received prior to revenue being earned. Revenue recognized during the three and nine months ended September 30, 2021 included in the contract liabilities balance as of January 1, 2021 was approximately $46 million and $188 million, respectively. Revenue recognized during the three and nine months ended September 30, 2020 included in the contract liabilities balance as of January 1, 2020 was approximately $37 million and $197 million, respectively. Contract assets and contract liabilities are reported in the "Receivables, net" and "Deferred revenue" lines, respectively, within the Condensed Consolidated Balance Sheet.
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ACQUISITIONS |
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ACQUISITIONS | ACQUISITIONS The Corporation continually evaluates potential acquisitions that either strategically fit within the Corporation’s existing portfolio or expand the Corporation’s portfolio into new product lines or adjacent markets. The Corporation has completed numerous acquisitions that have been accounted for as business combinations and have resulted in the recognition of goodwill in the Corporation's financial statements. This goodwill arises because the acquisition purchase price reflects the future earnings and cash flow potential in excess of the earnings and cash flows attributable to the current product and customer set at the time of acquisition. Thus, goodwill inherently includes the know-how of the assembled workforce, the ability of the workforce to further improve the technology and product offerings, and the expected cash flows resulting from these efforts. Goodwill may also include expected synergies resulting from the complementary strategic fit these businesses bring to existing operations. The Corporation allocates the purchase price at the date of acquisition based upon its understanding of the fair value of the acquired assets and assumed liabilities. In the months after closing, as the Corporation obtains additional information about these assets and liabilities, including through tangible and intangible asset appraisals, and as the Corporation learns more about the newly acquired business, it is able to refine the estimates of fair value and more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. The Corporation will make appropriate adjustments to the purchase price allocation prior to completion of the measurement period, as required. During the nine months ended September 30, 2021, the Corporation did not complete any acquisitions. However, the Corporation paid $5 million during the nine months ended September 30, 2021 in regard to prior period acquisitions, which included a working capital adjustment on the acquisition of Pacific Star Communications, Inc. (PacStar), as well as a portion of the purchase price on the acquisition of Dyna-Flo Control Valve Services Ltd. (Dyna-Flo), which was initially held back as security for potential indemnification claims against the seller in accordance with the terms of the Purchase Agreement. During the nine months ended September 30, 2020, the Corporation acquired two businesses for an aggregate purchase price of $90 million, which are described in more detail below. The Condensed Consolidated Statement of Earnings for the nine months ended September 30, 2020 included $12 million of total net sales and $1 million of net losses from the Corporation's 2020 acquisitions. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of acquisition for the acquisitions consummated during the nine months ended September 30, 2020.
2020 Acquisitions PacStar On October 30, 2020, the Corporation acquired 100% of the issued and outstanding stock of PacStar for $406 million. The Purchase Agreement contains a purchase price adjustment mechanism and representations and warranties customary for a transaction of this type, including a portion of the purchase price deposited in escrow as security for potential indemnification claims against the seller. PacStar is a provider of tactical communications solutions for battlefield network management. The acquired business operates within the Defense Electronics segment. The acquisition is subject to post-closing adjustments with the purchase price allocation not yet complete. IADS On April 20, 2020, the Corporation acquired the IADS product line for approximately $29 million. The Asset Purchase Agreement contains representations and warranties customary for a transaction of this type. IADS is a real-time display and post-test analysis product for flight tests. The acquired product line operates within the Defense Electronics segment. Dyna-Flo On February 28, 2020, the Corporation acquired 100% of the issued and outstanding share capital of Dyna-Flo for $60 million, net of cash acquired. The Purchase Agreement contains representations and warranties customary for a transaction of this type, including a portion of the purchase price held back as security for potential indemnification claims against the seller. Dyna-Flo specializes in control valves, actuators, and control systems for the chemical, petrochemical, and oil and gas markets. The acquired business operates within the Naval & Power segment.
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ASSETS HELD FOR SALE |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS HELD FOR SALE | ASSETS HELD FOR SALE During the fourth quarter of 2020, the Corporation committed to a plan to sell its industrial valve business in Germany, which is reported within its Naval & Power segment. The business met the criteria to be classified as held for sale in the fourth quarter of 2020. Accordingly, the assets and liabilities of the business are presented as held for sale in the Corporation's Condensed Consolidated Balance Sheet. The aforementioned assets and liabilities classified as held for sale have been measured at the lower of carrying value or fair value less costs to sell, which resulted in an impairment loss of $33 million in the fourth quarter of 2020. An additional impairment loss of $9 million was recorded during the three and nine months ended September 30, 2021. The aggregate components of assets and liabilities classified as held for sale are as follows:
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RECEIVABLES |
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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:
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INVENTORIES |
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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:
(1) As of September 30, 2021 and December 31, 2020, this caption also includes capitalized development costs of $26.3 million and $29.7 million, respectively, related to certain aerospace and defense programs. These capitalized costs will be liquidated as units are produced under contract. As of September 30, 2021 and December 31, 2020, capitalized development costs of $12.1 million and $13.0 million, respectively, are not currently supported by existing firm orders.
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GOODWILL |
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GOODWILL | GOODWILL In connection with the change in reportable segments on January 1, 2021, the Corporation recast its previously reported goodwill balances as of December 31, 2020 on a relative fair value basis. As a result, the Corporation performed an interim quantitative impairment assessment as of March 31, 2021 on each of its reporting units, and concluded that no impairment exists. Refer to Note 12 to the Condensed Consolidated Financial Statements for additional information on the Corporation’s reportable segments. The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are as follows: (1) Amount primarily relates to post-closing adjustments on the Corporation's acquisition of PacStar in October 2020.
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OTHER INTANGIBLE ASSETS, NET |
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Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OTHER INTANGIBLE ASSETS, NET | OTHER INTANGIBLE ASSETS, NET The following tables present the cumulative composition of the Corporation’s intangible assets:
(1) Programs include values assigned to major programs of acquired businesses and represent the aggregate value associated with the customer relationships, contracts, technology, and trademarks underlying the associated program. Total intangible amortization expense for the nine months ended September 30, 2021 was $45 million, as compared to $43 million in the comparable prior year period. The estimated amortization expense for the five years ending December 31, 2021 through 2025 is $59 million, $55 million, $51 million, $48 million, and $45 million, respectively.
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FAIR VALUE OF FINANCIAL INSTRUMENTS |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | FAIR VALUE OF FINANCIAL INSTRUMENTS Forward Foreign Exchange and Currency Option Contracts The Corporation has foreign currency exposure primarily in the United Kingdom, Europe, and Canada. The Corporation uses financial instruments, such as forward and option contracts, to hedge a portion of existing and anticipated foreign currency denominated transactions. The purpose of the Corporation’s foreign currency risk management program is to reduce volatility in earnings caused by exchange rate fluctuations. Guidance on accounting for derivative instruments and hedging activities requires companies to recognize all of the derivative financial instruments as either assets or liabilities at fair value in the Condensed Consolidated Balance Sheets based upon quoted market prices for comparable instruments. Interest Rate Risks and Related Strategies The Corporation’s primary interest rate exposure results from changes in U.S. dollar interest rates. The Corporation’s policy is to manage interest cost using a mix of fixed and variable rate debt. Effects on Condensed Consolidated Balance Sheets As of September 30, 2021 and December 31, 2020, the fair values of the asset and liability derivative instruments were immaterial. Effects on Condensed Consolidated Statements of Earnings Undesignated hedges The gains and losses on forward exchange derivative contracts not designated for hedge accounting are recognized to general and administrative expenses within the Condensed Consolidated Statements of Earnings. The (losses) for the three and nine months ended September 30, 2021 were ($2.2) million and ($1.7) million, respectively. The gains and (losses) for the three and nine months ended September 30, 2020 were $1.7 million and ($5.7) million, respectively. Debt The estimated fair value amounts were determined by the Corporation using available market information that is primarily based on quoted market prices for the same or similar issuances as of September 30, 2021. Accordingly, all of the Corporation’s debt is valued as a Level 2 financial instrument. The fair values described below may not be indicative of net realizable value or reflective of future fair values. Furthermore, the use of different methodologies to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.
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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS |
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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS | PENSION PLANS Defined Benefit Pension Plans The following table is a consolidated disclosure of all domestic and foreign defined pension plans as described in the Corporation’s 2020 Annual Report on Form 10-K. The components of net periodic pension cost for the three and nine months ended September 30, 2021 and 2020 were as follows:
The Corporation does not expect to make any contributions to the Curtiss-Wright Pension Plan in 2021. Contributions to the foreign benefit plans are not expected to be material in 2021. During the nine months ended September 30, 2020, the Corporation made a $150 million voluntary contribution to the Curtiss-Wright Pension Plan. During the three and nine months ended September 30, 2021, the Company recognized settlement charges related to the retirement of former executives. The settlement charges represent events that are accounted for under guidance on employers’ accounting for settlements and curtailments of defined benefit pension plans. Defined Contribution Retirement Plan The Company also maintains a defined contribution plan for all non-union employees who are not currently receiving final or career average pay benefits for its U.S. subsidiaries. The employer contributions include both employer match and non-elective contribution components up to a maximum employer contribution of 7% of eligible compensation. During the three and nine months ended September 30, 2021, the expense relating to the plan was $4.6 million and $14.2 million, respectively. During the three and nine months ended September 30, 2020, the expense relating to the plan was $4.5 million and $14.8 million, respectively. The Corporation made $16.4 million in contributions to the plan during the nine months ended September 30, 2021, and expects to make total contributions of approximately $19.0 million in 2021.
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EARNINGS PER SHARE |
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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:
There were no anti-dilutive equity-based awards for the three months ended September 30, 2021. For the nine months ended September 30, 2021, approximately 41,000 shares issuable under equity-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive based on the average stock price during the period. There were no anti-dilutive equity-based awards for three and nine months ended September 30, 2020.
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SEGMENT INFORMATION |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SEGMENT INFORMATION | SEGMENT INFORMATION Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements. The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer. Net sales and operating income by reportable segment were as follows:
(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:
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) |
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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:
(1) All amounts are after tax. Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
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CONTINGENCIES AND COMMITMENTS |
9 Months Ended |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES AND COMMITMENTS | CONTINGENCIES AND COMMITMENTS From time to time, the Corporation and its subsidiaries are involved in legal proceedings that are incidental to the operation of our business. Some of these proceedings allege damages relating to asbestos and environmental exposures, intellectual property matters, copyright infringement, personal injury claims, employment and employee benefit matters, government contract issues, commercial or contractual disputes, and acquisitions or divestitures. The Corporation continues to defend vigorously against all claims. Although the ultimate outcome of any legal matter cannot be predicted with certainty, based on present information, including assessment of the merits of the particular claim, as well as current accruals and insurance coverage, the Corporation does not expect that such legal proceedings will have a material adverse impact on its condensed consolidated financial statements. Legal Proceedings The Corporation has been named in a number of lawsuits that allege injury from exposure to asbestos. To date, the Corporation has not been found liable for or paid any material sum of money in settlement in any asbestos-related case. The Corporation believes its minimal use of asbestos in its past operations as well as its acquired businesses’ operations and the relatively non-friable condition of asbestos in its historical products makes it unlikely that it will face material liability in any asbestos litigation, whether individually or in the aggregate. The Corporation maintains insurance coverage and indemnification agreements for these potential liabilities and believes adequate coverage exists to cover any unanticipated asbestos liability. Letters of Credit and Other Financial Arrangements The Corporation enters into standby letters of credit agreements and guarantees with financial institutions and customers primarily relating to guarantees of repayment, future performance on certain contracts to provide products and services, and to secure advance payments from certain international customers. As of September 30, 2021 and December 31, 2020, there were $22.3 million and $21.1 million of stand-by letters of credit outstanding, respectively, and $4.8 million and $5.6 million of bank guarantees outstanding, respectively. In addition, the Corporation is required to provide the Nuclear Regulatory Commission financial assurance demonstrating its ability to cover the cost of decommissioning its Cheswick, Pennsylvania facility upon closure, though the Corporation does not intend to close this facility. The Corporation has provided this financial assurance in the form of a $45.6 million surety bond. AP1000 Program Within the Corporation’s Naval & Power segment, Electro-Mechanical Division (EMD) is the reactor coolant pump (RCP) supplier for the Westinghouse Electric Company (WEC) AP1000 nuclear power plants in China and the United States. The terms of the AP1000 U.S. and China contracts include liquidated damage provisions for failure to meet contractual delivery dates if the Corporation caused the delay and the delay was not excusable. While the Corporation did not meet certain contractual delivery dates under its AP1000 U.S. and China contracts, there are significant counterclaims and uncertainties as to which parties are responsible for the delay. In June 2021, the Corporation and WEC participated in non-binding mediation in an effort to settle all open disputes under the U.S. and China contracts. The mediation efforts were ultimately unsuccessful. WEC has filed a notice of arbitration in regard to the China contract, asserting that it is entitled to liquidated damages of $25 million. Additionally, WEC has also filed claims in Georgia claiming damages on the U.S. contract. The Corporation believes that it has adequate legal defenses and intends to vigorously defend these matters. The Corporation is also aggressively pursuing a counterclaim against WEC. As it relates to the U.S. contract, the range of possible loss is $0 to $31 million. The Corporation believes that the likelihood of any potential liability stemming from liquidated damages on the U.S. contract is remote. As it relates to the China contract, the range of possible loss is $0 to $25 million. As of September 30, 2021, the Corporation believes that it is adequately accrued regarding this matter, and that the ultimate resolution will not have a significant impact on its condensed consolidated financial statements.
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RESTRUCTURING COSTS |
9 Months Ended |
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Sep. 30, 2021 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure | RESTRUCTURING COSTSDuring the year ended December 31, 2020, the Corporation executed restructuring activities across all of its segments to support its ongoing effort of improving capacity utilization and operating efficiency. These restructuring activities, which included workforce reductions and consolidation of facilities, were substantially completed as of December 31, 2020. As of September 30, 2021 and December 31, 2020, the restructuring liability associated with these restructuring activities was $1.1 million and $6.9 million, respectively, with such liability expected to be substantially settled as of December 31, 2021. These balances are reported within Other Current Liabilities on the Condensed Consolidated Balance Sheet. |
BASIS OF PRESENTATION (Policies) |
9 Months Ended |
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Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis Of Accounting | Curtiss-Wright Corporation and its subsidiaries (the "Corporation" or the "Company") is a global, diversified manufacturing and service company that designs, manufactures, and overhauls precision components and provides highly engineered products and services to the aerospace, defense, power & process, and general industrial markets. The unaudited condensed consolidated financial statements include the accounts of Curtiss-Wright and its majority-owned subsidiaries. All intercompany transactions and accounts have been eliminated. The unaudited condensed consolidated financial statements of the Corporation have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in annual financial statements have been condensed or omitted as permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary for a fair presentation of these financial statements. Management is required to make estimates and judgments that affect the reported amount of assets, liabilities, revenue, and expenses and disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results may differ from these estimates. The most significant of these estimates includes the estimate of costs to complete using the over-time revenue recognition accounting method, pension plan and postretirement obligation assumptions, estimates for inventory obsolescence, fair value estimates around assets and assumed liabilities from acquisitions, estimates for the valuation and useful lives of intangible assets, legal reserves, and the estimate of future environmental costs. Changes in estimates of contract sales, costs, and profits are recognized using the cumulative catch-up method of accounting. This method recognizes in the current period the cumulative effect of the changes on current and prior periods. Accordingly, the effect of the changes on future periods of contract performance is recognized as if the revised estimate had been the original estimate. During the three and nine months ended September 30, 2021 and 2020, there were no significant changes in estimated contract costs. In the opinion of management, all adjustments considered necessary for a fair presentation have been reflected in these financial statements. The unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Corporation’s 2020 Annual Report on Form 10-K. The results of operations for interim periods are not necessarily indicative of trends or of the operating results for a full year. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now operates under the following three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. This change resulted in the transfer of the Corporation's valve-related operations into the new Naval & Power segment. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.
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REVENUE (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table illustrates the approximate percentage of revenue recognized for performance obligations satisfied over-time versus at a point-in-time for the three and nine months ended September 30, 2021 and 2020:
The following table presents the Corporation’s total net sales disaggregated by end market and customer type:
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ACQUISITIONS (Tables) |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] |
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ASSETS HELD FOR SALE (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregate Components of Assets and Liabilities Held for Sale | The aggregate components of assets and liabilities classified as held for sale are as follows:
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RECEIVABLES (Table) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Accounts Notes Loans And Financing Receivable | The composition of receivables is as follows:
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INVENTORIES (Table) |
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Inventory, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Inventory |
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GOODWILL (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Goodwill | The changes in the carrying amount of goodwill for the nine months ended September 30, 2021 are as follows:
|
OTHER INTANGIBLE ASSETS, NET (Table) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net (Excluding Goodwill) [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Intangible Assets By Major Class | The following tables present the cumulative composition of the Corporation’s intangible assets:
|
FAIR VALUE OF FINANCIAL INSTRUMENTS (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] |
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PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Pension Plans Defined Benefit [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Defined Benefit Plans Disclosures | The components of net periodic pension cost for the three and nine months ended September 30, 2021 and 2020 were as follows:
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EARNINGS PER SHARE (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share Reconciliation | A reconciliation of basic to diluted shares used in the earnings per share calculation is as follows:
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SEGMENT INFORMATION (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Segment Reporting Information By Segment |
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Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
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Reconciliation Of Assets From Segment To Consolidated |
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ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Table) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Comprehensive Income (Loss) | The cumulative balance of each component of accumulated other comprehensive income (AOCI), net of tax, is as follows:
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Reclassification out of Accumulated Other Comprehensive Income | Details of amounts reclassified from accumulated other comprehensive income (loss) are below:
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REVENUE ADDITIONAL DETAILS (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Revenue from Contract with Customer [Abstract] | ||||
Contract with Customer, Liability, Revenue Recognized | $ 46 | $ 37 | $ 188 | $ 197 |
Revenue, Remaining Performance Obligation, Amount | $ 2,200 | $ 2,200 | ||
Revenue, Remaining Performance Obligation, Percentage | 84.00% | 84.00% | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Explanation | 36 months |
ACQUISITIONS (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 1,461,313 | $ 1,455,137 | |
Defense Electronics [Member] | |||
Business Acquisition [Line Items] | |||
Goodwill | $ 712,230 | $ 703,915 | |
2020 acquisitions [Member] | |||
Business Acquisition [Line Items] | |||
Accounts Receivable | $ 3,204 | ||
Inventory | 10,233 | ||
Property, Plant, and Equipment | 1,332 | ||
Other Current and Non-current Assets | 188 | ||
Intangible Assets, Other than Goodwill | 39,384 | ||
Right of Use Assets | 1,992 | ||
Current and Non-current Liabilities | (10,590) | ||
Net Tangible Assets Acquired (Liabilities) Assumed | 45,743 | ||
Goodwill | 43,912 | ||
Net Tangible and Intangible Assets | 89,655 | ||
Goodwill, Expected Tax Deductible Amount | $ 38,519 |
ASSETS HELD FOR SALE (Narrative) (Details) - USD ($) $ in Millions |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Discontinued Operations and Disposal Groups [Abstract] | ||
Impairment Loss | $ 9.0 | $ 33.0 |
ASSETS HELD FOR SALE (Details) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Discontinued Operations and Disposal Groups [Abstract] | ||
Receivable, Net | $ 9,632 | $ 9,902 |
Inventories, Net | 18,141 | 16,401 |
Other Current Assets | 1,663 | 1,798 |
Property, plant and equipment, net | 4,357 | 4,821 |
Reserve for assets held for sale | 13,578 | 5,338 |
Total assets held for sale, current | 20,215 | 27,584 |
Accounts payable | 3,046 | 2,654 |
Accrued expenses | 1,208 | 1,375 |
Other current liabilities | 3,975 | 748 |
Accrued pension and other postretirement benefit costs | 4,986 | 5,364 |
Liabilities held for sale | $ 13,215 | $ 10,141 |
RECEIVABLES (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Billed receivables: | ||
Trade and other receivables | $ 381,628 | $ 361,460 |
Less: Allowance for doubtful accounts | (6,527) | (7,760) |
Unbilled receivables: | ||
Recoverable costs and estimated earnings not billed | 296,500 | 238,309 |
Less: Progress payments applied | (734) | (3,291) |
Net unbilled receivables | 295,766 | 235,018 |
Receivables, net | $ 670,867 | $ 588,718 |
INVENTORIES (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory, Net [Abstract] | ||
Inventory, Raw Materials, Net of Reserves | $ 194,887 | $ 177,828 |
Inventory, Work in Process, Net of Reserves | 81,781 | 80,729 |
Inventory, Finished Goods, Net of Reserves | 111,914 | 120,767 |
Inventory For Long-term Contracts Or Programs, Net Of Reserves | 50,086 | 56,599 |
Inventories, Net of Reserves | 438,668 | 435,923 |
Progress Payments Netted Against Inventory for Long-term Contracts or Programs | (5,528) | (7,044) |
Inventory, Net, Total | $ 433,140 | $ 428,879 |
INVENTORIES (Narrative) (Detail) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory, Net [Abstract] | ||
Other inventory, capitalized costs | $ 26.3 | $ 29.7 |
Other inventory capitalized costs not supported by existing firm orders | $ 12.1 | $ 13.0 |
GOODWILL (Detail) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2021
USD ($)
| |
Goodwill [Roll Forward] | |
December 31, 2020 | $ 1,455,137 |
Goodwill, Other Increase (Decrease) | 11,608 |
Foreign currency translation adjustment | (5,432) |
September 30, 2021 | 1,461,313 |
Aerospace & Industrial [Member] | |
Goodwill [Roll Forward] | |
December 31, 2020 | 316,921 |
Foreign currency translation adjustment | (967) |
September 30, 2021 | 315,954 |
Defense Electronics [Member] | |
Goodwill [Roll Forward] | |
December 31, 2020 | 703,915 |
Goodwill, Other Increase (Decrease) | 11,608 |
Foreign currency translation adjustment | (3,293) |
September 30, 2021 | 712,230 |
Naval & Power [Member] | |
Goodwill [Roll Forward] | |
December 31, 2020 | 434,301 |
Foreign currency translation adjustment | (1,172) |
September 30, 2021 | $ 433,129 |
OTHER INTANGIBLE ASSETS, NET (Detail) - USD ($) $ in Thousands |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Finite Lived Intangible Assets [Line Items] | ||
Gross | $ 1,036,631 | $ 1,049,810 |
Accumulated Amortization | (484,117) | (440,180) |
Net | 552,514 | 609,630 |
Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 274,522 | 280,595 |
Accumulated Amortization | (160,020) | (148,064) |
Net | 114,502 | 132,531 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 568,566 | 573,722 |
Accumulated Amortization | (263,098) | (239,798) |
Net | 305,468 | 333,924 |
Contract and Program Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 144,000 | 144,000 |
Accumulated Amortization | (25,200) | (19,800) |
Net | 118,800 | 124,200 |
Other Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross | 49,543 | 51,493 |
Accumulated Amortization | (35,799) | (32,518) |
Net | $ 13,744 | $ 18,975 |
OTHER INTANGIBLE ASSETS, NET (Narrative) (Detail) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 45.0 | $ 43.0 |
Future amortization expense in remainder of fiscal year | 59.0 | |
Future amortization expense in year one | 55.0 | |
Future amortization expense in year two | 51.0 | |
Future amortization expense in year three | 48.0 | |
Future amortization expense in year four | $ 45.0 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Income Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
General and Administrative Expense [Member] | ||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | $ (2,200) | $ 1,700 | $ (1,700) | $ (5,700) |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Detail) - Pension Plans Defined Benefit [Member] - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 6,931 | $ 6,285 | $ 20,921 | $ 19,507 |
Interest cost | 4,585 | 5,772 | 13,402 | 17,888 |
Expected return on plan assets | (15,177) | (16,602) | (45,548) | (50,394) |
Amortization of prior service cost | (216) | 178 | (648) | 36 |
Amortization of unrecognized actuarial loss | 6,988 | 5,539 | 21,705 | 17,038 |
Gain (Loss) Due to Settlement | (235) | 0 | (3,310) | 0 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 3,346 | $ 1,172 | $ 13,142 | 4,075 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 150,000 |
PENSION AND OTHER POSTRETIREMENT BENEFIT PLANS (Additional) (Detail) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Contribution Plan, Employer Contribution, Percentage, Maximum | 7.00% | |||
Defined Contribution Plan, Cost | $ 4.6 | $ 4.5 | $ 14.2 | $ 14.8 |
Defined Contribution Plan, Employer Discretionary Contribution Amount | 16.4 | |||
Defined Contribution Plan, Expected Future Employer Contributions, Remainder of Fiscal Year | $ 19.0 |
EARNINGS PER SHARE (Detail) - shares shares in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Earnings Per Share Reconciliation [Abstract] | ||||
Basic weighted-average shares outstanding (shares) | 40,769 | 41,545 | 40,865 | 41,926 |
Dilutive effect of stock options and deferred stock compensation (shares) | 181 | 252 | 175 | 264 |
Diluted weighted-average shares outstanding (shares) | 40,950 | 41,797 | 41,040 | 42,190 |
EARNINGS PER SHARE EARNINGS PER SHARE (Anti-dilutive) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
shares
| |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 41,000 |
SEGMENT INFORMATION (Reconciliation) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Segment Reporting [Abstract] | ||||
Total operating income | $ 97,669 | $ 84,573 | $ 277,318 | $ 212,368 |
Interest expense | (9,955) | (9,055) | (30,094) | (25,059) |
Other income, net | 3,627 | 5,417 | 8,910 | 6,844 |
Earnings before income taxes | $ 91,341 | $ 80,935 | $ 256,134 | $ 194,153 |
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Reclass) (Detail) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Earnings before income taxes | $ 91,341 | $ 80,935 | $ 256,134 | $ 194,153 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Total Pension and Postretirment Adjustments, Net [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Amortization of prior service costs | 648 | |||
Amortization of actuarial losses | (21,705) | |||
Settlements | (3,310) | |||
Earnings before income taxes | (24,367) | |||
Provision for income taxes | 5,889 | |||
Net earnings | $ (18,478) |
CONTINGENCIES AND COMMITMENTS (Detail) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit, outstanding | $ 22,300,000 | $ 21,100,000 |
FinancialStandbyLetterOfCreditMember | ||
Loss Contingencies [Line Items] | ||
Letters of credit, outstanding | 4,800,000 | $ 5,600,000 |
Surety Bond [Member] | ||
Loss Contingencies [Line Items] | ||
Surety Bond Outstanding | 45,600,000 | |
AP1000 US [Member] | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 0 | |
AP1000 US [Member] | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 31,000,000 | |
AP1000 China | ||
Loss Contingencies [Line Items] | ||
Damages sought | 25,000,000 | |
AP1000 China | Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | 0 | |
AP1000 China | Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Range of possible loss | $ 25,000,000 |
RESTRUCTURING COSTS - Narrative (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Restructuring Cost and Reserve [Line Items] | ||
Restructuring Reserve | $ 1.1 | $ 6.9 |
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