SEGMENT INFORMATION

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

SEGMENT INFORMATION

SEGMENT INFORMATIONThe Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.

Net sales and operating income by reportable segment were as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Net sales
Aerospace & Industrial	$	209,311	$	200,254	$	401,161	$	381,392
Defense Electronics	150,404		163,468		294,342		345,766
Naval & Power	251,313		259,496		476,628		495,076
Less: Intersegment revenues	(1,671)		(1,723)		(3,313)		(3,680)
Total consolidated	$	609,357	$	621,495	$	1,168,818	$	1,218,554
Operating income (expense)
Aerospace & Industrial	$	32,464	$	31,977	$	57,317	$	51,002
Defense Electronics	24,460		29,271		47,750		65,894
Naval & Power	50,001		43,095		77,289		81,152
Corporate and other (1)	(8,820)		(9,760)		(23,741)		(18,399)
Total consolidated	$	98,105	$	94,583	$	158,615	$	179,649

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

Adjustments to reconcile operating income to earnings before income taxes are as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands)	2022		2021		2022		2021
Total operating income	$	98,105	$	94,583	$	158,615	$	179,649
Interest expense	9,788		10,180		19,318		20,139
Other income, net	4,555		440		7,552		5,283
Earnings before income taxes	$	92,872	$	84,843	$	146,849	$	164,793

(In thousands)	June 30, 2022		December 31, 2021
Identifiable assets
Aerospace & Industrial	$	1,006,902	$	991,508
Defense Electronics	1,541,806		1,536,369
Naval & Power	1,551,343		1,270,099
Corporate and Other	302,477		294,581
Assets held for sale	—		10,988
Total consolidated	$	4,402,528	$	4,103,545