SEGMENT INFORMATION

9 Months Ended

Sep. 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				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Net sales
Aerospace & Industrial	$	213,656	$	197,060	$	614,817	$	578,452
Defense Electronics	162,233		182,314		456,575		528,080
Naval & Power	256,277		242,891		732,905		737,967
Less: Intersegment revenues	(1,624)		(1,646)		(4,937)		(5,326)
Total consolidated	$	630,542	$	620,619	$	1,799,360	$	1,839,173
Operating income (expense)
Aerospace & Industrial	$	39,080	$	30,872	$	96,397	$	81,874
Defense Electronics	36,588		40,762		84,338		106,656
Naval & Power	41,576		35,483		118,865		116,635
Corporate and other (1)	(9,661)		(9,448)		(33,402)		(27,847)
Total consolidated	$	107,583	$	97,669	$	266,198	$	277,318

(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				Nine Months Ended
	September 30,				September 30,
(In thousands)	2022		2021		2022		2021
Total operating income	$	107,583	$	97,669	$	266,198	$	277,318
Interest expense	13,997		9,955		33,315		30,094
Other income, net	3,746		3,627		11,298		8,910
Earnings before income taxes	$	97,332	$	91,341	$	244,181	$	256,134

(In thousands)	September 30, 2022		December 31, 2021
Identifiable assets
Aerospace & Industrial	$	994,691	$	991,508
Defense Electronics	1,503,767		1,536,369
Naval & Power	1,518,691		1,270,099
Corporate and Other	325,013		294,581
Assets held for sale	—		10,988
Total consolidated	$	4,342,162	$	4,103,545