XML 29 R19.htm IDEA: XBRL DOCUMENT v3.24.2.u1
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Corporation’s measure of segment profit or loss is operating income. Interest expense and income taxes are not reported on an operating segment basis as they are not considered in the segments’ performance evaluation by the Corporation’s chief operating decision-maker, its Chief Executive Officer.
Net sales and operating income by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Net sales
Aerospace & Industrial$233,591 $226,766 $453,138 $430,352 
Defense Electronics229,210 198,407 441,693 361,477 
Naval & Power323,206 280,731 605,419 547,545 
Less: Intersegment revenues(1,216)(1,508)(2,292)(4,118)
Total consolidated$784,791 $704,396 $1,497,958 $1,335,256 
Operating income (expense)
Aerospace & Industrial$35,246 $35,665 $62,712 $62,210 
Defense Electronics58,244 43,180 106,325 66,548 
Naval & Power46,283 46,782 81,474 84,719 
Corporate and other (1)
(10,876)(12,852)(21,653)(22,087)
Total consolidated$128,897 $112,775 $228,858 $191,390 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2024202320242023
Total operating income$128,897 $112,775 $228,858 $191,390 
Interest expense11,216 14,992 21,786 27,936 
Other income, net8,560 7,954 18,168 15,721 
Earnings before income taxes$126,241 $105,737 $225,240 $179,175 

(In thousands)June 30, 2024December 31, 2023
Identifiable assets
Aerospace & Industrial$1,074,812 $1,077,808 
Defense Electronics1,534,578 1,517,877 
Naval & Power1,612,588 1,496,063 
Corporate and Other526,216 529,221 
Total consolidated$4,748,194 $4,620,969