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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 18. SEGMENT INFORMATION The Corporation’s segments are composed of similar product groupings that serve the same or similar end markets. Based on this approach, the Corporation has three reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power, as described below in further detail. The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, and surface technology services such as shot peening, laser peening and engineered coatings. The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions. The Naval & Power reportable segment is comprised of businesses that provide products to the naval defense market and to a lesser extent the power & process markets. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products. 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. Operating results by reportable segment are as follows:
|  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Net sales |  |  |  |  |  |
Aerospace & Industrial |  | $ | 838,885 |  |  | $ | 789,054 |  |  | $ | 807,144 |
Defense Electronics |  | 693,709 |  |  | 727,828 |  |  | 610,413 |
Naval & Power |  | 1,030,918 |  |  | 995,509 |  |  | 977,109 |
Less: Intersegment Revenues |  | (6,487) |  |  | (6,460) |  |  | (3,330) |
Total Consolidated |  | $ | 2,557,025 |  |  | $ | 2,505,931 |  |  | $ | 2,391,336 |
(In thousands) |  | 2022 |  | 2021 |  | 2020
Operating income (expense) |  |  |  |  |  |
Aerospace & Industrial |  | $ | 136,996 |  |  | $ | 121,817 |  |  | $ | 99,714 |
Defense Electronics |  | 154,568 |  |  | 159,089 |  |  | 118,748 |
Naval & Power |  | 177,582 |  |  | 141,660 |  |  | 108,151 |
Corporate and Eliminations (1) |  | (45,703) |  |  | (39,883) |  |  | (37,765) |
Total Consolidated |  | $ | 423,443 |  |  | $ | 382,683 |  |  | $ | 288,848 |
Depreciation and amortization expense |  |  |  |  |  |
Aerospace & Industrial |  | $ | 34,336 |  |  | $ | 36,999 |  |  | $ | 37,690 |
Defense Electronics |  | 35,120 |  |  | 38,136 |  |  | 36,188 |
Naval & Power |  | 39,712 |  |  | 35,937 |  |  | 37,894 |
Corporate |  | 2,859 |  |  | 3,312 |  |  | 4,131 |
Total Consolidated |  | $ | 112,027 |  |  | $ | 114,384 |  |  | $ | 115,903 |
Segment assets |  |  |  |  |  |
Aerospace & Industrial |  | $ | 1,041,562 |  |  | $ | 991,508 |  |  | $ | 1,019,203 |
Defense Electronics |  | 1,546,331 |  |  | 1,536,369 |  |  | 1,542,686 |
Naval & Power |  | 1,488,867 |  |  | 1,270,099 |  |  | 1,256,416 |
Corporate |  | 372,842 |  |  | 294,581 |  |  | 175,445 |
Assets held for sale |  | — |  |  | 10,988 |  |  | 27,584 |
Total Consolidated |  | $ | 4,449,602 |  |  | $ | 4,103,545 |  |  | $ | 4,021,334 |
Capital expenditures |  |  |  |  |  |
Aerospace & Industrial |  | $ | 18,554 |  |  | $ | 16,799 |  |  | $ | 20,025 |
Defense Electronics |  | 3,504 |  |  | 3,922 |  |  | 3,317 |
Naval & Power |  | 13,652 |  |  | 18,106 |  |  | 21,283 |
Corporate |  | 2,507 |  |  | 2,281 |  |  | 2,874 |
Total Consolidated |  | $ | 38,217 |  |  | $ | 41,108 |  |  | $ | 47,499 |
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses. Reconciliations
|  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Earnings before taxes: |  |  |  |  |  |
Total reportable segment operating income |  | $ | 469,146 |  |  | $ | 422,566 |  |  | $ | 326,613 |
Corporate and Eliminations |  | (45,703) |  |  | (39,883) |  |  | (37,765) |
Interest expense |  | 46,980 |  |  | 40,240 |  |  | 35,545 |
Other income, net |  | 12,732 |  |  | 12,067 |  |  | 9,748 |
Total consolidated earnings before tax |  | $ | 389,195 |  |  | $ | 354,510 |  |  | $ | 263,051 |
|  | As of December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Assets: |  |  |  |  |  |
Total assets for reportable segments |  | $ | 4,076,760 |  |  | $ | 3,797,976 |  |  | $ | 3,818,305 |
Assets held for sale |  | — |  |  | 10,988 |  |  | 27,584 |
Non-segment cash |  | 122,198 |  |  | 7,537 |  |  | 49,157 |
Other assets |  | 250,644 |  |  | 287,044 |  |  | 126,288 |
Total consolidated assets |  | $ | 4,449,602 |  |  | $ | 4,103,545 |  |  | $ | 4,021,334 |
Geographic Information
|  | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Revenues |  |  |  |  |  |
United States of America |  | $ | 1,879,001 |  |  | $ | 1,856,997 |  |  | $ | 1,758,424 |
United Kingdom |  | 102,965 |  |  | 93,154 |  |  | 90,628 |
Other foreign countries |  | 575,059 |  |  | 555,780 |  |  | 542,284 |
Consolidated total |  | $ | 2,557,025 |  |  | $ | 2,505,931 |  |  | $ | 2,391,336 |
|  | As of December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
Long-Lived Assets - Property, plant, and equipment, net |  |  |  |  |  |
United States of America |  | $ | 254,317 |  |  | $ | 261,658 |  |  | $ | 271,299 |
United Kingdom |  | 27,049 |  |  | 31,594 |  |  | 34,221 |
Other foreign countries |  | 61,342 |  |  | 66,779 |  |  | 72,680 |
Consolidated total |  | $ | 342,708 |  |  | $ | 360,031 |  |  | $ | 378,200 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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