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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2023
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, joysticks, power management electronics, traction inverters 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, tactical communications solutions for battlefield network management, 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 and aerospace defense 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, fluid sealing products, and arresting systems. 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) |  | 2023 |  | 2022 |  | 2021
Net sales |  |  |  |  |  |
Aerospace & Industrial |  | $ | 889,744 |  |  | $ | 838,885 |  |  | $ | 789,054 |
Defense Electronics |  | 818,547 |  |  | 693,709 |  |  | 727,828 |
Naval & Power |  | 1,142,590 |  |  | 1,030,918 |  |  | 990,339 |
Less: Intersegment Revenues |  | (5,508) |  |  | (6,487) |  |  | (6,460) |
Total Consolidated |  | $ | 2,845,373 |  |  | $ | 2,557,025 |  |  | $ | 2,500,761 |
Operating income (expense) |  |  |  |  |  |
Aerospace & Industrial |  | $ | 145,278 |  |  | $ | 136,996 |  |  | $ | 121,817 |
Defense Electronics |  | 191,775 |  |  | 154,568 |  |  | 159,089 |
Naval & Power |  | 189,227 |  |  | 177,582 |  |  | 136,106 |
Corporate and Eliminations (1) |  | (41,678) |  |  | (45,703) |  |  | (39,883) |
Total Consolidated |  | $ | 484,602 |  |  | $ | 423,443 |  |  | $ | 377,129 |
Depreciation and amortization expense |  |  |  |  |  |
Aerospace & Industrial |  | $ | 33,994 |  |  | $ | 34,336 |  |  | $ | 36,999 |
Defense Electronics |  | 33,347 |  |  | 35,120 |  |  | 38,136 |
Naval & Power |  | 46,165 |  |  | 39,712 |  |  | 35,937 |
Corporate |  | 2,666 |  |  | 2,859 |  |  | 3,312 |
Total Consolidated |  | $ | 116,172 |  |  | $ | 112,027 |  |  | $ | 114,384 |
Capital expenditures |  |  |  |  |  |
Aerospace & Industrial |  | $ | 17,067 |  |  | $ | 18,554 |  |  | $ | 16,799 |
Defense Electronics |  | 5,573 |  |  | 3,504 |  |  | 3,922 |
Naval & Power |  | 18,112 |  |  | 13,652 |  |  | 18,106 |
Corporate |  | 3,914 |  |  | 2,507 |  |  | 2,281 |
Total Consolidated |  | $ | 44,666 |  |  | $ | 38,217 |  |  | $ | 41,108 |
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
|  | As of December 31, |
(In thousands) |  | 2023 |  | 2022 |
Segment assets |  |  |  |  |
Aerospace & Industrial |  | $ | 1,077,808 |  |  | $ | 1,041,562 |  |
Defense Electronics |  | 1,517,877 |  |  | 1,546,331 |  |
Naval & Power |  | 1,496,063 |  |  | 1,487,568 |  |
Corporate |  | 529,221 |  |  | 372,842 |  |
Total Consolidated |  | $ | 4,620,969 |  |  | $ | 4,448,303 |  |
Reconciliations
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Earnings before taxes: |  |  |  |  |  |
Total reportable segment operating income |  | $ | 526,280 |  |  | $ | 469,146 |  |  | $ | 417,012 |
Corporate and Eliminations |  | (41,678) |  |  | (45,703) |  |  | (39,883) |
Interest expense |  | 51,393 |  |  | 46,980 |  |  | 40,240 |
Other income, net |  | 29,861 |  |  | 12,732 |  |  | 12,067 |
Earnings before income taxes |  | $ | 463,070 |  |  | $ | 389,195 |  |  | $ | 348,956 |
|  | As of December 31,
(In thousands) |  | 2023 |  | 2022
Assets: |  |  |  |
Total assets for reportable segments |  | $ | 4,091,748 |  |  | $ | 4,075,461 |
Non-segment cash |  | 228,930 |  |  | 122,198 |
Other assets |  | 300,291 |  |  | 250,644 |
Total consolidated assets |  | $ | 4,620,969 |  |  | $ | 4,448,303 |
Geographic Information
|  | Year Ended December 31,
(In thousands) |  | 2023 |  | 2022 |  | 2021
Revenues |  |  |  |  |  |
United States of America |  | $ | 2,060,986 |  |  | $ | 1,879,001 |  |  | $ | 1,851,827 |
United Kingdom |  | 115,078 |  |  | 102,965 |  |  | 93,154 |
Other foreign countries |  | 669,309 |  |  | 575,059 |  |  | 555,780 |
Consolidated total |  | $ | 2,845,373 |  |  | $ | 2,557,025 |  |  | $ | 2,500,761 |
|  | As of December 31,
(In thousands) |  | 2023 |  | 2022
Long-Lived Assets - Property, plant, and equipment, net |  |  |  |
United States of America |  | $ | 243,542 |  |  | $ | 254,317 |
United Kingdom |  | 25,898 |  |  | 27,049 |
Other foreign countries |  | 63,356 |  |  | 61,342 |
Consolidated total |  | $ | 332,796 |  |  | $ | 342,708 |

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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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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