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CORRECTION OF PRIOR PERIOD ERROR | 12 Months Ended
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Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
CORRECTION OF PRIOR PERIOD ERROR | 2. CORRECTION OF PRIOR PERIOD ERROR During the third quarter of 2023, the Corporation identified an error related to a single long-term contract within a subsidiary of its Naval & Power segment. The error primarily impacts 2020 and 2021, whereby certain events occurring during the pandemic, including constructive changes to the contract as well as labor inefficiencies and hiring delays due to a facility relocation, were not reflected in the contract’s estimated costs of completion. In accordance with Staff Accounting Bulletin (SAB) Nos. 99 and 108, the Corporation evaluated this error and, based on an analysis of quantitative and qualitative factors, determined that it was not material to any one of the prior reporting periods affected and, therefore, amendment of previously filed reports with the Securities and Exchange Commission is not required. However, the Corporation concluded that the cumulative misstatement could not be corrected in the three and nine months ended September 30, 2023, without materially misstating those respective periods. Therefore, the Corporation revised the accompanying prior period financial statements and related notes hereto included within this filing, as summarized below. The net impact of the error resulted in an overstatement of previously reported total net sales and net earnings of approximately $5 million and $4 million, respectively, for the year ended December 31, 2021 and an overstatement of previously reported total net sales and net earnings of approximately $8 million and $7 million, respectively, for the year ended December 31, 2020. The net impact of the error for the year ended December 31, 2020 of approximately $7 million has been corrected as an adjustment to the beginning balance as of January 1, 2021 in the accompanying consolidated statement of stockholders’ equity for the year ended December 31, 2021. The error did not impact previously reported total net sales or net earnings for the year ended December 31, 2022. The following tables summarize the net impact of the error in the accompanying consolidated financial statements: Consolidated Balance Sheet as of December 31, 2022:
(In thousands) | As previously reported |  | Corrections |  | As revised
Receivables, net | $ | 724,603 |  |  | $ | (1,299) |  |  | $ | 723,304 |
Total current assets | 1,517,313 |  |  | (1,299) |  |  | 1,516,014 |
Total assets | 4,449,602 |  |  | (1,299) |  |  | 4,448,303 |
Accrued expenses | 177,536 |  |  | (3,096) |  |  | 174,440 |
Deferred revenue | 242,483 |  |  | 12,318 |  |  | 254,801 |
Other current liabilities | 82,395 |  |  | 384 |  |  | 82,779 |
Total current liabilities | 971,439 |  |  | 9,606 |  |  | 981,045 |
Total liabilities | 2,457,483 |  |  | 9,606 |  |  | 2,467,089 |
Retained earnings | 3,174,396 |  |  | (10,905) |  |  | 3,163,491 |
Total stockholders' equity | 1,992,119 |  |  | (10,905) |  |  | 1,981,214 |
Total liabilities and stockholders' equity | 4,449,602 |  |  | (1,299) |  |  | 4,448,303 |
Consolidated Statement of Earnings for the year ended December 31, 2021:
(In thousands) | As previously reported |  | Corrections |  | As revised
Product sales | $ | 2,109,617 |  |  | $ | (5,170) |  |  | $ | 2,104,447 |
Total net sales | 2,505,931 |  |  | (5,170) |  |  | 2,500,761 |
Cost of product sales | 1,330,191 |  |  | 384 |  |  | 1,330,575 |
Total cost of sales | 1,572,575 |  |  | 384 |  |  | 1,572,959 |
Gross profit | 933,356 |  |  | (5,554) |  |  | 927,802 |
Operating income | 382,683 |  |  | (5,554) |  |  | 377,129 |
Earnings before income taxes | 354,510 |  |  | (5,554) |  |  | 348,956 |
Provision for income taxes | (87,351) |  |  | 1,224 |  |  | (86,127) |
Net earnings | 267,159 |  |  | (4,330) |  |  | 262,829 |
Basic earnings per share | $ | 6.61 |  |  | $ | (0.11) |  |  | $ | 6.50 |
Diluted earnings per share | $ | 6.58 |  |  | $ | (0.11) |  |  | $ | 6.47 |
Consolidated Statement of Comprehensive Income for the year ended December 31, 2021:
(In thousands) | As previously reported |  | Corrections |  | As revised
Net earnings | $ | 267,159 |  |  | $ | (4,330) |  |  | $ | 262,829 |
Comprehensive income | 387,550 |  |  | (4,330) |  |  | 383,220 |
Consolidated Statement of Cash Flows for the year ended December 31, 2021:
(In thousands) | As previously reported |  | Corrections |  | As revised
Net earnings | $ | 267,159 |  |  | $ | (4,330) |  |  | $ | 262,829 |
Receivables, net | (61,277) |  |  | 105 |  |  | (61,172) |
Deferred revenue | 9,584 |  |  | 5,065 |  |  | 14,649 |
Income taxes | (12,988) |  |  | (1,224) |  |  | (14,212) |
Other | 19,005 |  |  | 384 |  |  | 19,389 |
Net cash provided by operating activities | 387,668 |  |  | — |  |  | 387,668 |

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