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SEGMENT INFORMATION | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 17. 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, and to a lesser extent, the defense markets. The products offered include electronic throttle control devices, joysticks, power management electronics, traction inverters and transmission shifters, sensors, 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 primarily provide products to the naval defense and power & process markets, and to a lesser extent, the 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, reactor protection systems, 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 (CODM), its Chief Executive Officer. The CODM uses operating income to assess the performance of each segment by evaluating current period results against budget and prior period results when determining the allocation of operating and capital resources to each segment. Operating results by reportable segment are as follows:
|  | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Net sales |  |  |  |  |  |
Aerospace & Industrial |  | $ | 933,206 |  |  | $ | 889,744 |  |  | $ | 838,885 |
Defense Electronics |  | 914,358 |  |  | 818,547 |  |  | 693,709 |
Naval & Power |  | 1,278,895 |  |  | 1,142,590 |  |  | 1,030,918 |
Less: Intersegment Revenues |  | (5,270) |  |  | (5,508) |  |  | (6,487) |
Total net sales |  | $ | 3,121,189 |  |  | $ | 2,845,373 |  |  | $ | 2,557,025 |
Cost of sales |  |  |  |  |  |
Aerospace & Industrial |  | $ | 600,131 |  |  | $ | 577,038 |  |  | $ | 550,001 |
Defense Electronics |  | 481,374 |  |  | 432,313 |  |  | 365,372 |
Naval & Power |  | 868,109 |  |  | 761,202 |  |  | 678,745 |
Total cost of sales |  | $ | 1,949,614 |  |  | $ | 1,770,553 |  |  | $ | 1,594,118 |
Research and development expenses |  |  |  |  |  |
Aerospace & Industrial |  | $ | 26,729 |  |  | $ | 23,211 |  |  | $ | 21,132 |
Defense Electronics |  | 52,132 |  |  | 50,865 |  |  | 48,587 |
Naval & Power |  | 11,435 |  |  | 10,793 |  |  | 9,179 |
Total research and development expenses |  | $ | 90,296 |  |  | $ | 84,869 |  |  | $ | 78,898 |
Selling expenses |  |  |  |  |  |
Aerospace & Industrial |  | $ | 25,614 |  |  | $ | 25,897 |  |  | $ | 25,355 |
Defense Electronics |  | 58,705 |  |  | 54,811 |  |  | 47,202 |
Naval & Power |  | 58,332 |  |  | 54,847 |  |  | 46,951 |
Total selling expenses |  | $ | 142,651 |  |  | $ | 135,555 |  |  | $ | 119,508 |
General and administrative expenses |  |  |  |  |  |
Aerospace & Industrial |  | $ | 123,907 |  |  | $ | 118,320 |  |  | $ | 105,401 |
Defense Electronics |  | 95,472 |  |  | 88,783 |  |  | 77,980 |
Naval & Power |  | 140,696 |  |  | 126,521 |  |  | 113,810 |
Total general and administrative expenses |  | $ | 360,075 |  |  | $ | 333,624 |  |  | $ | 297,191 |
Other segment items(2) |  |  |  |  |  |
Aerospace & Industrial |  | $ | 8,802 |  |  | $ | — |  |  | $ | — |
Defense Electronics |  | 1,936 |  |  | — |  |  | — |
Naval & Power |  | 660 |  |  | — |  |  | 4,651 |
Total other segment items |  | $ | 11,398 |  |  | $ | — |  |  | $ | 4,651 |
Operating income |  |  |  |  |  |
Aerospace & Industrial |  | $ | 148,023 |  |  | $ | 145,278 |  |  | $ | 136,996 |
Defense Electronics |  | 224,739 |  |  | 191,775 |  |  | 154,568 |
Naval & Power |  | 199,663 |  |  | 189,227 |  |  | 177,582 |
Total Segment |  | $ | 572,425 |  |  | $ | 526,280 |  |  | $ | 469,146 |
Corporate and Eliminations (1) |  | (43,828) |  |  | (41,678) |  |  | (45,703) |
Total Consolidated |  | $ | 528,597 |  |  | $ | 484,602 |  |  | $ | 423,443 |
Depreciation and amortization expense |  |  |  |  |  |
Aerospace & Industrial |  | $ | 32,217 |  |  | $ | 33,994 |  |  | $ | 34,336 |
Defense Electronics |  | 31,017 |  |  | 33,347 |  |  | 35,120 |
Naval & Power |  | 41,499 |  |  | 46,165 |  |  | 39,712 |
Corporate |  | 2,934 |  |  | 2,666 |  |  | 2,859 |
Total Consolidated |  | $ | 107,667 |  |  | $ | 116,172 |  |  | $ | 112,027 |
Capital expenditures |  |  |  |  |  |
Aerospace & Industrial |  | $ | 19,861 |  |  | $ | 17,067 |  |  | $ | 18,554 |
Defense Electronics |  | 11,180 |  |  | 5,573 |  |  | 3,504 |
Naval & Power |  | 25,952 |  |  | 18,112 |  |  | 13,652 |
Corporate |  | 3,981 |  |  | 3,914 |  |  | 2,507 |
Total Consolidated |  | $ | 60,974 |  |  | $ | 44,666 |  |  | $ | 38,217 |
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses. (2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program as well as the loss on divestiture from the Corporation's sale of its industrial valves business in 2022.
|  | As of December 31,
(In thousands) |  | 2024 |  | 2023
Segment assets |  |  |  |
Aerospace & Industrial |  | $ | 1,090,739 |  |  | $ | 1,077,808 |
Defense Electronics |  | 1,446,949 |  |  | 1,517,877 |
Naval & Power |  | 1,927,325 |  |  | 1,496,063 |
Corporate |  | 520,691 |  |  | 529,221 |
Total Consolidated |  | $ | 4,985,704 |  |  | $ | 4,620,969 |
Reconciliations
|  | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Earnings before taxes: |  |  |  |  |  |
Total reportable segment operating income |  | $ | 572,425 |  |  | $ | 526,280 |  |  | $ | 469,146 |
Corporate and Eliminations |  | (43,828) |  |  | (41,678) |  |  | (45,703) |
Interest expense |  | 44,869 |  |  | 51,393 |  |  | 46,980 |
Other income, net |  | 38,328 |  |  | 29,861 |  |  | 12,732 |
Earnings before income taxes |  | $ | 522,056 |  |  | $ | 463,070 |  |  | $ | 389,195 |
|  | As of December 31,
(In thousands) |  | 2024 |  | 2023
Assets: |  |  |  |
Total assets for reportable segments |  | $ | 4,465,013 |  |  | $ | 4,091,748 |
Non-segment cash |  | 165,762 |  |  | 228,930 |
Other assets |  | 354,929 |  |  | 300,291 |
Total consolidated assets |  | $ | 4,985,704 |  |  | $ | 4,620,969 |
Geographic Information
|  | Year Ended December 31,
(In thousands) |  | 2024 |  | 2023 |  | 2022
Revenues |  |  |  |  |  |
United States of America |  | $ | 2,287,285 |  |  | $ | 2,060,986 |  |  | $ | 1,879,001 |
United Kingdom |  | 134,621 |  |  | 115,078 |  |  | 102,965 |
Other foreign countries |  | 699,283 |  |  | 669,309 |  |  | 575,059 |
Consolidated total |  | $ | 3,121,189 |  |  | $ | 2,845,373 |  |  | $ | 2,557,025 |
|  | As of December 31,
(In thousands) |  | 2024 |  | 2023
Long-Lived Assets - Property, plant, and equipment, net |  |  |  |
United States of America |  | $ | 250,781 |  |  | $ | 243,542 |
United Kingdom |  | 26,244 |  |  | 25,898 |
Other foreign countries |  | 62,093 |  |  | 63,356 |
Consolidated total |  | $ | 339,118 |  |  | $ | 332,796 |

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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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards 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