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v3.25.2

SEGMENT INFORMATION (Table) | 6 Months Ended
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Jun. 30, 2025
Segment Reporting [Abstract] |
Schedule Of Segment Reporting Information By Segment | Operating results by reportable segment were as follows:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 239,314 |  |  | $ | 233,591 |  |  | $ | 466,754 |  |  | $ | 453,138 |
Defense Electronics |  | 254,158 |  |  | 229,210 |  |  | 499,877 |  |  | 441,693 |
Naval & Power |  | 384,585 |  |  | 323,206 |  |  | 717,941 |  |  | 605,419 |
Less: Intersegment revenues |  | (1,481) |  |  | (1,216) |  |  | (2,351) |  |  | (2,292) |
Total net sales |  | $ | 876,576 |  |  | $ | 784,791 |  |  | $ | 1,682,221 |  |  | $ | 1,497,958 |
Cost of sales |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 152,022 |  |  | $ | 151,183 |  |  | 299,784 |  |  | $ | 298,406 |
Defense Electronics |  | 132,371 |  |  | 120,280 |  |  | 257,084 |  |  | 233,213 |
Naval & Power |  | 262,012 |  |  | 221,809 |  |  | 494,771 |  |  | 418,410 |
Total cost of sales |  | $ | 546,405 |  |  | $ | 493,272 |  |  | $ | 1,051,639 |  |  | $ | 950,029 |
Research and development expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 6,224 |  |  | $ | 6,379 |  |  | $ | 13,021 |  |  | $ | 12,688 |
Defense Electronics |  | 13,205 |  |  | 12,787 |  |  | 26,207 |  |  | 26,892 |
Naval & Power |  | 3,546 |  |  | 2,513 |  |  | 6,411 |  |  | 4,859 |
Total research and development expenses |  | $ | 22,975 |  |  | $ | 21,679 |  |  | $ | 45,639 |  |  | $ | 44,439 |
Selling expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 7,112 |  |  | $ | 6,501 |  |  | $ | 14,314 |  |  | $ | 13,138 |
Defense Electronics |  | 15,904 |  |  | 13,669 |  |  | 30,934 |  |  | 27,898 |
Naval & Power |  | 17,987 |  |  | 13,897 |  |  | 34,810 |  |  | 29,355 |
Total selling expenses |  | $ | 41,003 |  |  | $ | 34,067 |  |  | $ | 80,058 |  |  | $ | 70,391 |
General and administrative expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 34,368 |  |  | $ | 33,055 |  |  | $ | 68,872 |  |  | $ | 64,967 |
Defense Electronics |  | 24,826 |  |  | 23,704 |  |  | 50,351 |  |  | 46,839 |
Naval & Power |  | 40,563 |  |  | 38,506 |  |  | 79,609 |  |  | 71,123 |
Total general and administrative expenses |  | $ | 99,757 |  |  | $ | 95,265 |  |  | $ | 198,832 |  |  | $ | 182,929 |
Other segment items(2) |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 582 |  |  | $ | 1,227 |  |  | $ | 1,835 |  |  | $ | 1,227 |
Defense Electronics |  | 19 |  |  | 526 |  |  | 19 |  |  | 526 |
Naval & Power |  | 61 |  |  | 198 |  |  | 61 |  |  | 198 |
Total other segment items |  | $ | 662 |  |  | $ | 1,951 |  |  | $ | 1,915 |  |  | $ | 1,951 |
Operating income (expense) |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 39,006 |  |  | $ | 35,246 |  |  | $ | 68,928 |  |  | $ | 62,712 |
Defense Electronics |  | 67,833 |  |  | 58,244 |  |  | 135,282 |  |  | 106,325 |
Naval & Power |  | 60,416 |  |  | 46,283 |  |  | 102,279 |  |  | 81,474 |
Total Segment |  | 167,255 |  |  | 139,773 |  |  | 306,489 |  |  | 250,511 |
Corporate and other (1) |  | (10,948) |  |  | (10,876) |  |  | (20,977) |  |  | (21,653) |
Total consolidated |  | $ | 156,307 |  |  | $ | 128,897 |  |  | $ | 285,512 |  |  | $ | 228,858 |
Depreciation and amortization expense |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 7,960 |  |  | $ | 8,235 |  |  | $ | 15,632 |  |  | $ | 16,429 |
Defense Electronics |  | 7,662 |  |  | 7,710 |  |  | 15,208 |  |  | 15,562 |
Naval & Power |  | 14,981 |  |  | 10,522 |  |  | 29,843 |  |  | 20,772 |
Corporate |  | 704 |  |  | 701 |  |  | 1,445 |  |  | 1,388 |
Total Consolidated |  | $ | 31,307 |  |  | $ | 27,168 |  |  | $ | 62,128 |  |  | $ | 54,151 |
Capital expenditures |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 9,434 |  |  | $ | 4,619 |  |  | $ | 15,683 |  |  | $ | 8,525 |
Defense Electronics |  | 2,410 |  |  | 2,092 |  |  | 5,927 |  |  | 4,431 |
Naval & Power |  | 6,032 |  |  | 2,907 |  |  | 11,533 |  |  | 7,789 |
Corporate |  | 1,505 |  |  | 1,446 |  |  | 2,011 |  |  | 2,374 |
Total Consolidated |  | $ | 19,381 |  |  | $ | 11,064 |  |  | $ | 35,154 |  |  | $ | 23,119 |
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses. (2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program.
(In thousands) | June 30, 2025 |  | December 31, 2024
Segment assets |  |  |
Aerospace & Industrial | $ | 1,132,757 |  |  | $ | 1,090,739 |
Defense Electronics | 1,546,342 |  |  | 1,446,949 |
Naval & Power | 2,005,138 |  |  | 1,927,325 |
Corporate and Other | 510,238 |  |  | 520,691 |
Total consolidated | $ | 5,194,475 |  |  | $ | 4,985,704 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Adjustments to reconcile operating income to earnings before income taxes are as follows:
| Three Months Ended |  | Six Months Ended
(In thousands) | June 30, |  | June 30,
Earnings before taxes: | 2025 |  | 2024 |  | 2025 |  | 2024
Total reportable segment operating income | $ | 167,255 |  |  | $ | 139,773 |  |  | $ | 306,489 |  |  | $ | 250,511 |
Corporate and Eliminations | (10,948) |  |  | (10,876) |  |  | (20,977) |  |  | (21,653) |
Interest expense | 10,524 |  |  | 11,216 |  |  | 20,667 |  |  | 21,786 |
Other income, net | 10,982 |  |  | 8,560 |  |  | 17,012 |  |  | 18,168 |
Earnings before income taxes | $ | 156,765 |  |  | $ | 126,241 |  |  | $ | 281,857 |  |  | $ | 225,240 |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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