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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION 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 were as follows:
|  | Three Months Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(In thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Net sales |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 248,016 |  |  | $ | 229,043 |  |  | $ | 714,770 |  |  | $ | 682,181 |
Defense Electronics |  | 253,637 |  |  | 243,695 |  |  | 753,514 |  |  | 685,388 |
Naval & Power |  | 368,177 |  |  | 327,412 |  |  | 1,086,118 |  |  | 932,831 |
Less: Intersegment revenues |  | (660) |  |  | (1,232) |  |  | (3,011) |  |  | (3,524) |
Total net sales |  | $ | 869,170 |  |  | $ | 798,918 |  |  | $ | 2,551,391 |  |  | $ | 2,296,876 |
Cost of sales |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 157,340 |  |  | $ | 148,676 |  |  | $ | 457,124 |  |  | $ | 447,082 |
Defense Electronics |  | 124,922 |  |  | 126,752 |  |  | 382,006 |  |  | 359,965 |
Naval & Power |  | 249,939 |  |  | 221,488 |  |  | 744,710 |  |  | 639,898 |
Total cost of sales |  | $ | 532,201 |  |  | $ | 496,916 |  |  | $ | 1,583,840 |  |  | $ | 1,446,945 |
Research and development expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 5,164 |  |  | $ | 4,961 |  |  | $ | 18,185 |  |  | $ | 17,649 |
Defense Electronics |  | 13,182 |  |  | 12,316 |  |  | 39,389 |  |  | 39,208 |
Naval & Power |  | 4,834 |  |  | 3,180 |  |  | 11,245 |  |  | 8,039 |
Total research and development expenses |  | $ | 23,180 |  |  | $ | 20,457 |  |  | $ | 68,819 |  |  | $ | 64,896 |
Selling expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 6,959 |  |  | $ | 6,290 |  |  | $ | 21,273 |  |  | $ | 19,428 |
Defense Electronics |  | 16,065 |  |  | 15,868 |  |  | 46,999 |  |  | 43,766 |
Naval & Power |  | 16,997 |  |  | 14,639 |  |  | 51,807 |  |  | 43,994 |
Total selling expenses |  | $ | 40,021 |  |  | $ | 36,797 |  |  | $ | 120,079 |  |  | $ | 107,188 |
General and administrative expenses |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 32,543 |  |  | $ | 30,552 |  |  | $ | 101,415 |  |  | $ | 95,519 |
Defense Electronics |  | 25,511 |  |  | 25,120 |  |  | 75,862 |  |  | 71,975 |
Naval & Power |  | 38,498 |  |  | 35,066 |  |  | 118,107 |  |  | 106,267 |
Total general and administrative expenses |  | $ | 96,552 |  |  | $ | 90,738 |  |  | $ | 295,384 |  |  | $ | 273,761 |
Other segment items(2) |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 571 |  |  | $ | 1,129 |  |  | $ | 2,406 |  |  | $ | 2,356 |
Defense Electronics |  | — |  |  | — |  |  | 19 |  |  | 510 |
Naval & Power |  | 188 |  |  | — |  |  | 249 |  |  | 120 |
Total other segment items |  | $ | 759 |  |  | $ | 1,129 |  |  | $ | 2,674 |  |  | $ | 2,986 |
Operating income (expense) |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 45,439 |  |  | $ | 37,435 |  |  | $ | 114,367 |  |  | $ | 100,147 |
Defense Electronics |  | 73,957 |  |  | 63,639 |  |  | 209,239 |  |  | 169,964 |
Naval & Power |  | 57,721 |  |  | 53,039 |  |  | 160,000 |  |  | 134,513 |
Total Segment |  | 177,117 |  |  | 154,113 |  |  | 483,606 |  |  | 404,624 |
Corporate and other (1) |  | (10,866) |  |  | (9,210) |  |  | (31,843) |  |  | (30,863) |
Total consolidated |  | $ | 166,251 |  |  | $ | 144,903 |  |  | $ | 451,763 |  |  | $ | 373,761 |
Depreciation and amortization expense |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 8,016 |  |  | $ | 7,957 |  |  | $ | 23,648 |  |  | $ | 24,386 |
Defense Electronics |  | 7,702 |  |  | 7,645 |  |  | 22,910 |  |  | 23,207 |
Naval & Power |  | 14,740 |  |  | 10,342 |  |  | 44,583 |  |  | 31,114 |
Corporate |  | 733 |  |  | 749 |  |  | 2,178 |  |  | 2,137 |
Total Consolidated |  | $ | 31,191 |  |  | $ | 26,693 |  |  | $ | 93,319 |  |  | $ | 80,844 |
Capital expenditures |  |  |  |  |  |  |  |
Aerospace & Industrial |  | $ | 6,482 |  |  | $ | 5,705 |  |  | $ | 22,165 |  |  | $ | 14,230 |
Defense Electronics |  | 2,650 |  |  | 3,244 |  |  | 8,577 |  |  | 7,675 |
Naval & Power |  | 6,792 |  |  | 4,544 |  |  | 18,325 |  |  | 12,333 |
Corporate |  | 976 |  |  | 1,091 |  |  | 2,987 |  |  | 3,465 |
Total Consolidated |  | $ | 16,900 |  |  | $ | 14,584 |  |  | $ | 52,054 |  |  | $ | 37,703 |
(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. Adjustments to reconcile operating income to earnings before income taxes are as follows:
| Three Months Ended |  | Nine Months Ended
(In thousands) | September 30, |  | September 30,
Earnings before taxes: | 2025 |  | 2024 |  | 2025 |  | 2024
Total reportable segment operating income | $ | 177,117 |  |  | $ | 154,113 |  |  | $ | 483,606 |  |  | $ | 404,624 |
Corporate and Eliminations | (10,866) |  |  | (9,210) |  |  | (31,843) |  |  | (30,863) |
Interest expense | 10,484 |  |  | 11,408 |  |  | 31,151 |  |  | 33,194 |
Other income, net | 5,386 |  |  | 10,126 |  |  | 22,398 |  |  | 28,294 |
Earnings before income taxes | $ | 161,153 |  |  | $ | 143,621 |  |  | $ | 443,010 |  |  | $ | 368,861 |
(In thousands) | September 30, 2025 |  | December 31, 2024
Segment Assets |  |  |
Aerospace & Industrial | $ | 1,134,609 |  |  | $ | 1,090,739 |
Defense Electronics | 1,566,522 |  |  | 1,446,949 |
Naval & Power | 2,015,716 |  |  | 1,927,325 |
Corporate and Other | 385,185 |  |  | 520,691 |
Total consolidated | $ | 5,102,032 |  |  | $ | 4,985,704 |

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- Definition The entire disclosure for reporting segments including data and tables. 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