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SEGMENT INFORMATION | 3 Months Ended
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Mar. 31, 2026
Segment Reporting [Abstract] |
SEGMENT INFORMATION | 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. 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
| March 31,
(In thousands) | 2026 |  | 2025
Net sales |  |  |
Aerospace & Industrial | $ | 254,949 |  |  | $ | 227,440 |
Defense Electronics | 257,464 |  |  | 245,719 |
Naval & Power | 402,584 |  |  | 333,356 |
Less: Intersegment Revenues | (1,310) |  |  | (870) |
Total net sales | $ | 913,687 |  |  | $ | 805,645 |
Cost of sales |  |  |
Aerospace & Industrial | $ | 169,215 |  |  | $ | 147,762 |
Defense Electronics | 126,889 |  |  | 124,713 |
Naval & Power | 275,967 |  |  | 232,759 |
Total cost of sales | $ | 572,071 |  |  | $ | 505,234 |
Research and development expenses |  |  |
Aerospace & Industrial | $ | 6,830 |  |  | $ | 6,797 |
Defense Electronics | 13,739 |  |  | 13,002 |
Naval & Power | 3,066 |  |  | 2,865 |
Total research and development expenses | $ | 23,635 |  |  | $ | 22,664 |
Selling expenses |  |  |
Aerospace & Industrial | $ | 7,000 |  |  | $ | 7,202 |
Defense Electronics | 17,177 |  |  | 15,030 |
Naval & Power | 19,370 |  |  | 16,823 |
Total selling expenses | $ | 43,547 |  |  | $ | 39,055 |
General and administrative expenses |  |  |
Aerospace & Industrial | $ | 32,703 |  |  | $ | 34,504 |
Defense Electronics | 27,636 |  |  | 25,525 |
Naval & Power | 44,293 |  |  | 39,046 |
Total general and administrative expenses | $ | 104,632 |  |  | $ | 99,075 |
Other segment items(2) |  |  |
Aerospace & Industrial | $ | 703 |  |  | $ | 1,253 |
Defense Electronics | 96 |  |  | — |
Naval & Power | 111 |  |  | — |
Total other segment items | $ | 910 |  |  | $ | 1,253 |
Operating income |  |  |
Aerospace & Industrial | $ | 38,498 |  |  | $ | 29,922 |
Defense Electronics | 71,927 |  |  | 67,449 |
Naval & Power | 59,777 |  |  | 41,863 |
Total Segment | 170,202 |  |  | 139,234 |
Corporate and Eliminations (1) | (10,693) |  |  | (10,029) |
Total Consolidated | $ | 159,509 |  |  | $ | 129,205 |
Depreciation and amortization expense |  |  |
Aerospace & Industrial | $ | 7,999 |  |  | $ | 7,672 |
Defense Electronics | 7,730 |  |  | 7,546 |
Naval & Power | 11,842 |  |  | 14,862 |
Corporate | 794 |  |  | 741 |
Total Consolidated | $ | 28,365 |  |  | $ | 30,821 |
Capital expenditures |  |  |
Aerospace & Industrial | $ | 6,956 |  |  | $ | 6,249 |
Defense Electronics | 1,891 |  |  | 3,517 |
Naval & Power | 2,807 |  |  | 5,501 |
Corporate | 178 |  |  | 506 |
Total Consolidated | $ | 11,832 |  |  | $ | 15,773 |
(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 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period. Adjustments to reconcile operating income to earnings before income taxes are as follows:
| Three Months Ended
| March 31,
(In thousands) | 2026 |  | 2025
Earnings before taxes: |  |  |
Total reportable segment operating income | $ | 170,202 |  |  | $ | 139,234 |
Corporate and Eliminations | (10,693) |  |  | (10,029) |
Interest expense | 9,941 |  |  | 10,143 |
Other income, net | 8,197 |  |  | 6,030 |
Earnings before income taxes | $ | 157,765 |  |  | $ | 125,092 |
(In thousands) | March 31, 2026 |  | December 31, 2025
Segment Assets |  |  |
Aerospace & Industrial | $ | 1,154,069 |  |  | $ | 1,118,986 |
Defense Electronics | 1,516,914 |  |  | 1,557,858 |
Naval & Power | 2,064,052 |  |  | 2,018,076 |
Corporate | 535,046 |  |  | 526,372 |
Total consolidated | $ | 5,270,081 |  |  | $ | 5,221,292 |

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