XML 31 R21.htm IDEA: XBRL DOCUMENT v3.21.2
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2021
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
 
Prior to the first quarter of 2021, the Corporation reported its results of operations through three reportable segments: Commercial/Industrial, Defense, and Power. On January 1, 2021, the Corporation implemented an organizational change to simplify its reportable segments and align its product sales with its end market structure. As a result, the Corporation now reports its results of operations through the following reportable segments: Aerospace & Industrial, Defense Electronics, and Naval & Power. While this organizational change resulted in the recasting of previously reported amounts across all reportable segments, it did not impact the Corporation’s previously reported consolidated financial statements.

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.
Net sales and operating income by reportable segment were as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Net sales
Aerospace & Industrial$197,060 $189,021 $578,452 $593,654 
Defense Electronics182,314 148,674 528,080 428,912 
Naval & Power242,891 234,613 737,967 702,662 
Less: Intersegment revenues(1,646)(694)(5,326)(2,336)
Total consolidated$620,619 $571,614 $1,839,173 $1,722,892 
Operating income (expense)
Aerospace & Industrial$30,872 $23,880 $81,874 $65,635 
Defense Electronics40,762 35,103 106,656 83,902 
Naval & Power35,483 33,367 116,635 90,623 
Corporate and other (1)
(9,448)(7,777)(27,847)(27,792)
Total consolidated$97,669 $84,573 $277,318 $212,368 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, foreign currency transactional gains and losses, and certain other expenses.
Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedNine Months Ended
September 30,September 30,
(In thousands)2021202020212020
Total operating income$97,669 $84,573 $277,318 $212,368 
Interest expense9,955 9,055 30,094 25,059 
Other income, net3,627 5,417 8,910 6,844 
Earnings before income taxes$91,341 $80,935 $256,134 $194,153 

(In thousands)September 30, 2021December 31, 2020
Identifiable assets
Aerospace & Industrial$1,013,184 $1,020,294 
Defense Electronics1,560,252 1,542,686 
Naval & Power1,281,365 1,255,325 
Corporate and Other208,285 175,445 
Assets held for sale20,215 27,584 
Total consolidated$4,083,301 $4,021,334