SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2022

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.

Net sales and operating income by reportable segment were as follows:

	Three Months Ended
	March 31,
(In thousands)	2022		2021
Net sales
Aerospace & Industrial	$	191,850	$	181,138
Defense Electronics	143,938		182,298
Naval & Power	225,315		235,580
Less: Intersegment revenues	(1,642)		(1,957)
Total consolidated	$	559,461	$	597,059
Operating income (expense)
Aerospace & Industrial	$	24,853	$	19,025
Defense Electronics	23,290		36,623
Naval & Power	27,288		38,057
Corporate and other (1)	(14,921)		(8,639)
Total consolidated	$	60,510	$	85,066

(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 Ended
	March 31,
(In thousands)	2022		2021
Total operating income	$	60,510	$	85,066
Interest expense	9,530		9,959
Other income, net	2,997		4,843
Earnings before income taxes	$	53,977	$	79,950

(In thousands)	March 31, 2022		December 31, 2021
Identifiable assets
Aerospace & Industrial	$	1,011,295	$	991,508
Defense Electronics	1,518,990		1,536,369
Naval & Power	1,266,159		1,270,099
Corporate and Other	292,923		294,581
Assets held for sale	—		10,988
Total consolidated	$	4,089,367	$	4,103,545