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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION
18. 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, as described below in further detail.

The Aerospace & Industrial reportable segment is comprised of businesses that provide a diversified offering of highly engineered products and services supporting critical applications primarily across the commercial aerospace and general industrial markets. The products offered include electronic throttle control devices and transmission shifters, electro-mechanical actuation control components, and surface technology services such as shot peening, laser peening and engineered coatings.

The Defense Electronics reportable segment is comprised of businesses that primarily provide products to the defense markets and to a lesser extent the commercial aerospace market. The products offered include commercial off-the-shelf (COTS) embedded computing board level modules, integrated subsystems, turret aiming and stabilization products, weapons handling systems, avionics and electronics, flight test equipment, and aircraft data management solutions.

The Naval & Power reportable segment is comprised of businesses that provide products to the naval defense market and to a lesser extent the power & process markets. The products offered include main coolant pumps, power-dense compact motors, generators, secondary propulsion systems, pumps, pump seals, valves, control rod drive mechanisms, fastening systems, specialized containment doors, airlock hatches, spent fuel management products, and fluid sealing products.

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 are as follows:
Year Ended December 31,
(In thousands)202220212020
Net sales
Aerospace & Industrial$838,885 $789,054 $807,144 
Defense Electronics693,709 727,828 610,413 
Naval & Power1,030,918 995,509 977,109 
Less: Intersegment Revenues(6,487)(6,460)(3,330)
Total Consolidated$2,557,025 $2,505,931 $2,391,336 
(In thousands)202220212020
Operating income (expense)
Aerospace & Industrial$136,996 $121,817 $99,714 
Defense Electronics154,568 159,089 118,748 
Naval & Power177,582 141,660 108,151 
Corporate and Eliminations (1)
(45,703)(39,883)(37,765)
Total Consolidated$423,443 $382,683 $288,848 
Depreciation and amortization expense
Aerospace & Industrial$34,336 $36,999 $37,690 
Defense Electronics35,120 38,136 36,188 
Naval & Power39,712 35,937 37,894 
Corporate2,859 3,312 4,131 
Total Consolidated$112,027 $114,384 $115,903 
Segment assets
Aerospace & Industrial$1,041,562 $991,508 $1,019,203 
Defense Electronics1,546,331 1,536,369 1,542,686 
Naval & Power1,488,867 1,270,099 1,256,416 
Corporate372,842 294,581 175,445 
Assets held for sale— 10,988 27,584 
Total Consolidated$4,449,602 $4,103,545 $4,021,334 
Capital expenditures
Aerospace & Industrial$18,554 $16,799 $20,025 
Defense Electronics3,504 3,922 3,317 
Naval & Power13,652 18,106 21,283 
Corporate2,507 2,281 2,874 
Total Consolidated$38,217 $41,108 $47,499 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, foreign currency transactional gains and losses, and other expenses.
Reconciliations
Year Ended December 31,
(In thousands)202220212020
Earnings before taxes:
Total reportable segment operating income$469,146 $422,566 $326,613 
Corporate and Eliminations(45,703)(39,883)(37,765)
Interest expense46,980 40,240 35,545 
Other income, net12,732 12,067 9,748 
Total consolidated earnings before tax$389,195 $354,510 $263,051 
As of December 31,
(In thousands)202220212020
Assets:
Total assets for reportable segments$4,076,760 $3,797,976 $3,818,305 
Assets held for sale— 10,988 27,584 
Non-segment cash122,198 7,537 49,157 
Other assets250,644 287,044 126,288 
Total consolidated assets$4,449,602 $4,103,545 $4,021,334 
Geographic Information
Year Ended December 31,
(In thousands)202220212020
Revenues
United States of America$1,879,001 $1,856,997 $1,758,424 
United Kingdom102,965 93,154 90,628 
Other foreign countries575,059 555,780 542,284 
Consolidated total$2,557,025 $2,505,931 $2,391,336 
As of December 31,
(In thousands)202220212020
Long-Lived Assets - Property, plant, and equipment, net
United States of America$254,317 $261,658 $271,299 
United Kingdom27,049 31,594 34,221 
Other foreign countries61,342 66,779 72,680 
Consolidated total$342,708 $360,031 $378,200