SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2023

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)	2023		2022
Net sales
Aerospace & Industrial	$	203,586	$	191,850
Defense Electronics	163,070		143,938
Naval & Power	266,814		225,315
Less: Intersegment revenues	(2,610)		(1,642)
Total consolidated	$	630,860	$	559,461
Operating income (expense)
Aerospace & Industrial	$	26,545	$	24,853
Defense Electronics	23,368		23,290
Naval & Power	37,937		27,288
Corporate and other (1)	(9,235)		(14,921)
Total consolidated	$	78,615	$	60,510

(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)	2023		2022
Total operating income	$	78,615	$	60,510
Interest expense	12,944		9,530
Other income, net	7,767		2,997
Earnings before income taxes	$	73,438	$	53,977

(In thousands)	March 31, 2023		December 31, 2022
Identifiable assets
Aerospace & Industrial	$	1,041,860	$	1,041,562
Defense Electronics	1,545,190		1,546,331
Naval & Power	1,498,003		1,488,867
Corporate and Other	277,072		372,842
Total consolidated	$	4,362,125	$	4,449,602