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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2023
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, joysticks, power management electronics, traction inverters 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, tactical communications solutions for battlefield network management, 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 and aerospace defense 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, fluid sealing products, and arresting systems.

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)202320222021
Net sales
Aerospace & Industrial$889,744 $838,885 $789,054 
Defense Electronics818,547 693,709 727,828 
Naval & Power1,142,590 1,030,918 990,339 
Less: Intersegment Revenues(5,508)(6,487)(6,460)
Total Consolidated$2,845,373 $2,557,025 $2,500,761 
Operating income (expense)
Aerospace & Industrial$145,278 $136,996 $121,817 
Defense Electronics191,775 154,568 159,089 
Naval & Power189,227 177,582 136,106 
Corporate and Eliminations (1)
(41,678)(45,703)(39,883)
Total Consolidated$484,602 $423,443 $377,129 
Depreciation and amortization expense
Aerospace & Industrial$33,994 $34,336 $36,999 
Defense Electronics33,347 35,120 38,136 
Naval & Power46,165 39,712 35,937 
Corporate2,666 2,859 3,312 
Total Consolidated$116,172 $112,027 $114,384 
Capital expenditures
Aerospace & Industrial$17,067 $18,554 $16,799 
Defense Electronics5,573 3,504 3,922 
Naval & Power18,112 13,652 18,106 
Corporate3,914 2,507 2,281 
Total Consolidated$44,666 $38,217 $41,108 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
As of December 31,
(In thousands)20232022
Segment assets
Aerospace & Industrial$1,077,808 $1,041,562 
Defense Electronics1,517,877 1,546,331 
Naval & Power1,496,063 1,487,568 
Corporate529,221 372,842 
Total Consolidated$4,620,969 $4,448,303 
Reconciliations
Year Ended December 31,
(In thousands)202320222021
Earnings before taxes:
Total reportable segment operating income$526,280 $469,146 $417,012 
Corporate and Eliminations(41,678)(45,703)(39,883)
Interest expense51,393 46,980 40,240 
Other income, net29,861 12,732 12,067 
Earnings before income taxes$463,070 $389,195 $348,956 
As of December 31,
(In thousands)20232022
Assets:
Total assets for reportable segments$4,091,748 $4,075,461 
Non-segment cash228,930 122,198 
Other assets300,291 250,644 
Total consolidated assets$4,620,969 $4,448,303 
Geographic Information
Year Ended December 31,
(In thousands)202320222021
Revenues
United States of America$2,060,986 $1,879,001 $1,851,827 
United Kingdom115,078 102,965 93,154 
Other foreign countries669,309 575,059 555,780 
Consolidated total$2,845,373 $2,557,025 $2,500,761 
As of December 31,
(In thousands)20232022
Long-Lived Assets - Property, plant, and equipment, net
United States of America$243,542 $254,317 
United Kingdom25,898 27,049 
Other foreign countries63,356 61,342 
Consolidated total$332,796 $342,708