SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2024

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)	2024		2023
Net sales
Aerospace & Industrial	$	219,547	$	203,586
Defense Electronics	212,483		163,070
Naval & Power	282,213		266,814
Less: Intersegment revenues	(1,076)		(2,610)
Total consolidated	$	713,167	$	630,860
Operating income (expense)
Aerospace & Industrial	$	27,466	$	26,545
Defense Electronics	48,081		23,368
Naval & Power	35,191		37,937
Corporate and other (1)	(10,777)		(9,235)
Total consolidated	$	99,961	$	78,615

(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.

Adjustments to reconcile operating income to earnings before income taxes are as follows:

	Three Months Ended
	March 31,
(In thousands)	2024		2023
Total operating income	$	99,961	$	78,615
Interest expense	10,570		12,944
Other income, net	9,608		7,767
Earnings before income taxes	$	98,999	$	73,438

(In thousands)	March 31, 2024		December 31, 2023
Identifiable assets
Aerospace & Industrial	$	1,080,200	$	1,077,808
Defense Electronics	1,520,096		1,517,877
Naval & Power	1,543,826		1,496,063
Corporate and Other	467,960		529,221
Total consolidated	$	4,612,082	$	4,620,969