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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION
17. 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, and to a lesser extent, the defense markets. The products offered include electronic throttle control devices, joysticks, power management electronics, traction inverters and transmission shifters, sensors, 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 primarily provide products to the naval defense and power & process markets, and to a lesser extent, the 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, reactor protection systems, 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 (CODM), its Chief Executive Officer. The CODM uses operating income to assess the performance of each segment by evaluating current period results against budget and prior period results when determining the allocation of operating and capital resources to each segment.
Operating results by reportable segment are as follows:
Year Ended December 31,
(In thousands)202420232022
Net sales
Aerospace & Industrial$933,206 $889,744 $838,885 
Defense Electronics914,358 818,547 693,709 
Naval & Power1,278,895 1,142,590 1,030,918 
Less: Intersegment Revenues(5,270)(5,508)(6,487)
Total net sales$3,121,189 $2,845,373 $2,557,025 
Cost of sales
Aerospace & Industrial$600,131 $577,038 $550,001 
Defense Electronics481,374 432,313 365,372 
Naval & Power868,109 761,202 678,745 
Total cost of sales$1,949,614 $1,770,553 $1,594,118 
Research and development expenses
Aerospace & Industrial$26,729 $23,211 $21,132 
Defense Electronics52,132 50,865 48,587 
Naval & Power11,435 10,793 9,179 
Total research and development expenses$90,296 $84,869 $78,898 
Selling expenses
Aerospace & Industrial$25,614 $25,897 $25,355 
Defense Electronics58,705 54,811 47,202 
Naval & Power58,332 54,847 46,951 
Total selling expenses$142,651 $135,555 $119,508 
General and administrative expenses
Aerospace & Industrial$123,907 $118,320 $105,401 
Defense Electronics95,472 88,783 77,980 
Naval & Power140,696 126,521 113,810 
Total general and administrative expenses$360,075 $333,624 $297,191 
Other segment items(2)
Aerospace & Industrial$8,802 $— $— 
Defense Electronics1,936 — — 
Naval & Power660 — 4,651 
Total other segment items$11,398 $— $4,651 
Operating income
Aerospace & Industrial$148,023 $145,278 $136,996 
Defense Electronics224,739 191,775 154,568 
Naval & Power199,663 189,227 177,582 
Total Segment$572,425 $526,280 $469,146 
Corporate and Eliminations (1)
(43,828)(41,678)(45,703)
Total Consolidated$528,597 $484,602 $423,443 
Depreciation and amortization expense
Aerospace & Industrial$32,217 $33,994 $34,336 
Defense Electronics31,017 33,347 35,120 
Naval & Power41,499 46,165 39,712 
Corporate2,934 2,666 2,859 
Total Consolidated$107,667 $116,172 $112,027 
Capital expenditures
Aerospace & Industrial$19,861 $17,067 $18,554 
Defense Electronics11,180 5,573 3,504 
Naval & Power25,952 18,112 13,652 
Corporate3,981 3,914 2,507 
Total Consolidated$60,974 $44,666 $38,217 
(1) Corporate and Eliminations includes pension expense, environmental remediation and administrative expenses, legal, and other expenses.
(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program as well as the loss on divestiture from the Corporation's sale of its industrial valves business in 2022.
As of December 31,
(In thousands)20242023
Segment assets
Aerospace & Industrial$1,090,739 $1,077,808 
Defense Electronics1,446,949 1,517,877 
Naval & Power1,927,325 1,496,063 
Corporate520,691 529,221 
Total Consolidated$4,985,704 $4,620,969 
Reconciliations
Year Ended December 31,
(In thousands)202420232022
Earnings before taxes:
Total reportable segment operating income$572,425 $526,280 $469,146 
Corporate and Eliminations(43,828)(41,678)(45,703)
Interest expense44,869 51,393 46,980 
Other income, net38,328 29,861 12,732 
Earnings before income taxes$522,056 $463,070 $389,195 
As of December 31,
(In thousands)20242023
Assets:
Total assets for reportable segments$4,465,013 $4,091,748 
Non-segment cash165,762 228,930 
Other assets354,929 300,291 
Total consolidated assets$4,985,704 $4,620,969 
Geographic Information
Year Ended December 31,
(In thousands)202420232022
Revenues
United States of America$2,287,285 $2,060,986 $1,879,001 
United Kingdom134,621 115,078 102,965 
Other foreign countries699,283 669,309 575,059 
Consolidated total$3,121,189 $2,845,373 $2,557,025 
As of December 31,
(In thousands)20242023
Long-Lived Assets - Property, plant, and equipment, net
United States of America$250,781 $243,542 
United Kingdom26,244 25,898 
Other foreign countries62,093 63,356 
Consolidated total$339,118 $332,796