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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
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.
Operating results by reportable segment were as follows:
Three Months EndedSix Months Ended
June 30,June 30,
(In thousands)2025202420252024
Net sales
Aerospace & Industrial$239,314 $233,591 $466,754 $453,138 
Defense Electronics254,158 229,210 499,877 441,693 
Naval & Power384,585 323,206 717,941 605,419 
   Less: Intersegment revenues(1,481)(1,216)(2,351)(2,292)
Total net sales$876,576 $784,791 $1,682,221 $1,497,958 
Cost of sales
Aerospace & Industrial$152,022 $151,183 299,784 $298,406 
Defense Electronics132,371 120,280 257,084 233,213 
Naval & Power262,012 221,809 494,771 418,410 
Total cost of sales$546,405 $493,272 $1,051,639 $950,029 
Research and development expenses
Aerospace & Industrial$6,224 $6,379 $13,021 $12,688 
Defense Electronics13,205 12,787 26,207 26,892 
Naval & Power3,546 2,513 6,411 4,859 
Total research and development expenses$22,975 $21,679 $45,639 $44,439 
Selling expenses
Aerospace & Industrial$7,112 $6,501 $14,314 $13,138 
Defense Electronics15,904 13,669 30,934 27,898 
Naval & Power17,987 13,897 34,810 29,355 
Total selling expenses$41,003 $34,067 $80,058 $70,391 
General and administrative expenses
Aerospace & Industrial$34,368 $33,055 $68,872 $64,967 
Defense Electronics24,826 23,704 50,351 46,839 
Naval & Power40,563 38,506 79,609 71,123 
Total general and administrative expenses$99,757 $95,265 $198,832 $182,929 
Other segment items(2)
Aerospace & Industrial$582 $1,227 $1,835 $1,227 
Defense Electronics19 526 19 526 
Naval & Power61 198 61 198 
Total other segment items$662 $1,951 $1,915 $1,951 
Operating income (expense)
Aerospace & Industrial$39,006 $35,246 $68,928 $62,712 
Defense Electronics67,833 58,244 135,282 106,325 
Naval & Power60,416 46,283 102,279 81,474 
Total Segment167,255 139,773 306,489 250,511 
Corporate and other (1)
(10,948)(10,876)(20,977)(21,653)
Total consolidated$156,307 $128,897 $285,512 $228,858 
Depreciation and amortization expense
Aerospace & Industrial$7,960 $8,235 $15,632 $16,429 
Defense Electronics7,662 7,710 15,208 15,562 
Naval & Power14,981 10,522 29,843 20,772 
Corporate704 701 1,445 1,388 
Total Consolidated$31,307 $27,168 $62,128 $54,151 
Capital expenditures
Aerospace & Industrial$9,434 $4,619 $15,683 $8,525 
Defense Electronics2,410 2,092 5,927 4,431 
Naval & Power6,032 2,907 11,533 7,789 
Corporate1,505 1,446 2,011 2,374 
Total Consolidated$19,381 $11,064 $35,154 $23,119 
(1) Includes pension and other postretirement benefit expense, certain environmental costs related to remediation at legacy sites, and certain other expenses.
(2) Other segment items includes restructuring expenses associated with the 2024 Restructuring Program.
Adjustments to reconcile operating income to earnings before income taxes are as follows:
Three Months EndedSix Months Ended
(In thousands)June 30,June 30,
Earnings before taxes:2025202420252024
Total reportable segment operating income$167,255 $139,773 $306,489 $250,511 
Corporate and Eliminations(10,948)(10,876)(20,977)(21,653)
Interest expense10,524 11,216 20,667 21,786 
Other income, net10,982 8,560 17,012 18,168 
Earnings before income taxes$156,765 $126,241 $281,857 $225,240 

(In thousands)June 30, 2025December 31, 2024
Segment assets
Aerospace & Industrial$1,132,757 $1,090,739 
Defense Electronics1,546,342 1,446,949 
Naval & Power2,005,138 1,927,325 
Corporate and Other510,238 520,691 
Total consolidated$5,194,475 $4,985,704