SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

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. 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 Ended
	March 31,
(In thousands)	2026		2025
Net sales
Aerospace & Industrial	$	254,949	$	227,440
Defense Electronics	257,464		245,719
Naval & Power	402,584		333,356
Less: Intersegment Revenues	(1,310)		(870)
Total net sales	$	913,687	$	805,645
Cost of sales
Aerospace & Industrial	$	169,215	$	147,762
Defense Electronics	126,889		124,713
Naval & Power	275,967		232,759
Total cost of sales	$	572,071	$	505,234
Research and development expenses
Aerospace & Industrial	$	6,830	$	6,797
Defense Electronics	13,739		13,002
Naval & Power	3,066		2,865
Total research and development expenses	$	23,635	$	22,664
Selling expenses
Aerospace & Industrial	$	7,000	$	7,202
Defense Electronics	17,177		15,030
Naval & Power	19,370		16,823

Total selling expenses	$	43,547	$	39,055
General and administrative expenses
Aerospace & Industrial	$	32,703	$	34,504
Defense Electronics	27,636		25,525
Naval & Power	44,293		39,046
Total general and administrative expenses	$	104,632	$	99,075
Other segment items(2)
Aerospace & Industrial	$	703	$	1,253
Defense Electronics	96		—
Naval & Power	111		—
Total other segment items	$	910	$	1,253
Operating income
Aerospace & Industrial	$	38,498	$	29,922
Defense Electronics	71,927		67,449
Naval & Power	59,777		41,863
Total Segment	170,202		139,234
Corporate and Eliminations (1)	(10,693)		(10,029)
Total Consolidated	$	159,509	$	129,205
Depreciation and amortization expense
Aerospace & Industrial	$	7,999	$	7,672
Defense Electronics	7,730		7,546
Naval & Power	11,842		14,862
Corporate	794		741
Total Consolidated	$	28,365	$	30,821
Capital expenditures
Aerospace & Industrial	$	6,956	$	6,249
Defense Electronics	1,891		3,517
Naval & Power	2,807		5,501
Corporate	178		506
Total Consolidated	$	11,832	$	15,773

(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 2026 Restructuring Program in the current period and 2024 Restructuring Program in the prior period.

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

	Three Months Ended
	March 31,
(In thousands)	2026		2025
Earnings before taxes:
Total reportable segment operating income	$	170,202	$	139,234
Corporate and Eliminations	(10,693)		(10,029)
Interest expense	9,941		10,143
Other income, net	8,197		6,030
Earnings before income taxes	$	157,765	$	125,092

(In thousands)	March 31, 2026		December 31, 2025
Segment Assets
Aerospace & Industrial	$	1,154,069	$	1,118,986
Defense Electronics	1,516,914		1,557,858
Naval & Power	2,064,052		2,018,076
Corporate	535,046		526,372
Total consolidated	$	5,270,081	$	5,221,292